At 60, Stephen Saad is a South African entrepreneur, co-founder and CEO of Aspen Pharmacare, the largest generic drug manufacturer in Africa.
His fortune is estimated at $1.2 bn.
(source: Forbes, March 2025)
Born in 1964 in Durban from Lebanese parents, Stephen began his career at Coopers & Lybrand before joining Quickmed, a company specialized in the distribution of medicines in South African townships. He quickly shifted the company’s focus towards intellectual property, acquired a 50% stake, then merged it with Covan, and sold the resulting entity in 1993 for 75 M Rand. He became a millionaire at the age of 29.
In 1997, released from a non-compete clause, he co-founded Aspen Pharmacare with Gus Attridge. Aspen became the first producer of generics in Africa and went public in 1998 on the Johannesburg Stock Exchange to fund its expansion.
Aspen’s first strategic acquisition is South African Druggists (SAD). Stephen saw in this well-established company a unique industrial opportunity. The acquisition enableds Aspen to grow from a small business to a national leader, consolidating its position in the South African pharmaceutical market. Growth accelerated, and he understood the need to expand internationally. He expands operations in Australia, a gateway to Asia. In 2004, he acquired Fine Chemicals Corporation, the only South African manufacturer of active pharmaceutical ingredients (APIs), thus reinforcing Aspen’s supply chain.
Faced the HIV/AIDS crisis, he obtained licenses to produce generic antiretrovirals, massively reducing costs and positioning Aspen as the leading supplier of ARVs in Africa by 2005.
In 2009, he signed a structuring agreement with GSK, which acquired a 16% stake in Aspen. This agreement opened access to regulated markets and expanded Aspen’s presence to 21 countries.
In 2016, Stephen and his team acquired a range of anesthetics from AstraZeneca, strengthening Aspen’s specialization beyond generics. This marked a turning point: Aspen has become a global pharmaceutical player, able to compete with multinationals on high value-added products. Expansion across Europe and Asia accelerated, and the company began to focus on specialized treatments.
In 2018, Saad sold Aspen’s infant nutrition business to Lactalis for $864M, reinvesting the proceeds into a factory for cancer drugs.
During the pandemic, he ramped up production of dexamethasone (a drug that significantly reduced mortality among hospitalized COVID-19 patients) and invested $160 M in new manufacturing facilities. In 2021, Aspen became a key player in global vaccination through the fill-and-finish production of Johnson & Johnson vaccines.
Ever visionary, Stephen Saad is anticipating the next pharmaceutical revolution: in 2025, he is targeting the fast-growing market for GLP-1 drugs for obesity and diabetes, positioning Aspen as a future leader in this sector.
As CEO of Aspen Pharmacare, Stephen Saad has implemented numerous initiatives to foster the commitment and well-being of his employees. He promotes a positive corporate culture, recognizing and rewarding team contributions, which hasboosted their motivation and loyalty.
These actions reflect his dedication to the professional and personal development of his workforce, and have played a major role in Aspen’s success.
Beyond his entrepreneurial achievements, Stephen Saad embodies inspiring leadership, combining professional excellence with personal commitment. A passionate rugby fan, he chairs the Sharks rugby club in Durban, contributing to its development. He also remains involved in education, serving on the board of his alma mater, Durban High School, reflecting his strong community ties.
Discreet about his philanthropic efforts, he is recognized for his commitment to health and development initiatives, particularly through Aspen’s programs to improve healthcare access in Africa. His career, marked by boldness and vision, makes him one of the most influential entrepreneurs on the continent.
Stephen Saad is married to Lynda, and the couple has four daughters. They reside in Durban, South Africa.
« The most important indicator of success is making sure you find the right balance. »
In a few figures
- Headquarter in Durban
- Founded in 1998
- 25 manufacturing sites across 6 continents
- 2024 Revenue : $2.2 bn, + 10% vs 2023
- Market cap : $3 bn
- + 9000 employees
- +2bn pharmaceutical units (capsules, tablets, vials, etc.) sold worldwide each year
Healthcare in south africa
Healthcare spending amounts to approximately €30 bn for the 22/23 fiscal year, representing around 9% of GDP.
South Africa has the most developed pharmaceutical market on the continent.
The public sector covers 80% of the population, but suffers from a lack of resources, personnel, and infrastructure.
