CCL Pharmaceuticals (Pvt.) Limited (Hereinafter referred to as ‘the Company’ or ‘CCL Pharma’) is a Private Limited Entity.

The Company traces its origins back over six decades, having been founded by Dr. Dilawar Hussain, the grandfather of the current sponsors. It was officially incorporated on April 28, 1985, under the Companies Ordinance, 1984. Following Dr. Hussain’s leadership, the business was successfully passed on to his three sons: Mr. Sajjad Sheikh, Mr. Zubair Sheikh, and Mr. Javaid Sheikh. Today, the Company is managed by the third generation of the family, continuing a long-standing legacy of family-led entrepreneurship and growth.

The Company is principally engaged in the manufacturing, importing, marketing, and sale of a range of medicines and allied products. Its state-of-the-art, GMP-compliant manufacturing facilities are located in Pakistan and Vietnam, including two PIC/s-certified (Pharmaceutical Inspection Co-operation Scheme) plants. The plants support the production of oral solids (tablets, capsules), oral liquids (syrups), dry suspension powders, liquid and dry powder injections. The Company’s holistic portfolio provides quality solutions across the Cardiometabolic, Acute care, Specialty and Consumer Healthcare segments.

The sponsoring family holds 100% of the Company’s shareholding through CCL Holding Pvt. Ltd., a wholly owned subsidiary of the group’s Parent Company, 'Dilsons' Pvt. Ltd.

There have been no recent changes in the shareholding structure of the Company. The entire ownership remains consolidated under the control of the sponsoring family, ensuring stability in governance and long-term strategic direction. The shareholding is held indirectly through a multi-tiered corporate structure. At the top of this structure is 'Dilsons', the group's parent Company, under which operates CCL Holding Pvt. Ltd.—a wholly owned subsidiary responsible for holding 100% of the shares in the Company. This layered structure is designed to facilitate centralized control, operational efficiency, and effective succession planning across generations. Given the family’s long-standing involvement in the business and their commitment to preserving its legacy, the shareholding is expected to remain within the sponsoring family.

Mr. Kashif Sajjad, the Chairman of the Company, brings a wealth of experience and a strong professional background in the pharmaceutical industry. With over ~30 years of industry expertise, he is a seasoned leader whose strategic vision and hands-on approach have been instrumental in the Company's growth and success. Under his leadership, the Company has achieved several key milestones, securing its position as one of the leading players in the sector. In addition to Mr. Sajjad, the other sponsors also contribute significantly to the Company’s direction. They possess deep domain knowledge and decades of collective experience in pharmaceutical operations, regulatory compliance, and corporate strategy. Their active involvement in steering the Company ensures sound decision-making, continuity of vision, and consistent execution of long-term strategic initiatives.

The financial position of the Company is considered strong, supported by a stable capital base and a consistent track record of operational performance. This financial resilience is further strengthened by the backing of the sponsoring family, who have established a diversified presence across various segments of the pharmaceutical and healthcare industries. In addition to their ownership of CCL Pharmaceuticals, the sponsoring family holds significant stakes in several other group entities. These include CCL Life Sciences, StratHealth Pharma, Dilsons (the group’s parent Company), AMVI Pharm. The family is also involved in philanthropic activities through the Dilawar Hussain Foundation. Furthermore, they have ventured into the personal care and beauty segment via Cozmetica.pk, an e-commerce platform. Collectively, these entities contribute to group-level synergies, operational efficiencies, and overall financial stability, further reinforcing the Company’s strong market position.

The overall control of the Company rests with an eight-member Board of Directors and Advisors. This includes four Non-Executive Directors, one Executive Director who serves as the CEO, and three independent advisors.

All members of the Board bring extensive experience in the pharmaceutical industry. Mr. Kashif Sajjad, who serves as the Board’s Chairman, has over three decades of expertise in pharmaceutical operations and international business development. He is also the former Chairman of the Pakistan Pharmaceutical Manufacturers' Association. The other board members are seasoned professionals with diverse backgrounds and experience in managing business affairs across various sectors, contributing valuable insights and expertise to the Company’s governance and strategic direction.

The Board has established three key committees to oversee critical areas of governance: (i) the Audit Committee, (ii) the HR & Remuneration Committee, and (iii) the Finance Committee. Throughout the year, multiple Board meetings were convened to address strategic and operational matters. Attendance by Board members remained consistently strong, and detailed minutes of all meetings were properly documented to ensure transparency and accountability.

M/S Rahman Sarfaraz Rahim Iqbal Rafiq & Co., Chartered Accountants, classified in category ‘A’ by SBP with satisfactory QCR rating, are the external auditors of the Company. The firm has expressed an unmodified opinion on the financial statements of CCL Pharmaceuticals for year ended June 30, 2025.

