Aspen Pharmacare (LDZU) Q4 2026 Earnings Report
DE:LDZU Q4 2026 EPS Results
- Actual EPS
- EUR 0.14
- Consensus EPS
- ―
- Beat/Miss
- ―
- One Year Ago EPS
- -EUR 0.38
DE:LDZU Q4 2026 Revenue Results
- Actual Revenue
- EUR 962.84M
- Expected Revenue
- ―
- Beat/Miss
- ―
- YoY Revenue Growth
- -6.87%
Earnings Announcement Details
- Quarter
- Q4 2026
- Date
- 09/02/2026
- Time
- Before Open
- Conference Call
- Wednesday, September 2, 2026
DE:LDZU Upcoming Earnings
Aspen Pharmacare's next earnings date is estimated for March 11, 2027, based on past reporting schedules.
Q4 2026 Earnings Call Audio
DE:LDZU Q4 2026 Earnings Call
0:00 / 0:00
Q4 2026 Earnings Slide Deck
Q4 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Management highlighted 14% group normalized EBITDA growth, 28% NHEPS growth, ZAR 3.8 billion of free cash flow, a net cash position, successful recovery of the sterile manufacturing business and guidance for at least ZAR 9 billion of EBITDA and more than 50% NHEPS growth in financial year 2027. These positives outweighed the flat group revenue, manufacturing revenue decline, restructuring and impairment charges, geopolitical effects and near-term Canadian GLP-1 API uncertainty.
Company Guidance
For financial year '27, Aspen expects the commercial pharma base business to grow in mid-single digits, both in revenue and EBITDA, manufacturing revenue growth of greater than 50%, manufacturing EBITDA to more than double financial year '26 EBITDA, and sterile finished dose form EBITDA of ZAR 2.2 billion, with sterile finished dose form achieving positive EBITDA; normalized EBITDA is guided to at least ZAR 9 billion, with the intention to get at least a further ZAR 1.3 billion, implying more than 50% growth in NHEPS, while stronger free cash flow, stable capital investment, sustained working capital focus, tax rates of 24%, 25%, and commencement of GLP-1s will be additive, with a global GLP-1 rollout to contribute substantially not included in this guidance; Mounjaro sales are expected to be more than ZAR 2 billion.
- Commercial Pharma EBITDA GrowthCommercial Pharma delivered 13% EBITDA growth in constant exchange rate, extending double-digit growth from financial year 2025. Growth was supported by organic growth in emerging markets and the China reshape program.
- Commercial Pharma Revenue Growth Excluding ChinaCommercial Pharma revenue grew 5% in constant exchange rate, or 7% excluding China. Growth was led by South Africa and Brazil.
- Injectables and Mounjaro MomentumInjectables revenue grew 16% and became Aspen's largest revenue generator at ZAR 9.2 billion. Mounjaro was a key growth driver in South Africa; the South African GLP market nearly doubled to ZAR 2.8 billion, while Mounjaro's market share increased from 15% to 53% and accounted for 40% of total private pharmaceutical market growth.
- Strong OTC Performance Despite Regional DisruptionOTC had a strong year and grew 3%, although reported growth was diluted by the impact of the Middle East conflict.
- Manufacturing EBITDA RecoveryManufacturing EBITDA increased 21% in constant exchange rate, from ZAR 647 million to ZAR 828 million. The sterile finished-dose-form reshape program generated ZAR 1.2 billion of EBITDA improvement, more than offsetting the ZAR 1 billion loss of the mRNA contract.
- Group EBITDA and Margin ExpansionGroup normalized EBITDA grew 14% to ZAR 7.7 billion. Gross profit increased 4% despite flat revenue, with gross margin rising from 41.6% to 43%. Operating expenses declined 4% and fell from 26% to just under 25% of revenue.
- NHEPS GrowthContinuing-operations NHEPS increased 28%, from ZAR 6.25 to ZAR 8.02.
- Record Free Cash Flow and Strong Balance SheetFree cash flow reached ZAR 3.8 billion, compared with almost breakeven in the prior year and ZAR 700 million two years earlier. Cash from operating activities increased to ZAR 6.8 billion, while CapEx declined to ZAR 3 billion from ZAR 5 billion. Aspen ended the year with net cash of ZAR 0.8 billion after ZAR 0.5 billion of share buybacks.
