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Interim Results Dec 2006

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Interim Results Dec 2006 Powered By Docstoc
					                                            Healthcare.
                                             We Care.




Group Interim Results as at December 2006
                                                                      2
Income Statement Re-analysed
                           6 months ended   6 months ended
                             31 Dec 2006      31 Dec 2005    Change
                                Rm               Rm            %

  Revenue                      1 936            1 687        +15%
  Cost of sales                (991)            (874)
  Gross profit                  945              813         +16%
  Net operating expenses       (375)            (324)        +16%
  EBITA                         570              489         +17%
  Amortisation                  (58)             (46)
  Operating profit              512              443         +16%
  FCC write down                 -               (14)
  PBIT                          512              429         +19%
  Net funding costs             (38)             (19)
  PBT                           474              410         +16%
  Tax                          (142)            (122)
  PAT                           332              288         +15%

  HEPS                       95.6 cents       86.3 cents     +11%
                                                                                                 3
Amortisation Policy
    IFRS requires amortisation of intangible assets over their expected useful lives.

    Intangible assets may also be classified as indefinite life intangible assets, if there is
    no foreseeable limit to the period over which the asset is expected to generate net
    cash inflows for the entity.

    Intangibles with indefinite useful lives are not amortised, but reviewed annually for
    impairment.

    Aspen considers all of its intangibles to have finite lives. Consequently there is a
    charge to the income statement for amortisation.

    Amortisation is included in determining headline earnings, impairments are not.
                                                                                             4
Amortisation Policy (cont.)
    Aspen’s approach is consistent with its international peer group, but inconsistent
    with its South African peer group.

    If Aspen followed a consistent policy to its South African peer group, amortisation of
    the order of R 42 million would not have been charged in the results for the six
    months to December 2006.

    A large part of this is not tax deductible, and falls straight to the bottom line.

    A change in approach could have added 10 cents or 10% to Aspen’s reported
    earnings.

    Should be considered when Aspen’s performance is compared to its South African
    peers, particularly relative earnings and PE ratios. EBITA a fairer measure for
    comparison.
                                                                                 5
Funding Costs
                                               6 months ended   6 months ended
                                                 31 Dec 2006      31 Dec 2005
                                                    Rm               Rm


  Interest paid                                     (76)             (50)
  Interest received                                  42              31
  Net interest                                      (34)             (19)


  Preference share dividend paid                    (16)             (14)
  Preference share dividend received                 14              13
  Net preference share flows                        (2)              (1)


  Notional interest on financial instruments         1                -


  Foreign exchange gains                             14               2


  Fair value losses on financial instruments        (17)             (1)
                                                    (38)             (19)
                                                                        6
Analysis Factors for consideration
    1. FCC full contribution in H1 06, 50% contribution in H1 07



    2. FCC fair value write down in H1 06



    3. Pliva transaction costs in H2 06



    4. Recognition of Nutritionals deferred tax asset H1 06 and H2 06



    5. SIP S12G tax allowance recognised in H2 06
                                                                                                                                                   7
Headline EPS: Growth Bridge
             110




             105                                                               1%
                                                                       3%

                                                             3%
             100
                             13%                 4%                                                                  2%
                                                                                       - 5%


              95                                                                                    - 4%                          - 2%
                                      - 4%
R millions




              90




              85


                                                                                                                                            95.6
                   86.3
              80




              75




              70
                   H106   SA Pharma   FCC        SA     Australasia   Asia   UK/USA   Funding   Amortisation   Effective tax   New shares   H107
                                             Consumer                                  costs                        rate
                                                                               8
Segmental: EBITA Margins
(Excluding Exceptionals)   6 months ended
                           December 2005
                                            12 months ended
                                               June 2006
                                                              6 months ended
                                                              December 2006


   Pharmaceuticals
           SA                   36%              35%               35%
           Australia            10%               8%               10%
           Asia                  -               33%               28%
           UK / USA             28%              27%               34%
   Total                        32%              31%               31%


   Consumer
           SA                   21%              25%               24%
           Australia            27%              31%               30%
           UK / USA             15%              13%               30%
   Total                        22%              25%               25%


