Africa’s biggest drug manufacturer Aspen Pharmacare reported a mere 1% increase in group revenue to R18.67bn for the six months to December after the market closed on Thursday . While management said the results were in line with expectations, they were likely to disappoint investors and knock the company’s share price when the market opened on Friday morning. In September the market took a dim view of the share when Aspen turned in a dismal 3% growth in group revenue for the year to June and announced a lower-than-expected price for the sale of its infant milk business to French dairy giant Lascalis. Aspen sold the infant milk business for $860m, considerably short of the $1bn-$1.5bn the market had been expecting, in order to pay off debt. The double whammy saw Aspen shares take their biggest intra-day knock in two decades in September, plunging as much as 26% in intra-day trade, before recovering slightly. The company’s shares also took a battering last January, slumping 10% on sp...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now