Uniphar Plc · EURONEXT:UPR
Uniphar — FY2024 Earnings Presentation
38 slides from Uniphar's earnings presentation, Feb 25, 2025
Slide 1: Solving problems for healthcare: FY 24 Preliminary Results Presentation
Solving problems for healthcare FY 24 Preliminary Results Presentation
Slide 2: Important Notice
This presentation has been prepared solely in connection with the financial results of Uniphar plc (the "Company") for the period ended 31 December 2024 and should be read in conjunction with the announcement of the full year results of the Company for the period ended 31 December 2024, released 25
Slide 3: Agenda
Agenda Overview & Highlights Call Participants 01 Ger Rabbette 02 Divisional Review Chief Executive Officer Tim Dolphin 03 Investment Update Chief Financial Officer 04 Financial Review Brian O'Shaughnessy Chief Commercial Officer 05 Capital Allocation & Investment Case Dermot Ryan Chief Operating Of
Slide 4: Overview & Highlights
Overview & Highlights 4
Slide 5: Solving problems for healthcare
Solving problems for healthcare Healthcare manufacturers Healthcare stakeholders Large pharma 9 of the top 10 Product approval Patients are Uniphar clients Pricing and payment Access key opinion leaders Doctors / Biotech consultants We are the leading global player in Cell Finding patients and Gene
Slide 6: Uniphar's evolution over the past decade
Uniphar’s evolution over the past decade Gross margin has increased from 4% to 15% Global presence, serve 160+ countries Low margin Local to high Expanded Commercial -isation to global margin Access MedTech Retail Wholesale 2013 Uniphar Capabilities 2025 Across all divisions Under the current leader
Slide 7: Uniphar at a glance
Uniphar at a glance Group Gross Profit bridge A diversified international Organic gross profit healthcare services provider growth across all divisions Supporting 200 multinational pharmaceutical and medtech 200 manufacturers across 8.2% €1m €428m three divisions organic €5m growth €18m FX M&A Activ
Slide 8: Financial Highlights
Financial Highlights Strong progress towards medium term goal Organic gross ROCE of 15.2% in line profit growth of 8% with our 12-15% target2 €200m EBITDA target by 2028. EPS growth Leverage At least80% of 12% of 1.5x of growth to be organic FCF conversion €35m share buyback of 106%1 announced 8 1.
Slide 9: Sustainability Highlights
Sustainability Highlights Sustainability is at the core of what we do and is deeply embedded in our business strategy Governance Business People & Community Environment & Quality & Solutions & Workplace Involvement Sustainability Compliance Innovation Five sustainability pillars Uniphar’s Uniphar ra
Slide 10: Divisional Review
‘Divisional Review wie 10
Slide 11: 3 divisions serving our healthcare customers
3 divisions serving our healthcare customers Ireland Mass Global Speciality Europe Speciality market 46% 28% 26% Infrastructure % of Group High growth % of Group High growth % of Group play gross profit gross profit gross profit 11
Slide 12: How Uniphar SC+R wins
How Uniphar SC+R wins Buying groups Ireland only platform Franchise groups Leading player in the Irish pharmaceutical market 54% Direct pharmacy ownership 28% wholesale Retail pharmacy Vertically integrated across wholesale and retail channel market share share1 Consumer brands Strong moat, high bar
Slide 13: Leader in the Irish pharmaceutical market. Supported by a network of 445 pharmacies
Leader in the Irish pharmaceutical market. Growth drivers during 2024 Supported by a network of 445 pharmacies1 • We continue to win market share in a Revenue Gross profit growing Irish wholesale market Financials €1,844m €197m • Strong wholesale growth across all Rx categories and consumer Reported
Slide 14: How Uniphar Pharma wins
How Uniphar Pharma wins Services for Enabling patient access to Pharma/Biotech specialty medicines, both pre Customers and post regulatory approval Global platform Leveraging global capabilities and a common platform to deliver high value solutions to manufacturers and hospitals We enable patient ac
Slide 15: Providing access to unlicensed and specialty medicines globally
Providing access to unlicensed Growth drivers during 2024 and specialty medicines globally Revenue Gross profit • Double-digit organic growth in On Demand and Pharma Services Financials €659m €122m Reported Organic • Leading global sourcing platform meeting high Gross Profit demand for shortages and
Slide 16: How Uniphar Medtech wins
How Uniphar Medtech wins High value specialisms; Orthopedics European platform Critical Care Full service medical device commercialisation model Leading Hospital medtech Interventional Expanding into new regions, specialties and services consultants manufacturers Diagnostic Imaging Multi-decade rela
Slide 17: Sales, marketing and distribution solutions for manufacturers
Sales, marketing and distribution Growth drivers during 2024 solutions for manufacturers • Strong organic growth across all regions Revenue Gross profit Financials €268m €109m • Growth in all specialities with particular strength in Interventional, Orthopaedics and Surgical Reported Organic • Increa
Slide 18: Investment Update
wiih Investment Update
Slide 19: Infrastructure for €200m EBITDA and beyond
Infrastructure for €200m EBITDA and beyond Dublin, Ireland Lelystad, The Netherlands Ireland expansion: European expansion: • LEED Gold standard • BREEAM Excellent standard distribution centre distribution centre • 330k square feet • 85K square feet • 440,000 ambient • 10,000 ambient storage locatio
Slide 20: Flagship Irish Distribution Facility
Flagship Irish Distribution Facility Aging population Doubled our Transform customer Drivers market growth at market share in experience ≈2% annually 10 years to 50%+ Distribution Capabilities Capacity Reduces direct pick costs by Futureproof 50% & deliver better efficiency capacity by >2x Return 12
Slide 21: Irish Distribution Facility - Project Timeline
Irish Distribution Facility - Project Timeline Dec 24 Mar-Sept-25 Sept-25 Feb-26 Mechanical Warehouse Full Regulatory storage install management performance & distribution completed system inbound/ test licensing process outbound testing & commissioning Apr-25 Dec-25 July-26 Regulatory ERP Go live f
Slide 22: Financial Review
Financial Review 22
Slide 23: Financial Highlights
Financial Highlights % Growth Gross profit Constant growth across all (€m) FY’24 FY’23 Reported Organic2 three divisions currency1 Revenue 2,770.4 2,553.1 8.5% 8.3% 9.6% Gross profit 427.6 390.0 9.6% 9.4% 8.2% Strong overall EBITDA growth Gross profit 6.4% 15.4% 15.3% margin EBITDA 123.5 116.0 6.4%
Slide 24: Divisional Gross Profit
Divisional Gross Profit Diversified healthcare services business Divisional Composition focused on higher margin opportunities 28% FY’24 FY’23 Growth Organic Gross €’m €’m % Growth % Margin 2024 €427.6m 46% GP 197.1 186.9 5.5% 2.7% 10.7% 26% 108.9 99.9 9.1% 9.1% 40.6% 26% 121.6 103.2 17.8% 17.6% 18.