   Group Total                  28%              29%               29%
                                                                 9
Abridged Balance Sheet
                                           Dec 2006   Dec 2005
                                             Rm         Rm
      Assets
      Non-current assets                    2 223      1 638
          Tangible fixed assets              717        499
          Intangible fixed assets           1 106       715
          Financial assets                   380        377
          Deferred tax assets                20         47
      Current assets                        1 700      1 419
      Cash                                  1 694       482
      Assets held for sale                    -         172
                                            5 617      3 711
      Equity & Liabilities
      Shareholders’ equity                  1 885      1 247
      Preference shares – liability          402        405
      Long term interest bearing debt        38         51
      Short term interest bearing debt      2 500      1 054
      Interest bearing deferred payables     35         53
      Retirement benefit obligations          7         10
      Deferred tax liabilities               121        78
      Current liabilities                    629        784
      Liabilities – assets held for sale      -         29
                                            5 617      3 711
                                                                           10
Cash Flow from Operations
                                         6 months ended   6 months ended
                                           31 Dec 2006      31 Dec 2005
                                              Rm               Rm


  Cash operating profit                       625              522


  Working capital requirements               (287)            (278)


  Cash generated from operations              338              244


  Net financing costs                         (80)             (62)


  Investment income                            56               44


  Tax paid                                   (153)             (89)


  Net inflow from operating activities        161              137
                                                                          11
Geographic Distribution of Fund Managers
as at 31 December 2006


                                                         USA
                                                         34%
                                                    29% as at June ‘06




              SA
             46%
       45 % as at June ‘06


                                                           UK
                                                           11%
                                                     13% as at June ‘06




                                 Other Intl
                                    9%
                               13% as at June ‘06
                                                                                   12
Aspen – The Big Question

           Aspen has grown key financial indicators at a CAGR of 40% for the
           preceding eight years



           YTD 2007 performance not in line with historic performance




   THE BIG QUESTION:     Is the Aspen jet settling for a much lower flight path?

   OUR RESPONSE:         An emphatic “No!” … even a big plane needs to refuel
                                                                                  13
The Plan
   Our plan has been and still is to invest in ourselves and our infrastructure
                                                                                   14
OSD
  Initial plan was to build OSD to alleviate the burden on our heritage facility

  It is now apparent that this will be:
      An ARV and/or contract ARV facility
      Will manufacture largely for FDA export demand
      Will not be able to focus on local demand


  We are already re-building to accommodate increased non-ARV domestic volumes

  Our turnover in FDF ARVs for the last six months was R173m
      Achieved with limited registrations
      Key second line products Viread/Truvada come on line in March 2007


  ARVs are a volume business
      Achieving critical mass
      2008 volumes should translate into a meaningful income statement effect
                                                                                              15
OSD (cont.)
    ARV turnover could double from current levels

    Meaningful multinational contracts should roll out in 2008
        The tech transfer process can take nine months


    Although these investments are costly, take considerable time and effort, take years to
    come to fruition – the rewards justify the effort

    Timing was perfect
        Building costs have subsequently doubled
        Have the capacities in place at moment critique




     Our OSD Facility is positioned to be a major contributor to our future growth
                                                                               16
Steriles
    Niche

    Diverse capabilities including:
        Ampoules and vials
        Lyophilised vials
        Eye drops
        Hormonal ampoules and vials

    Have signed Prestige:
        25 million units
        USA’
        USA’s number 2 and 3 brands
        Will develop further products

    Multinationals keen on lyophilisation capacity
        MDR TB product Capreomycin requires lyophilisation

    Hormonals have significant domestic demand:
        Contraception compliance
        Have developed and (registered) product in SA
                                                                       takes
        Domestic volumes initially to be followed by international off takes
                                                                                    17
Other Material Contributors to Potential Future Growth
  SUB-SAHARAN AFRICA
    Seen significant off take in our export business
    Ready acceptance of Aspen products
    Interesting partnering opportunities into Africa


  AUSTRALIA
    Great growth
    Meaningful player
    Introduced significant organic pipeline of dossiers


  SA PIPELINE
     We are processing more dossiers now than ever before in the history of Aspen
                                                                          18
Our Assessment
   Management have only paused briefly to:
       Put building blocks in place as the foundation for future growth




   We are positive



   The opportunities are there
       We are well positioned
       Our challenge is to deliver
                                                                                   19
World Generic Market
   Ageing populations and limited healthcare budgets have put the focus on costs

   Generics are the key

   Unprecedented M&A activity

   Ever increasing sales multiples:
       PAT;
       EBT;
       EBIT; and
       EBITDA


   Caution:
       Although volumes are up
       Margins are contracting


            Will generic companies produce the profit expectations?
                              Certainly NOT ALL!
                                                                                                                                  20
World Generic Market ~ EBITDA Multiples




