Uniphar Shares Surge on Strong Organic Performance

Uniphar's 2025 revenue hit €3.07bn with 21% EPS growth. The firm targets €200m EBITDA by 2028, aiming for 80% of growth to be organic.

The healthcare services group Uniphar has released robust preliminary figures for the 2025 financial year, showcasing its strongest internal growth since its market debut. This momentum fueled significant advances in both revenue and profit, prompting market observers to question whether the company can sustain this performance into the new fiscal period.

Financial Highlights and Strategic Execution

A key achievement was an 8.9% increase in organic gross profit growth, marking a post-IPO record for the firm. This underlying strength translated into substantial gains across the income statement. Group revenue advanced by 11% to reach €3.07 billion. Profit before tax saw an even more pronounced jump, rising 17.4% to €71.8 million. On a per-share basis, adjusted earnings (EPS) climbed 21% to 24.8 cents.

Operational performance was led by the Pharma and Medtech divisions. The Pharma unit reported organic gross profit growth of 15.5%, driven primarily by its global sourcing operations and its service provision for clinical trials. The Medtech segment followed with a 10.5% organic gain in gross profit. Meanwhile, the Supply Chain & Retail business expanded organically by 4.2%, supported by the addition of 37 pharmacy locations during the year, bringing Uniphar's total network to 482 sites.

Capital Discipline and Shareholder Returns

Despite pursuing strategic acquisitions—such as the recently announced deal for retail technology provider Touchstone to bolster digital capabilities—the company maintained capital discipline. Uniphar concluded 2025 with a net debt position of €171.1 million. Prior to this, it had allocated €35 million to a share buyback program. Shareholders are also benefiting from a 5.2% increase in the total dividend payout, which now stands at €5.2 million.

Long-Term Ambitions Through 2028

Looking ahead, management expressed confidence for the current 2026 financial year, stating that its outlook is consistent with prevailing market expectations. The group has set a longer-term target of achieving €200 million in EBITDA by 2028. A notable aspect of this goal is the company's commitment to generating at least 80% of this projected growth through organic means, underscoring a focus on internally driven expansion.