DocMorris today raised its 2026 revenue forecast for the third time this year and, at its Capital Markets Day in Heerlen and Aachen, put a number on its advertising business for the first time in this year's reporting: dmr Advertising expects revenue of more than €20 million in 2026, twice its 2025 level, at a mid double-digit EBITDA margin. The Swiss-listed online pharmacy, which sells mostly to patients in Germany, now expects external revenue to grow by around 15 per cent in local currency, up from a range of 12.5 to 15 per cent, after prescription revenue rose more than 90 per cent year-on-year in October.

In Short

DocMorris, a Swiss-listed online pharmacy that sells mainly in Germany, now expects its sales to grow by about 15 per cent in 2026 and says its advertising arm, dmr Advertising, should take in more than €20 million this year, double 2025. For health brands and media agencies, that puts a size on a pharmacy ad business DocMorris had reported only inside a wider segment, and the unit is pitching budgets that now go to TV and print toward a package of streaming TV, social media and pharmacy webshops sold in one booking. Buyers can now size the unit - 220 advertisers invoiced this year - though the numbers are company expectations rather than audited results, and several figures in the presentation do not match the morning press release.

The forecast

The announcement went out at 07:00 CET as an ad hoc release under Article 53 of the SIX Swiss Exchange listing rules, dated Frauenfeld. According to DocMorris, revenue momentum in the prescription business "accelerated further in October to over 90 per cent compared to the previous year." The company now expects growth in prescription medicines, labelled Rx throughout its materials, of around 60 per cent for the full year. On that basis, management lifted its forecast for 2026 external revenue growth to around 15 per cent, from 12.5 to 15 per cent. "The other annual and medium-term targets remain unchanged," according to the release.

The 116-slide presentation, published on the company's investor site alongside the release, sets out how the number has moved. DocMorris began 2026 in March guiding for growth in the "mid-single digit to low teens." It raised that to 9 to 13 per cent on August 19, then to 12.5 to 15 per cent on October 15, when it reported third-quarter external revenue of CHF 342.7 million and German prescription growth of 78.3 per cent. Strictly, "around 15 per cent" sits at the top of the previous range rather than above it: the change removes the lower half of the range.

Several other targets were confirmed. For 2026, DocMorris still expects adjusted EBITDA better than minus CHF 10 million and capital expenditure below CHF 30 million, with free cash flow reaching breakeven "in the course of 2027." The mid-term targets also stand: a revenue compound annual growth rate of around 15 per cent, which a footnote describes as "back-end loaded due to the rising weight of Rx and Digital Services," an adjusted EBITDA margin of around 8 per cent, and capital expenditure of around CHF 30 million a year. Every target carries the same qualifier: "Guidance subject to a stable regulatory environment."

What the guidance implies

A rough check is possible. The release gives 2025 external revenue as CHF 1,186 million. Growth of 15 per cent on that base points to about CHF 1,364 million for 2026. With CHF 970.6 million already booked in the first nine months, the fourth quarter would need to bring in about CHF 393 million, against roughly CHF 332 million a year earlier - growth of about 18 per cent. These are PPC Land calculations that combine reported franc amounts with local-currency growth rates, so they are approximate.

The profit guidance can be tested the same way. A chart in the financial section shows adjusted EBITDA of minus CHF 6.3 million in the first quarter of 2026, minus CHF 4.6 million in the second and plus CHF 0.6 million in the third. That adds up to minus CHF 10.3 million for nine months, by PPC Land's addition, so finishing the year "better than CHF -10m" requires a small positive result in the fourth quarter. The chart draws the fourth-quarter bar above the zero line without a value, and labels itself "Chart indicative." For comparison, the four quarters of 2025 sum to about minus CHF 48.2 million on the same chart.

According to the presentation, the third-quarter result of CHF 0.6 million, a margin of 0.2 per cent, reached breakeven "one quarter ahead of plan." The slide lists three drivers: "strong commercial performance," "enhanced marketing efficiency" and "disciplined cost management." No figure is given for the change in marketing spend.

Prescriptions carry the plan

A chart headed "Rx growth is accelerating quarter by quarter" gives German prescription external revenue in euros for eleven quarters. The series runs from €37.4 million in the first quarter of 2024 through €43.8 million, €50.5 million and €56.4 million; then €57.0 million, €59.6 million, €65.1 million and €69.0 million across 2025; and €74.3 million, €86.9 million and €116.0 million in the first three quarters of 2026. The third quarter was 34 per cent above the second, which was itself 17 per cent above the first. Year-on-year growth reached 78 per cent in the third quarter and 53 per cent across the nine months. DocMorris' quarterly releases report the same line in Swiss francs, which is why the third-quarter figure appeared there as CHF 108.1 million.

The full-year Rx target can be checked against that chart. By PPC Land's calculation, German prescription external revenue totalled €250.7 million in 2025. Growth of around 60 per cent would take 2026 to roughly €401 million, leaving about €124 million for the fourth quarter - around 80 per cent above the €69.0 million of the fourth quarter of 2025. That is below October's pace of more than 90 per cent. Either the "around 60 per cent" leaves room, or the company expects November and December to grow more slowly than October. Neither document says which.