  1.    Cox / Alpharma                       16.   Slovakofarma/Warburg Pincus    31.   Ivax/Teva
  2.    Pharmachemie (OPG)/Teva              17.   Sicor/Teva                     32.   Sicomed/Zentiva
  3.    Schwarz Pharma (generics)/Alpharma   18.   RPG Aventis/Ranbaxy            33.   Alpharma Generics/Actavis
  4.    Copley Pharma Generics/Teva          19.   Betapharm/3M                   34.   Avecia Pharmaceuticals/Nicholas Piramal
  5.    Novopharm/Teva                       20.   Polla Kutno/IVAX               35.   Betapharma/Dr Reddy
  6.    Lachema/Pliva                        21.   Sabex/Novartis                 36.   Andrx/Watson Pharma
  7.    BASF Generics Businesses/Novartis    22.   Pfizer (Dorom)/Teva            37.   Sindan/Actavis
  8.    Laboratorio Chile/IVAX               23.   Pfizer (NM Pharm)/Merck KGaA   38.   Zentiva/Sanofi-
                                                                                        Zentiva/Sanofi-Aventis
  9.    AWD/Pliva                            24.   Agis Industries/Perrigo        39.   Terapia/Ranbaxy
  10.   Bayer Classics/France)/Teva          25.   Nizhpharm/Stada                40.   Hemofarm/Stada
  11.   Sidmak Labs/Pliva                    26.   Eon Labs/Novartis              41.   Rosemont/Close Brothers
  12.   Polfa Grodzisk/Gedeon Richter        27.   Hexal/Novartis                 42.   Matrix/Mylan
  13.   Lek/Novartis                         28.   Ciclum Farma/Stada             43.   Pliva/Barr (1)
  14.   Zdravlje/Pharmaco                    29.   Amide/Actavis                  44.   Mayne Pharma/Hospira
  15.   Terapia/Advent Internationl          30.   Docpharma/Matrix Labs          45.   Sanitas/Jeita
                                                                                                           21
SA Pharma Market
  LEGISLATION
    Legislative shadow hangs over the industry

     The key issues outstanding are:
         Fixed dispensing fee
         Healthcare charter
         Benchmarking
         Capping of logistics fee


     Pricing “resolved”:
         Maximum 5.2% price increase from January 2007
         First increase since 2003
         Inadequate given CPI and exchange rate movements
         Major positive – have given a methodology which if retained should be acceptable for the future
                                                            22
SA Pharma Market (cont.)
   Fixed Dispensing Fee:
      End of perverse incentives
      Should see a generic shift
      Legal merry-go-round continues

   Healthcare Charter:
      Nearly finalised
      Covers ownership, procurement and skills developed
      Aspen very positively positioned
      Should result in multinational offset opportunities

   Benchmarking – Proposal:
      SA to be lowest in a basket of countries
      Generics to be 40% less than originator
      Current impact very negative for multinationals
      10% pricing reductions, ±30% profit effect
      Not realistic, will have to be modified
      Government receptive to input
                                                        23
SA Pharma Market (cont.)
   In spite of legislative shadow, demand is buoyant

   Double digit growth:
       Volume increases
       New multinational launches


   Rand depreciation:
       Public sector under pressure
       Long term makes local players more competitive


   Intense import generic competition continues

   Generic shift
                                                                                                                                                                                 24
Ethical / Generic Split
                              MAT Units Market Share (Sch 3 – 7)
                                       December 2006

       55.00
                                                                                                     51.13       51.37       51.50           51.60           51.94       52.18
               50.80        50.51                                           50.51        50.88
       50.00        49.20        49.49   50.2049.80   49.83 50.17   49.49           49.12        48.87       48.63       48.50       48.40           48.06           47.82

       45.00

       40.00

       35.00

       30.00

       25.00

       20.00

       15.00

       10.00

        5.00

        0.00
               Jan-06       Feb-06       Mar-06        Apr-06       May-06           Jun-06       Jul-06     Aug-06      Sep-06       Oct-06         Nov-06           Dec-06


                                                                            ETHICALS                     GENERICS
                                                                                                                                                                                  25
Ethical / Generic Split
                   MAT Counting Units Market Share (Sch 3 – 7)
                                December 2006
                                                       ETHICAL / GENERIC SPLIT
       65
                   61.1          61.1        61.0          61.2          61.2          61.2          61.3          61.4          61.4          61.5          61.5          61.6
       60

