Aspen Pharmacare (APN) Results Snapshot 1H22

Diluted HEPS increased to 777.2cps ( +37.3% y-y). Modest turnover growth +4.0% y-y, with Manufacturing generating strong growth of 19.0% (+10% CER). Group GPM declined by 82bps to 48.5%. Good expenses control, with expenses to sales declining to 26.6% compared to 31.1% LY. OPM improved from 18.9% to 23.5%. No dividends were declared. Gross debt reduced from R37.5bn to R27.2bn. Group completed the sale of 6 products to a Swiss company, Acino Pharma AG, for a total consideration of R1.8bn in March 2022.