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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Aspen Pharmacare
Aspen Pharmacare (APN) investor relations material
Aspen Pharmacare H2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2026 earnings summary3 Sep, 2026
Executive summary
Achieved all six commercial objectives, including strong Commercial Pharma momentum and realization of GLP-1 investments, marking an inflection point for sustained future growth.
APAC division divested for ZAR 28 billion, unlocking value and strengthening the balance sheet.
Demonstrated resilience and value creation through operational efficiency, strategic investments, and a strong balance sheet.
Delivered 13% CER EBITDA growth and 28% CER NHEPS growth from continuing operations year-over-year.
Free cash flow exceeded ZAR 3.8 billion, with net cash position after share buybacks.
Financial highlights
Group revenue flat at ZAR 34.87 billion, with Commercial Pharma up 5% and Manufacturing down 10%.
Normalised EBITDA up 14% to ZAR 7.7 billion, with margin rising to 22.1%.
NHEPS up 28% to ZAR 8.02.
Free cash flow surged to ZAR 3.8 billion, supported by lower CapEx and improved working capital.
Gross margin improved to 43% from 41.6% year-over-year.
Outlook and guidance
FY 2027 guidance: normalized EBITDA of at least ZAR 9 billion, over 50% NHEPS growth, and stronger free cash flow.
Manufacturing EBITDA guidance raised to ZAR 2.2 billion, driven by steriles and efficiency gains.
Commercial pharma expected to grow mid-single digits in revenue and EBITDA; GLP-1s rollout to be additive.
Sterile FDF expected to drive group profitability with over 50% revenue growth forecast.
No large-scale acquisitions planned; focus on organic growth, buybacks, and sum-of-parts value unlock.
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Latest events from Aspen Pharmacare
- APAC divestment completed, netting ZAR 27 billion and enabling growth and share buybacks.APN
Status update - Commercial Pharma growth and APAC divestment drive improved outlook despite Manufacturing decline.APNH1 2026
- Earnings fell on restructuring costs, but core pharma growth and lower net debt support FY outlook.APNQ2 2026 TU
- APAC business sold for AUD 2.37bn (ZAR 26.5bn) to reduce debt and drive strategic growth.APNStatus update
- Double-digit pharma growth offset by contract loss; FY26 targets HEPS growth, lower leverage.APNH2 2025
- Record H2 EBITDA and 10% revenue growth set the stage for double-digit gains in FY 2025.APNH2 2024
- Double-digit CER growth and margin expansion position for sustained future gains.APNH1 2025
Next Aspen Pharmacare earnings date
H1 20273 Mar, 2027
Aspen Pharmacare
Next Aspen Pharmacare earnings date
H1 20273 Mar, 2027
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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).