Diluted HEPS from continuing operations declined from 431.2cps to 233.3cps (-45.9% y-y). Normalised Diluted HEPS from continuing operations declined from 509.6cps to 384.1cps (-24.6% y-y).
One-off restructuring costs of R695m relating to the sterile FDF Manufacturing facilities negatively impacted EPS and HEPS.
Revenue from continuing operations declined 4.3% y-y to R17.1bn. Modest growth in Commercial Pharmaceuticals (+4.4% y-y) was offset by a contraction in Manufacturing (-23.5% y-y).
Total expenses up 5.0% y-y, with expenses-to-sales increasing by 300bps to 33.9%.
OPM fell by 480bps to 10.7%.
No dividend (1H25: nil).
Net cash declined from R6.8bn to R5.6bn in 1H26, with gross debt reducing to R32.9bn (1H25: R35.5bn).
Revenue growth in Commercial Pharma was supported by demand for Mounjaro and improved profit contribution from China. Performance was diluted by the strengthening of the Rand.
The divestment of Aspen APAC for a consideration of AUD2 370m remains subject to certain conditions precedent. Expected completion date is end of May 2026, and has been separately disclosed as discontinued operations.
