• Total sales up 22% to EUR 372 million.
  • Non-Rx sales growth 23%; outpacing the full-year guidance of 10 to 20%.
  • Adj. EBITDA margin 2.4%, 3.8 pp better than Q1 2022; upper part of the full-year guidance of 0.5 to 2.5%.
  • Comfortably on track for full-year guidance in all its elements; non-Rx sales growth, adj. EBITDA margin and free cash flow.
  • Active customer base increased to 9.7 million (up 0.4 million in Q1).
  • Continuation of high customer satisfaction; net promoter score above 70.
  • Strategic partnership with Galenica for Swiss market e-pharmacy leadership.

Sevenum, the Netherlands, 2 May 2023. SHOP APOTHEKE EUROPE N.V. recorded a very promising start to 2023, with both the top and bottom line performance for Q1 2023 comfortably on track to meet the full-year guidance. The Group’s total sales increased by 22.1% year over year (slightly up from the preliminary growth of 21.9% released on 5 April) to EUR 372 million (Q1 2022: EUR 305 million). Non-Rx growth was 22.8%. Adjusted EBITDA in Q1 2023 stood at a positive EUR 8.8 million, a year-over-year improvement of EUR 13 million (Q1 2022: EUR -4.3 million); the adjusted EBITDA margin at 2.4% was 3.8 pp better than in Q1 2022’s -1.4%. Not only sales growth, but also the adjusted EBITDA margin was the highest since early 2021. The fast growth in customer orders was well-handled by the logistics facilities. Reliable and fast-delivered orders contributed to another high net promoter score (NPS) of 71. By the end of the first quarter, SHOP APOTHEKE EUROPE’s base of active customers reached 9.7 million, an increase of 1.4 million from the prior year.

CFO Jasper Eenhorst comments: “The robust performance of the business – delivering both fast sales growth and significant margin improvement – confirms the success of our business model and competitive propositions across our markets even before the further adoption of electronic prescriptions in Germany.”

The number of active customers increased by 1.4 million compared to Q1 2022 and reached 9.7 million at the end of Q1 2023 – a growth of 0.4 million during the quarter. With a growing base of active customers in each market in Q1, SHOP APOTHEKE EUROPE is rapidly approaching the 10-million-mark. 

Both reporting segments recorded high double-digit sales growth in Q1 2023. Sales in the DACH segment, comprising Germany, Austria and Switzerland, grew by 23.1% year over year to EUR 289 million. The International segment (France, Belgium, the Netherlands and Italy) was responsible for the balance of sales – EUR 83 million – achieving growth of 18.5% over the previous year (Q1 2022: EUR 70 million).

Positive impact of scale, effectiveness and efficiency on margins.

The consolidated gross profit margin increased from 26.6% to 27.7% year over year in Q1, mainly from product margin and mix improvements. The margin was comparable to the previous quarter. In the DACH segment, the gross profit margin improved from 26.5% in Q1 2022 to 28.5%; in the International segment it declined to 24.8% (Q1 2022: 26.7%).

Adjusted selling and distribution expenses (S&D) increased from EUR 76 million in Q1 2022 to EUR 84 million. The S&D ratio improved by 2.6 pp to 22.5% in Q1 2023 (and by 1.4 pp relative to Q4 2022) driven by marketing and operational efficiencies as well as a seasonal demand that was similar to pre-Corona levels in DACH. The average basket size was slightly higher compared to Q1 2022. Adjusted administrative expenses as a percentage of sales were stable year over year at 2.9%. 

Adjusted EBITDA was positive for the third consecutive quarter and, at EUR 8.8 million, was significantly higher than the previous year’s EUR -4.3 million. The adjusted EBITDA margin of 2.4% in Q1 2023 compares favourably to last year’s Q1 -1.4% and was also a significant step up vs. the previous quarter’s 0.3%. After depreciation charges of EUR 12.1 million (previous year: EUR 8.7 million) and adjustments of EUR 4.2 million (previous year: EUR 6.2 million), EBIT was EUR -7.6 million (previous year: EUR -19.2 million). Net finance costs decreased from EUR 3.7 million to EUR 2.6 million, impacted by positive instead of negative interest on cash balances. The net loss, at EUR -10.2 million, more than halved from the previous year’s EUR -22.9 million.  

