Half Year Trading Update and Notice of Results
Source: RNS
Uniphar plc
Half Year Trading Update and Notice of Results
Dublin, London | 27 July 2021: 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 2021.
The strong momentum, highlighted in the recent AGM statement on May 12th, has continued throughout the period. The Group achieved organic gross profit growth of 11%. The strong organic growth was driven by continued outperformance in the Commercial & Clinical division complemented by strong performances in the Product Access and Supply Chain & Retail divisions. During the period, the Group continued to invest in additional operational overhead, at both divisional and Group level, to support future growth of the Group.
Earlier this month Uniphar completed the acquisition of CoRRect Medical GmbH, a Germany-headquartered company that specialise in the commercialisation and distribution of medical device products in the interventional cardiology sector across Germany and Switzerland. This creates a strong presence for Uniphar in Germany, the largest Medtech market in Europe.
Outlook
Uniphar remains confident in delivering on current year expectations and the Group's medium term organic growth targets at a divisional level remain unchanged.
M&A will continue to play an important part in Uniphar's growth strategy and will continue to manage an active pipeline of acquisition opportunities.
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 acquisition of CoRRect Medical GmbH, completed earlier this month, represents a key milestone for this division, given the strategic importance of the German market for current and prospective clients. This acquisition is highly synergistic and will quickly be complemented by organic opportunities from existing Uniphar clients. 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 acquisitions completed throughout 2020, including two US acquisitions, is proceeding in line with strategic plans. The Group is targeting double digit organic growth in gross profit in this division in FY 2021.
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 (359). The Integration of Hickey's Pharmacy Group, acquired in 2020, is on track. Despite ongoing COVID-19 related restrictions this division has performed resiliently during the period. The Group is targeting low single digit organic growth in gross profit in this division in FY 2021.
Ger Rabbette, Uniphar Group Chief Executive Officer said:
"Our trading update reflects a strong start to the year with the Group delivering double-digit organic gross profit growth. I am pleased to report that all our divisions are performing well, with the outperformance in Commercial & Clinical representing a particularly strong result.
The integration of our domestic and US acquisitions completed last year continues and in line with our strategic plans. Furthermore, the acquisition of CoRRect Medical GmbH, announced earlier this month, provides the Group with an acceleration in its organic entry into the highly attractive German Market, as we continue to build out our pan-European platform in Commercial & Clinical.
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 30th June 2021 at 07:00 am (EST) on 1st September 2021.
A conference call for analysts and investors will be held at 9.00 am (BST) on the day to discuss the Group's results. 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 1st September 2021 at www.uniphar.ie.
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For further details contact:
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Uniphar |
+353 (0) 1 428 7777 |
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Brian O'Shaughnessy |
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Group Director of Corporate Development |
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Davy |
+353 (0) 1 679 6363 |
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(Joint Corporate Broker, Nominated Adviser and Euronext Growth Adviser) |
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Barry Murphy |
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Niall Gilchrist Lauren O'Sullivan |
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RBC Capital Markets (Joint Corporate Broker) |
+44 (0) 20 7653 4000 |
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Jonathan Hardy |
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Thomas Debrosse |
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Jamil Miah |
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Stifel Nicolaus Europe Limited (Joint Corporate Broker) |
+44 (0) 20 7710 7600 |
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Matt Blawat |
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Ben Maddison |
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Francis North |
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Q4 PR |
+353 (0) 1 475 1444 or |
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(Public Relations Adviser to Uniphar) |
+353 87 235 6461 |
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Iarla Mongey |
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About Uniphar plc
Headquartered in Dublin, Ireland, Uniphar plc 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 has strong established relationships with 7 of the top 10 pharma companies and 6 of the top 10 medical device companies. With more than 3,000 colleagues, the Group is active in Ireland, the UK, Germany, Switzerland, the Benelux, the Nordics, and the US, delivering unlicensed and specialty medicine on a global basis.
The Group'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 sales, marketing & distribution solutions to multinational pharmaceutical and medical device manufacturers on an outsourced basis. Active in Ireland, the UK, Germany, Switzerland, the Benelux, and the Nordics, the Group is growing with its clients to provide pan-European solutions. Uniphar has built a fully integrated multi-channel solution that is supported by highly experienced, clinically trained teams to deliver exceptional outcomes for all clients.
Product Access
In Product Access the Group is growing two distinct service offerings: 1) "On Demand Access", 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 over a 50% market share in the wholesale/hospital market, supported by a network of c.359 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 utilised for the benefit of the growth divisions, Commercial & Clinical and Product Access.
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