Aspen Pharmacare (APN) FY22 Results Snapshot

Diluted HEPS increased to 1 461cps ( +30.6% y-y).
Turnover growth +2.2% y-y, affected by continuing decline in Europe CIS commercial pharmaceuticals revenue (-10.9% y-y compared to -2.5% y-y LY). Manufacturing generated strong growth of 11.0% y-y.
Group GPM improved from 47.1% to 47.4%.
Good expenses control, with expenses to sales declining to 30.0% compared to 31.2% LY.
OPM improved by 373bps to 22.5%.
Dividend of 326cps declared, out of income reserves.
Gross debt grew from R21.8bn to R22.2bn.
Group announced just before results release, a collaborative agreement with the Serum Institute of India, on four Aspen-branded vaccines for sale in Africa.