Africa’s largest drugmaker Aspen Pharmacare, whose shares have lost 72% of their value since the beginning of 2018, said on Tuesday sales of noncore assets had resulted in its net debt falling by almost a quarter to R40bn over a period of six months.
The blue-chip counter is selling off noncore assets to deal with its debt mountain, and has recently faced a hefty competition-related fine in the UK. Normalised Heps was expected to fall 7%-11%, while normalised Heps from continuing operations would fall 5%-9%. In May, the company finalised the sale of its portfolio of prescription and over-the-counter drugs sold mainly in Australia and New Zealand to Mylan, for a maximum consideration of A$188m .
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