Uniphar results beat analysts’ expectations

Pharmacy supplies group Uniphar has reported gross profit of €217m in respect of last year.

his was an improvement of 21pc year on year on a constant currency basis and came in 3pc higher than analysts’ expectations.

Revenue at the Dublin-listed company increased 9.7pc to €1.8bn, according to annual results.

Uniphar reported earnings growth of 14pc to €66.7m.

Ger Rabbette, Uniphar CEO said: “Our excellent performance in 2020 is a testament to the dedication and commitment of our people and the continued successful execution of our strategy.”

“In what proved to be an unprecedented year, we delivered reported gross profit growth across all our divisions and achieved organic gross profit growth of 6.7pc, driven by strong momentum in our two international divisions, Commercial & Clinical and Product Access.”

Adjusted earnings per share of 12.6cent was 8pc ahead of expectations, increasing 26pc year on year on a like-for-like basis.

“Uniphar has delivered excellent financial year 2020 results, coming in ahead of expectations on earnings growth, cash conversion and leverage,” Allan Smylie and Andrew Young, analysts at Davy, said in a note.

The group is proposing a dividend payment of €4.2m proposed in respect of the year ended 31 December 2020.

In November Uniphar purchased of RRD, a US-based pharma advisory group. It provides outsourced strategic consulting services for the early stages of a pharmaceuticals product development.

Irish competition authorities also cleared Uniphar’s deal to buy the 36 strong Hickeys chain here, adding to its existing chain of 299 pharmacies.

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