The Company operates with a well-defined hierarchical organizational structure, ensuring clear lines of authority and communication. At the top of this hierarchy is the Chief Executive Officer (CEO), to whom all Heads of Departments (HODs) directly report. This streamlined reporting system facilitates efficient decision-making and accountability across the organization. The organizational framework is segmented into seven distinct functional departments, each specializing in key operational areas essential to the Company’s success. These departments are led by highly qualified and experienced professionals, who bring expertise and leadership to their respective teams. This structure not only promotes specialization and focus within each department but also fosters collaboration across different functions, enabling the Company to operate cohesively towards its strategic goals.

Mr. Ali Masood serves as the Chief Executive Officer (CEO) of the Company. With over ~20 years of extensive global experience in the pharmaceutical industry, he has held key leadership roles in both multinational corporations and prominent national companies. His deep understanding of the sector, combined with his strategic vision and operational expertise, has been instrumental in driving the Company’s growth and success. Supporting Mr. Ali Masood, is a dedicated team of seasoned professionals who assist in managing the Company’s day-to-day operations and long-term initiatives. This collaborative leadership approach ensures that the Company remains agile, innovative, and well-positioned to meet the evolving demands of the pharmaceutical market. The Company has recently appointed Mr. Waqar ul Hassan as its new Chief Financial Officer (CFO), succeeding Mr. Zahid Zuberi.

The Company has established three dedicated management committees, each focusing on key areas of operations and strategic direction.  (i) The Corporate Executive Committee is responsible for overseeing overall corporate governance, driving strategic planning, and making high-level decisions that align with the Company’s long-term goals.  (ii) The Risk Management Committee is tasked with identifying, evaluating, and mitigating potential risks that could impact the business.  (iii) The Environment, Social & Sustainability Committee upholds the Company’s commitment to environmental stewardship, social responsibility, and sustainable business practices. In addition to these, the Board of Directors has constituted three other committees—namely, the Audit Committee, the Finance Committee, and the Human Resource & Remuneration Committee. These committees ensure comprehensive oversight, foster collaborative leadership, and contribute to the Company’s ongoing growth and long-term success.

Company's Oracle-based Enterprise Resource Planning (ERP) system, implemented several years ago, continues to effectively integrate and streamline operations across multiple modules. This advanced system is designed to streamline and unify all critical areas of the business, enabling seamless coordination between departments. By consolidating data from sales, purchases, inventory, and other essential functions, the ERP system provides comprehensive and accurate insights. Moreover, the system generates detailed reports on a daily, weekly, monthly, and yearly basis, allowing management to monitor performance, make informed decisions, and respond swiftly to changing business needs. This integration enhances operational efficiency, improves data accuracy, and supports strategic planning across the organization.

Company maintains robust and effective quality control systems to ensure the highest standards in its manufacturing processes. The Company holds Good Manufacturing Practice (GMP) certification, which verifies that its facilities comply with stringent regulatory requirements across approximately ~20 countries. This certification underscores the Company’s commitment to producing safe, high-quality pharmaceutical products.  Additionally, both of the Company's manufacturing facilities based in Pakistan are compliant with the Pharmaceutical Inspection Co-operation Scheme (PIC/s) standards. This advanced compliance is expected to significantly enhance the Company’s export capabilities and expand its international market presence in the near future. To ensure continuous improvement and effective governance, management committee meetings are held regularly at both the departmental and executive levels. These meetings provide a platform for regular discussion of critical Company matters, enabling timely decision-making and alignment across all areas of the organization.

Pakistan’s pharmaceutical industry is both dynamic and growing, comprising approximately ~600 companies. Of these, around ~575 are local firms, while about ~25 are multinational corporations (MNCs). The market share between local and multinational companies stands at a ratio of 75:25, favoring local players. The industry meets nearly ~80% of the country’s pharmaceutical demand through domestic production. The remaining ~20% is fulfilled through imports of finished products. However, around ~90% of the raw materials used—primarily Active Pharmaceutical Ingredients (APIs)—are imported from other countries. Market leadership is concentrated among major players, with the top ~20 pharmaceutical companies accounting for ~69% of the total market share. The top 50 companies collectively hold around ~89% of the market, highlighting the dominance of large corporates in the sector. The pharmaceutical market in Pakistan offers significant growth potential. One of the key indicators is the country's low per capita healthcare spending, which is among the lowest in the world. This suggests ample room for increased investment and consumption in the healthcare sector as economic conditions and healthcare awareness improve. Additionally, rural areas across Pakistan remain largely underserved, with limited access to medical facilities and essential medicines. Expanding healthcare services and pharmaceutical distribution in these regions represents a major opportunity for growth within the industry.

