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Key Points
- Stephen Saad’s wealth surged by $44 million as Aspen Pharmacare’s stock rose on the Johannesburg Stock Exchange in January.
- Saad’s 12.8% stake in Aspen, now valued at $550 million, marks a recovery after a $113.8 million loss in 2024.
- Aspen’s 2024 revenue increased 10%, driven by a 25% rise in manufacturing revenue and a 4% boost in its pharmaceutical division.
Stephen Saad, the South African pharma tycoon and CEO of Aspen Pharmacare, has seen his wealth rebound with a $44 million increase in the value of his stake in the company. This surge is driven by a rise in Aspen’s share price on the Johannesburg Stock Exchange (JSE) in January.
As CEO of Aspen, Saad holds a 12.8 percent stake in the company, equivalent to 57,221,750 shares. With the recent rise in Aspen's stock price, the value of his holdings has crossed $550 million, marking a recovery after a challenging 2024.
Last year, Saad saw the value of his stake drop by R2.21 billion ($113.8 million), from R11.64 billion ($619.6 million) at the start of 2024 to R9.43 billion ($505.8 million) by the end of December. However, the recent uptick in share prices has helped to reverse some of those losses.
Aspen's revenue jumps 10% in 2024
Aspen Pharmacare, founded by Saad in 1997, has become a key player in South Africa’s pharmaceutical industry and has significantly contributed to his wealth. With operations in over 115 countries, the company has seen impressive growth under Saad’s leadership.
In its 2024 fiscal year, Aspen reported a 10 percent increase in revenue, rising to R44.7 billion ($2.42 billion) from R40.7 billion ($2.2 billion) in 2023. This was largely driven by a 25 percent rise in manufacturing revenue, while its commercial pharmaceuticals division grew by 4 percent.
Saad’s Aspen stake rebounds to $550 million
Since the start of 2025, Aspen’s stock price has climbed by 8.76 percent, from R164.85 ($8.83) to R179.29 ($9.6). This has lifted the company’s market capitalization above $4.2 billion, rewarding investors and strengthening Aspen's position in the pharmaceutical sector.
As a result, Saad’s stake in Aspen is now valued at R10.26 billion ($550.1 million), representing a significant recovery for the businessman. This rise in his fortune further cements his role as a key figure in South Africa's business world, reaffirming his leadership and Aspen’s prominence in the global pharmaceutical market.
