Redcare Pharmacy, formerly known as Shop Apotheke, has seen a significant increase in revenue in the second quarter of 2024. With a total revenue of 561 million euros, compared to 420 million euros in the previous year, the company has experienced a growth of 41.5% in the first half of the year, totaling over 1.1 billion euros in revenue (compared to 792 million euros in the previous year).
Specifically, in the Rx sector, excluding MediService, revenue increased by 50 million euros in the second quarter and reached 87 million euros in the first half of the year, up from 72 million euros in the first half of 2023. Non-Rx revenue also saw a growth of 20% in the first half of the year, reaching 795 million euros.
The increase in Rx revenue in Germany by 7% in the first quarter and 37% in the second quarter can be attributed to the CardLink solution of the E-prescription, providing patients with a fully digital way to redeem their prescriptions since May 6. Redcare CEO Olaf Heinrich stated that this digital solution has allowed the company to offer a more patient-friendly option for prescription redemption, leading to an increase in their market share in the Rx sector.
In the DACH region, which includes Germany, Austria, and Switzerland, Redcare Pharmacy reported a revenue of 907 million euros in the first half of the year, up from 624 million euros in the same period last year. The Non-Rx segment saw a growth of 18% to 581 million euros, while Rx revenue increased by 147.4% to 326 million euros.
The company’s adjusted EBITDA reached 27 million euros in the first half of the year, compared to 22 million euros in the previous year. The adjusted EBITDA margin improved to 2.4% in the first six months of the year, with a margin of 2.7% in the second quarter.
Redcare Pharmacy also reported an increase in active customers, reaching 11.6 million by the end of the first half of the year, up by 1.5 million from the previous year.
Looking ahead, the company has an optimistic outlook for the rest of the year, expecting a revenue increase of 30 to 40% to approximately 2.3 to 2.5 billion euros. They also anticipate a growth of 15 to 25% in the Non-Rx sector.
Overall, Redcare Pharmacy’s strategic initiatives and digital solutions have proven successful in driving revenue growth and market share in the first half of the year, setting a positive trajectory for the company’s future performance.
