Introducing our Integrated Report

Aspen Pharmacare Holdings Limited ("the Company" or "Aspen" and, when referred to with inclusion of all its subsidiaries, "the Group") is a South African headquartered global specialty and branded pharmaceutical company listed on the JSE Limited.

We are pleased to present our Integrated Report for the financial year ended 30 June 2023. This is our primary report to our stakeholders in which we aim to provide a balanced and accurate reflection of our strategy and business model, risks and opportunities, our performance as well as Aspen's future outlook in relation to material financial, economic, social and governance issues.

About Aspen

We are a global specialty and branded pharmaceutical company committed to promoting access to medicines and improving the health of patients across the world through our high quality, affordable products. Active at every stage of the value chain, we are uniquely diversified by geography, product and manufacturing capability

We supply medicines to more than 115 countries through 65 established offices in some 50 countries and territories.

Global presence

Delivering value through our purpose

We believe that everyone should have access to the medicines they need to live a healthy and fulfilled life.

This year we celebrate our 25th year as a JSE-listed company. The associated theme follows throughout our Integrated Report as we demonstrate our commitment to providing access to high quality, affordable medicines over this period, thereby enabling everyone to live a healthy and fulfilled life. This commitment is also aligned to the World Health Organization’s (“WHO’s”) promotion of Universal Health Coverage and we are committed to advancing the goals and outcomes of the United Nations SDG3 of “ensuring healthy lives and promoting well-being for all at all ages”.

Further, we believe that our industry position as a global pharmaceutical company, with a relevant portfolio of medicines and strategic manufacturing capability, is the most fundamental way in which we contribute to increasing access to medicines and furthering the global goal of universal access to healthcare.

Our ethos Healthcare. We Care. is the cornerstone of our philosophy which has driven strategic mergers and acquisitions that have created scope for global expansion, an enhanced therapeutic product portfolio and multi-continental state of the art manufacturing capabilities over 25 years.

25 years access to medicine

Mergers and acquisitions

More than 60 agreements with leading pharmaceutical multinational companies to:

  • increase product portfolios and therapeutic categories;
  • establish a presence in emerging and developed markets;
  • enhance manufacturing capabilities;
  • increase access to medicines; and
  • enhance stakeholder value.
Product portfolio expansion

More than 1 600 commercial products across a broad range of ailments and therapeutic categories, ranging from:

  • anti-retrovirals and tuberculosis;
  • acute and chronic generics and branded medicines;
  • specialty focused and branded steriles: thrombosis, oncology, anaesthetics;
  • to crisis medication; and
  • vaccines.


We have invested more than R23 billion globally in state-of-the-art world-class manufacturing facilities in 11 countries with production capabilities in steriles, oral solid dose, liquids, semi-solids, biologicals and APIs.

Global expansion

An increased presence across six continents to facilitate portfolio management, promotion, distribution, manufacturing, regulatory and egislative compliance in reaching patient populations in more than 115 countries.


Our employees in 65 locations demonstrate optimal teamwork and tirelessly pursue product and distribution efficiencies through advanced supply chain management processes underpinned by leading-edge digital technology systems, ensuring a reliable supply of medicines to the patients that need them.

Improved quality of life through 25 years' access to medicine

25 years' access to medicine


Leadership reviews

Kuseni Dlamini

Chair's review

Stephen Saad
Group Chief Executive

Group CE's review

Sean Capazorio
Group Chief Financial Officer

Group CFO's review

sustainable value

Our value
creation process

Our value creation process, which is driven by our purpose and vision, is an integral part of our Business Strategy. We leverage and apply our stock of capitals to deliver on our strategic objectives, optimising value creation and preservation for our stakeholders, while minimising value erosion.

Resource allocation
and trade‐offs
Risk and opportunity

Business strategy

Our Business Strategy outlines our plan of action to achieve short-, medium-, and long-term goals

View here

Business model

Our differentiated business model and globally integrated value chain allows us to respond to the changing business context

View here

Sustainability pillars

Our sustainability pillars are the foundation on which our strategy is built and demonstrate our commitment to operate in a responsible way

View here
and adapt

Business segment overviews

Sterile Focus Brands

Aspen’s Sterile Focus Brands encompass a diverse range of trusted post-patent pharmaceutical products designed primarily for acute hospital settings. This diverse portfolio places a strong emphasis on sterile preparations and covers critical medical areas such as anaesthetic and thrombosis therapies.

