Uniphar shares hit new high despite warning
SHARES in drug supplier Uniphar rose to a record high yesterday despite the firm’s warning that its projected earnings may fall by €5m this year due to Covid-19 disruption.
That forecast is based on the assumption of severe restrictions easing gradually from next month onwards, leading to normal trading conditions towards the end of the year, the company said ahead of its annual general meeting yesterday.
In 2019 Uniphar recorded earnings before interest, taxation, depreciation and amortisation (ebitda) of €58.5m, while its revenue increased by 17pc to €1.6bn.
Uniphar chairman Maurice Pratt said: “The strength of our management team in continuing to successfully navigate the group through these challenges has proven key.”
He said the Covid-19 outbreak has highlighted the “significant” role that Uniphar plays in the national healthcare infrastructure.
The company “remains committed to ensuring continuity in the supply and distribution of much-needed medicines, medical devices and related services”, he said.
Last August, Uniphar completed the €41m purchase of Durbin, a specialist provider of pharmaceuticals with bases in the UK and US. Of the purchase price, €18.8m is deferred and dependent on certain targets being met.
Uniphar raised gross proceeds of €139.4m from its initial public offering in July 2019, which valued the firm at €1.15 a share.
Its shares rose by 6pc to €1.70 yesterday, valuing the company at €462.8m.
The Dublin-headquartered company headed by Ger Rabbette was founded by a small group of Irish community pharmacists in 1967. It has more than 2,200 employees today.
Uniphar is active in Ireland, the UK and US, and across the Benelux and Nordic nations.