PACRA Maintains the Entity Ratings of Getz Pharma (Private) Limited

Getz Pharma (Private) Limited (“Getz Pharma” or “the Company”), incorporated in 1995, is Pakistan’s leading pharmaceutical manufacturer and has maintained the top position in IQVIA rankings for the past 19 consecutive quarters. The Company is engaged in the development, formulation, manufacturing, quality testing, and marketing of a broad range of pharmaceutical products, underpinned by a strong focus on innovation, quality assurance, and regulatory compliance. Its diversified portfolio spans key therapeutic areas, including cardiometabolic, gastroenterology, anti-infectives, and urology, with a product base exceeding 300 brands. Getz Pharma has established a strong domestic and international presence, supported by globally recognized accreditations. In 2013, it became the first Pakistani pharmaceutical company to receive WHO-Geneva prequalification for its Quality Control laboratory, followed by WHO and PIC/S prequalification of its manufacturing facilities. These milestones have facilitated the Company’s expansion into more than 40 international markets. A robust in-house research and development function supports the launch of therapeutically equivalent products in compliance with stringent bioequivalence standards. The Company has consistently invested in local manufacturing capabilities, including the establishment of Pakistan’s first insulin manufacturing facility. Getz Pharma commissioned the Astola manufacturing facility, the largest pharmaceutical investment in the country. Astola is South Asia’s only LEED Platinum-certified pharmaceutical plant, reflecting the Company’s emphasis on sustainability and energy efficiency. Complementing this, Getz Pharma is pursuing renewable energy initiatives, including a 1MW solar power project, and operates WHO-compliant waste and fluid management systems. In line with evolving healthcare trends, the Company has also entered the obesity treatment space through the establishment of a GLP manufacturing facility. During FY25, Pakistan’s pharmaceutical sector benefited from a relatively stable exchange rate, which contained cost pressures on imported APIs and limited the impact of currency volatility. Lower inflation and easing interest rates further supported margins and liquidity, contributing to improved sector profitability. Structural demand drivers remain intact, led by population growth and rising disease prevalence. The high and growing incidence of non-communicable diseases such as hypertension and diabetes, alongside recurring communicable health challenges, continues to underpin sustained growth in medicine consumption. During the period under review, the sector posted ~4.6% year-on-year growth, with industry revenues reaching around PKR 1,008 billion, while the top ten players collectively accounted for ~49% of the market. As a leading local market player, Getz Pharma benefits from its diversified product portfolio and well-established export presence. During FY25, the Company reported topline revenues of PKR 96 billion. Getz Pharma’s financial risk profile remains strong, underpinned by healthy cash flows, comfortable coverage metrics, and an efficient working capital cycle. While the capital structure is leveraged, borrowings are strategically deployed to support expansion and long-term growth.
The ratings are dependent on the sustainability of growth and financial performance. Adequacy of cash flows, sustainability of coverages, and the availability of resources to make debt-related payments remain critical. Meanwhile, compliance with internally-defined leveraging metrics is a prerequisite. Sanguine governance practices are essential.

About the Entity
The Company is a privately held pharmaceutical firm operating in Pakistan since the mid-1990s and is a subsidiary of an international holding company. Its Board comprises experienced industry professionals providing strategic oversight, while the executive leadership brings extensive global and sector experience to ensure operational stability and alignment with long-term objectives.