DELVE INTO AFRICAN WEALTH
DON'T MISS A BEAT
Subscribe now
Skip to content

Stephen Saad’s Aspen stake drops $21 million in value

This mirrors wider investor caution amid challenges facing the global pharmaceutical sector and instability in emerging markets.

Stephen Saad

Table of Contents


Key Points

  • Stephen Saad's fortune dips as Aspen shares fall 5.33% in 10 days, erasing $21.42 million from his stake.
  • Year-to-date, shares have plunged 27.83%, underperforming the JSE Top 40 and global pharma peers amid rising interest rates.
  • Regulatory hurdles, weak sentiment, and margin pressure shrink Aspen’s market cap to $3 billion, deepening shareholder losses.

Stephen Saad, CEO of Aspen Pharmacare—Africa’s largest drug manufacturer—has faced a paper loss of over $20 million due to a continued drop in the company’s share price on the Johannesburg Stock Exchange (JSE). This mirrors wider investor caution amid challenges facing the global pharmaceutical sector and instability in emerging markets.

Saad’s stake drops $21 million

Saad, who holds a 12.8-percent stake in the Durban-based drug manufacturer, has seen the market value of his stake decline by R383.39 million ($21.42 million) in the past 10 days alone. His equity stake in Africa’s largest pharmaceutical firm is currently worth $380.39 million.

This recent decline adds to an earlier loss of $131.54 million recorded between April 17 and 27, when the value of Saad’s stake fell from R9.36 billion ($500.78 million) to R6.90 billion ($369.75 million). The ongoing drop highlights continued investor worries and a generally weak mood in both emerging markets and the pharmaceutical sector as a whole.

Aspen shares drop amid market pressure

Aspen Pharmacare was founded by Stephen Saad in 1997 and has since become a major player in South Africa’s pharmaceutical industry. Under Saad’s leadership, Aspen has steadily grown and now operates in more than 115 countries, contributing significantly to his personal wealth.

However, Aspen’s share price has dropped by 5.33 percent on the JSE over the past 10 days, falling from R125.68 ($7.02) on May 13 to R118.98 ($6.65). This decline has brought the company’s market cap down to about $3 billion, causing losses for shareholders.

The continued fall in Aspen’s stock value has hit both institutional and retail investors hard. For Saad himself, the value of his holding has decreased from R7.19 billion ($402 million) to R6.81 billion ($380 million), reflecting the impact of the recent market challenges on his stake.

Year-to-date underperformance highlights sector challenges

So far in 2025, Aspen’s stock has dropped 27.83 percent, underperforming the JSE Top 40 Index and global healthcare peers. A $100,000 investment at the start of the year is now worth $72,170, highlighting pressure amid rising interest rates and weakening consumer demand.

Latest