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Aspen boosts profit, Asian unit robust

Sep 12 2012 15:11

Company Data


Last traded 301
Change -1
% Change 0
Cumulative volume 1039343
Market cap 0

Last Updated: 09-10-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA


Last traded 51
Change 0
% Change 1
Cumulative volume 12034
Market cap 0

Last Updated: 09-10-2015 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Drugs maker Aspen Pharmacare [JSE:APN] booked a 22% rise in full-year profit, helped by a robust showing in its Asia-Pacific unit.

Aspen, 19% owned by Britain GlaxoSmithKline, said in financial results released on Wednesday its normalised diluted headline earnings per share totalled 636.2 cents in the year to end-June compared with 523.3 cents a year earlier.

The biggest generic drugs maker in the southern hemisphere, Aspen is one of the companies most likely to benefit as some of best-selling name-brand drugs worth more than $100bn lose patent protection over the next three years.

Sales increased 23% to R15.3bn with its Asia-Pacific unit doubling its revenue to R6bn thanks to an acquisition.

Durban-based Aspen completed the acquisition of the generic business of Australia's Sigma Pharmaceuticals last year, boosting its presence in the region.

The company said it is looking to expand further in fast-growing Latin America, where it has small operations in Brazil, Venezuela and Mexico.

Shares in Aspen, which are up about 44% so far this year, were down 1.16% at R139.36, in line with its closest domestic rival Adcock Ingram Holdings [JSE:AIP], which was down 1.35% at R59.

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