Uniphar’s organic growth drives profit for 2022 as net debt drops

Healthcare services group set to acquire McCauley Pharmacy Group after competition authorities’ clearance

Dublin-listed healthcare services group Uniphar said 2022 saw strong performance for the group, with organic growth lifting profit despite the “uncertain, challenging period”.

In a trading update for the year, the group, which provides integrated services to more than 200 multinational pharmaceutical and medical technology manufacturers, said the business performed in line with the group’s expectations for 2022. Organic gross profit growth was more than 5 per cent, driven by organic growth across each division, along with the supply chain and retail division‘s outperformance.

The latter is likely to be boosted in 2023 by the acquisition of McCauley Pharmacy Group, which was cleared earlier this month by competition authorities following the original announcement in September. The deal is expected to close imminently.

The year end also saw a lower-than-projected net debt for the group.


Looking ahead to 2023, Uniphar said it was well positioned to deliver organic gross profit growth across all divisions, with the group’s medium-term organic gross profit growth targets at a divisional level left unchanged. In the retail division, the group is targeting low single-digit organic growth in gross profit.

Mergers and acquisitions would continue to play a key role for the group’s growth plans, Uniphar said, following four acquisitions in 2022.

We are confident and remain on track to achieve our strategic objective of doubling ebitda [earnings before interest, taxes, depreciation and amortisation] within five years of IPO,” said group chief executive Ger Rabbette.

Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist