Redcare Pharmacy achieves 81% growth in Q3 Rx sales in Germany, 108% in September and decides to accelerate marketing based on very convincing e-Rx metrics.

Redcare Pharmacy achieves 81% growth in Q3 Rx sales in Germany, 108% in September and decides to accelerate marketing based on very convincing e-Rx metrics.

• Q3 total Group sales up 21% year over year to EUR 574M and year to date 34% to EUR 1.7bn; non-Rx sales growth 20% year over year to EUR 383M and also 20% year to date to EUR 1.2bn.
• Active customer base 0.4M higher in Q3 at 11.9M; up 1.4M year over year.
• Further acceleration in marketing based on convincing e-Rx metrics, repeat order rate and average order value, to drive e-Rx growth faster. 
• Full-year 2024 guidance updated for step-up in marketing (full details below).

Sevenum, the Netherlands, 3 October 2024. Redcare Pharmacy N.V. today published preliminary sales numbers for the third quarter. The Group reported fast sales growth of 20% year over year for non-Rx in Q3 and total group sales growth of 34% year over year. Prescription sales growth in Germany accelerated to 81%, with sales reaching EUR 69 million (Q3 2023: EUR 38 million); in September, the growth rate surged to 108%. Redcare’s active customer base grew by 0.4 million to 11.9 million.

 Guided by the convincing momentum in Rx sales in Germany and the financial strength of the Group, the Management Board decided to step up its marketing investment plans for the remainder of the year to further drive e-Rx growth. The full-year guidance for 2024 has been adjusted to reflect the decision. Redcare Pharmacy remains on track to achieve total sales of EUR 2.35 to EUR 2.5 billion this year (from EUR 2.3 to EUR 2.5 billion; full details of updated guidance below).

Olaf Heinrich, CEO of Redcare Pharmacy comments: “Since the introduction of the e-prescription, we are seeing that our customers are extremely happy with the seamless, digital journey. Customers are already returning for their second, third and even fourth order. So, now it’s time to make the most of the e-Rx opportunity.”

Updated and narrowed guidance to reflect strategic decision.

CFO Jasper Eenhorst adds: “We have a great momentum as Redcare Pharmacy, with extraordinary growth in Rx sales in Germany, which grew more than 100% in September alone. Based upon strong metrics of our e-Rx customers, we decided to step up marketing in Q4. The future benefits of this investment will be disproportionately greater.”

The Management Board of Redcare Pharmacy has updated the full-year guidance for 2024 as follows:

• Total Group sales of EUR 2.35 to EUR 2.5 billion (previously, EUR 2.3 to EUR 2.5 billion).
• Non-Rx sales growth of 20-25% (previously 15-25%).
• MediService sales to grow by lower half of single digits (previously mid-single digits).
• Adjusted EBITDA margin of 1.2-2.2% (previously 2-4%).
• Rx too dynamic to give guidance (unchanged).

The Management Board firmly believes that the additional investments will further enhance the company’s already significant growth and expand its market leadership.

Preliminary sales confirm underlying strength of business.

Total sales grew 20.8% year over year to EUR 574 million in Q3 (Q3 2023: EUR 475 million), and 33.8% year to   date to EUR 1.7 billion (9M 2023: EUR 1.3 billion). Non-Rx sales continued their unabated, double-digit growth of 20% to EUR 383 million (Q3 2023: EUR 319 million); year-to-date growth was also 20% to EUR 1.2 billion (9M 2023: EUR 979 million).

In the DACH segment comprising Germany, Austria and Switzerland, total sales in Q3 increased to EUR 469 million (Q3 2023: EUR 389 million). Non-Rx sales increased 19% to EUR 278 million (Q3 2023: EUR 234 million) and Rx sales by 22.6% to EUR 191 million (Q3 2023: EUR 156 million). Prescription drug sales in Germany alone grew 80.6% in Q3 to EUR 69 million, from EUR 38 million the prior year. Year to date, total DACH segment sales were EUR 1.4 billion (9M 2023: EUR 1 billion), non-Rx sales EUR 858 million (9M 2023: EUR 725 million) and Rx sales EUR 518 million (9M 2023: EUR 288 million).

Sales in the Group’s International segment that consists of Belgium, Italy, France and the Netherlands grew 22.7% to EUR 105 million (Q3 2023: EUR 86 million). Year to date, the segment’s sales grew 25.7% to EUR 319 million (9M 2023: EUR 254 million).

All published figures are preliminary and unaudited. Redcare Pharmacy N.V. will release the full interim report for the third quarter of 2024 on 5 November 2024.

 

A live conference call and webcast will be held on 4 October 2024 at 11h00 (CEST), followed by a Q&A session. The presentation is available for download on the Redcare Pharmacy website (https://ir.redcare-pharmacy.com/en/event-and-publication).

Webcast link to the livestream:

https://www.webcast-eqs.com/redcarepharmacy-2024-q3-tradingupdate

Registration link for participants of the conference call: 

https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=7498306&linkSecurityString=1149fc6f1e

 

Investor Relations Contact:

Monica Ambrosi (Associate Director, Investor Relations)

investors@redcare-pharmacy.com
 

Press Contact:

Sven Schirmer (Director, Corporate Communications)

press@redcare-pharmacy.com

About Redcare Pharmacy.

Originally founded in 2001, Redcare Pharmacy N.V. (formerly known as Shop Apotheke Europe N.V.) today is the leading e-pharmacy in Europe, currently active in seven countries: Germany, Austria, France, Belgium, Italy, the Netherlands and Switzerland.

Headquartered in Sevenum, close to the Dutch city of Venlo and in the heart of Europe, the company has locations in Cologne, Berlin, Munich, Tongeren, Warsaw, Milan, Lille and Eindhoven.

As the one-stop pharmacy of the future, Redcare Pharmacy offers almost 12 million active customers a wide range of more than 150,000 products at attractive and fair prices. Besides OTC, nutritional supplements, beauty and personal care products (BPC) as well as an extensive assortment of health-related products in all markets, the company also provides prescription drugs for customers in Germany, Switzerland and the Netherlands.

Pharmaceutical safety is of top priority. Being a pharmacy at its core, Redcare stands for comprehensive pharmaceutical consultation service. Since care is at the heart of everything Redcare does, the company provides services for all stages of life and health. This ranges from its marketplaces to unique delivery options and medication management.

Redcare Pharmacy N.V. has been listed on the Regulated Market of the Frankfurt Stock Exchange (Prime Standard) since 2016. As of 19 June 2023, the company is a member of the MDAX selection index.