Aspen Pharmacare 2026 Q4财报电话会议纪要

发布时间：2026-09-03 一、AI总结内容 一、核心业务表现 1. 2026财年，公司核心业务达成预期，商业制药实现13%的EBITDA增长，制造业务在重塑后实现EBITDA显著提升，自由现金流达38亿南非兰特，净现金储备8亿南非兰特。 2. GLP-1领域，公司在南非的Mangaro产品占据当地私人市场53%份额，正推进加拿大、巴西等注册，预计2027财年贡献收入。3. 制造业务方面，原本预计需要2年实现17亿南非兰特EBITDA，2027财年将指引提升至22亿南非兰特，主要得益于产量增长、成本削减及业务重塑。4. APEC区域资产处置获得280亿南非兰特对价，实现24亿兰特利润，同时减轻了债务负担，公司启动20亿兰特股票回购，占总股本3%。二、2027财年关键指引 1. 2027财年正常化EBITDA目标至少90亿南非兰特，同比增长超50%，由GLP-1、商业制药有机增长及制造业务贡献。2. 制造业务EBITDA将较2026财年翻倍，GLP-1产品将于2027财年开始贡献收入，商业制药维持中个位数增长。3. 自由现金流将进一步增强，资本配置优先股票回购，辅以有机增长及资产价值释放。三、风险与关注 1. GLP-1产品在加拿大的API供应存在不确定性，相关注册进度受其影响，需等待截至2026年9月末的结果。 2. 中东地区冲突对当地及关联产业链（如塑料、溶剂）的运营存在持续干扰。3. 行业竞争加剧，仿制药市场将出现价格压力，非注册仿制药市场规模较大可能分流客户。四、可持续发展与患者价值 1. 2026财年已覆盖超1.65亿新兴市场患者，疫苗及胰岛素产品进展顺利。2. 性别多元、负责任供应链及环境减排（Scope1+2碳排放降24%）等目标推进符合预期。 二、音频原文（转写） Good morning and welcome to Aspen Pharmicare's 2026 annual financial presentation. Thank you allfor joining us this morning. Just to quickly run you through the agenda, this morning Stephen Syed is going to give us an introduction and overview. He will then hand over to Shaun Kabizario,our Chief Financial Officer, who will run through the financial performance for the year. Stephen will then return to give us an overview of the operational updates. Big updates and financialguidance for the next financial year. We'll con clude with the Q and A session, so please feel free to send questions through via the webcast. We'll get to as many as we can with the time available. Please do identify yourself again. If youdon't get them, we'll follow up with you over the next couple of days. With that, I'm going towelcome up Steven Sard, our Chief Executive Officer, to give us an introduction. 这个。 Thank you. こっちですね。yeah Thank you very much. Thank you. Really, thank you for that. Good morningeveryone and sorry my voice is a little cranky.I think it's because it's a cold that it might also be because of. 对。 Some pretty solid support and. And Saturday forthe rugby, but. Well, to see how far we get through this. so we've got a presentation for you, but on my own route here I was just reflecting. You know, I could pick five things. and five hallmarks. of really great businesses. What would Ichoose either to to run or to own And I came upwith 5 points. And I'm not sure these aren't inbooks, but These will mark you. One, a dependable business. to a resilient business. Three a business with a bit of sizzle. for business that creates value. and five of business that's enduring. And I try to see where Aspen positioned against those 5 key areas for me. And in terms of a dependable foundation. Something that you can. Ground your business on. You can give you securityover your earnings. your cash flows. our commercial pharma business in emerging markets has demonstrated that publicly for. for more than two decades And if there was any confusion about howwell positioned that business is both for now and in the future, I'll ask you to look at how many innovator multinationals, the biggest in the world. say Aspen in your emerging market and someof your emerging markets We trust in you with our RP. because we think you can do a better job. in those territories than we could do by ourselves. So that is what I call a dependable foundation. and it's something they never It never varies too much. It doesn't go, doesn't shoot the lights up and grow one hundred percent, and it doesn't go to zero. But in a resilient business, and a resilient business is particularly importantin the type of business, for example, that Aspen has, in that we have a global business. So every shock hits us, and you know, if you think about where we started with a zero base in Durban and to move. We've moved into a very hard technology business like pharmaceuticals, really we'resort of one of a kind, but the reality is we dodifficult things, really difficult things. And in order to be successful, we have to challenge so many boundaries. We certainly take knocks, take a many knocks, more knocks than we would liketo have. But I will tell you this much, althoughyou've better than bruised it. of this. We simply never go away. and We can't learn. A lesson from each knock, and we try and learn that lessonjust once. And then we have to modify strategies from those learnings. And I believe that if you've been watching our results over the last period, You will see a demonstration in these results. And you will see the future as well. which shows how resilient this business and how well welearned and And how we take those learnings todraw future growth. talking of future growth, Icome to Sizzle. What is Sizzle? It's something that gets you wakes you up and gets you excited and positive. It's about your future, great. 嗯。It's what you add on to your foundation in time as it matures. And we've investedfor a long time. in two areas. and we're starting to see green shoots now and we'll see and we believe we'll build on these in the years to come. and those two areas are sterile. our sterile manufacturing business and our GLP 1