Aspen (APN) - Not made in China

We initiate on Aspen Pharmacare Holdings (APN) and present the case that the group will continue to face increased pricing pressure both in Europe and in China.  The European thrombosis portfolio will face increased competition from the launch of biosimilars in the region, which Aspen has conceded will impact the thrombosis portfolio by EUR14 million per annum.  We are cautious of Aspen’s foray into China. The Chinese government is increasingly regulating medicine pricing through various avenu...