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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.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.
GLP-1 generic market entry strategy details
FDF sterile turnaround plan & divestment options?
Capital allocation to reduce debt below 3x?
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Next Aspen Pharmacare Holdings earnings date
H1 20263 Mar, 2026
Next Aspen Pharmacare Holdings earnings date
H1 20263 Mar, 2026
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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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