Aspen Pharmacare CEO Stephen Saad: We delivered strong second-half cash flows

Aspen Pharmacare achieves most of its short-term goals despite the challenging environment.

Aspen Pharmacare Holdings has announced reviewed provisional group financial results for the year ended 30 June 2019. 

Stephen Saad, Aspen group CEO said: 

“Despite the challenging environment, we have achieved most of our short-term goals, including the completion of the disposal of our Nutritionals business and a portfolio of products distributed in Asia Pacific. We delivered strong second-half cash flows with the proceeds from these disposals resulting in a reduction in net borrowings to R39.0 billion. We will continue with active assessment of value realisation opportunities to accelerate deleveraging our balance sheet.”

Aspen announced that revenue had increased by one percent to R38.9 billion while normalised EBITDA declined two percent to R10.8 billion, influenced by a lower contribution from the Manufacturing business. Commercial Pharma delivered an increase in revenue of three percent to R33.1 billion. Normalised headline earnings per share was seven percent lower at R14.14.