TIDMUPR
RNS Number : 1598H
Uniphar PLC
26 July 2023
Uniphar plc
Half Year Trading Update and Notice of Results
Dublin, London | 26 July 2023: Uniphar plc (the "Group" or
"Uniphar"), an international diversified healthcare services
business servicing the requirements of more than 200 multinational
pharmaceutical and medical technology manufacturers, today
announces the following unaudited trading update for the six months
ended 30 June 2023.
The business performed in line with the Group's expectations at
both a gross profit and EBITDA level, while delivering normalised
free cashflow conversion in line with medium term guidance. This
represents another strong period of performance, demonstrating the
resilience of the business. The Group maintains a strong liquidity
position and continues to review an active pipeline of acquisition
opportunities.
The Group achieved organic gross profit growth of over 5%,
driven by organic growth across each division and continued
outperformance in Supply Chain & Retail.
Commercial & Clinical
The Group remains focused on its strategy of building a
pan-European presence in outsourced sales, marketing, distribution
and consultancy solutions to pharmaceutical and medical device
manufacturers, with a targeted service offering in the US. The
integration of Inspired Health, completed in H2 2022, is
progressing in line with plan. The division achieved low-single
digit organic growth in gross profit during the period, driven by a
strong organic performance in the MedTech business unit. The timing
of contract wins in the Pharma business unit will deliver a greater
second half weighting this year. The Group continues to target
mid-single digit organic growth in gross profit this year and over
the medium term.
Product Access
Uniphar's Product Access platform is focused on ensuring
equitable access to medicines for patients on a global basis
through two business units On Demand and Exclusive Access. The
integration of Orspec Pharma and BModesto Group, acquired in H2
2022, is progressing well. The division delivered high-single digit
organic growth in gross profit during the period. In line with
expectations, the Group expects Product Access to return to double
digit organic growth in gross profit in the second half of 2023.
The Group continues to target double digit organic growth in gross
profit in this division in the medium term.
Supply Chain & Retail
Uniphar's market leading position in Ireland, in a two-player
Supply Chain market, is reinforced by a growing symbol group
offering of retail pharmacies. This division has again performed
strongly during the period, delivering high single digit organic
gross profit growth. The integration of the McCauley Pharmacy
Group, acquired in January 2023, is progressing in line with
expectations. The Group continues to target low-single digit
organic growth in gross profit in this division in the medium
term.
Outlook
Uniphar enters the second half of this year with strong trading
momentum and remains confident in delivering on current year EBITDA
expectations at a Group level. Rising interest rates and the impact
on finance costs will be a modest headwind to current year EPS
expectations.
M&A will continue to play an important part in Uniphar's
compounding growth strategy. The Group continues to maintain a
disciplined approach to capital allocation while managing an active
pipeline of acquisition opportunities across all divisions and a
number of geographies to further enhance the Group's growth
potential.
Ger Rabbette, Uniphar Group Chief Executive Officer said:
"The Group has performed well during the period, delivering
strong organic gross profit growth. The resilience of our business
model and the diversity of our product offering has once again been
demonstrated with each division delivering organic growth in gross
profit during the period. We also continue to invest across all of
our platforms to ensure continued, robust growth in 2023 and
beyond.
Having delivered on our strategic objective of doubling EBITDA
within 5 years of IPO, we will communicate new medium-term targets
with our interim results."
Notice of results and new medium-term targets
The Group expects to publish its interim results for the six
months ended 30(th) June 2023 and new medium-term targets at 07:00
am (BST) on 14(th) September 2023.
A conference call for analysts and investors will be held at
9.00 am (BST) on 14(th) September to discuss the Group's results
and targets. Analysts and investors who wish to participate should
visit www.uniphar.ie to register.
The Company's interim results press release and presentation
will be available on the website at 07.00 am (BST) on 14(th)
September 2023 at www.uniphar.ie .
For further details contact:
Uniphar Group Tel: +353 (0) 1 428 7777
Allan Smylie, Head of Strategy and IR
Davy (Joint Corporate Broker, Nominated Advisor Tel: +353 (0) 1 679 6363
and
Euronext Growth Listing Sponsor)
Daragh O'Reilly
Niall Gilchrist
Ivan Murphy
RBC Capital Markets (Joint Corporate Broker) Tel: +44 (0) 20 7653
4000
Jamil Miah
Rupert Walford
Stifel Nicolaus Europe Limited (Joint Corporate Tel: + 44 (0) 20 7710
Broker) 7600
Matt Blawat
Ben Maddison
Francis North
Q4 PR Tel: +353 (0) 1 475 1444
Iarla Mongey, Public Relations Advisor to Uniphar
Group
About Uniphar plc
Headquartered in Dublin, Ireland, the Uniphar Group is an
international diversified healthcare services business servicing
the requirements of more than 200 multinational pharmaceutical and
medical technology manufacturers across three divisions -
Commercial & Clinical, Product Access and Supply Chain &
Retail. The Group is active in Europe, North America, APAC and
MENA.
The Company's vision is to improve patient access to
pharmaco-medical products and treatments by enhancing connectivity
between manufacturers and healthcare stakeholders. Uniphar
represents a strong combination of scale, growth, and
profitability.
Commercial & Clinical
In Commercial & Clinical, the Group provides outsourced
sales, marketing & distribution solutions to multinational
pharmaceutical and medical device manufacturers. Active in Ireland,
the UK, Benelux, the Nordics, Germany and the US, the Group is
growing with its clients to provide pan-European solutions, with a
targeted service offering in the US. Uniphar has built fully
integrated digitally enabled customer centric solutions that are
supported by our highly experienced and clinically trained teams,
leveraging our digital technology and insights which allows us to
deliver consistently exceptional outcomes for our clients.
Product Access
In Product Access, the Group is growing two distinct service
offerings: 1) "On Demand", which are pharmacy led solutions for
sourcing and supplying unlicensed medicines to meet the needs of
both retail and hospital pharmacists; and 2) "Exclusive Access",
which are manufacturer led solutions for controlling the release of
speciality medicines for specifically approved patient populations
in agreed markets. The Group currently delivers product access
solutions on a global basis.
Supply Chain & Retail
Uniphar is an established market leader in Ireland with c. 53%
market share in the wholesale/hospital market, supported by a
network of 423 owned, franchised and symbol group pharmacies. The
business supports the diverse customer base through the provision
of strong service levels coupled with innovative commercial
initiatives. Supply Chain & Retail is an Irish only business
for the Group, although the manufacturer relationships and
infrastructure are also utilised for the benefit of the Commercial
& Clinical and Product Access divisions.
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