- APAC Divestment Unlocked ValueThe APAC divestment generated ZAR 28 billion of gross proceeds and a ZAR 2.4 billion profit on sale. Management described the transaction as an indicator of underlying asset value at an 11.5x EBITDA multiple and said it created flexibility for capital allocation.
- Share Buyback Program ExpandedThe share buyback program increased to ZAR 2 billion, representing 3% of the company. Management identified buybacks as its preferred use of capital while continuing to evaluate opportunities to unlock sum-of-the-parts value.
- Sterile Manufacturing OutlookManagement raised its financial year 2027 sterile EBITDA guidance from ZAR 1.7 billion to ZAR 2.2 billion, citing growing volumes, growing revenue, reduced costs and annualized benefits from restructuring. Sterile finished-dose-form revenue is forecast to grow by 50% in financial year 2027.
- Financial Year 2027 Earnings GuidanceAspen expects normalized EBITDA of at least ZAR 9 billion in financial year 2027, implying more than 50% NHEPS growth from the ZAR 8.02 achieved in financial year 2026. Guidance also includes mid-single-digit Commercial Pharma revenue and EBITDA growth, manufacturing EBITDA more than doubling, stronger free cash flow and a tax rate of 24% to 25%.
- GLP-1 Expansion PipelineAspen has two GLP-1 products registered in Canada, submissions across several emerging markets, and a Brazil dossier under review. The company has started registering in Sub-Saharan Africa and expects Mounjaro sales of more than ZAR 2 billion in financial year 2027. Kenya and Nigeria submissions may contribute during financial year 2027.
- Heparin Process ImprovementsNew heparin processes reduced sourcing costs and inventory levels in both value and volume, while management stated that EBITDA would not change despite a substantial decrease in heparin turnover.
- API Business Returning to GrowthThe API business returned to growth, driven by improved supply of human chorionic gonadotropin, a fertility product, and new product launches.
- Vaccine Manufacturing ProgressThe WHO completed its inspection of Aspen for pediatric HEXA and PCV vaccines. Management said it was hopeful that WHO prequalification would be achieved in the current calendar year.
- Expanded HIV Treatment and Prevention CapabilitiesAspen received FDA approval for its site to manufacture a triple-dose ARV and plans to pursue broader African volumes and donor-funded opportunities. The company also obtained a license from Merck for a once-a-month oral HIV prevention tablet that is currently in Phase III clinical trials.
- Patient Access and Sustainability ProgressAspen estimated that it had reached more than 165 million patients in emerging markets with critical and essential medicines. Women represented 32% of top leadership positions, up from 19% in 2020. The company screened more than 2,000 suppliers under its responsible supply-chain program, reduced Scope 1 and 2 carbon emissions by 34% from the FY2020 base year, and increased renewable energy usage to 26% from 19%.
- Positive Early Financial Year 2027 Trading CommentaryAt the close of the call, management said it was nearly one-quarter through the next financial year, was 'really positive' about the quarter to date and was 'very comfortable' with what it expected to deliver.
DE:LDZU Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Mar 11, 2027 | 2027 (Q2) | ―- | 0.17 | ― | ― |
| Sep 02, 2026 | 2026 (Q4) | ―0.14 | -0.38 | 137.88% (+0.52) | |
| Mar 03, 2026 | 2026 (Q2) | ―0.17 | 0.31 | -45.24% (-0.14) | |
| Sep 03, 2025 | 2025 (Q4) | ―-0.38 | 0.22 | -269.32% (-0.60) | |
| Mar 03, 2025 | 2025 (Q2) | ―0.31 | 0.29 | 6.44% (+0.02) | |
| Oct 02, 2024 | 2024 (Q4) | 0.500.22 | 0.35 | -36.13% (-0.13) | |
| Mar 04, 2024 | 2024 (Q2) | ―0.29 | 0.33 | -11.65% (-0.04) | |
| Aug 30, 2023 | 2023 (Q4) | 0.420.35 | 0.4 | -12.67% (-0.05) | |
| Mar 01, 2023 | 2023 (Q2) | ―0.33 | 0.47 | -30.11% (-0.14) | |
| Aug 31, 2022 | 2022 (Q4) | 0.420.40 | 0.29 | 38.04% (+0.11) |
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat Missed
