Haleon Pakistan vs AGP: Pharma Stocks 2026
On 2 November 2026 prices, Haleon Pakistan scores slightly better on our scorecard: both trade at 11.7 times trailing earnings, but Haleon earns 40% on its book value, grew profit 3% and holds more cash than debt. AGP is cheaper on book value and yields more, 5.4%, but its nine-month profit fell 9% and it carries debt.
Key takeaways
- Haleon Pakistan scores 8 on our six-measure scorecard (lower is better) and AGP 9.
- Both trade at 11.7 times trailing twelve-month earnings at 2 November 2026 prices.
- Haleon's nine-month profit rose 3% to Rs 4.73 billion, and it has started making Panadol 500 mg in-house in Jamshoro.
- AGP's nine-month sales fell 12% and profit 9%, to Rs 2.59 billion, although its gross margin rose to 61%.
- AGP paid Rs 8 a share in the last twelve months, a 5.4% yield; Haleon paid Rs 25, a 3.8% yield.
PSX retail investor
M Zubair is a retail investor on the Pakistan Stock Exchange. He writes SeekhKar's guides to explain the basics of investing, such as reading annual reports, P/E ratios, dividends and valuation, in simple language for new PSX investors. Everything here is for learning, not investment advice.
Haleon vs AGP: Valuation at a Glance
Haleon Pakistan (HALEON), which makes Panadol, Sensodyne and CaC-1000, and AGP Limited (AGP), a medicines maker, are two more KSE-100 pharma companies after our GSK, Abbott, Highnoon and Searle comparison. Both end their year on 31 December. Prices are PSX closing prices on 2 November 2026.
Earnings are trailing twelve months (TTM) to 30 September 2026: 9M 2026 EPS plus October to December 2025. Dividends are the final for 2025 plus the interims declared in 2026.
| Metric | HALEON | AGP |
|---|---|---|
| Share price, 2 Nov 2026 | Rs 650.73 | Rs 148.42 |
| Market capitalisation | Rs 76 bn | Rs 41 bn |
| EPS, 9M 2026 | Rs 40.40 | Rs 8.29 |
| EPS, TTM | Rs 55.67 | Rs 12.71 |
| P/E, TTM | 11.7x | 11.7x |
| Book value per share, 30 Jun 2026 | Rs 138.76 | Rs 53.82 |
| P/B | 4.69x | 2.76x |
| ROE (TTM EPS ÷ book value) | 40.1% | 23.6% |
| Dividends, last 12 months | Rs 25.00 | Rs 8.00 |
| Dividend yield | 3.8% | 5.4% |
| EPS growth, 9M 2026 vs 9M 2025 | +3.1% | −7.1% |
| Net debt ÷ equity, 30 Jun 2026 | −0.41x | 0.78x |
Book values, debt and cash are from S&P Global data; AGP's are consolidated. A negative net debt figure means more cash than debt. Citi Pharma, the other KSE-100 pharma company we have not covered, is not included yet: its FY26 profit fell 12% to Rs 783 million with no dividend, and its Q1 FY27 figures were not in our sources.
Which Pharma Stock Is Cheaper?
The same on earnings, AGP on book value. Both trade at 11.7 times trailing earnings. AGP trades at 2.76 times book value against 4.69 for Haleon, but Haleon earns 40% a year on its book against 24% for AGP, which is why the market pays more for each rupee of it.
Haleon's balance sheet is the stronger: it had Rs 6.9 billion of cash against Rs 0.3 billion of debt at 30 June 2026, while AGP had Rs 12.2 billion of debt against Rs 0.4 billion of cash. Our guide to P/E ratios by sector explains why a P/E should be read alongside growth and debt.
Latest Results: 9M 2026
| Nine months to 30 Sep | Profit after tax, 2026 | 2025 | Change | EPS, 2026 | 2025 |
|---|---|---|---|---|---|
| Haleon Pakistan | Rs 4.73 bn | Rs 4.59 bn | +3% | Rs 40.40 | Rs 39.18 |
| AGP | Rs 2.59 bn | Rs 2.85 bn | −9% | Rs 8.29 | Rs 8.92 |
- Haleon Pakistan: nine-month profit rose 3% to Rs 4.73 billion. On 30 October 2026 it said it had started manufacturing Panadol 500 mg in-house at Jamshoro.
- AGP: sales fell 12% to Rs 17.98 billion and gross profit 9% to Rs 11.02 billion, though its gross margin rose to 61.3% from 59.4%. Profit before tax fell 22%; a 44% lower tax charge, helped by prior-year adjustments, limited the fall in profit to 9%.
Dividend History and Yield
| Company | Last 12 months | Yield | Yield after 15% tax | Payout of TTM EPS |
|---|---|---|---|---|
| AGP | Rs 8.00 | 5.4% | 4.6% | 63% |
| Haleon Pakistan | Rs 25.00 | 3.8% | 3.3% | 45% |
- Haleon Pakistan: for 2025 it paid Rs 10 (September 2025), Rs 5 (November 2025) and a Rs 15 final (April 2026). For 2026 it has paid Rs 10 (September 2026) so far.
- AGP: for 2025 it paid Rs 2 (September 2025) and a Rs 6 final (April 2026). For 2026 it has paid Rs 2 (September 2026) so far.
The dividend calculator works out your income after tax from any of these payouts.
Scorecard: Haleon or AGP?
We ranked the two companies 1 (best) or 2 on six measures, with equal weight. They tie on P/E, so both rank 1 there. A lower total is better.
| Company | P/E | P/B | Dividend yield | ROE | EPS growth | Debt | Total |
|---|---|---|---|---|---|---|---|
| Haleon Pakistan | 1 | 2 | 2 | 1 | 1 | 1 | 8 |
| AGP | 1 | 1 | 1 | 2 | 2 | 2 | 9 |
- Quality and cash: Haleon Pakistan. A 40% ROE, net cash and growing profit. The risks are slow growth (3%) and a high price to book.
- Income and book value: AGP. The higher yield and lower price to book. The risks are falling sales and profit and its debt.
Our pharmaceutical sector guide covers the other things to check, such as drug pricing and the rupee. This comparison is educational and is not a recommendation to buy or sell any stock. Prices change daily, and we update these figures after each quarterly result.