Company's impressive rise to the 14th position in the national pharmaceutical rankings is a clear testament to its strategic focus, therapeutic leadership, and relentless pursuit of innovation. In a highly competitive industry dominated by long-established players, Company has not only carved out a distinct identity but has emerged as one of the fastest-growing forces in the top 20 — signaling its potential to break into the top tier of the market. CCL Pharmaceuticals has firmly established itself as a dominant player in Pakistan’s pharmaceutical industry, particularly in the areas of neuropsychiatry, oncology (solid tumors), expectorants, and diabetes management. The Company’s strong portfolio of branded products includes several market leaders, reflecting its commitment to delivering high-quality and impactful healthcare solutions. Key products in Company's portfolio include; 1) Sita Franchise – A leading anti-diabetic treatment, 2) Paraxyl Franchise – A top-selling antidepressant, 3) Stivant and Zytux – Highly effective therapies for solid tumors, 4) Mirabet – A trusted solution for incontinence management, 5) Maxflow D – A specialized therapy for benign prostatic hyperplasia (BPH), 6) KALV – A natural-source calcium supplement.  In addition to these flagship brands, CCL Pharma has ten other products that are ranked among the top three in their respective therapeutic segments. Recognizing the Company’s rapid growth and market performance, IQVIA has ranked CCL Pharmaceuticals Pvt. Ltd., 14th year-to-date. This milestone further reinforces Company's position as one of the fastest-growing pharmaceutical Companies within the top 20 in Pakistan. 

During FY25, Company delivered a robust financial performance, with net sales increasing by ~20% year-over-year. Total sales reached PKR 21,221mln, compared to PKR 17,707mln in FY24 — a reflection of both volume growth and continued market demand for the Company’s key therapeutic offerings. The Company's growth was primarily driven by its top-performing brands. Leading the portfolio was Sita, Company's flagship anti-diabetic franchise, followed by Pulmonol, a trusted name in respiratory care. Maxflow, a treatment for benign prostatic hyperplasia (BPH), Paraxyl, a high-performing antidepressant, and Jardy, another key product in diabetes management, also made significant contributions to the overall revenue. These five products collectively underscore Company's strength in chronic care and specialty segments, and continue to be major growth drivers for the Company.

Company demonstrated strong financial discipline and operational efficiency in FY25, resulting in a notable improvement across all key profitability metrics. The gross margin expanded to ~54%, up from ~48% in FY24. This improvement was primarily driven by increased sales volumes, enhanced product mix, and strategic price adjustments across key brands. The Company also recorded a solid improvement in its operating margin, which rose to ~16% in FY25, compared to ~14% in the previous year — reflecting better cost management and operational leverage.  At the bottom line, the net margin increased to ~8%, up from ~5.3% in FY24. This translated into a net profit of PKR ~1,648mln, marking a significant ~75% year-over-year increase from FY24’s profit of PKR ~942mln. These results highlight Company's ability to convert top-line growth into stronger profitability, reinforcing its position as a high-performing and efficiently managed pharmaceutical Company in the market.

Aligned with its mission to enable healthy, happy Lives, Company is deeply committed to creating shared value for all its stakeholders — including patients, partners, and the broader community. Beyond its core business, the Company actively invests in environmental sustainability and social responsibility initiatives, aiming to drive meaningful, long-term impact. Through these efforts, Company continues to foster healthier communities while building a more resilient and inclusive future. In Pakistan, CCL Pharmaceuticals Pvt. Ltd. places a strong emphasis on sustainability by implementing eco-friendly manufacturing practices that minimize waste and reduce energy consumption. The Company prioritizes responsible sourcing of raw materials and adheres to stringent quality and environmental standards. Additionally, Company is involved in community health programs focused on increasing awareness and access to essential medicines in underserved rural areas. By integrating sustainability into its business strategy, CCL Pharmaceuticals Pvt. Ltd. not only strengthens its operational resilience but also contributes to the overall development of Pakistan’s healthcare ecosystem — positioning itself as a responsible leader committed to the well-being of people.

In FY25, the Company reported an improvement in its gross working capital cycle, with gross working capital days reducing to ~69 days, down from around ~75 days in FY24. This reduction was primarily driven by a decrease in the average collection period, indicating more efficient receivables management and quicker realization of dues from customers. Similarly, net working capital days declined to ~ 55 days in FY25, compared to ~62 days in FY24. This improvement was largely due to a stable level of trade payables, which helped offset working capital requirements, contributing to a more efficient cash conversion cycle overall.

Total finance cost clocked in at PKR ~919mln in FY25. The Company's free cash flow from operations increased to PKR 4,577mln in FY25, from PKR 3,114mln in FY24. This increased cash generation reflects the Company’s strong operational efficiency and effective working capital management. Furthermore, the interest coverage ratio improved to ~5.3x in FY25, up from ~3.1x in FY24, indicating enhanced ability to meet interest obligations through operational earnings. This improvement signifies a healthier financial position and greater resilience in managing debt servicing.

The Company’s total debt stood at PKR ~5,117mln in FY25, showing a slight decrease from PKR ~5,151mln in FY24. Of the total debt, PKR 1,879mln was categorized as short-term borrowings, reflecting the Company’s continued reliance on short-term funding for operational needs or working capital management. On the equity side, the Company’s shareholders' equity increased to PKR ~2,989mln in FY25, up from PKR ~2,809mln in FY24, indicating a positive trend in retained earnings. As a result, the gearing ratio improved modestly to ~63% in FY25, compared to ~65% in the previous year, suggesting a gradual strengthening of the Company’s capital structure and a slightly reduced reliance on debt financing.