Aspen Pharmacare
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Aspen Pharmacare (APN) investor relations material

Aspen Pharmacare Q2 2026 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 TU earnings summary11 Feb, 2026

Executive summary

  • Focused on executing strategic priorities, including reshaping sterile FDF Manufacturing in South Africa and France.

  • H1 2026 marked as a transitional period with stronger performance expected in H2 2026.

  • Commercial Pharmaceuticals segment showed strong momentum and organic growth across all sub-segments.

Financial highlights

  • H1 2026 normalised EBITDA decreased by 11% to 16% year-over-year, reflecting the absence of prior mRNA contract contributions.

  • One-off restructuring costs of approximately R700 million negatively impacted EPS and HEPS.

  • NHEPS expected to decrease by 19% to 24% year-over-year; HEPS by 33% to 38%; EPS by 36% to 41%.

  • Free cash flows (excluding dividends) expected to exceed R1.7 billion, with strong operating cash conversion.

  • Net debt reduced to R28.6 billion from R31.2 billion in June 2025; leverage ratio below 3.5x.

Outlook and guidance

  • Guidance for FY 2026 remains unchanged, excluding the impact of the APAC Divestment.

  • Double-digit growth in normalised HEPS (NHEPS) in constant exchange rates expected for FY 2026.

  • Commercial Pharmaceuticals to deliver mid-single digit revenue growth and stronger normalised EBITDA growth in CER.

  • Manufacturing normalised EBITDA for FY 2026 expected to be in line with FY 2025 in CER.

  • Sterile FDF Manufacturing in South Africa and France expected to achieve positive normalised EBITDA and cash flow by FY 2027.

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Frequently asked questions

Aspen Pharmacare Holdings Limited (Aspen) is a global pharmaceutical company headquartered in Durban, South Africa. Established in 1997, Aspen has grown to become a leading provider of generic and specialty pharmaceuticals, focusing on a range of therapeutic categories including thrombosis, anaesthetics, and high potency and cytotoxic treatments. The company's product portfolio encompasses a variety of dosage forms such as oral solid dose, semi-solids, liquids, steriles, biologicals, personal care products, and active pharmaceutical ingredients (APIs). Aspen's shares are listed on the Johannesburg Stock Exchange (JSE).

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