Pulse check on German Online Pharmacy (+‘ve) – Redcare (OW) / DocMorris (EW)

研报英文原文证据摘录

Pulse check on German Online Pharmacy (+‘ve) – Redcare (OW) / DocMorris (EW)

Equity Research

21 July 2026

Redcare Pharmacy / DocMorris

Pulse check on German Online

Pharmacy (+'ve) – Redcare (OW) /

EMEA InternetDocMorris (EW)

POSITIVE

We remain constructive on investment cases. 1) eRx adoption Unchanged

curve reset with growth expectation achievable; 2) Regulation EMEA Internet Guillaume Galland, CFA

remains supportive; 3) Competition risk appears manageable; +44 (0)20 7773 4061

4) Valuation fluid but like LT risk-reward. Prefer Redcare (OW) guillaume.galland@barclays.comBarclays, UK

to DocMorris (EW). Upside risk to FY26e estimates. Andrew Ross, CFA

+44 (0)20 7773 3023

Why this deep dive, and why now? We revisit the German online pharmacy opportunity more andrew.ross@barclays.com

Barclays, UKthan two years after the mandatory eRx rollout and one year after Rx bonuses were

reintroduced. Initial expectations for online Rx adoption proved too optimistic and the market

has since reset around a more gradual penetration curve. Since then, the regulatory backdrop

has become incrementally more supportive, visibility on customer behaviour has improved and

recent trading trends remain encouraging, in our view. Debate around competition has also

intensified, particularly following Rossmann's planned OTC/eRx launch by year-end, raising

questions around medium-term customer acquisition costs and market share dynamics.

However, we do not currently see evidence of material disruption and continue to view

competitive risks as manageable. More broadly, we believe continued pressure on the offline

pharmacy channel and the ongoing digitalisation of the German healthcare system remain

supportive of the long-term online penetration story. Following channel checks and discussions