Slide 25: Net Bank Debt Analysis
Net Bank Debt1 Analysis 49.5 (17.1) €147.7m 123.5 (51.0) Net bank debt at 31 Dec 2024 (17.9) (20.2) €130.3m Free cashflow (FCF %: 105.5%) (25.6) (149.9) (38.9) (147.7) YE 2023 EBITDA Net Capex Strategic Acquis. Finance Lease Other2 YE 2024 Working Capex Costs Pay. Capital 25 1. Net bank debt represe
Slide 26: FCF Conversion
FCF Conversion Free cash flow Free Cashflow (FCF) FY’24 FY’23 €’m 2028 Target 60-70% EBITDA 123.5 116.0 conversion at €200m EBITDA Net Working Capital 49.5 (14.0) Capital expenditure (17.1) (11.0) Lease payments (25.6) (21.5) We target FCF1 Reported free conversion of 60-70% cashflow during the at €
Slide 27: Capital Allocation & Investment Case
Capital Allocation & Investment Case 27
Slide 28: Creating shareholder value
Creating shareholder value Discipline and balanced investment approach Organic Investment Growth Through M&A Net Bank Debt Capital Allocation • Continue to invest in • Fundamental component of Not to exceed 2.5x in the • Progressive dividend reflecting infrastructure, digital compounding growth stra
Slide 29: M&A: Pipeline focus
M&A: Pipeline focus Acquisition Pipeline Criteria Retention of Cultural fit: Target ROCE Divisional management talent Innovative 12%-15% focus and expertise and ambitious within 3 years Market Access European distributors Independent across core specialities retail pharmacies Commercialisation platf
Slide 30: Ambition to deliver €200m EBITDA by 2028
Ambition to deliver €200m EBITDA by 2028 We expect over 80% EBITDA growth to be organic Group guidance | medium term metrics €200m >80% organic growth ROCE FCF Conversion Dividend At €200m M&A EBITDA Pharma 12% - 15% 60% - 70% Dividend Net Bank Debt / Medtech EBITDA not to €99m exceed SC&R Progressi
Slide 31: Our strong track record
Our strong track record Gross Profit (€m) EBITDA (€m) 427.6 123.5 180.6 58.6 2019 2024 2019 2024 Margins (%) EPS (€ cent)1 Gross margin EBITDA margin 4.5 15.4 20.5 3.5 10.8 9.7 2019 2024 2019 2024 2019 2024 1. Adjusted EPS has been calculated based on 2024 weighted average shares in issue 31
Slide 32: Investment Case
Investment Case Experienced Strong Compelling Each Clear Greater senior team, track record market division has pathway capabilities tried and tested opportunity in an attractive for success = bigger all 3 divisions competitive opportunities moat 32
Slide 33: Appendices
Appendices 33
Slide 34: Summary Management Balance Sheet
Appendices Summary Management Balance Sheet1 Balance Sheet (€’000) 31 Dec 2024 31 Dec 2023 Goodwill and acquired intangible assets 524,805 537,609 IFRS 16 Right of Use Asset 143,038 131,318 Other non-current assets 194,243 112,700 Total non-current assets 862,086 781,627 Inventory 201,582 184,549 Tr
Slide 35: Return on Capital Employed
Appendices Return on Capital Employed 12-Month Rolling 31 December (€’000) FY’22 FY’23 FY’24 Numerator Rolling 12 months operating profit 67,708 81,989 Adjustment for exceptional costs 10,047 3,161 Amortisation of acquisition related intangibles 3,341 3,428 Adjusted 12 months operating profit 81,096
Slide 36: Summary Group Financial Information
Appendices Summary Group Financial Information Twelve months ended 31 December (€’000) FY’24 FY’23 Reported % Growth Revenue 2,770,429 2,553,062 8.5% Gross profit 427,604 389,984 9.6% Overheads & operating income1 (304,146) (273,999) 11.0% EBITDA 123,458 115,985 6.4% Depreciation & amortisation (35,
Slide 37: EBITDA Reconciliation
Appendices EBITDA Reconciliation EBITDA is earnings before interest, tax, depreciation, amortisation, share-based payments and exceptional items Twelve months ended 31 December (€’000) FY’24 FY’23 Operating profit pre-exceptional 85,150 77,755 Share-based payments 2,944 2,824 Depreciation 29,300 29,
Slide 38: Contact Details
Contact Details Allan Smylie Head of Strategy and Investor Relations +353 (0)1 428 7777 investor.relations@uniphar.ie Q4 PR Public Relations Adviser to Uniphar Iarla Mongey +353 (0)1 475 1444 38