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Aspen Pharmacare Holdings (APN) investor relations material

Aspen Pharmacare Holdings H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary4 Sep, 2025

Executive summary

  • Commercial pharma delivered strong, sustained double-digit CER growth across all segments and regions, especially in Africa, Middle East, and Latin America, with notable momentum in China and successful Latam acquisition.

  • Faced extreme macroeconomic turbulence, including currency volatility and regulatory changes, requiring a shift in strategy and operational focus.

  • Loss of a major manufacturing contract and retrospective global tax changes significantly impacted EBITDA, net earnings, and led to increased impairments.

  • Strategic focus now on sustaining commercial pharma momentum, restructuring manufacturing, and unlocking value from assets.

  • Operating cash conversion rate reached 147%, a five-year high, supported by improved working capital management.

Financial highlights

  • Group revenue at ZAR43bn, down 3% reported but up 1% at constant exchange rates; Commercial Pharma revenue up 10% CER, Manufacturing down 19% CER.

  • Normalized EBITDA at ZAR9.6bn, down 8% year-over-year at CER, mainly due to the contract loss.

  • Normalized headline earnings per share fell 22% at CER, with higher interest and tax costs.

  • Gross profit margin improved to 44.1% from 42.6%, driven by higher commercial pharma mix.

  • Net working capital as % of revenue increased to 47%, above the 45% target, mainly due to contract loss.

Outlook and guidance

  • Double-digit normalized HEPS growth expected for FY26 at constant currency, supported by improved EBITDA margin.

  • H1 2026 CER NHEPS to be below H1 2025, but strong double-digit growth expected in H2 2026.

  • Mid-single digit commercial pharma revenue growth forecast, with higher EBITDA and gross profit margin improvements.

  • Manufacturing EBITDA targeted to return to positive by FY27, with no GLP-1 income included in current guidance.

  • CapEx to decline to ZAR3.8bn in FY26, with further reductions planned to align with depreciation by FY27/28; leverage ratio projected to fall below 3x.

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Frequently asked questions

Aspen Pharmacare Holdings Limited (Aspen) is a global pharmaceutical company headquartered in Durban, South Africa. Established in 1997, Aspen has grown to become a leading provider of generic and specialty pharmaceuticals, focusing on a range of therapeutic categories including thrombosis, anaesthetics, and high potency and cytotoxic treatments. The company's product portfolio encompasses a variety of dosage forms such as oral solid dose, semi-solids, liquids, steriles, biologicals, personal care products, and active pharmaceutical ingredients (APIs). Aspen's shares are listed on the Johannesburg Stock Exchange (JSE).

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