As the company formerly known as Shop Apotheke announced, revenues rose by two thirds to 475 million euros in the three months. Organic growth, i.e. without taking Swiss Mediservice into account, was 26 percent. Redcare put the increase in sales of non-prescription drugs (Non-Rx) at 27 percent to 319 million euros. At 10.5 million, the number of active customers is 0.4 million higher than at the end of the second quarter.
“In the past financial quarter, Redcare Pharmacy once again succeeded in achieving significant sales and market share gains,” CEO Olaf Heinrich is quoted in the statement. “Behind the excellent performance is also the fact that we concentrate every day on excellent order processing and at the same time exploit the enormous growth potential of our markets.”
Redcare Pharmacy NV plans to publish the full interim report for the third quarter on October 31, 2023.
Redcare shares with significant gains
Shares of Redcare Pharmacy have a lot of tailwinds on Thursday. In XETRA trading, according to key data for the third quarter, they recorded an increase of 9.77 percent to 108.85 euros.
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Jefferies analyst Alexander Thiel spoke of “another record quarter” with a 67 percent increase in sales, which was primarily driven by the Swiss joint venture Mediservice.
The share’s good run this year received a new impetus. Even though the shares have recently fallen by 20 euros from their high of 119 euros since the end of 2021, they remain by far the best in class in the MDAX with a price increase of more than 140 percent this year.
Experts agreed that the strong growth of the shop pharmacy parent will continue. Reference was also made to the increasing number of customers. According to Jefferies expert Thiel, the online pharmacy can celebrate the fact that there are now over ten million customers. Thiel assumes that the annual goals will soon be set higher again. There were no statements about this in the interim report.
Expert Michael Heider from Warburg Research stated that Redcare remains the largest and best positioned online pharmacy in Europe. He pointed out that the company would benefit from the introduction of e-prescriptions in Germany. Ultimately, there is the prospect that these will soon be able to be redeemed with an online version of the electronic health card.
The price rally at Redcare also helped the shares of its Swiss competitor DocMorris on Thursday, which rose by 2.9 percent in Zurich.
FRANKFURT (Dow Jones) and dpa (AFX)
Image source: Redcare Pharmacy