       55

       50

       45

       40   38.9          38.9          39          38.8          38.8          38.8          38.7          38.6          38.6          38.5          38.5          38.4

       35

       30

       25

       20

       15

       10

       5

       0
             Jan-06        Feb-06       Mar-06       Apr-06        May-06        Jun-06        Jul-06        Aug-06        Sep-06        Oct-06        Nov-06        Dec-06


                                                                     ETHICALS                        GENERICS
                                                                                                                                                               26
Ethical / Generic Split
                             MAT Rand Market Share (Sch 3 – 7)
                                     December 2006
       90.00

               78.29       78.11       77.91       77.73       77.56       77.39       77.27       77.14       77.01
       80.00                                                                                                               76.70       76.50       76.33


       70.00


       60.00


       50.00


       40.00


       30.00
                                                                   22.44       22.61       22.73       22.86       22.99       23.30       23.50       23.67
                   21.71       21.89       22.09       22.27
       20.00


       10.00


        0.00
                Jan-06     Feb-06      Mar-06       Apr-06     May-06       Jun-06      Jul-06     Aug-06       Sep-06      Oct-06     Nov-06      Dec-06


                                                                   ETHICALS                    GENERICS
                                                                                          27
Aspen ~ The Macro Picture
   Aspen has credibility

   Largest manufacturer in the Southern Hemisphere

   In SA Aspen has:
       More than 2000 SKU’s
       Supplied over 6 million tablets/capsules (±150 pppa)
       Supplies 20% - 25% of total tablets and capsules supplied into the public sector


   Aspen on track for meaningful vertical integration:
       At least 75% of API’s by value to be supplied by our FCC/Matrix joint ventures


   Have significant BEE ownership (>R2bn)
                                                                                    28
Aspen ~ The Macro Picture (cont.)
    Have had and will continue to have a superior pipeline

    Logical partner for multinationals in a non-core market

    Because of all of the above:
        Ideally positioned to continue to grow in a growing market
        Move seamlessly into new therapeutic areas with immediate credibility
        Retaining/growing market shares in all key areas


    Don’t underestimate the positioning and annuity income flow that Aspen enjoys
    from our unrivalled range of chronic medications
                                                   29
SA Private Market
Per IMS December 2006 (Value)




                      Total market has grown 11%

                      Generic Market        24%

                      OTC Market             7%

                      Branded market        10%
                                                                 30
Total Private Market
December 2006 R13.8bn (December 2005 – TPM R12.48bn)


                                                        OTC
                                                       R4.0bn




       Ethical
       R7.5bn




                                                       Generic
                                                       R2.3bn
                                             31
Private Generic Market
MAT Rand Shares          Servier
                         2.84
as at December 2006
                         Pharma Dynamics
                         2.94

                                   Be-
                         Ranbaxy / Be-Tabs
                         5.54

                         Other
                         6.30
               Aspen
                34.63




                         Cipla / Enaleni
                         12.70




   Adcock / Parke Med
                 19.55
                         Sandoz
                         12.95
                                                                                                                                               32
Total Pharma Market
MAT Rand Shares
July 2005 – June 2006
   14

            12.70      12.74      12.71      12.66      12.65      12.59      12.53      12.51        12.53      12.44      12.40      12.33
   12
            11.14      11.18      11.18      11.22      11.19      11.17      11.21      11.18        11.15      11.20      11.16      11.16


   10



    8       7.67       7.76
                       7.65       7.63        7.54      7.47
            7.50                                                   7.39       7.38       7.35         7.35       7.36       7.33       7.28
                       7.48       7.46        7.42      7.40                             7.29         7.22       7.18       7.14       7.10
            6.76                  6.77        6.77      6.77       6.78       6.78       6.76         6.79       6.78       6.82       6.84
    6



    4
        Jul-05      Aug-05     Sep-05     Oct-05     Nov-05     Dec-05     Jan-06     Feb-06      Mar-06      Apr-06     May-06     Jun-06


            ADCOCK INGRAM                      ASPEN                PFIZER                     SANOFI-AVENTIS                NOVARTIS HEXAL
                                                                                                       33
Total Pharma Market
Monthly Rand Shares
July - December 2006
            14
                                              12.24                       12.30
            12                  11.63                    11.72                            11.64
                     11.43

