We take a closer look at changes in the shareholder base over the past 10 years, and note the surprising resilience of this majority foreign-owned share, even during the period of negative foreign sentiment post 9 December 2015. We argue this may have been due to increased buyback activity by the company. We highlight the impact that the shift to generics has on UPD, noting that generic volumes distributed may have more than doubled over the past 5 years.
