Johannesburg - Aspen Pharmacare Holdings [JSE:APN], the southern hemisphere’s biggest generic drugs maker, booked a 22% rise in first-half profit on Wednesday as strong demand in its Asia-Pacific unit offset higher funding costs on its debt.
Aspen, 19% owned by Britain’s GlaxoSmithKline , said diluted normalised headline earnings per share totalled 308.1 cents in the six months to end-December, compared with 253.3c a year earlier.
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 31% to R7.5bn, with its offshore business adding more to sales than its home market for the first time. Sales at its Asia-Pacific unit were three times more than the same period a year earlier.
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 also said it had reached a agreement with the minority shareholders of its east Africa-focused unit, Shelys, to buy their 40% holding for $24m.
Aspen, 19% owned by Britain’s GlaxoSmithKline , said diluted normalised headline earnings per share totalled 308.1 cents in the six months to end-December, compared with 253.3c a year earlier.
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 31% to R7.5bn, with its offshore business adding more to sales than its home market for the first time. Sales at its Asia-Pacific unit were three times more than the same period a year earlier.
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 also said it had reached a agreement with the minority shareholders of its east Africa-focused unit, Shelys, to buy their 40% holding for $24m.