                     10.97      10.99                                     11.00           10.97
            10                                10.74
                                                         10.29
                     7.49        7.46          7.55       7.32
             8                                                            7.03             6.80
                                 6.85          6.77       6.6             6.59            6.77
             6       6.38

                     5.78        5.63          5.62       5.62            5.43            5.61
             4

             2       3.07                                 3.35            3.41             3.20
                                 2.98          2.99

             0
                     July        Aug          Sept        Oct             Nov              Dec

                 Adcock      Aspen      Sanofi-Aventis   Novartis/Hexal          Pfizer      Enaleni
                                                                                                     34
Specific Product Launches
  Demonstration of our capabilities in the SA markets
    Within SA market if Aspen is first to launch:
         command and retain volume advantages


     However, on major molecule Omeprazole (Losec) Aspen was fourth to market:
         With time, now largest volume/value player


     Mybulen continues to grow against big brand name products like Myprodol:
         Targeting to be SA’s leading value brand here with the launch of a capsule and suspension


     Have work to do on Simvastatin and Lansoprazole where we have on the former
     came to market too late and on the later we were both late and have underperformed
                                                                                                                                      35
Cilift – IMS MAT Data
Jan 2006 – Dec 2006
Unit Market Shares
        70



        60



        50



        40



        30



        20



        10



         0
              MAT ~     MAT ~     MAT ~     MAT ~     MAT ~     MAT ~     MAT ~     MAT ~     MAT ~     MAT ~     MAT ~     MAT ~
              01/2006   02/2006   03/2006   04/2006   05/2006   06/2006   07/2006   08/2006   09/2006   10/2006   11/2006   12/2006

        -10

                  CILIFT ASP                 CIPRAMIL LUN                 ADCO-TALOMIL  AOJ                DEPRAMIL     CD8
                  CITALOHEXAL HEX            SANDOZ CITALOPRAM            RAN-CITALOPRAM RBY               MERCK-CITALOPRAM M/G
                                                                                                                                          36
Terbicil Tabs Only – IMS MAT Data
Jan 2006 – Dec 2006
Unit Market Shares
          100



          90



          80



          70



          60



          50



          40



          30



          20



          10



            0
                MAT ~     MAT ~     MAT ~     MAT ~     MAT ~     MAT ~     MAT ~     MAT ~     MAT ~     MAT ~      MAT ~      MAT ~
                01/2006   02/2006   03/2006   04/2006   05/2006   06/2006   07/2006   08/2006   09/2006   10/2006    11/2006    12/2006
          -10

                 LAMISIL NVR            MERCK-TERBINAFINE M/G          TERBICIL ASP         TERBANE SDZ             NAFIN RBY
                                                                                                                                                 37
Minerva – IMS MAT Data
Jan 2006 – Dec 2006
Rand Value Market Shares
             50




             40




             30




             20




             10




             0
                  MAT ~     MAT ~     MAT ~     MAT ~     MAT ~       MAT ~       MAT ~     MAT ~     MAT ~     MAT ~        MAT ~     MAT ~
                  01/2006   02/2006   03/2006   04/2006   05/2006     06/2006     07/2006   08/2006   09/2006   10/2006      11/2006   12/2006



            -10

                   MINERVA ASP             DIANE-35 SHG             GINETTE CD8             CYPRENE- 35ED PMP             ADCO-FEM 35 AOJ
                                                                                                                                            38
Altosec – IMS MAT Data
Jan 2006 – Dec 2006
Rand Value Market Shares
           45



           40



           35



           30



           25



           20



           15



           10



           5



           0
                MAT ~     MAT ~     MAT ~     MAT ~      MAT ~     MAT ~     MAT ~     MAT ~      MAT ~       MAT ~     MAT ~     MAT ~
                01/2006   02/2006   03/2006   04/2006    05/2006   06/2006   07/2006   08/2006    09/2006     10/2006   11/2006   12/2006

                                    ADCO-OMEPRAZOLE     AOJ          LOSEC AZN                   ALTOSEC ASP
                                    SANDOZ OMEPRAZOLE SDZ            OMEZ DRL                    OMILOC HEX
                                                                                                                                          39
Mybulen – IMS MAT Data
Jan 2006 – Dec 2006
Unit Market Shares
          60




          50




          40




          30




          20




          10




           0
                MAT ~     MAT ~     MAT ~     MAT ~     MAT ~     MAT ~     MAT ~     MAT ~      MAT ~     MAT ~      MAT ~     MAT ~
                01/2006   02/2006   03/2006   04/2006   05/2006   06/2006   07/2006   08/2006    09/2006   10/2006    11/2006   12/2006


