Uniphar reports strong 2024 growth, aims to double EBITDA by 2028

Uniphar, an international diversified healthcare services business, delivered a strong performance in 2024, achieving 9.6% growth in gross profit.

This growth resulted in a 6.4% rise in EBITDA, reaching €123.5 million (£102.4m) up from €116.0 million (£96.2m)the previous year.

The majority of this growth, 8.2%, was achieved organically, driven by strong performances across Uniphar's three core divisions.

Additional gains were supported by acquisitions completed in the prior year, according to 2024 preliminary results announced by the Group.

The Pharma and Medtech divisions delivered outstanding organic growth of 17.6% and 9.1% respectively, while Supply Chain & Retail saw a solid 5.5% increase in gross profit.

Excluding the impact of the McCauley Pharmacy Group and a few independent community pharmacy (ICP) acquisitions, the organic growth of 2.7% within the Supply Chain & Retail represents “consistent growth” across the division.

Uniphar’s Supply Chain & Retail division is a vertically integrated pharmaceutical distribution and retail pharmacy business. It comprises pre-wholesale, wholesale, and retail pharmacy operations that work together to supply medicines, consumer products, and pharmacy services.

The division holds approximately 54% of the wholesale market and 60% of the hospital supply market in Ireland.

Uniphar’s retail pharmacy network consists of 445 pharmacies, operating under four key brands: Hickey’s, McCauley, Allcare, and Life Pharmacy, forming one of the largest pharmacy groups in Ireland.

Ger Rabbette, Uniphar Group CEO, said: “2024 was an outstanding year for Uniphar with all our divisions contributing to strong organic gross profit growth of 8.2%.

“The results demonstrate the impact of our strategy on our ability to grow at pace organically.”

Rabbette expressed confidence about reaching their target of delivering €200m EBITDA (£165.8m) by 2028 with at least 80% of that growth being organic.

Sustainability remains a core principle for Uniphar, with a focus on five key sustainability pillars.

In April 2024, the Science Based Targets Initiative (SBTi) validated Uniphar’s commitment to reduce Scope 1 & 2 greenhouse gas emissions by at least 50% by 2030.

Additionally, Uniphar aims for 73.5% of its suppliers (by emissions) to adopt science-based emission targets by 2027, launching an active supplier engagement programme to achieve this goal.

Uniphar continues to support community initiatives such as the 100 Million Trees Project in Ireland and its Unity for Hope fundraising programme, which raised €155,000 in 2024, surpassing €1 million since inception.

Future outlook

Entering 2025, Uniphar is trading in line with expectations and remains well-positioned for continued organic growth across all divisions.

The Group aims to achieve its €200 million EBITDA target for 2028 through “a combination of strong organic growth across each division, complemented by mergers and acquisitions (M&A).”

Its targeted organic gross profit growth across all divisions in 2025 is –

• Pharma: Double-digit growth
• Medtech: High single-digit growth
• Supply Chain & Retail: Low single-digit growth

Highlighting its future outlook for its Supply Chain & Retail division, the company said: “Our goal is to be the one-stop shop for community pharmacies, offering reliable solutions for not only their prescription and OTC (over-the-counter) needs but also their front-of-shop and consumer product requirements.”

The Group is mid-way through a strategic multi-year investment programme in an Irish distribution facility and advanced technology platform to scale its Supply Chain & Retail division.

“This facility will incorporate the latest technologies to enable the business to drive operational efficiencies and provide the infrastructure to double current capacity levels in the Supply Chain & Retail division,” it said.

Headquartered in Dublin, Ireland, Uniphar serves more than 200 multinational pharmaceutical and medical technology manufacturers across three divisions.