Wrap Text
Business update and trading statement for the year ended 30 June 2026
ASPEN PHARMACARE HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
Registration number: 1985/002935/06
JSE Share code: APN
ISIN: ZAE000066692
LEI: 635400ZYSN1IRD5QWQ94
(“Aspen” or “the Group”)
BUSINESS UPDATE AND TRADING STATEMENT FOR THE YEAR ENDED 30 JUNE 2026
The Group delivered on its core strategic priorities for the financial year ended 30 June 2026
(“FY 2026”), which were communicated to its Stakeholders at its interim results presentation
held on 4 March 2026. The Group’s operational performance was aligned to published
guidance underpinned by the continued strong momentum in Commercial Pharmaceuticals
which was the principal driver of growth in FY 2026. To achieve full year normalised EBITDA
guidance from continuing operations, required second half growth (“H2 2026”) of more than
45% over the prior year comparable period(1). The strong H2 2026 EBITDA delivery ensured
that the Group achieved double-digit growth in FY 2026 normalised headline earnings
(“NHEPS”) from continuing operations in constant exchange rate (“CER”) materially reversing
a decline in NHEPS in H1 2026 of -25%. Reported performance was diluted by the strength of
the ZAR against most of Aspen’s major trading currencies during the year.
(1) H2 2025 reported normalised EBITDA from continuing operations was R2 565 million.
The reshaping of the sterile finished dose form (“FDF”) manufacturing facilities in France and
South Africa is nearing completion with the early benefits of operational improvements
materialising in H2 2026. As previously guided, both facilities are well positioned for further
EBITDA recovery in FY 2027.
The divestment of Aspen APAC (“APAC Divestment”) for gross proceeds of R28 billion was a
tangible demonstration of value created within the Group. Aspen concluded FY 2026 with a
substantially strengthened balance sheet which together with stronger free cash flow
generation, ensured that the Group ended the year with net cash of circa R0,8 billion after
investment in share buybacks of R0,5 billion as at 30 June 2026.
Highlights for the FY 2026 reporting period are set out below. Unless otherwise stated, all
commentary refers to performance from continuing operations only:
• Operating leverage realised from efficiency projects has resulted in double-digit
growth in normalised Group EBITDA and NHEPS in CER off a flat revenue base;
• Commercial Pharmaceuticals, Aspen’s most material business segment, has delivered
mid-single digit revenue growth and a normalised EBITDA growth in the early double
digits in CER;
• Manufacturing has achieved a normalised EBITDA ahead of FY 2025 in CER;
• Regulatory approval was received from Health Canada for Aspen’s generic
semaglutide injectable in that country with commercialisation timing dependent on
the availability of active pharmaceutical ingredient supply from Dr. Reddy's
Laboratories Limited;
• Commercialisation of the human insulin manufacturing contract commenced in May
2026 following regulatory approval from the South African Health Products
Regulatory Authority;
• Aspen initiated several value enhancement and operational efficiency projects across
the Group. The related restructuring costs of R2,3 billion has negatively impacted
headline earnings per share (“HEPS”) and earnings per share (“EPS”). These
restructuring projects are fundamental to our future success and have already
yielded and will yield further sustainable benefits for the Group. Further detail on
these benefits will be provided at the Group’s upcoming results presentation;
• The APAC Divestment resulted in gross proceeds of R28 billion yielding a profit on
sale of R2,4 billion which positively impacted EPS and cash in the current year;
• Intangible asset impairments were adversely impacted by higher discount rates
driven by current geopolitical and macro-economic conditions. These impairments
total R2,3 billion and have negatively impacted EPS. Despite the negative effect of the
higher discount rates, brand related intangible assets retain a valuation of more than
45% above carrying amount. This premium is supported by the sustained organic
growth of Commercial Pharmaceuticals; and
• Free cash flow generation (excluding dividends paid) is expected to exceed R3,7
billion, underpinned by an operating cash conversion rate well above the Group’s
target of 100%, a working capital to revenue ratio of less than 45% and significantly
lower capital expenditure.
For FY 2027, the Group is expected to benefit strongly from continued solid organic
normalised EBITDA growth, leveraged by operating efficiencies, and net interest savings
following the APAC Divestment and further strong free cash flow generation.
Earnings Ranges
Shareholders are advised that Aspen is currently finalising its annual financial results for the
year ended 30 June 2026. In accordance with paragraph 6.26(a) of the JSE Limited Listings
Requirements, issuers must publish a trading statement as soon as they are reasonably
certain that the reported EPS and HEPS for the period to be reported upon will differ by at
least 20% from these reported metrics for the previous corresponding period.
Normalised EBITDA, NHEPS, HEPS and EPS for the year ended 30 June 2026 compared to the
prior year are expected to fall within the ranges reflected in the table below:
Earnings measures Expected Expected range Reported
movement (%) 30 June 2026 30 June 2025
Normalised EBITDA – Continuing 7% to 12% R7 460 million to R7 809 million R 6 972 million
Operations
NHEPS* – Continuing Operations 19% to 24% 784.4 cents to 817.4 cents 659.2 cents
NHEPS* – Total Operations 7% to 12% 1129.8 cents to 1182.6 cents 1055.8 cents
HEPS – Total Operations -24% to -19% 602.0 cents to 641.6 cents 792.1 cents
EPS – Total Operations >100% 550.0 cents to 620.0 cents -243.9 cents
*NHEPS - Comprises of HEPS, adjusted for specific non-trading items in accordance with Aspen's accounting policies.
NHEPS is the primary measure used by management to assess Aspen’s underlying financial
performance.
HEPS for the year ended 30 June 2026 has been negatively impacted by the higher
restructuring related costs incurred compared to the prior year.
EPS for the year ended 30 June 2026 has benefited from the profit on the APAC Divestment
and lower intangible asset impairments compared to the prior year.
The stronger ZAR, relative to the prior period, diluted the growth in all earnings measures.
The financial information on which this trading statement is based is the responsibility of the
board of directors of the Group and has not been reviewed or reported on by Aspen’s external
auditors.
Shareholders are reminded that Aspen intends on releasing its results for the year ended 30
June 2026 on Wednesday, 2 September 2026 via JSE SENS at 13:00 (SAST, GMT+2), with a
virtual presentation to members of the investment community via webcast on Thursday, 3
September 2026 at 08:30 (SAST, GMT+2).
All interested stakeholders are invited to watch the live webcast which can be accessed using
the link provided here: https://www.corpcam.com/Aspen03092026
The slides accompanying the presentation will be available on the home page of the Aspen
website (www.aspenpharma.com) shortly before the commencement of the presentation on
Thursday, 3 September 2026.
A playback of the webcast will be made available on our website approximately 2 hours after
the presentation.
Durban
21 August 2026
Sponsor
Investec Bank Limited
Date: 21/08/2026 12:02:00
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