Stephen Saad's Aspen Stake Drops 99.7 Million In 2024

South African billionaire and pharmaceutical mogul Stephen Saad has experienced a significant decline in the market value of his stake in Aspen Pharmacare in 2024, with the value dropping by approximately 100 million.

This downturn is driven by a sustained decline in the market value of his holdings in Aspen Pharmacare Holdings Limited, Africa's largest pharmaceutical company. Year-to-date, the value of Saad's stake has fallen by R1.9 billion 99.68 million, slipping below the 540 million markmarking a challenging setback for the CEO and founder of the Durban-based company.

Stephen Saad's journey with Aspen has been defined by bold growth strategies, including a series of aggressive mergers and the establishment of major manufacturing facilities in key locations such as Gqeberha, South Africa Bad Oldesloe, Germany Notre-Dame-de-Bondeville, France and Oss, Netherlands.

Since its founding in 1997, Aspen has grown into a global pharmaceutical powerhouse, with operations in over 115 countries. Under Saad's leadership, it has solidified its position as a dominant force in the African pharmaceutical market.

However, in 2024, Aspen faced a significant setback, as its share price dropped 15.69 percent, from R203.50 11.12 at the start of the year to R170.24 9.38, resulting in a market capitalization falling below 4.2 billion.