It’s taken only five years but Adcock Ingram shares are now finally back to the level at which Bidvest bought out the struggling pharmaceuticals company in one of SA’s most hostile takeover battles, between 2013 and 2014. Bidvest, then still under the leadership of former CEO Brian Joffe, eventually stumped up R70 a share in 2014 to wrest control of the company from Chilean group CFR. But it’s clear the hard graft put in by Adcock since the deal was struck is paying off. After all, where do you read of a listed company "very pleased" with "excellent earnings growth" these days? Trading profit grew 20% and turnover increased 10%, well ahead of average price increases allowed by the government, and due in part to a change in Adcock’s sales mix and efficiencies at the Wadeville factory. But Adcock, like all other local manufacturers, will get no help from the state in the year ahead. Aaron Motsoaledi’s health department gazetted a single exit price increase of 1.26% — a quarter of offi...

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