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Building on a successful 2024, Redcare Pharmacy expects margin uplift and unabated fast growth in 2025, including a doubling of Rx.

Sevenum, the Netherlands, 11 March 2025. In 2024, Redcare Pharmacy grew across all markets and expanded its leadership positions while continuously balancing growth and margins. Today, the Group confirmed a 32% increase in total sales to EUR 2.37 billion (2023: EUR 1.8 billion), 21% non-Rx sales growth to EUR 1.62 billion (2023: EUR 1.34 billion) and an adjusted EBITDA margin of 1.4% (2023: 3%). The margin achieved for the year includes the effect of Redcare’s strategy to accelerate the growth of the Rx active customer base, which grew to over 1 million in 2024.

Redcare Pharmacy’s CEO Olaf Heinrich comments: “The past year was a fantastic one for Redcare. We acted on the unprecedented opportunity provided by the nationwide adoption of e-Rx to expand our value proposition into the huge Rx market in Germany. Within a couple of months, we doubled the number of our active Rx customers to over 1 million, the vast majority of whom with chronic conditions. We ended the year as the clear market leader, now also in Rx, and cannot wait to further build on this momentum.”

Redcare Pharmacy’s sales performance for FY 2024 is also reflected in the non-financial key performance indicators (KPIs). The Group’s active customer base increased by 1.7 million to 12.5 million, the highest increase on record. The customer net promoter score (NPS), a measure of customer satisfaction, remained high at 69 for the year (2023: 71) and the repeat order rate reached 88% (2023: 85%).  

“We achieved a positive EBITDA and operating cash flow for the total Group in 2024. While we made the decision to invest in e-Rx, our other businesses across the Group continued to perform very strongly. Our 2025 guidance shows a strong commitment to improve our margins, keep our fast growth and double Rx sales in Germany”, added CFO, Jasper Eenhorst.   

Gross profit increased 23.9% year over year to EUR 546 million (2023: 32.7% growth; EUR 440 million). The share of prescription sales was higher in 2024 relative to the previous year because of the full-year inclusion of MediService (included from mid-May in 2023) and the significant increase in prescription sales in Germany. This, together with the lower profit margin of prescription sales relative to non-Rx sales, accounts for the gross profit margin of 23% recorded in 2024, compared to 24.5% the prior year (excluding MediService, 27.5% compared to 28.2% in 2023).

Adjusted selling and distribution (S&D) costs increased to EUR 444 million (2023: EUR 336 million) but remained unchanged as a percentage of sales at 18.7%. Excluding MediService, S&D costs increased to 22.9% of sales, from 21.8% the prior year, as a result of higher marketing.

Adjusted administrative expenses as a percentage of sales remained flat at 2.9% (excluding MediService, also flat at 3.3%), with positive scale effects counterbalancing other cost dynamics. In absolute terms, adjusted administrative expenses were EUR 68.9 million (2023: EUR 51 million).

The Group’s adjusted EBITDA was EUR 33.3 million (2023: EUR 53.5 million) and the adjusted EBITDA margin 1.4% (2023: 3%). At EUR 4.1 million, adjustments were considerably lower in 2024 (2023: EUR 13.5 million) and comprised largely non-cash IFRS expenses of the employee stock option plan. Following higher depreciation of EUR 68.2 million (2023: EUR 57 million), mostly due to IT investments in prior years, the EBIT was EUR -39 million compared to EUR -17 million in 2023. The Group recorded a net result of EUR -46.4 million (2023: EUR -11.6 million).

At year-end, the total cash and cash equivalent was EUR 178 million, EUR 26 million lower than the prior year. Cash from operating activities was EUR 22 million (2023: EUR 61 million).

Total sales in the DACH segment, comprising Germany, Austria and Switzerland, grew by 33.1% year over year to EUR 1.93 billion (2023: EUR 1.45 billion). Non-Rx sales surpassed the 1 billion-euro-mark, increasing 18.9% to EUR 1.18 billion (2023: EUR 996 million). Total Rx sales increased 64% to EUR 749.8 million (2023: EUR 457 million). Excluding MediService, Rx sales for the full year were EUR 253.6 million, compared to EUR 150 million the prior year.  The gross profit margin for the DACH segment was 22.6% compared to 24.5% in 2023. Following higher marketing expenses for Rx, adjusted EBITDA for the segment was EUR 49.9 million and the adjusted EBITDA margin 2.6% (2023: EUR 75 million, margin of 5.1%).

Sales in the International segment, which includes Belgium, the Netherlands, France and Italy grew by 26.4% to EUR 436 million (2023: EUR 345 million). The gross profit margin was 24.7% (2023: 24.5%). As in the prior year, adjusted EBITDA improved, narrowing from EUR      -21.3 million in 2023 to EUR -16.6 million. The adjusted EBITDA margin improved by 2.4pp to  -3.8%.

In 2024, e-prescriptions became the nationwide standard in Germany for all publicly insured patients. To access the digitalised Rx market, Redcare secured approval from the Ministry of Health and the gematik to launch a new and fully digital patient journey via CardLink. With this customer-centric solution, Redcare tripled its Rx market share within the year, reinforcing the pharmacy’s market leadership in Germany to include prescription medications.    

Redcare pharmacy also became the market leader in Italy, where the online share of the pharmacy sector is approaching EUR 1 billion in revenue. With this achievement, Redcare is now market leader in five of its seven countries.

Following the success of its marketplaces in Germany and Austria, Redcare also launched marketplaces in Belgium and Italy, significantly expanding the assortments available to its customers in these countries.

The Managing Board of Redcare Pharmacy provided the following guidance for full year 2025:

The mid- to longer-term guidance continues to be an adjusted EBITDA margin in excess of 8%.

Quarterly earnings Q1 2025 – 6 May 2025.

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 12.5 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 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.

In 2024, Redcare Pharmacy grew across all markets and expanded its leadership positions while continuously balancing growth and margins.