Sterile Focus Brands’ revenue (%)

Sterile Focus Brands’ revenue (%)

26% of Group revenue

34% of Group gross profit

Regional Brands

Regional Brands portfolio is the largest revenue contributor and comprises a portfolio of global and domestically recognised brands across OTC, consumer, branded and generic prescription products. Our skilled in-country marketing and sales teams in key regions drive the organic growth of these wellrecognised brands, ensuring they meet diverse healthcare needs worldwide.

Regional Brands’ revenue (%)

Sterile Focus Brands’ revenue (%)

46% of Group revenue

59% of Group gross profit


Aspen operates 23 manufacturing facilities spread across 15 sites. Our strategic manufacturing sites have earned international accreditation from some of the world's most stringent global regulatory agencies. Our manufacturing capabilities encompass a wide range of product types, including steriles, oral solid doses, liquids, semi-solids, biologicals, and APIs.

Manufacturing revenue* (%)

Sterile Focus Brands’ revenue (%)

28% of Group revenue

7% of Group gross profit


As a pharmaceutical company, and aligned to our purpose of improving the health and quality of life of patients, we have a responsibility, and the opportunity, to make a meaningful contribution to the global challenge of making healthcare available to all.

  • Improved health and quality of life for the patients who use our medicines
  • Maintained a reliable supply of quality and affordable treatment options and medicines for HPCs and healthcare systems
  • Increased capacity and technical know-how to respond to emerging healthcare crises in Africa, and the world
  • Commenced technical transfer of four Aspen-branded vaccines for Africa

180 medicines on the WHO Essential Medicines List

Patients in more than 60 low and middle-income countries treated with our medicines

11 SED initiatives aimed at strengthening healthcare, including emergency product donations

Our impact

Our commitment

We are committed to promoting access to medicines by providing a reliable supply of high quality, affordable products across the geographies of our operations.

Our People

To deliver on our purpose of improving the health and quality of life of patients, we must attract, develop and retain diverse people who are the best at what they do.

  • Provide employment and opportunities for growth and development in the geographic regions in which we operate
  • Maintain a diverse and inclusive working environment free of discrimination and harassment
  • Implemented further programmes to support employee health and well-being

R9 billion in salaries and benefits paid to our more than 9 100 employees

R59,8 million invested in training and development initiatives

35% female representation in senior roles

Zero occupational fatalities

Our impact

Our commitment

We are committed to creating an inclusive, healthy and safe work environment where everyone is treated fairly and with respect and is inspired to develop to their full potential.


Our long-term success depends on building and maintaining trust with society. Responsible corporate citizenship is grounded in a commitment to upholding the highest ethical standards in the conduct of our global business operations.

  • Adopted a stakeholder-inclusive governance approach and committed to transparency and effective communication
  • Implemented responsible and ethical business practices aligned with the UN Global Compact principles
  • Contributed to the social and economic upliftment in the communities in which we operate
  • Generated economic value for our varied stakeholder groups

Strong corporate governance aligned with King IV principles

218 SED projects implemented across 22 countries

R4 496 million spent with empowered suppliers in South Africa

Constituent of FTSE4Good Index and
Top 30 FTSE/JSE Responsible Investment Index

Our impact

Our commitment

We are committed to operating an ethical and responsible business underpinned by our shared values and governance structures. We uphold the dignity, fundamental freedoms and human rights of our employees, contractors and the communities in which we live and work, and others affected by our activities.


Access to a clean, healthy and sustainable environment has been declared a universal human right. To enable a healthier world, we must take steps to reduce the impact we have on the environment as we convert and use natural resources in the manufacture and distribution of our quality medicines and APIs.

  • Ensured a sustainable supply of energy and water, critical to our ability to operate
  • Implemented various initiatives to reduce our consumption of natural resources and carbon emissions
  • Responsible management and disposal of hazardous and non-hazardous waste and effluent
  • Committed to transparency through CDP and TCFD-aligned disclosures

28% reduction on Scope 1 and Scope 2 emissions over the past five years

37% reduction in water withdrawn over the past five years

86% waste recycled and only 2% to landfill

CDP-CC and CDP-WS performance rated as "B Management Level" and
"B-Management Level", respectively

Our impact

Our commitment

We are committed to practising responsible environmental stewardship seeking to minimise any negative impact our operations have on the environment in compliance with applicable laws, regulations and other environmental management requirements.

Achieving impact through our sustainability pillars