Adcock Ingram Holdings Limited
Incorporated in the Republic of South Africa)
Registration number: 2007/016236/06
Share code: AIP
ISIN: ZAE000123436
("Adcock Ingram" or "the Company" or "the Group")

UNAUDITED INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2023 AND CASH DIVIDEND DECLARATION

TOP RANKED PHARMACEUTICAL COMPANY IN THE SOUTH AFRICAN PRIVATE MARKET

Revenue              +1%
Gross profit         -2%
Trading profit       -1%
HEPS                 +1%
Dividend       125 cents
B-BBEE           level 2

Introduction
The Group's defensive portfolio of affordable medicines delivered a resilient performance in a constrained
environment where consumers remain under pressure from high interest rates, exchange rate depreciation,
high inflation and continued loadshedding, all of which result in lower disposable income.
The Board of Directors (Board) is satisfied with the results, despite these challenging circumstances. The Company
has retained its status as the Number 1 pharmaceutical player in the South African private market. The
Group continued to return capital to shareholders through the buyback of shares in the period under review.

Prospects
The Group will continue to focus on expanding its product portfolio, by acquisition or partnership,
particularly in less price-regulated product classes, to grow revenue and protect margins. We are encouraged
by the Single Exit Price Adjustment awarded for 2024 of 6.79%, which will go some way to alleviating the
pressure caused by the weak Rand.

                                                           Unaudited           Unaudited
                                                           six-month           six-month
                                        Change          period ended        period ended
                                             %      31 December 2023    31 December 2022

Revenue                       (R'000)        1            4 740 424           4 676 411
Gross profit                  (R'000)       (2)           1 609 667           1 640 236
Trading profit                (R'000)       (1)             618 187             623 462
Operating profit              (R'000)       (1)             585 747             594 038
Headline earnings per share   (cents)        1                293.0               289.9
Basic earnings per share      (cents)        -                291.3               289.9
Total assets                  (R'000)                     8 329 023           8 036 326
Net asset value per share     (cents)                       3 625.8             3 412.0
Dividend declared per share   (cents)                         125.0               125.0
Segment revenue
Consumer                      (R'000)        2              866 028              846 707
OTC                           (R'000)        -            1 149 370            1 146 256
Prescription                  (R'000)        -            1 712 894            1 720 589
Hospital                      (R'000)        5            1 011 992              962 462
Segment trading profit
Consumer                      (R'000)        2              188   670           185   182
OTC                           (R'000)       (9)             164   955           181   081
Prescription                  (R'000)       13              189   131           167   447
Hospital                      (R'000)      (16)              74   198            88   601

Cash dividend declaration
The Board has declared an interim gross dividend out of income reserves of 125 cents per share in respect
of the six-months ended 31 December 2023. The South African dividend tax ("DT") rate is 20% and the net
dividend payable to shareholders who are not exempt from DT is 100 cents per share. Adcock Ingram currently
has 161 300 000 ordinary shares in issue and qualifying for ordinary dividends. The income tax reference
number is 9528/919/15/3.
The salient dates for the distribution are detailed   below:
Last date to trade cum distribution     Tuesday, 12   March 2024
Shares trade ex distribution          Wednesday, 13   March 2024
Record date                              Friday, 15   March 2024
Payment date                             Monday, 18   March 2024

Share certificates may not be dematerialised or rematerialised between Wednesday, 13 March 2024 and Friday,
15 March 2024, both dates inclusive.

N Madisa                                  AG Hall
Chairperson                               Chief Executive Officer

Approved by the Board: 20 February 2024
SENS release date: 21 February 2024

Company secretary: M Phalafala
Registered office: 1 New Road, Midrand, 1682
Postal address: Private Bag X69, Bryanston, 2021
Transfer secretaries: Computershare Investor Services Proprietary Limited, Rosebank Towers, 15 Biermann Avenue, Rosebank, Johannesburg, 2196.
Private Bag X9000, Saxonwold, 2132
Auditors: PricewaterhouseCoopers Inc, 4 Lisbon Lane, Waterfall, 2090
Sponsor: Rand Merchant Bank (a division of FirstRand Bank Limited), 1 Merchant Place, corner Fredman Drive and Rivonia Road, Sandton, 2196
Bankers: Nedbank Limited, 135 Rivonia Road, Sandown, Sandton, 2146. Rand Merchant Bank, 1 Merchant Place,
corner Fredman Drive and Rivonia Road, Sandton, 2196. Investec Bank Limited, 100 Grayston Drive, Sandton, 2146

The unaudited interim results for the 6 months ended 31 December 2023 ("interim results") have been published on SENS
and are available at https://senspdf.jse.co.za/documents/2024/JSE/ISSE/AIP/AIP012024.pdf The contents of this results
announcement are the responsibility of the Board of Directors. As this results announcement does not contain full details,
any investment decision should be based on the contents of the information contained in the interim results, which are
also available on the Company's website at www.adcock.com/investors/financialreports.