Apoteket (A) Q2 2024 earnings summary

Executive summary

• Net sales for Q2 2024 increased by 9.4% year-over-year to SEK 6,443 million, with operating profit rising to SEK 210 million and a margin of 3.3%.

• Strong growth in both consumer and healthcare segments, with improved profitability and several new contracts secured.

• Apoteket entrusted with building and managing significant parts of the Swedish Armed Forces' pharmaceutical reserves.

Financial highlights

• Operating profit for Q2 2024 was SEK 210 million, up from SEK 137 million in Q2 2023; operating margin improved to 3.3% from 2.3%.

• Net income for Q2 2024 reached SEK 216 million, compared to SEK 207 million a year earlier.

• Net sales for H1 2024 totaled SEK 12,537 million, an 8.9% increase year-over-year.

• Operating cash flow for H1 2024 was SEK 806 million, up from SEK 648 million in H1 2023.

• Dividend of SEK 263 million for 2023 was paid in Q2 2024.

Outlook and guidance

• Long-term target for operating margin is 3.0%; H1 2024 margin was 2.7%.

• Solidarity target set at 35-45%, with current level at 50.7%.

• Dividend policy aims for 40-60% of annual result, adjusted for pension effects.