AFRICA’s biggest generic drug maker, Aspen Pharmacare, is reaping the benefits of its international expansion strategy, as a strong performance in its global operations cushioned the effect of an unplanned exit from Venezuela and disappointing domestic sales for the year to June 30. "We don’t think there is any hope in Venezuela. Of course, it was a blow, but it wasn’t a hugely profitable business," said Aspen CEO Stephen Saad. Comparable normalised headline earnings per share, which stripped out a one-off R870m currency loss in Venezuela and two divestments, were up 15% to R12.22. In the period under review Aspen shed a portfolio of products distributed in SA to Litha Pharma, and sold two portfolios of drugs to Strides Arcolab. Aspen has a presence in more than 150 countries, and sells generic and branded medicines as well as baby formula. The star performer in the group was Aspen’s international business, which is dominated by sales in western Europe and the Commonwealth of Indepe...
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