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South African pharma mogul Stephen Saad’s Aspen stake sinks under $360 million

Aspen Pharmacare CEO Stephen Saad loses $32 million in 13 days as stock slumps; his stake now worth under $360 million amid JSE sell-off.

South African pharma mogul Stephen Saad’s Aspen stake sinks under $360 million
Stephen Saad, CEO of Aspen Pharmacare

Table of Contents


Key Points

  • The Aspen founder’s 12.8% stake has shed over $32 million in just 14 trading days, driven by sustained share price declines.
  • The pharmaceutical giant’s stock has dropped from R122.19 to R112.14, erasing billions in market value and pressuring investors.
  • Aspen ranks among the worst-performing JSE large caps in 2025, with a $100,000 investment now worth just $68,030.

South African pharma mogul and Aspen Pharmacare CEO Stephen Saad has seen the value of his stake in Africa’s largest drugmaker drop below the $360 million mark, as shares of the company continue to lose ground on the Johannesburg Stock Exchange (JSE).

Aspen founder’s stake drops $32 million

Saad, who founded Aspen in 1997, holds a 12.8-percent stake in the Durban-based company, amounting to 57.22 million shares. Over the past 14 trading days, that stake has dropped in value by R574.06 million ($32.03 million), falling from R6.98 billion ($389.43 million) on July 3 to R6.41 billion ($357.4 million) as of the most recent close.

This latest dip adds to earlier losses recorded between June 10 and 30, when Saad’s stake fell by $21.42 million. At the time, his stake dropped from R7.19 billion ($403.61 million) to R6.81 billion ($382.47 million).

Aspen shares down 8.2 percent

Stephen Saad, who co-founded Aspen Pharmacare in 1997, has built it into one of South Africa’s leading pharmaceutical companies. Under his watch, the business has expanded its footprint to more than 115 countries, playing a key role in both the local healthcare sector and his fortune.

But the past two weeks have been rough for Aspen. Its share price has slipped by 8.22 percent—from R122.19 ($6.82) on July 3 to R112.14 ($6.26)—wiping out billions of rand in market value and leaving the company’s capitalization around $2.8 billion. The drop has put pressure on shareholders and raised fresh questions about the company's short-term outlook.

Shares sink nearly 32 percent YTD

Aspen’s stock has dropped 31.97 percent so far this year, ranking it among the poorest-performing large-cap companies on the JSE in 2025. A $100,000 stake in the company at the start of the year would now be worth just $68,030—wiping out nearly $32,000 in value.

The decline has been tough to watch, especially given Aspen’s global reach and solid position in the pharmaceutical industry. But recent months have brought growing uncertainty among investors, and confidence in the stock has slipped. That ongoing pressure is not only weighing on Aspen’s market value but also chipping away at the personal wealth of its founder.

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