Stephen Saad leads Africa’s largest drugmaker to $1.2 billion in half-year revenue

Key Points

• Aspen Pharmacare’s H1 revenue rose 3.87% to $1.2 billion, with profit up 3.2% to $128.24 million, driven by strong commercial pharmaceuticals performance.
• Commercial Pharmaceuticals led growth, with revenue up 7% to R16.1 billion, while Manufacturing revenue dipped 4% due to a sharp API revenue decline.
• CEO Stephen Saad expects double-digit Commercial Pharmaceuticals growth in 2025, with Manufacturing rebounding in H2 and GLP-1 revenue contributions by late 2026.

Aspen Pharmacare, Africa’s largest drugmaker led by South African pharma tycoon Stephen Saad, delivered a positive financial performance in the first half of its 2025 fiscal year. Its revenue surged above $1.2 billion, while profit rose to nearly $130 million, driven by strong results across all business segments, particularly in commercial pharmaceuticals, which benefited from acquisitions and organic growth.

Aspen’s profit climbed 3.2 percent from R2.31 billion ($124.27 million) in the first half of 2024 to R2.39 billion ($128.24 million) in the same period of 2025. Revenue for the six months ended Dec. 31, 2025, also saw a healthy 3.87 percent increase, reaching R22 billion ($1.2 billion), up from R21.1 billion ($1.13 billion) the previous year. The growth was fueled by the successful integration of acquired products in Latin America.

Commercial pharmaceuticals leads growth

The Commercial Pharmaceuticals division delivered strong results, with revenue rising 7 percent to R16.1 billion. Prescription Brands saw a 19 percent surge to R6.34 billion ($341.1 million), thanks to the Latam portfolio acquisition and expansion in Africa and the Middle East.

Over-the-counter (OTC) revenue, however, dipped 3 percent to R4.74 billion ($255 million) due to order delays in Africa and the Middle East, though the Australasia OTC segment matched Prescription revenue for the first time.

Injectables rebounded with 4 percent growth to R5.02 billion ($270 million), supported by Lilly products, including the successful launch of Mounjaro in South Africa. Manufacturing revenue declined 4 percent to R5.86 billion ($315.2 million) as a 21 percent drop in API revenue outweighed a 59 percent jump in FDF revenue from sterile manufacturing contracts.

CEO’s outlook on performance and future plans

Stephen Saad, Aspen’s Group Chief Executive, highlighted the company’s operational strength and progress on strategic goals.

“We’re pleased with our strong operational performance while advancing our long-term strategy. We’ve also made significant progress in our GLP-1 initiatives, which will bring meaningful benefits to both Commercial Pharmaceuticals and Manufacturing,” Saad said.

Aspen expects double-digit growth in Commercial Pharmaceuticals for fiscal 2025, with Manufacturing set for a stronger rebound in the second half. The company is also pushing forward with its GLP-1 portfolio, anticipating first revenue from the segment by late 2026.

Aspen Pharmacare: Africa’s largest drugmaker

Headquartered in Durban, South Africa, Aspen Pharmacare has grown into a global specialty and branded pharmaceutical leader since its founding in 1997. CEO Stephen Saad, who has led the company since 1999, holds a 12.5 percent stake (57,159,809 ordinary shares), making him the largest individual shareholder—a testament to his deep commitment to Aspen’s success.

Looking ahead, Aspen is optimistic about a strong second half of 2025. The launch of new sterile manufacturing contracts and continued growth in active pharmaceutical ingredients (API) are expected to drive revenue. The company remains confident in hitting its sterile manufacturing revenue targets of at least R3 billion ($161.4 million) in fiscal 2025 and R4 billion ($215.2 million) in fiscal 2026, further strengthening its position in the market.