DocMorris achieves 11.1 per cent revenue growth in 2025 – strong fourth quarter

Frauenfeld, 20 January 2026

Press release

DocMorris achieves 11.1 per cent revenue growth in 2025 – strong fourth quarter

• Growth target achieved: 11.1 per cent increase in external revenue[1] and 12.4 per cent in revenue
• Rx: up 33.2 per cent for the full year; sequential growth of 6.1 per cent in Q4
• Non-Rx: up 7.1 per cent for the full year; strong Q4 with 14.9 per cent growth
• Digital Services: up 110 per cent for the full year; of which TeleClinic up 124 per cent
• AI Health Companion: Every third app user has already used the DocMorris AI assistant

CEO Walter Hess says: “In the 2025 financial year, DocMorris recorded robust growth in its core business – the online pharmacy – and strong momentum in high-margin Digital Services – telemedicine and retail media. In addition, we significantly accelerated the expansion of our digital health platform with the successful introduction of the AI assistant as a connecting element. Every third app user has already used it.”

CFO Daniel Wüest adds: “DocMorris achieved its targets for 2025, with all business areas contributing to this success. Business development accelerated particularly in the fourth quarter, which is positive given the increased marketing efficiency for prescription medicines.”

Increased revenue momentum in all German businesses in the fourth quarter

• DocMorris increased its external revenue by 15.5 per cent[2] in the fourth quarter of 2025, revenue rose by 16.6 per cent.
• Despite an increased focus on marketing efficiency, Rx external revenue grew by 22.3 per cent in the fourth quarter compared to a strong prior-year quarter and by 6.1 per cent sequentially compared to the third quarter of 2025.
• Non-Rx[3] external revenue grew disproportionately by 14.9 per cent in the fourth quarter, with both OTC and Digital Services contributing to growth.
• The number of active customers[4] rose from 10.6 million to 11.0 million in the fourth quarter and from 10.3 million to 11.0 million in the full year, despite the loss of former Zur Rose Germany customers.

Revenue forecast for the 2025 financial year achieved

• External revenue rose by 11.1 per cent to CHF 1,185.8 million in the 2025 financial year, while revenue increased by as much as 12.4 per cent to CHF 1,124.5 million – despite the discontinuation of the Zur Rose brand in Germany at the end of 2024.
• The segment Germany achieved external revenue growth of 11.7 per cent and revenue growth of 13.1 per cent in 2025.
• External Rx revenue grew by 33.2 per cent to CHF 234.8 million in 2025.
• Non-Rx external revenue increased by 7.1 per cent to CHF 887.9 million in 2025.
• TeleClinic increased its revenue by 124 per cent to CHF 24.9 million in 2025, underscoring its strategic importance in the German business.
• Retail Media and Marketplace recorded strong growth of 88 per cent to CHF 13.6 million in 2025.
• The Europe segment grew by 1.7 per cent in 2025 with a consistent focus on profitability.

Outlook

• Management confirms the earnings forecast for the 2025 financial year communicated on 10 April 2025 and specifies the EBITDA forecast to a range of minus CHF 48 to minus CHF 52 million.
• DocMorris also confirms EBITDA breakeven in the course of 2026 and free cash flow breakeven in the course of 2027.

Investors and analyst contact
Moritz Stahlhut, Investor Relations Manager
Email: ir@docmorris.com, phone: +41 52 560 58 10

Media contact
Torben Bonnke, Director Communications
Email: media@docmorris.com, phone: +49 171 864 888 1

Agenda

DocMorris
The Swiss-based DocMorris AG is a leading company in the fields of online pharmacy, telemedicine and marketplace with strong brands in Germany and other European countries. Deliveries are mainly from the highly automated logistics centre in Heerlen, the Netherlands. TeleClinic is Germany’s largest telemedicine platform, connecting patients with more than 6,000 physicians. DocMorris operates leading marketplaces for health and personal care products in Southern Europe. With its broad range of products and services, DocMorris is pursuing its vision of becoming the leading digital health companion for everyone to manage their health in one click. Around 1,600 employees in Germany, the Netherlands, Spain, France, Portugal and Switzerland generated an external revenue of CHF 1,186 million serving 11 million active customers in 2025. The shares of DocMorris AG are listed on the SIX Swiss Exchange (securities number 4261528, ISIN CH0042615283, ticker DOCM). For further information, please visit corporate.docmorris.com.

Disclaimer
This announcement contains certain forward-looking statements about DocMorris AG and its business, either explicitly or implicitly. Such statements involve known and unknown risks, uncertainties and other factors that could cause the actual results, financial position, performance or achievements of DocMorris AG to differ materially from the future results, performance or achievements expressed or implied by such forward-looking statements. DocMorris AG is making this announcement available as of today's date and undertakes no obligation to update the forward-looking statements contained herein as a result of new information, future events or for any other reason.

^[1] External revenue consists of the consolidated revenue of DocMorris plus online revenues of pharmacies supplied by DocMorris, less the consolidated revenue from supplying them.

^[2] All percentages are in local currency

^[3] Consisting of OTC business and Digital Services (TeleClinic, marketplace, retail media).

^[4] Customers supplied by DocMorris either directly or through its partners.