SIPHAT Reports Significant Revenue Growth in Q3 2026, but Debt Remains a Key Challenge
The Tunisian Pharmaceutical Industries Company (SIPHAT) has released its financial results for the period ending September 2026, highlighting a strong recovery in revenue despite persistent structural challenges.
Strong Revenue Growth
SIPHAT’s total revenue for the third quarter more than doubled year-on-year, reaching 3.423 million Tunisian Dinars (MTND). Cumulative revenue for the first nine months of the year stood at 8.076 MTND, representing a 39.2% increase compared to the same period in 2025.
Breakdown by Business Model
- Retail (Officine) Model: Revenue surged by 104.5%, reaching 2.857 MTND. This growth was driven by both liquid and dry dosage forms. Notably, revenue from dry forms jumped from 0.650 MTND in 2025 to 1.862 MTND in 2026.
- Hospital Model: This segment recorded a 39.0% increase, totaling 5.067 MTND.
- Exports: In contrast, export revenue declined to 0.151 MTND for the nine-month period, with no exports recorded in the third quarter.
Production and Investment
- Production: Total production value reached 2.512 MTND in Q3 2026 and 7.419 MTND year-to-date.
- Investments: Capital investments quadrupled, reaching 0.741 MTND.
Financial Position and Debt
Despite the revenue growth, SIPHAT’s overall debt remains high at 163.465 MTND, a 13.9% increase compared to the same period last year. However, 86% of this debt is owed to the state, including social security contributions, tax authorities, and the Société Tunisienne de l’Électricité et du Gaz (STEG).
Strategic Restructuring and Governance
SIPHAT is currently developing a restructuring project based on strategic reorganization to ensure its long-term sustainability, competitiveness, and ability to overcome the current crisis.
This issue is of critical importance to public authorities. In a related development, the Official Journal published yesterday announced the mandatory retirement of seven senior executives at SIPHAT. The company’s turnaround will only be effective if its governance is significantly improved.
