REG - Uniphar PLC - Full Year Trading Update and Notice of Results

UnipharAnnouncement

31/01/2023 07:01

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RNS Number : 3154O  Uniphar PLC  31 January 2023

Uniphar plc

 

Full Year Trading Update and Notice of Results

 

Dublin, London | 31 January 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 year ended 31 December 2022.

 

The business performed in line with the Group's expectations for 2022 at both
a gross profit and EBITDA level, while delivering normalised free cashflow
conversion above our medium-term guidance. This represents a strong
performance in the period, leveraging the Group's scale, leading market
positions and diverse platforms to mitigate continued macro-economic
uncertainty and inflationary pressure, demonstrating the continued resilience
and potential of the business.

 

The Group achieved organic gross profit growth in excess of 5%, driven by
organic growth across each division and an outperformance in Supply Chain
& Retail.

 

During the period, Uniphar continued to deliver on its strategic objectives by
meeting the needs of healthcare manufacturers through the provision of higher
value services.

 

The Group continues to maintain a strong liquidity position, with lower than
projected net debt at year-end.

 

Outlook

In 2023, Uniphar is well positioned to deliver organic gross profit growth
across all divisions, with the additional benefit of the full year impact of
acquisitions announced in 2022. The Group's medium-term organic gross profit
growth targets at a divisional level are unchanged.

 

M&A will continue to play an important role in Uniphar's growth strategy,
and the Group continues to have a disciplined approach to capital allocation
while managing an active pipeline of acquisition opportunities to further
enhance the Group's growth potential.

 

Commercial & Clinical

 

The Group remains focused on its strategy of building a pan-European presence
and continued to leverage existing relationships into new geographies during
the period. We completed the acquisition of Inspired Health, a US-based
healthcare insights and intelligence consultancy, in October 2022. The
integration of BESTMSLs, CoRRect Medical and E4H, acquired in 2021, continue
to progress in line with expectations. The Group is targeting mid-single digit
organic growth in gross profit in this division in FY 2023.

 

Product Access

 

The Group's strategy for Product Access is to become a global leader in the
ethical provision of access to medicines which remain unlicensed at the point
of care and the provision of Expanded Access Programs to innovative new
medicines. The acquisition of BModesto, which completed in November 2022, is a
strong addition to the Group's capabilities in the strategically important
continental European market. Orspec, acquired in August 2022, represents our
first entry into the strategically important APAC region. These follow the
acquisition of Devonshire Healthcare Services Limited in December 2021,
expanding the Group's access into key hospitals in the Middle East and North
Africa ("MENA"). The Group is targeting a return to double digit organic
growth in gross profit in this division in the second half of 2023.

 

Supply Chain & Retail

 

The Group's market leadership position in Ireland is re-enforced by a growing
symbol group offering for retail pharmacies. This division has performed
strongly during the period and once again outperformed its medium term organic
gross profit growth guidance demonstrating the benefits of the growing scale
of our platform. The acquisition of McCauley's Pharmacy Group, originally
announced in September 2022, was cleared by the Competition and Consumer
Protection Commission (CCPC) on 20(th) January 2023, subject to a number of
legally binding commitments. We expect the transaction to close imminently.
The Group is targeting low single digit organic growth in gross profit in this
division in FY 2023.

 

Ger Rabbette, Uniphar Group Chief Executive Officer said:

 

"Today's trading update reflects a strong performance by the Group in 2022,
with organic gross profit growth in excess of 5%. Our teams and our people
have once again performed exceptionally well, delivering for our customers in
what has been another uncertain and, at times, challenging period.

 

We have continued to invest in our diversified service offering both
organically and through M&A, announcing four acquisitions during the
period.

 

In Commercial & Clinical we acquired Inspired Health, a strongly
innovative market research company, adding another vital component to our high
value commercialisation offering and further increasing our scale in the
world's largest healthcare market.

 

In Product Access, the acquisition of BModesto and Orspec expands our reach in
continental Europe and the APAC region and further accelerates our growth
towards market leadership in the provision of Unlicensed Medicines and the
delivery of Expanded Access Programs globally.

 

In Supply Chain & Retail, the acquisition of McCauley further improves our
leading position in the Irish retail pharmacy market.

 

We are confident and remain on track to achieve our strategic objective of
doubling EBITDA within 5 years of IPO."

 

 

Notice of Results

 

 

The Group expects to publish its final results for the year ended 31 December
2022 at 07:00 am (GMT) on 28(th) February 2023.

 

A conference call for analysts and investors will be held at 9.00 am (GMT) on
28(th) February 2023 to discuss the Group's final results. Analysts and
investors who wish to participate should visit www.uniphar.ie
(http://www.uniphar.ie)  to register.

The Company's final results press release and presentation will also be
available on the website at 07.00 am (GMT) on 28(th) February 2023
at www.uniphar.ie (http://www.uniphar.ie) .

 

 

For further details contact:

 Uniphar                                                                      +353 (0) 1 428 7777

 Allan Smylie
 Head of Strategy and IR                                                      investor.relations@uniphar.ie (mailto:investor.relations@Uniphar.ie)

 Davy (Joint Corporate Broker, Nominated Adviser and Euronext Growth Listing  +353 (0) 1 679 6363
 Sponsor)
 Barry Murphy
 Niall Gilchrist
 Lauren O'Sullivan

 RBC Capital Markets (Joint Corporate Broker)                                 +44 (0) 20 7653 4000

 Jonathan Hardy
 Jamil Miah

 Stifel Nicolaus Europe Limited (Joint Corporate Broker)                      +44 (0) 20 7710 7600
 Matt Blawat
 Ben Maddison
 Francis North

 Q4 PR                                                                        +353 (0) 1 475 1444 or
 (Public Relations Adviser to Uniphar)                                        +353 87 235 6461

 Iarla Mongey

 

 

 

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 Ireland, the UK, Europe, the US and
Australia.

 

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 386 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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