European mail-order pharmacies "UBS Evidence Lab inside: May app and pri..."

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European mail-order pharmacies "UBS Evidence Lab inside: May app and pri..."

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European mail-order pharmacies Equities

Europe including UKUBS Evidence Lab inside: May app and pricing

tracker Retailers, Drug-Based

Olivier Calvet, CFA

Analyst

olivier.calvet@ubs.com

Tracking pricing, app usage and downloads +41-44-239 2051

We follow closely app usage (> Access Dataset), downloads (> Access Dataset), and Sebastian Vogel, CFA

pricing (>100 top sellers included) for German online pharmacies on a weekly and Analyst

monthly basis, using UBS Evidence Lab proprietary data. We think this data can help to sebastian.vogel@ubs.com

better understand the shape of the ramp-up of DocMorris and Redcare Pharmacy's +41-44 239 90 45

prescription business, as well as their overall commercial strategy – remember Redcare Chiara Tomesani

said 95% of its public e-script business went through the app, at 1Q25 results. Analyst

chiara.tomesani@ubs.com

Redcare non-Rx pricing is up again this month +44-20-7567 3438

This month in our view the most interesting data point is on non-Rx (non-prescription)

pricing, which is continuing to go up (discounts going down) - in our view a reflection of

a potentially easier trading environment for online pharmacies - especially Redcare. As a

reminder, the company issued a conservative non-Rx guidance after initial weakness in

the first two months of the year and a 4Q25 non-Rx sales miss, but management

comments suggested March-April trading was sequentially better and we think this has

continued in May. We note that usage is down MOM, but remains relatively elevated,

outperforming DocMorris, and largely from existing users (as opposed to downloads)

per our UBS Evidence Lab data.