Martin Dow Limited  "MDL" is a public unlisted Company. It is also acting as a group holding company. The registered office and the manufacturing plant site of the company is located at Plot No. 37, Sector 19, Korangi Industrial Area, Karachi - 74900, Pakistan.

Akhai family entered the pharmaceutical business in 1960. After that MDL was incorporated in Pakistan on February 6, 1995, as an unlisted public limited company under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). In 2010, MDL acquired the Roche facility in Pakistan along with the acquisition and brand licensing of the global product lines from Hoffman-La Roche, Switzerland.

MDL commenced its business on November 7, 1995. The first manufacturing facility opened for business in 2000 to manufacture and market its pharmaceutical products. It holds a portfolio of 90+ brands under its name as a group and also markets drugs for sixteen therapeutic areas like diabetes, cardiology, multivitamins, analgesics, antibiotics, Psychostimulants, and Beta Blocking agents for pain, Tranquilizers etc. Its subsidiary Martin Dow Marker Limited is also the sole manufacturer of 'pharma grade soft gel' products such as Evion and Sangobion in the country.

The Company is majority-owned by Mr. Ali Akhai, who serves as the ultimate beneficial owner with a shareholding stake of over 98.6%.

The sponsoring members of Martin Dow Group are reputed names and well entrenched in the pharmaceutical business for decades. Martin Dow Group is positioned in the top 06 largest pharmaceutical groups operating in Pakistan. Martin Dow has strategic alliances to manufacture licensed products from international reputes like: Merck, Sanofi, Roche, and P&G, providing international expertise and exposure to operate effciently as a leading pharmaceutical group.

Martin Dow had been known for its high-end acquisitions and investments. The legacy now continues with Mr Ali Akhai (the main sponsor). Numerous products of the Martin Dow Group are placed #1 in their respective molecules. In the past, Martin Dow incurred the largest acquisition in the Pakistan Pharma industry by acquiring industrial assets of ROCHE leading brands and licensing rights in 2010 followed by Merck Pakistan acquisition in 2016.

Martin Dow Group (MDG) comprises four companies: Martin Dow Limited, Martin Dow Marker Ltd, Martin Dow Specialities (Pvt.) Ltd, and Seatle (Pvt.) Ltd. With a consolidated group size of around PKR 44 billion as of Dec’24, MDG is well-positioned within the pharmaceutical industry and its future prospects are considered strong. Further enhancing its standing are its strategic alliances and distribution agreements with leading international pharmaceutical companies such as Roche, Merck, Sanofi, and Procter & Gamble (P&G). These collaborations allow MDG to manufacture licensed products, leverage international expertise, and expand its portfolio across multiple therapeutic areas. With these global linkages, the Group not only strengthens its domestic position but also enhances its access to international markets, reinforcing its long-term financial outlook.

MDL has a four-member Board comprising Mr. Ali Akhai (Chairman), Mr. Javed Ghulam Muhammad (Group Managing Director & CEO), Mr. Abdul Samad (Group CFO), and Mr. Syed Dawood (Independent Director). The Board is a balanced mix of family leadership, executive management, and independent oversight. Mr. Dawood has been associated with MDL since 2018, providing international expertise to strengthen governance. Collectively, the members bring a diverse blend of entrepreneurial vision, corporate leadership, and independent legal acumen, enabling effective decision-making and strategic guidance.

Mr. Ali Akhai, the Chairman, holds dual Master’s degrees from the UK and France and has played a pivotal role in MDL’s growth, including the acquisition of Merck (Pvt.) Ltd. He joined the family business after the passing of his father, the late Mr. Jawed Akhai, founder of Martin Dow, and has since been instrumental in driving the group’s expansion, including the acquisition of Merck (Pvt.) Ltd. The Group CEO, Mr. Javed Ghulam Muhammad, is a Fellow Cost & Management Accountant with over 25 years of diversified experience in senior roles at local and multinational firms. Mr. Abdul Samad Haroon is serving as group CFO at Martin Dow Group, and before that he has served in GSK as well as PWC. Mr. Syed Dawood, the Independent Director, is an internationally recognized lawyer with decades of experience advising governments and multinationals, and is a recipient of the French National Order of the Legion of Honor.

The Board functions in compliance with statutory requirements and ensures strong governance by combining entrepreneurial leadership with professional management and independent oversight. Meetings are conducted as required, where both the Chairman and CEO actively lead deliberations. With the presence of an experienced independent director alongside family and executive representation, the Board demonstrates an effective structure that upholds corporate governance standards while supporting strategic continuity. A formal board committee hasn't been established yet, but the Board collectively oversees key matters, ensuring that governance practices are maintained and strategic decisions are taken in a structured manner.

M/S A.F. Ferguson & Co., Chartered Accountants, a member firm of PwC International and one of the Big-4 audit firms, categorized in ‘A’ by SBP with a satisfactory QCR rating, are the external auditors of the Company. The firm has expressed an unqualified opinion on the financial statements for the year ended Dec 2024.

