06:49 AM EDT, 08/27/2026 (MT Newswires) -- Aljazira Capital maintained its neutral rating on Saudi Pharmaceutical Industries and Medical Appliances Corp. (SASE:2070), d/b/a Spimaco, as it took note of the company's "strong" second-quarter performance. According to a Wednesday note, the pharmaceutical manufacturer's revenue rose 23% annually to 493 million Saudi riyals. The growth was attributed to growth in public channel sales. Net profit surged 110% year over year to 68.4 million riyals. "We believe SPIMACO is gradually moving toward a more sustainable earnings profile, supported by the turnaround in profitability, improving product mix, Endosa's strong growth trajectory and the expected recovery in Government channel sales from 2027," analysts wrote. "We forecast 6.4% revenue CAGR and 8.1% net income CAGR over FY25-30E, with the ongoing profitability turnaround, cost optimization and lower Trading & Distribution losses supporting earnings growth ahead of topline. SPIMACO's strategic shift towards specialty products, oncology, biosimilars and vaccines, supported by partnerships with AstraZeneca, Boston Oncology, CanSinoBio, CNBG and Altos Biologics, provides attractive longer-term growth and localization opportunities." The price target stood at 35.6 riyals.

Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.