Shop Apotheke: The Growth Story of Online Pharmacy

by Finploris
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Shop Apotheke, one of Europe’s leading and fastest-growing online pharmacies, offers it customers a broad range of more than 100,000 original products at attractive prices. These are non-prescription (OTC) medications, beauty and personal care products as well as prescription drugs, supplemented by high quality natural food and health products, low carb products and sports nutrition.

For H1 2021 the sales increased by 14.9% to EUR 534 million. But the temporarily reduced logistics capacity due to the ongoing move to the new facility and a tight labor market in Q2 decelerated the company’s growth in Q2 to 7.3% (EUR 250 million). Consequently, staff numbers failed to maintain pace to fully cope with increasing customer demand. Additionally, the ramp-up to the next level of automation takes more time than Shop Apotheke aimed.

The original earnings guidance for 2021 has become challenging due to the current lower than anticipated logistics capacity. Whether an update will be needed depends on the developments of the coming weeks. However, the management has a guidance of organically driven sales growth of around 20% or more and an adjusted EBITDA margin in the range of a positive 2.3% – 2.8%.

Investors nevertheless reacted shocked and sent the share price on a downward slide by more than 18%. Overall, the share price has risen by more than 155% in the last three years.

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