Aspen

Aspen is a JSE-listed business and a global specialty and branded pharmaceutical company, active across the value chain and supplying high-quality, affordable medicines in both emerging and developed markets.

“In this quarter, Aspen finalised the disposal of their Asia Pacific (APAC) business, realising approximately R26bn in cash proceeds. This is a transformational deal for Aspen, completely de-risking the balance sheet and unlocking the potential for share buybacks. Having moved past a heavy capital expenditure cycle – including over R13 billion invested in sterile facilities over an 11-year period – we expect the business to shift to a capex-light cash-generative phase, with the potential to deliver double-digit earnings growth from FY2027 onwards, as specialised sterile capacity is filled. We believe the market is still undervaluing Aspen, effectively assigning little or even negative value to its manufacturing assets.”