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

UnipharAnnouncement

26/07/2022 07:00

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RNS Number : 6583T  Uniphar PLC  26 July 2022

Uniphar plc

 

Half Year Trading Update and Notice of Results

 

Dublin, London | 26 July 2022: 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 2022.

 

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 a strong performance during
the period, demonstrating the resilience of the business despite continued
macro-economic uncertainty and inflationary pressures. The Group continues to
maintain a strong liquidity position.

 

The Group achieved organic gross profit growth of c5%, against a strong
comparative period, 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.

 

Commercial & Clinical

 

The Group remains focused on its strategy of building a pan-European presence
and continues to leverage existing relationships into new geographies during
the period. The integration of the three acquisitions completed in 2021,
BESTMSLs, CoRRect Medical and E4H is progressing in line with plan. Despite
the strong comparative period in H1 2021, the Group achieved mid-single digit
organic growth in gross profit in the division. The Group is targeting
mid-single digit organic growth in gross profit in this division in the medium
term.

 

Product Access

 

Uniphar's Product Access platform creates a unique capability to design and
implement compliant, patient centric Expanded Access Programs ("EAPs")
globally. The integration of the Devonshire acquisition completed in 2021 is
proceeding in line with plan and the Group has recently signed its first ever
US EAP following on from continued investment in the world's largest
pharmaceutical market. While Covid-19 and Biotech funding has impacted
business development opportunities in the short term, this division delivered
mid-single digit organic growth in gross profit during the period, with a
similar expectation for the full year. The Group is targeting 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 re-enforced by a growing symbol group offering of 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 Navi Group is, as previously disclosed, subject to approval by
the Competition and Consumer Protection Commission ("CCPC") and the Group
expects the acquisition to close later this year. The Group is targeting
low-single digit organic growth in gross profit in this division in the medium
term.

 

Outlook

 

Uniphar remains confident in delivering on current year expectations at a
Group level.

 

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 strongly during the period. 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. Once again, our Supply Chain & Retail division has
outperformed its medium-term guidance demonstrating the benefits of our market
leading position and the importance of continued investment in this division.

 

 

While the macro-economic environment remains uncertain, we have been
successful in using our scale and deep relationships with our long-term
partners to mitigate inflationary headwinds.

 

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

 

 

Notice of Results

 

 

The Group expects to publish its interim results for the six months ended
30(th) June 2022 at 07:00 am (EST) on 30(th) August 2022.

 

A conference call for analysts and investors will be held at 9.00 am (BST) on
30(th) August to discuss the Group's results. Analysts and investors who wish
to participate should visit www.uniphar.ie (http://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 30(th) August 2022 at www.uniphar.ie
(http://www.uniphar.ie/) .

 

 

 

For further details contact:

 Uniphar                                                                      +353 (0) 1 428 7777
 Seamus Egan
 Head of Corporate Development 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, the Benelux, the
Nordics, Germany, and the US.

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, the Benelux, the Nordics,
Germany and the US, the Group is growing with its clients to provide
pan-European solutions, with a bespoke 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 381 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 Commercial & Clinical and Product Access.

 

 

 

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