          -10

                              MYPRODOL             IBUPAIN FORTE        GEN-PAYNE               MYBUCOD              MYBULEN
                                                                                                                                               40
Aspen Lansoprazole – IMS MAT Data
Jan 2006 – Dec 2006
Rand Value Market Shares
           90



           80



           70



           60



           50



           40



           30



           20



           10



            0
                 MAT ~     MAT ~       MAT ~     MAT ~     MAT ~      MAT ~     MAT ~     MAT ~      MAT ~     MAT ~       MAT ~     MAT ~
                 01/2006   02/2006     03/2006   04/2006   05/2006    06/2006   07/2006   08/2006    09/2006   10/2006     11/2006   12/2006
           -10

                                     LANZOR       S.A                LANSOLOC       CD8             ADCO-ROZNAL      AOJ
                                     ASPEN-LANSOPRAZOLE A&G          RAN-LANSOPRAZOLE RBY
                                                                  41
API Operations
   Our comments last year on the need for ownership of API was:
      Sometimes you need to own the cow to drink the milk.


   For ARVs we have been proven correct:
      Increasingly commoditised

      Cost of API is the single biggest input cost; and

      The major driver of cost-competitiveness
                                                                                                  42
Australasia
    Strong management team

    Sales team continue to perform:
       Excellent script support
       7th by volume of scripts generated


    Overview of the Australian market:
       Pressure on Australian pharma companies from PBS

       Price decreases of up to 25% expected

       Will have material effect on commodity generic business

       Aspen’s product mix consisting of both PBS and non-PBS products will mean limited impact
                                                                                                        43
Australasia (cont.)
    Showing growing profitabilities



    Expecting good organic growth from pipeline
        Numerous dossiers now in the registration process




    Expecting improved profitability from Novartis distribution agreement



    Committed to growing our presence in Australasia:
        Australia developed as a launch pad for a greater Aspen role in Asian and New Zealand markets
                                                                                                                      44
Prospects: Anti-retrovirals
    Aspen’s manufacturing expertise at both an API and FDF level to be the engine room
    for future growth


    Aspen is a key player globally in infectious diseases:
        HIV/AIDS – has both capacities and capabilities at an API and FDF level to provide medication to increasing
        patient numbers
        Impressive growth in Sub-Saharan Africa



    Expect to cover over 500 000 lives by March


    Arguably cover more lives than any other company in Sub-Saharan Africa
                                                                                   45
Prospects: Anti-retrovirals (cont.)
    Vertical integration leaves Aspen well-positioned to manage commodity cycles


    Increasing ARV turnovers expected from increased product registration


    Developing and registering combination ARVs:
        More accepted in Africa
        Less accepted in SA



    Turnover expected to increase in last quarter with second line registrations
                                                                                           46
Prospects
   The SA generic market is growing:
       Aspen is well positioned
       Aspen has a great pipeline
       Aspen has the best infrastructure

   Lupin:
       Have retained SA market
       Global JV did not work out
       Looking for alternative structures for the rest of Africa
       Committed to TB / MDR-TB and Malaria solutions not just for SA, but all of Africa

   Aspen well-positioned for legislative shifts:
       Possibility of increased multinational activity – Charter driven

   Aspen well poised to increase presence in Sub-Saharan Africa:
       Aspen has IP and manufacture
       Many have front end presence only and limited technologies
       Is there a local partnership model?
                                                                                                    47
Prospects (cont.)
    Aspen will have a significant presence in steriles and hormonals:
        Expected to continue to capitalise on new opportunities provided by these niche strengths
        Projected to be a significant contributor to future Aspen profitability


    We said at the end of 2006 that in 2007 we need to:
        Consolidate the achievements of prior years
        Set up a platform for the growth opportunities identified until 2010
        Focus on skills development
        Finalise and strategise plans for growth into Sub Saharan Africa
        Grow Group development capabilities at both an insource and outsource level
        Complete development, registration and technology transfers of key ARV products
        Period 2008 2010 will be important for Aspen in determining future ARV market shares
        Continue to focus on acquisitive opportunities where appropriate
        Work responsibility with government on the Charter, price regulations, etc.
        Retain Aspen’s position as Africa’s quality, affordable healthcare alternative


                                  Nothing has changed
                      and these are the challenges getting our focus

				
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