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South African pharmaceutical executive Stephen Saad has suffered another setback as the market value of his stake in Aspen Pharmacare Holdings Ltd. continues to slide alongside the company’s shares on the Johannesburg Stock Exchange.
Saad, the co-founder and chief executive of Aspen, Africa’s largest drugmaker, has seen more than $19 million erased from his stake over the past month. The decline adds to a string of losses that have weighed on investors, reflecting a difficult period for Aspen under Stephen Saad.
Stake value under pressure
Saad owns about 12.8 percent of the Durban-based pharmaceutical firm he helped establish in 1997. Over the past 28 days, the value of his stake fell by roughly R331.89 million ($19.51 million), trimming its worth to about $309 million.
The latest drop follows an earlier decline between mid-October and early November, when his stake lost about $18.59 million in value. At that point, the stake slid from R5.91 billion ($341.22 million) to R5.59 billion ($322.63 million). Together, the figures paint a picture of a prolonged sell-off rather than a single sharp move.
Aspen shares have fallen 5.94 percent during the most recent 28-day period, dropping from R97.71 ($5.7440) on Nov. 12 to R91.91 ($5.4031). The retreat pushed the company’s market capitalization down to roughly $2.4 billion. Over that same timeframe, the value of Saad’s stake declined from R5.59 billion ($328.68 million) to R5.26 billion ($309.17 million).
A company facing headwinds
Stephen Saad has turned Aspen from a modest South African factory into an international company that does business in more than 115 countries. It supplies medicines across Africa and emerging markets but continues to face headwinds. Shifting demand, higher input costs, and regulatory headwinds and pricing pressure have weighed on its margins and earnings this year.
Still, Aspen has struggled with a tougher operating environment. Shifts in demand, rising input costs and ongoing pricing pressure have weighed on margins and earnings this year. Currency volatility in key markets has added another layer of complexity to the business.
Investor confidence tested
The longer-term picture has been especially painful for shareholders. Aspen Pharmacare’s stock is down 44.25 percent so far in 2025. A $100,000 investment at the start of the year would now be worth about $55,750, underscoring the scale of the decline.
For Saad, the paper loss is substantial, though not unusual for a founder whose wealth is closely tied to the fortunes of his company. Aspen's ability to steady earnings and reassure investors at a time when confidence remains fragile will determine whether the pressure eases.
