Stephen Saad’s wealth takes a hit as Aspen Pharmacare stock plunges, erasing $41 million

Key Points

• Aspen Pharmacare’s stock slid 7.27% in 55 days, wiping R750.75 million ($41.15 million) from CEO Stephen Saad’s stake.
• Aspen’s first-half revenue rose 3.87% to $1.2 billion, while profit climbed 3.2% to nearly $130 million, despite market challenges.
• Shares fell from R180.56 to R167.44, pushing Aspen’s market cap down to $4 billion, impacting major shareholders like Saad.

South African pharma tycoon Stephen Saad, CEO of Aspen Pharmacare, has seen his wealth take a hit as the value of his stake in Africa’s largest drugmaker drops. The decline comes as Aspen’s share price continues to slide on the Johannesburg Stock Exchange (JSE).

Saad, who owns a 12.8-percent stake in the company—amounting to 57,221,750 shares—remains one of South Africa’s richest businessmen and a key player on the JSE. However, in the past 55 days, his stake has lost R750.75 million ($41.15 million) as investors pull back from Aspen. This downturn follows a $44 million gain in January, which had lifted his stake to R10.26 billion ($550.1 million).

Aspen sees modest revenue, profit growth

Aspen Pharmacare, founded by Stephen Saad in 1997, has grown into a major force in South Africa’s pharmaceutical industry, playing a key role in his wealth. With operations in more than 115 countries, the company has expanded steadily under his leadership.

In the first half of its 2025 fiscal year, Aspen reported solid financial results, with revenue climbing 3.87 percent to over $1.2 billion and profit rising 3.2 percent to nearly $130 million. The strong performance was driven by steady growth across all business segments, especially in commercial pharmaceuticals.

Aspen shares fall, Saad loses millions

Despite this positive performance, Aspen’s stock has struggled. Over the past 55 days, its shares on the JSE have dropped 7.27 percent, slipping from R180.56 ($9.9) on Jan. 31 to R167.44 ($9.18). This decline has pulled the company’s market value down to around $4 billion, resulting in steep losses for shareholders.

As a result of the recent slump in the group’s share price, the market value of Saad’s stake in Aspen Pharmacare has fallen by R750.75 million ($41.15 million), declining from R10.33 billion ($566.35 million) on Jan. 31 to R9.58 billion ($525.19 million) at the time of drafting this report.