Stephen Saad loses $130 million as Aspen shares fall amid contract dispute

Key Points

• Stephen Saad’s stake in Aspen Pharmacare has dropped by R2.46 billion ($131.54 million) over the past 9 days as investor concerns over the company’s financial stability drive a sharp sell-off.
• Aspen shares have plunged 26.27% in just 9 days as it battles a $148.7 million contract dispute linked to mRNA tech and a recent failure to meet FDA standards.
• Year-to-date, Aspen’s stock has fallen 26.8 percent, slashing its market capitalization to around $2.9 billion.

Stephen Saad, the CEO of Aspen Pharmacare, Africa’s largest drugmaker, is facing a major financial setback as the company’s shares took a sharp dip on the Johannesburg Stock Exchange (JSE). This follows a $148.7 million contract dispute tied to mRNA technology.

Saad’s Aspen stake loses $131 million

Saad, who owns 12.8 percent of Aspen, or 57,221,750 shares, has seen the value of his stake fall by R2.46 billion ($131.54 million) in just nine days. As a result, his holdings are now worth less than $370 million, with growing concerns from investors about Aspen’s financial stability.

This recent drop compounds earlier losses between March 10 and April 11, when Saad’s fortune declined by $62.85 million. During that period, his holdings fell from R9.59 billion ($498.2 million) to R8.36 billion ($434.35 million), a result of reduced investor interest and a continued sell-off of shares.

Contract dispute and FDA setbacks shake Aspen

Aspen Pharmacare, founded by Stephen Saad in 1997, has grown into a major force in South Africa’s pharmaceutical industry, making a substantial contribution to his wealth. With operations in over 115 countries, the company has enjoyed steady growth under his leadership.

However, the company is now facing serious financial challenges. A dispute over a manufacturing and technology agreement related to mRNA products could result in potential losses of R2 billion ($106.25 million) and an impairment of R770 million ($40.9 million). This has led to a sharp drop in Aspen’s share price, which has fallen more than 25 percent following a cautionary statement issued to shareholders.

To make matters worse, investor confidence has been shaken by Aspen’s failure to meet FDA standards at its South African manufacturing facility. This, coupled with the company’s significant debt load, has raised concerns about its financial stability moving forward.

Aspen shares down 26.27%, Saad’s stake declines $131 million

Over the past nine days, Aspen’s stock has dropped by 26.27 percent on the Johannesburg Stock Exchange, bringing its market capitalization down to around $2.9 billion. The share price fell from R163.66 ($8.75) on April 17 to R120.67 ($6.45), leading to significant losses for shareholders.

This decline has had a major impact on Stephen Saad’s holdings. His stake in the company has decreased by R2.46 billion ($131.54 million), dropping from R9.36 billion ($500.78 million) on March 10 to R6.90 billion ($369.23 million) as of the latest report.

Looking at the bigger picture, Aspen’s shares have fallen by 26.80 percent so far in 2025. A $100,000 investment made at the beginning of the year would now be worth just $73,200, showing a loss of about $26,800 and underlining the financial strain on shareholders.