South African pharma tycoon Gus Attridge loses $15.8 million on Aspen stake

South African pharmaceutical tycoon Gus Attridge, co-founder of Aspen Pharmacare Holdings, has seen another steep setback as the selloff in drug stocks continues. In just the past three weeks, the value of his stake in Aspen has dropped by $15.8 million, reflecting growing investor unease around South Africa’s biggest drugmaker.

Attridge holds a 4.3 percent stake in Aspen, equal to 19,188,850 shares. Over the last 21 days, the market value of his holdings fell by R279.2 million ($15.85 million) after Aspen’s share price slid 12.51 percent on the Johannesburg Stock Exchange. This comes on the heels of earlier losses between July 29 and Aug. 10, when his stake shed another $12.03 million, falling from R3.46 billion ($187.84 million) to R3.24 billion ($175.82 million).

Aspen’s market value under pressure

Founded 25 years ago by Gus Attridge and Stephen Saad, Aspen Pharmacare has grown into one of the most prominent pharmaceutical companies in Africa, with manufacturing operations in South Africa, Germany, France, and the Netherlands. The group has expanded through acquisitions and steady growth, securing a strong position in the global market. But despite its scale, Aspen is now facing difficult challenges.

Over the past three weeks, the company’s shares have fallen from R116.35 ($6.60) on Aug. 13 to R101.80 ($5.77). The drop has pushed its market value below $2.6 billion and raised new concerns about its earnings outlook. For Attridge, the impact is personal. His stake, worth R2.23 billion ($126.71 million) just 21 days ago, has declined to R1.95 billion ($110.87 million), wiping out R279.2 million ($15.85 million) in paper wealth in less than a month.

Investors grapple with sharp year-to-date declines

Aspen’s downturn isn’t confined to the past few weeks. Since the start of the year, its stock has dropped 38.25 percent, wiping out millions in market value and testing the patience of long-term investors. To put it in perspective, a $100,000 investment in Aspen at the beginning of 2025 would now be worth about $61,750 — a loss of nearly $38,250.

The decline has also stoked concerns about the health of South Africa’s pharmaceutical sector. Rising operating costs, regulatory pressures, and changing global demand are putting valuations under strain. For Attridge, the co-founder who helped turn Aspen into one of Africa’s leading drugmakers, the slide is more than a financial blow. It highlights the challenge of reassuring investors about Aspen’s global reach while steering the company through one of the most unsettled markets it has faced in years.