Aspen Pharma (APN) – Bull in a China Shop

China is the next frontier along Aspen’s expansion trajectory. We believe poor sales performance by multinationals in China is an indicator of tough operating conditions within the populous country. We are however pleased by Aspen’s expansion of the nutritionals portfolio through establishing a presence in China. We believe an opportunity exists for Aspen to be a player within the Non-Vitamin K Oral Anticoagulants (NOACs) space.