24 June 2005
	SA's Top 20 Companies 2 ASPEN PHARMACARE Total score: 67 Historic score: 47,5 FM's score: 80

Shareholders in this generic pharmaceutical manufacturer have doubled their money in a year. CEO Stephen Saad - SA winner of the 2004 Ernst & Young Entrepreneur of the Year award - has a winning formula: cheaper but high-quality versions of branded drugs to treat illnesses such as Aids. This is a hit with government and it has also impressed key donor organisations. Saad has ensured that Aspen passes all the right tests and was the first drug manufacturer to be granted generic antiretroviral (ARV) approval by the US Food & Drug Administration. Saad led Aspen's acquisition of SA Druggists (SAD) for R2,4bn in 1999. Shrugging off advice that he discount the shares, Saad had to carry R1bn in debt - but he repaid it in full within five years.