Financial Performance Overview#
DocMorris AG, a Swiss online pharmacy, reported an adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) loss of CHF -50 million for the fiscal year 2025. This result aligns with the company's initial target range of CHF -48 million to -52 million. Looking ahead, DocMorris aims to achieve EBITDA break-even as 2026 progresses.
Revenue Guidance and Growth Expectations#
For fiscal year 2026, DocMorris anticipates an adjusted EBITDA loss between CHF -10 million and -25 million, with the midpoint exceeding consensus forecasts by 13%. The company projects external sales growth in the mid-single-digit to low teens percentage range, slightly below the consensus expectation of 12%.
Recent Sales Performance#
In the second half of 2025, DocMorris reported an 18% year-over-year increase in gross profit, achieving a margin of 22.1%. The adjusted EBITDA for this period was CHF -19 million, which is an improvement from CHF -28 million in the previous year and better than the expected CHF -22 million. Additionally, the company ended 2025 with CHF 120 million in cash and cash equivalents.
Prescription and Non-Prescription Sales#
In the fourth quarter, external group revenue rose 16% year-over-year, totaling CHF 331 million. Prescription drug sales reached CHF 64 million, showing a slower growth rate compared to previous quarters. In contrast, German non-prescription sales grew by 15% year-over-year, marking the strongest performance in over two years.
Future Outlook#
DocMorris aims to reach EBITDA break-even during 2026 and free cash flow break-even by 2027, driven by growth in prescription drugs and Teleclinic services. However, the company has revised its medium-term revenue growth expectations down to around 15% from a previous target of 20%. Capital expenditure guidance has also been adjusted to approximately CHF 30 million, while maintaining an EBITDA margin target of around 8%.