United Drug expecting double-digit growth

Pharmaceutical wholesaler United Drug said it expects double-digit growth in profits for the first half of 2006.

In a trading statement today in advance of its interim results for the six months to March 31, United Drug said: "In line with our expectations United Drug achieved good revenue growth in each of its four divisions in the first half of 2006. Operating profit and earnings for the period should be ahead of the same period last year and are expected to show double digit growth."

Discussions between the Health Service Executive and the partners in the Irish pharmaceutical supply chain have begun and a new agreement covering the pricing and reimbursement of medicines is expected before the end of this year.

The group will announce interim results on May 11, 2006.

United Drug is the largest pharmaceutical wholesaler in Ireland. UD is also the market leader in contract distribution outsourcing (pre-wholesaling) in Ireland and is in the leading position in the UK through its joint venture business UniDrug Distribution (UDG).