Durrant Pate/Contributor

Montego Bay-based pharmaceutical company Indies Pharma has seen a J$750 million or 31.3% spike in its assets moving from J$2.23 billion to J$3.15 billion, as at January 2026 first quarter.

This is due to the recent revaluation of its 3-acre property, which is designated for the construction of Indies Pharma’s corporate headquarters. The said property has finally obtained full approvals for development and construction by the planning authorities.

The fully approved asset is now valued at USD$7.5 million, representing an increase of J$435 million in the value from the prior valuation in September 2021. This resulted in shareholder equity rising to J$1.751 billion in January 2026 compared to J$1.367 billion for the same period in 2025, an increase of 28.1%.

Total liabilities for the first quarter closed on J$1.397 billion, up from J$1.03 billion in the prior year, an increase of 35.6%. This increase is largely due to the new bond of J$1 billion, which was used to retire the maturing bond of J$805 million last year. 

Negative impact from Hurricane Melissa 

Hurricane Melissa negatively impacted Indies Pharma’s projected revenue growth for November and December 2025. While the hurricane severely affected the southern and western regions of the island, the company was able to generate sales from the relatively less affected areas of the island. 

For the coming months, and despite the continued effects of the hurricane, Indies Pharma remains optimistic that revenue will increase as the country returns to normalcy. Gross sales contracted to J$279.8 million from J$325.8 million a year ago, representing 14.1% decline. 

Gross profit declined by 17.4% to close the quarter at J$181 million, down from J$219 million in 2025. Net profit for the quarter went south to J$21.7 million, down 70.7% from J$52.5 million a year ago.

New USFDA drug now under production

As a result, earnings per share nosedived by 71% to $0.016, down from $0.056 in 2025. Indies Pharma has disclosed that its new US Food and Drug Administration FDA approved product REGADENOSN is now under production during this quarter and is poised to enter the market during the current second quarter.

The management says it is “cognizant of the fact that this situation is temporary and part of the long-term strategies. We are optimistic that the performance will bounce back to normalcy or may be better in the next few quarters.”