PharmaSGP (PSG) Q4 2024 earnings summary

Executive summary

• Revenues increased by 17.5% year-over-year to €118.8 million in 2024, driven solely by organic growth in the product portfolio.

• Adjusted EBITDA rose 9.2% to €37.2 million, reaching the upper end of the forecast range.

• Outperformed the growth rate of the relevant OTC pharmacy market, highlighting the strength of the platform strategy.

• Leadership transition: Peter Gerckens became CEO in January 2025, succeeding Natalie Weigand.

Financial highlights

• Adjusted EBITDA margin was 31.3%, down from 33.7% the previous year.

• Unadjusted EBITDA was €37.1 million, up 8.9% year-over-year.

• German revenues grew 9.5% to €80.3 million; Italy saw 68.9% growth to €22.9 million.

• Health Brands revenue rose 18.1% to €115.1 million; Beauty Brands up 2.6% to €3.6 million.

Outlook and guidance

• 2025 revenue expected between €122.0 million and €128.0 million.

• Adjusted EBITDA forecasted at €37.0–39.0 million, with a margin of 28.9% to 32.0%.

• Guidance reflects ongoing geopolitical and economic uncertainties.