Redcare Pharmacy Reports Solid Q3 Growth Amidst German Market Surge

Redcare Pharmacy has witnessed a robust third-quarter performance in 2024, achieving a 21% growth in total group sales to EUR 575 million. For the year to date, sales rose by 34% to EUR 1.7 billion. The adjusted EBITDA margin stood at 2% for Q3, increasing to 2.3% year to date. The German prescription market exhibited notable strength with a sales increase exceeding 130% in October, fueled by the nationwide adoption of e-prescriptions and strategic marketing initiatives.

CEO Olaf Heinrich highlighted the digital transition, noting that 90% of e-prescription customers use the digital CardLink service. The company's market share in Germany's prescription sector doubled in 2024. CFO Jasper Eenhorst affirmed commitment to financial targets as the customer base expanded by 1.1 million, reaching 11.9 million. The gross profit margin, meanwhile, dropped to 23.3% for nine months compared to 25.2% previously, influenced by non-cash expenses and increased marketing.