Aspen’s half-year gross revenue surges 47% to 19 billion rand

South Africa’s largest drugmaker Aspen Pharmacare (APN: SJ), the fifth largest generic company in the world, has announced stellar results for the six months ended December 31, 2014, which have primarily been driven by its offshore businesses.

Gross revenue increased by 47% to 19.0 billion rand ($1.6 billion). Operating profit rose by 50% to 4.3 billion rand, with net profit after tax and earnings per share each advanced 27% to 2.5 billion rand and 539 cents respectively. Normalized headline earnings, being headline earnings adjusted for specific non-trading items, increased by 22% to 2.6 billion rand and improved 22% per share to 569 cents.

Stephen Saad, Aspen group chief executive, said: “We are pleased with the group’s excellent performance. These results were underpinned by the expansion of our International business, which now contributes 46% to the group’s gross revenue. The Nutritionals products have also made an increased contribution to the group.” He continued: “The global pharmaceutical industry is experiencing a prevalence of restructuring and consolidation, which creates acquisitive opportunities. Aspen is well placed to participate in these and its proven capability to successfully execute complex multi-territory transactions makes Aspen a strong candidate for such opportunities.”