Pharmacy Daily | Australia strong for Aspen

ASPEN Pharmaceuticals says that the Asia Pacific region contributed 37% of its total gross revenue for the year to 30 Jun, for the first time moving to become the largest contributor to the group. According to the company’s annual results released in South Africa last week, the Asia-Pacific performance “was achieved despite the mandated price cuts in Australia imposed by existing legislation”. Total company revenue from continuing operations increased by 27% to R19.3 billion (A$2.11 billion) and overall operating profit was up 28% to R5 billion (A$546 million) with “normalised headline earnings” rising 32% to A$415m. Aspen Group ceo Stephen Saad said “while all business segments recorded substantial growth, the international business excelled with a superb performance driven by a combination of organic and acquisitive revenue growth”. The Asia-Pacific performance was supported by acquired products and “pleasing progress in the Asian territories,” while other milestones during the year included the distribution in Australia of the classic brands portfolio acquired from GlaxoSmithKline in December 2012, as well as the infant milk division purchased from Nestle earlier this year (PD 23 Apr). Aspen is also in the process of major acquisitions from MSD and GSK, which it said will transform the group, adding established products with strong markets and widening the company’s geographic reach.

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