Gus Attridge, a South African executive, has seen the market value of his investment in Africa’s largest pharmaceutical company, Aspen Pharmacare, plummet. Following a run of gains earlier this year, Attridge’s position in Aspen has dropped by R381.8 million ($21.6 million) in the last 23 days, taking it below $250 million.
Attridge’s position in Aspen, which translates to 19,033,829 shares, has fallen by R381.8 million ($21.6 million) in the last 23 days, to R4.41 billion ($248.6 million). This follows a period of gains from June 14 to 25, during which the value of his shareholding climbed by $20.5 million.
Aspen Pharmacare, founded 25 years ago by Gus Attridge and pharmaceutical billionaire Stephen Saad, has evolved to become Africa’s largest pharmaceutical company through strategic mergers and global development. With production sites in South Africa, Germany, France, and the Netherlands, Aspen has established itself as a pharmaceutical industry leader.
Aspen’s shares have dropped by 7.96% on the Johannesburg Stock Exchange (JSE) in the last 23 days, from R251.86 ($14.18) on July 31 to R236.94 ($13.34). This drop has reduced the company’s market capitalization to below $6 billion, resulting in severe losses for its investors.
Gus Attridge, Aspen Pharmacare’s Deputy Group CEO, owns 4.3 percent of the firm, or 19,033,829 shares. This places him among the wealthiest investors on the Johannesburg Stock Exchange.
The recent drop in Aspen’s share price has lowered the value of Attridge’s investment by R381.8 million ($21.6 million) in the last 23 days, from R4.79 billion ($270.1 million) on July 31 to R4.41 billion ($248.6 million).
Despite the recent dip, Aspen Pharmacare remains one of the JSE’s top performers in 2024, with its stock up 13.9% year-to-date (YTD). This resiliency demonstrates the company’s strategic expansion efforts and ongoing popularity in the healthcare sector.
The South African rand’s increase against the US dollar has improved year-to-date gains for investors. A $100,000 investment in Aspen shares at the beginning of the year would now be worth $117,480, representing a profit of $17,480.
