Uniphar Plc · EURONEXT:UPR

Uniphar — FY2023 Earnings Presentation

39 slides from Uniphar's earnings presentation, Feb 27, 2024

  1. Slide 1: Enabling Healthcare: FY 23 Preliminary Results Presentation

    Enabling Healthcare FY 23 Preliminary Results Presentation

  2. 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 2023 and should be read in conjunction with the announcement of the full year results of the Company for the period ended 31 December 2023, released 27

  3. Slide 3: Agenda

    Agenda 01 Overview & Highlights Presenters 02 Divisional Review Ger Rabbette 03 Financial Review Chief Executive Officer 04 Capital Allocation Tim Dolphin & Investment Case Chief Financial Officer 05 Q&A 3

  4. Slide 4: Overview & Highlights

    Overview & Highlights 4

  5. Slide 5: Uniphar at a glance / Divisional Gross Profit

    Uniphar at a glance Divisional Gross Profit A diversified international Organic gross profit growth across all divisions healthcare services provider Supporting 200 multinational FY’23 Organic 200 pharmaceutical and Medtech manufacturers €’m Growth % Growth % across three divisions Uniphar SC+R 186.

  6. Slide 6: Financial Highlights

    Financial Highlights Continued growth across all divisions Delivering Strong financial Robust capital Investment in Continued M&A New medium- on expectations performance structure strategic capex Execution & term target of projects Integration €200m EBITDA • Leveraging scale and • Growth in gross •

  7. Slide 7: Sustainability Highlights

    Sustainability Highlights Sustainability is at the core of what we do and is deeply embedded in our business strategy Continued progress against our five pillars 1 2 3 4 5 People Community Environment Governance Quality Business Solutions & Workplace Involvement & Sustainability & Compliance & Innov

  8. Slide 8: Divisional Review

    Divisional Review 8

  9. Slide 9: Divisional strategic objectives

    Divisional strategic objectives Organic Gross Profit Growth Low-Single Digit High-Single Digit Double Digit Target Gross Profit 2023 €186.9m €99.9m €103.2m Gross Profit 10.9% 40.1% 17.4% Margin ▪ Leverage growing leadership position in ▪ European-wide leadership in speciality ▪ Leverage our global p

  10. Slide 10: Enabling the supply of medicines in Ireland

    Enabling the supply of medicines in Ireland What we do in Uniphar Supply Chain & Retail Supply chain market share Market leadership across Supply Chain & Retail ▪ Leading pharma wholesaler in Ireland with c.53% market share 51% 53% 53% 53% ▪ Retail pharmacy network in Ireland now 429 members1 50% Ma

  11. Slide 11: Leader in Irish wholesale and hospital market

    Leader in Irish wholesale and hospital market. Longstanding manufacturer relationships, scalable Supported by a network of 429 pharmacies1 digital infrastructure & continued investment in high-tech distribution facilities Revenue Gross Profit Uniphar Volume Growth vs Market Volume Growth Financials

  12. Slide 12: Enabling patient access to specialist medtech

    Enabling patient access to specialist medtech What we do in Uniphar Medtech Medium term expansion into southern & central Europe Scaling our Pan-European platform Direct presence ▪ A leading Pan-European medical device distributor and solutions partner, representing 7 of the top 10 global players ac

  13. Slide 13: Sales, marketing and distribution solutions for manufacturers

    Sales, marketing and distribution solutions for Building a pan-European service offering to manufacturers support our Medtech partners Revenue Gross Profit Gross Profit Financials €249.2m €99.9m 2022 2023 Gross Profit Reported Organic Growth 9.8% 9.8% €m €20m €40m €60m €80m €100m 2 or more countries

  14. Slide 14: Enabling equitable access to medicines worldwide

    Enabling equitable access to medicines worldwide What we do in Uniphar Pharma Growing range of capabilities Providing access to specialist and difficult to source medicines ▪ We enable pharma and biotech manufacturers to bring innovative At IPO Developed in-house Partnered medicines to global market

  15. Slide 15: Trusted experts across the product life cycle

    Trusted experts across the product life cycle Pre-clinical Clinical Pre-approval Pre-reimbursement Post-reimbursement Off patent Clinical development Product approval Market access Consulting Exclusive access Sales & marketing Licensing On Demand / Global Access Reg & PV Medical Affairs End to end s

  16. Slide 16: Providing access to unlicensed and specialty medicines globally

    Providing access to unlicensed and specialty Platform in place to become a global leader in the medicines globally provision of On Demand and Exclusive Access services Revenue Gross Profit Gross Profit Financials €592.2m €103.2m 2022 Reported Organic 2023 Gross Profit Growth 34.4% 1.2% €m €20m €40m

  17. Slide 17: Financial Review

    Financial Review 17

  18. Slide 18: Financial Highlights

    Financial Highlights % Growth Gross profit growth across all three Constant (€m) FY’23 FY’22 Reported currency1 Organic2 divisions Revenue 2,553.1 2070.7 23.3% 23.6% 27.1% Gross profit 390.0 306.7 27.1% 27.8% 5.6% Strong overall EBITDA growth Gross profit margin 15.3% 14.8% 17.7% EBITDA 116.0 98.6 1

  19. Slide 19: Divisional Gross Profit

    Divisional Gross Profit Diversified healthcare services business Divisional Composition focused on higher margin opportunities 26% FY’23 FY’22 Growth Organic Gross €’m €’m % Growth % Margin 2023 €390.0m 48% GP 186.9 139.0 34.5% 5.9% 10.9% 26% 99.9 90.9 9.8% 9.8% 40.1% 25% 103.2 76.8 34.4% 1.2% 17.4%

