Aspen reported HEPS down -42% to 792c for FY25, while normalised HEPS fell -29% to 1,056c. Revenue declined -3% to R43.4bn, although on a constant currency basis sales grew 1%, supported by growth in Commercial Pharmaceuticals, including the launch of Mounjaro in SA. Results were hit by a contractual dispute in Manufacturing, leading to a 62% drop in EBITDA, and R4.1bn in impairments related to tax changes, mRNA assets, and regional underperformances. Dividend cut -41% to 211c.
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