COO Theresa Holler: “We are very happy with the continuous efficiency and quality gains we have achieved throughout our operations during the past year. The positive impact is not only directly evident in our financial performance, reliable and faster deliveries also positively impact customer satisfaction.”

Cash of operating activities for Q1 2023 was a positive EUR 44 million (Q1 2022: EUR 23.8 million), with working capital movements favourable at EUR 37 million – largely from the customary seasonality pattern. Total cash and cash equivalent balances were EUR 212 million, up EUR 32 million from EUR 180 million at 2022 year-end.  

Update on other significant developments.

At the end of March 2023, SHOP APOTHEKE EUROPE announced the intention to enter into a strategic partnership with Galenica AG, the leading integrated health provider in Switzerland. Through this partnership, the specialist pharmacy business of Galenica – Mediservice – will be combined with SHOP APOTHEKE EUROPE’s Swiss business to form the leading online pharmacy in Switzerland. The transaction is subject to the approval of the competition authorities and is expected to close in H1 2023, from which point Mediservice will be integrated in the financial statements.

SHOP APOTHEKE EUROPE’s MSCI rating for sustainability was upgraded from AA to AAA at the end of Q1 2023. This upgrade places the Group in the top 4% globally in its industry, Healthcare Providers and Services. The MSCI AAA Rating is the highest possible rating and is awarded to companies that demonstrate industry-leading management of ESG risks. The Group will, amongst other initiatives, continue to focus on the operationalisation of its net zero 2040 commitment.

At the Annual General Meeting held on 26 April, Olaf Heinrich’s appointment as SHOP APOTHEKE EUROPE’s new CEO was approved. He will support SHOP APOTHEKE EUROPE as an advisor until his formal commencement date on 1 August. Shareholders also approved the change of the corporate brand name from SHOP APOTHEKE EUROPE to Redcare Pharmacy. On 13 June, the ticker symbol on the Stock Exchange will change from SAE to RDC. 

Guidance for 2023

For the full year 2023, the Management Board of SHOP APOTHEKE EUROPE confirms the guidance given on 7 March, which includes a non-Rx sales growth of 10 to 20% (mid-point 15%), an adjusted EBITDA margin in the range of 0.5 to 2.5% (mid-point 1.5%) and free cash flow in the range of EUR -20 to 20 million (mid-point 0).

Summary 2022 and Q1 2023


SHOP APOTHEKE EUROPE is the leading and fastest-growing online pharmacy in Europe, currently operating in Germany, Austria, France, Belgium, Italy, the Netherlands and Switzerland.

Headquartered in the Dutch logistics hub of Sevenum near Venlo with locations in Cologne, Berlin, Munich, Tongeren, Warsaw, Milan, Lille and Eindhoven, SHOP APOTHEKE EUROPE offers its customers a broad range of more than 150,000 products at attractive prices: OTC, beauty and personal care products, prescription drugs, high quality natural food and health products, low carb products and sports nutrition as well as other healthcare-related assortments. Currently, around 10 million active customers trust SHOP APOTHEKE EUROPE.

Since safe and reliable pharmaceutical advice are top priorities at SHOP APOTHEKE EUROPE, the e-pharmacy provides comprehensive pharmaceutical consulting services. In preparation for the full introduction of the electronic prescriptions in Germany, the company is continuously expanding in the area of digital health services.

SHOP APOTHEKE EUROPE N.V. has been listed on the regulated market of the Frankfurt Stock Exchange (Prime Standard) since 2016 and is part of the SDAX stock index.