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Aspen Pharma care CEO has said
full-year earnings are “completely clear” and the South African drug maker has
nothing in common with scandal-hit retailer Stein hoff International
Holdings.
Aspen Pharma care sees further acquisitions in the next 12 months as strong revenue and lower capital expenditure restore its firepower after the purchase of two anesthetics portfolios last year.
Aspen Pharma care Holdings shares have slumped to the lowest and trading volumes surged after the UK’s Glaxo Smith Kline said it has disposed of the final portion of its stake.
Aspen Pharma care says that it expected its diluted normalized headline earnings per share from continuing operations to rise between 18% and 24% in the year ended June.
Aspen has been strengthening its business in emerging markets following the launch of its Alula infant milk formula brand in China last year, which is the world’s biggest consumer of infant milk formula products. Its infant nutritional business, which supplies a wide range of infant nutritional and children’s milk products, has a presence in Australasia, Latin America and Sub-Saharan Africa and a growing presence in China.
“We’ve started some very small test sampling of the markets in the Middle-East where Saudi Arabia is a particularly attractive market,” group deputy chief executive Gus Astride told Reuters after the company published results on Thursday.
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