Apoteket (A) Q3 2024 earnings summary

Executive summary

• Net sales for Q3 2024 increased by 10.5% year-over-year to SEK 6,284 million, with operating profit rising to SEK 204 million and a margin of 3.2%.

• For January–September 2024, net sales grew 9.5% to SEK 18,821 million, and operating profit reached SEK 539 million, with a margin of 2.9%.

• All business areas contributed to growth, with significant improvements in e-commerce and continued expansion of physical pharmacies.

• Profit for the period January–September was SEK 572 million, up from SEK 530 million year-over-year.

• The company faced one-off costs, including a SEK 37 million sanction fee from the Data Protection Authority.

Financial highlights

• Q3 2024 net sales: SEK 6,284 million (Q3 2023: SEK 5,686 million); operating profit: SEK 204 million (Q3 2023: SEK 178 million).

• January–September 2024 net sales: SEK 18,821 million (2023: SEK 17,194 million); operating profit: SEK 539 million (2023: SEK 397 million).

• Operating margin improved to 3.2% in Q3 and 2.9% for the nine-month period.

• Net profit for January–September: SEK 572 million (2023: SEK 530 million); EPS: SEK 3,269 (2023: SEK 3,029).

• Operating cash flow for January–September: SEK 1,006 million (2023: SEK 626 million).

Outlook and guidance

• Long-term target for operating margin is 3.0%; achieved 2.9% for January–September 2024.

• Solid equity ratio target of 35–45% (actual: 52.2% as of September 2024).

• Dividend policy: 40–60% of annual profit adjusted for pension effects; 60% payout for 2023.