DocMorris reported a 38.3% year-over-year increase in total revenue to CHF 599.2 million in the first half of 2026, driven by a 38.3% rise in prescription revenue to EUR 86.9 million in Q2 alone. The Swiss online pharmacy raised its full-year external revenue growth guidance to 9%-13% in local currency, up from mid-single digit to low teens, as CEO Walter Hess described the period as a milestone for the business.
Adjusted EBITDA losses narrowed to CHF 10.9 million from CHF 28.8 million in H1 2025, an improvement of CHF 17.9 million, while the adjusted EBITDA margin widened by 350 basis points to negative 1.8%. Operating cash flow losses also improved to CHF 21.1 million from CHF 55.7 million a year earlier. The company maintained a comfortable liquidity position of CHF 99 million as of June 30, though net debt rose by CHF 36 million to CHF 174 million.
Prescription revenue growth accelerated to 45.8% year-over-year in local currency for Q2, supported by a 17% sequential increase. Active customers totaled 12.9 million as of June 30, up 15.6% year-over-year, including 1.5 million TeleClinic users. The average order value for prescriptions reached EUR 127 in Q2, compared with EUR 119 a year prior.
Digital services revenue surged 71.4% in H1 to EUR 29 million, with TeleClinic’s revenue climbing 48% to EUR 17.6 million and treatments rising 51% to 1.3 million. The company’s retail media platform, dmr, generated over EUR 10 million in net sales during H1, more than doubling year-over-year with a mid-double-digit EBITDA margin.
DocMorris also outlined regulatory tailwinds, including a July 1 increase in fixed pharmacy remuneration from EUR 8.35 to EUR 9.00, with a further increase to EUR 9.50 planned for January 1, 2027. The statutory pharmacy discount will rise from EUR 1.77 to EUR 2.07 next year, while German health insurance reforms will implement 50% higher co-payments for pharmaceuticals starting in 2027, raising the range to EUR 7.50–15.
The company reaffirmed its target to achieve EBITDA breakeven by the end of 2026 and positive free cash flow in 2027. CFO Daniel Wüest stated the company prefers to underpromise and over-deliver, while management raised mid-term targets to approximately 15% revenue CAGR, an 8% EBITDA margin, and annual capital expenditures of around CHF 30 million. The group’s AI-first strategy aims to cut more than 100 full-time equivalent positions, generating at least CHF 15 million in recurring net savings annually by the end of 2027, with restructuring costs totaling CHF 4.3 million in Q2.
