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

UnipharAnnouncement

26/07/2023 07:00

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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
(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 14(th) September 2023 at www.uniphar.ie
(http://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 and      Tel: +353 (0) 1 679 6363

 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 Broker)  Tel: +44 (0) 20 7710 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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