  20. Slide 20: Net Bank Debt Analysis

    Net Bank Debt1 Analysis €149.9m Net bank debt at 31 Dec 2023 €91.0m Free cashflow (FCF %: 78.5%) FCF conversion adjusted for timing differences is 69.3% YE 2022 EBITDA Working Capex Strategic Acquis. Other2 YE 2023 Capital Capex 20 1. Net bank debt represents the net total of current and non-current

  21. Slide 21: FCF Conversion & Leverage Normalised FCF

    FCF Conversion & Leverage Normalised FCF Free Cashflow (FCF) FY’23 FY’23 Adj €’m Reported Normal. Medium term Target EBITDA 116.0 0.0 116.0 60% - 70% Net Working (14.0) (10.6) (24.6) Capital Capital (11.0) 0.0 (11.0) Expenditure We target FCF1 Normalised Reported free FCF 91.0 80.4 conversion of FCF

  22. Slide 22: Capital Allocation & Investment Case

    Capital Allocation & Investment Case 22

  23. Slide 23: Disciplined, balanced investment approach

    Disciplined, balanced investment approach Organic Investment Growth Through M&A • Continue to invest in • Fundamental component of infrastructure, digital t Gr o compounding growth strategy platforms, strategic capex and en wt h s tm T • Active pipeline of acquisition talent to drive organic growth

  24. Slide 24: Investment Case

    Investment Case Strong track record Experienced Compelling market senior team, tried opportunity in all and tested 3 divisions Progressive Dividend Greater capabilities Each division has an attractive = bigger opportunities competitive moat Clear pathway for success 24

  25. Slide 25: Our strong track record

    Our strong track record EBITDA (€m) Margins (%) 116.0 Gross margin EBITDA margin 15.3 4.5 10.8 3.5 58.6 2019 2023 2019 2023 2019 2023 EPS (€ cent)1 Share price (€) 2.90 18.3 9.7 1.15 IPO 2019 Current 2019 2023 25 1. Adjusted EPS has been calculated based on 2023 weighted average shares in issue

  26. Slide 26: Ambition to deliver €200m EBITDA over the medium term

    Ambition to deliver €200m EBITDA over the medium term We expect the majority of EBITDA growth to Group guidance | medium term metrics be organic 200 ROCE FCF Dividend Conversion 99 12% - 15% 60% - 70% Dividend Net Bank Debt / EBITDA not to exceed 2022 EBITDA Organic M&A Medium term EBITDA Progressiv

  27. Slide 27: Q&A

    Q&A 27

  28. Slide 28: 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 28

  29. Slide 29: Thank You

    Thank You 29

  30. Slide 30: Appendices

    Appendices 30

  31. Slide 31: Strategic acquisitions

    Transformational Acquisitions Strategic acquisitions 2013 2018 2019 Strong M&A discipline within Strategic Acquisitions the Group complements continued organic growth focus 2014 2015 2015 Acquisition Pipeline Criteria 2017 2017 2018 • Strategic alignment in identified growth segments • Retention of

  32. Slide 32: Uniphar History

    Uniphar History Establishing our platform Uniphar’s Heritage Design New Vision Build Differentiated Capabilities Internationalise and Scale 1967 2010 2019 2019 2021 2023 New senior IPO Acquisitions Acquisitions Acquisitions United Pharmaceuticals management team Co-Op Founded appointed (led by Ger R

  33. Slide 33: M&A: Continued Execution in 2023

    Appendices M&A Continued Execution in 2023 Integration of 2022 Acquisitions Jan’23 Aug’23 Aug’22 Sep’22 Nov‘22 Leading independent Acquired certain assets APAC hub for On Highly innovative Continental Europe hub pharmacy chain, of Pivot Demand and EAP medical device and for On Demand and EAP market-

  34. Slide 34: Summary Management Balance Sheet

    Appendices Summary Management Balance Sheet 1 Balance Sheet (€’000) 31 Dec 2023 31 Dec 2022 Goodwill and acquired intangible assets 537,610 495,526 IFRS 16 Right of Use Asset 131,318 112,126 Other non-current assets 112,699 75,703 Total non-current assets 781,627 683,355 Inventory 184,549 157,673 Tr

  35. Slide 35: Return on Capital Employed

    Appendices Return on Capital Employed Year ended 31 December (€’000) FY’21 FY’22 FY’23 Numerator Rolling 12 months operating profit 53,155 67,708 Adjustment for exceptional costs 16,415 10,047 Amortisation of acquisition related intangibles 2,708 3,341 Adjusted 12 months operating profit 72,278 81,0

  36. Slide 36: Summary Group Financial Information

    Appendices Summary Group Financial Information Year ended 31 December (€’000) FY’23 FY’22 Reported % Growth Revenue 2,553,062 2,070,669 23.3% Gross profit 389,984 306,744 27.1% Overheads & operating income1 (273,999) (208,169) 31.6% EBITDA 115,985 98,575 17.7% Depreciation & amortisation (35,406) (2

  37. Slide 37: EBITDA Reconciliation

    Appendices EBITDA Reconciliation EBITDA is earnings before interest, tax, depreciation, amortisation, share-based payments and exceptional items Year ended 31 December (€’000) FY’23 FY’22 Operating profit pre-exceptional 77,755 69,570 Share-based payments 2,824 535 Depreciation 29,202 23,356 Amortis

  38. Slide 38: Divisional Reconciliation

    Appendices Divisional Reconciliation Gross profit and organic growth old divisional structure Year ended 31 December FY’23 FY’22 Gross profit (€’000) Supply Chain & Retail 186,927 139,012 Commercial & Clinical 123,530 117,554 Product Access 79,527 50,178 Gross Profit 389,984 306,744 Organic gross pr

  39. Slide 39: &suniphar

    &suniphar

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