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South Africa's Aspen Pharmacare posts 46 pct profit jump
September 14, 2017 / 6:33 AM / 3 months ago

South Africa's Aspen Pharmacare posts 46 pct profit jump

JOHANNESBURG, Sept 14 (Reuters) - South Africa’s Aspen Pharmacare reported a 46 percent rise in full-year profit, buoyed by a revenue boost from an anaesthetics portfolio acquired from AstraZeneca and GlaxoSmithKline, the company said on Thursday.

The drugmaker posted headline earnings per share of 1,299.5 cents for the year to end-June, up from 889 cents a year earlier.

Headline earnings per share strips out certain one-off items and is the main profit measure in South Africa.

Aspen said the acquisition of the commercial rights to the anaesthetics portfolios of AstraZeneca and GlaxoSmithKline generated revenue of 7 billion rand ($532 million) out of a total of 41.2 billion rand.

Profits were also supported by firmer sales in Aspen’s home market during the second half of the year.

“In South Africa, a strong turnaround in the second half lifted the full year private sector performance by 9 percent, while the public sector edged up 1 percent to 1.5 billion rand,” the company said.

$1 = 13.1472 rand Reporting by TJ Strydom; editing by Jason Neely

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