Sunday 26 January 2020

United Drug posts 10pc rise in operating profits to €84.4m

John Mulligan

John Mulligan

Healthcare firm United Drug has posted an adjusted operating profit of €84.4m for the financial year to the end of last September – up 10pc on the previous year. Revenue at the group climbed 5pc to €1.83bn in the period.

United Drug, whose activities include drug wholesaling in Ireland, as well as marketing, sales and packaging activities in Europe and the United States, said margins and revenue increased at all its divisions.

It said that the internationalisation of the business has continued. Its US business accounted for 27pc of its operating profit in the period, while 70pc of its profit is now generated outside Ireland.

United Drug recently confirmed that it’s terminating its listing on the Irish Stock Exchange and opting instead for a full listing in London. It claims the move will raise its profile among a wider set of investors.

The company completed five acquisitions in the financial year, broadening its geographic and operational footprint. Chief executive Liam FitzGerald said the acquisitions “position the business well” for future growth.

United Drug said its wholesaling business in Ireland was ahead of 2011 despite continuing measures by the government to reduce the overall size of annual drug bill.

United Drug’s results also come as German drug giant Celesio is poised to announce the sale of its Ireland-based Cahill May Roberts drug wholesaling business for €50m. It’s being bought by Uniphar, a co-op of Irish pharmacists.

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