Pharmaniaga Berhad is a healthcare company and generic pharmaceuticals manufacturer in Malaysia. It conducts research and development, procures, and manufactures generic pharmaceutical products. It markets and distributes pharmaceutical products and medical equipment through its logistics and distribution segment and owns a community pharmacy business. It is also present in Indonesia through its listed subsidiary, PT Millennium Pharmacon International Tbk.

As a government-linked company that is majority-owned by Armed Forces Fund Board (a pension fund for the Malaysian armed forces) indirectly through Boustead Holdings Berhad, Pharmaniaga was recently flagged by the cabinet for being a market monopoly.

Here are eight things I learned from the 2019 Pharmaniaga AGM:

1. Revenue grew 2.6% year-on-year to RM2.4 billion in 2018 — a five-year high. Concession-related revenue that came from the Malaysian government contributed to 53% of Pharmaniaga’s revenue in 2018.