MDL has a well-defined organizational structure comprising functional and administrative departments led by qualified professionals with extensive industry experience. Department heads report directly to the CEO, who in turn reports to the Chairman, ensuring effective delegation of authority and accountability. This structure reflects a professional governance model that promotes efficiency, specialization, and cross-functional collaboration, enabling the company to operate at scale while maintaining strong oversight.

The management team is led by Mr. Javed Ghulam Muhammad, the Group Managing Director and CEO, whose career spans over 25 years across multinational and local companies. He is supported by an experienced team of professionals across key domains. This includes Mr. Rizwan Omar, COO (Technical), with nearly three decades of operational experience; Mr. Navaid Amir, Group Director Supply Chain, with 39 years of leadership in supply functions; Mr. Abdul Samad, the Group CFO and a Fellow Chartered Accountant with 27 years of financial expertise; and Mr. Asim Mustafa, Chief Commercial Officer, with more than 26 years in sales and marketing. The leadership bench is further strengthened by directors overseeing HR, Quality, Legal, Operations, Engineering, CSR, and IT, providing depth across all critical functions. Collectively, the management team represents a strong blend of technical competence, industry knowledge, and strategic vision.

Although formal management committees are absent, operations are managed efficiently through clear reporting lines and experienced leadership. The depth of management experience ensures effective oversight of business functions, continuity in operations, and adherence to governance practices.

MDL has implemented SAP S/4HANA as its enterprise management system, comprising multiple integrated modules to support operations across finance, sales & marketing, production, procurement, supply chain, quality management, and human capital management. The system ensures compliance with global best practices and provides a real-time, end-to-end integrated solution for effective monitoring and control. Reporting is carried out on a monthly basis and reviewed by senior management, enabling structured oversight, operational efficiency, and informed decision-making

MDL has established a strong control framework with controls embedded at each departmental level. The control environment has been further strengthened by fully outsourcing the Group’s internal audit function to EY. Additionally, KPMG has been appointed for indirect tax consultancy, while PwC serves as the Company’s external auditor and dealing with direct tax consultancy. Collectively, these measures reinforce independent oversight, transparency, and alignment with international best practices.

According to international monitoring firm IQVIA, Pakistan’s pharmaceutical sector recorded a 21.79% growth in calendar year 2024 compared to the previous year, reaching a market value of Rs. 962.5 billion. This growth has largely been driven by a deregulatory policy introduced earlier in the year, which allowed pharmaceutical companies to adjust prices for non-essential medicines in response to rising production costs. The revenue surge was primarily the result of price adjustments, rather than a significant increase in unit sales. The industry remains heavily dependent on imported active pharmaceutical ingredients (APIs), making it vulnerable to supply chain disruptions and foreign exchange volatility, particularly due to the depreciation of the Pakistani Rupee (PKR). This has constrained the industry's ability to pass on costs, in the essential medicines segment, where pricing remains regulated. Over the past year, the sector sold 3.7 billion units, reflecting a modest volume growth of 2.27%, while revenue growth was largely price-driven.

MDL as a group is the market leader in many therapeutic areas. It holds a market share of ~4% and is ranked 6th on YTD basis under the IQVIA ranking report. MD Group also represents major global pharmaceuticals players in Pakistan mainly Roche & Merck. MDM the subsidiary of MDL is the only company to have a pharma-grade Soft gel capsule manufacturing facility in the country

During CY24, the group’s sales stood at PKR 43,814 million (CY23: PKR 36,302 million), reflecting a growth of 20.7%. The top 5 selling products of MDL remain Synflex, Lexotanil, Toradol, Librax, and Rocephin. The sales growth trend has maintained an upward trajectory over the past three years. The Martin Dow group has diversified business across pharmaceuticals as primary source, medical diagnostics, and life sciences chemicals.

Gross margin improved during CY24, marking recovery from the dip in CY23 and reflecting stronger cost efficiencies. The Company also returned to profitability in CY24, supported by higher gross profitability and improved cost absorption compared to the previous year.

Martin Dow Limited is well poised in the industry bearing the fruits of its association with the leading pharmaceutical companies. It is continuously focusing on adding new products to strengthen its current portfolio. During CY24, the Company has managed to commercialize multiple new brands. In the coming years, some new brands are also in their pipeline. This will bolster the size of the Company in the future. During CY24, MDL has successfully localised their multiple products including Rocephin.

The net cash conversion cycle increased to 57 days in CY24 (CY23: 48 days), indicating a lengthening in the working capital cycle, primarily due to changes in inventory and receivable days.

Free Cash Flow from Operations (FCFO) rose to PKR 6,508 million in CY24 (CY23: PKR 3,191 million), supported by topline growth and improved profitability. Debt servicing capacity strengthened, with FCFO-to-finance cost at 2.3x (CY23: 1.3x), despite an increase in finance costs to PKR 2,880 million (CY23: PKR 2,546 million).

Total borrowings were recorded at PKR 14,700 million in CY24 (CY23: PKR 12,536 million), with short-term borrowings forming ~52.8% of total borrowings. Long-term borrowings increased to PKR 6,200 million (CY23: PKR 1,621 million), mainly to finance strategic investments. The leverage ratio stood at 52.2% in CY24 (CY23: 54.8%).