The co-payment lever

What changed in 2026 was price. Since March 2026, DocMorris has covered the statutory co-payment on electronic prescriptions. In Germany that co-payment is 10 per cent of a pack's price, with a minimum of €5 and a maximum of €10, according to the presentation, which contrasts the €5.00 to €10.00 a patient pays "at a local pharmacy" with €0.00 at DocMorris. New cohorts of customers "order ~2x as often as first eRx cohorts," and new Rx customers are growing "at an above-average rate - at lower acquisition cost," according to the slide. Two charts marked "illustrative, not to scale" show year-on-year Rx sales growth for both new and existing customers rising after coverage began.

Patients redeem prescriptions through CardLink, holding their health insurance card to a phone; the next step, according to the company, is "conversational redemption," with an AI assistant guiding the patient.

The market DocMorris is chasing is large and mostly offline. According to the presentation, citing the ABDA pharmacy association's 2026 data book, the German Rx market amounts to about €63 billion, measured as net pharmacy revenue across statutory and private insurance. The online share stood at 2.03 per cent in the second quarter of 2026 (1.97 per cent in the first half), measured as foreign mail-order spending as a share of statutory health insurance drug spending, which the company calls a lower bound. Over-the-counter medicines plus beauty and personal care, abbreviated OTC and BPC, form a market of about €12 billion, roughly 24 per cent of which is already online.

Why prescriptions matter more than their share suggests

The presentation explains the profit logic with order economics. Average order values excluding VAT are about €38 for an OTC customer, about €75 for an acute prescription and about €150 for a chronic one. Indexed to the OTC customer, customer value over 24 months is more than twice as high for acute Rx customers and more than ten times as high for chronic ones. Every Rx order "earns >3x the CM III of an OTC order," according to the slide, where CM III is contribution margin after fulfilment and marketing costs; chronic baskets alone reach about four times.

There is a marketing constraint attached. A slide comparing the two businesses notes that OTC products can be advertised, "Possible, within certain limits," while for prescription medicines advertising is "Not possible for Rx medicines - strictly regulated." The doctor prescribes, DocMorris sells, the insurer pays and the patient uses. The segment that drives today's forecast cannot be promoted product by product; DocMorris reaches it through its brand, through price, and through OTC customers who later redeem prescriptions. Aided brand awareness for DocMorris stood at 77 per cent in March 2026, according to a Kantar figure cited in the presentation.

OTC: a price game the company expects to get harder

The over-the-counter business is still the larger one by revenue. According to the presentation, German OTC and BPC external revenue, excluding Digital Services, was €811 million in 2023, €865 million in 2024 (up 6.6 per cent) and €907 million in 2025 (up 4.8 per cent). Growth slowed to 3.5 per cent year-on-year in the third quarter of 2026. Average order value has held at about €38, with about 2.0 orders per customer a year. DocMorris describes the business as "calibrated towards profitability."

One slide, headed "OTC, a commodity business where price dominates conversion," illustrates the point with sponsored Google Shopping results for "Voltaren Schmerzgel forte," a branded pain gel, showing a DocMorris offer among competing listings. The slide lists established brands, "price as main conversion driver," intense online competition and easy logistics. Google's own treatment of pharmacy products differs by market; when it opened Shopping ads in 14 more European markets in July, it barred OTC and prescription drug listings in all of them.

The company assigns OTC three further jobs: an entry point for future prescription customers, the base for a marketplace with more than 1,000 sellers including PromoFarma, and the audience for advertising. DocMorris counted 13.1 million active customers over the 12 months to September 30, 2026, including apotal and TeleClinic.

AI shopping agents, in the company's reading, will sharpen the price competition. A slide titled "Agentic commerce makes OTC a price and trust game" sketches a consumer instruction - "Order my usual allergy tablets - best price, from a pharmacy I can trust, delivered tomorrow" - and an agent comparing pharmacies on price, trust and delivery before "one pharmacy wins." "Our answer: be the pharmacy AI agents choose - through price competence, trust and operational excellence," the slide reads. Chief commercial officer Andrea Skersies' section closes on a broader ambition: "We will keep growing strongly - and be the winner of consolidation."

dmr Advertising puts numbers on the table

For the advertising market, the section presented by Björn Wolak, managing director of dmr Advertising, at the Kurhaus in Aachen carries the most new information. Its title slide reads "Doubled. Profitable. Built for health." The next, "dmr Advertising in 30 seconds," gives four figures:

  • Growth: more than €20 million revenue expected for 2026, "2x growth vs 2025"
  • Profitability: a mid double-digit EBITDA margin, "consistently, 2026ff"
  • Advertisers: 220 media advertisers invoiced in 2026
  • Next: 2027, "scaling - set up to grow further"

A footnote qualifies all of it: "Company KPIs of dmr Advertising; 2026e and 2027e are expectations. dmr Advertising reports within the DocMorris segment Digital Services."

That footnote is why the numbers matter. Through 2026, DocMorris has reported advertising only inside Digital Services, a segment that also contains the TeleClinic telemedicine platform and marketplace revenue. In July, the segment posted CHF 13.9 million for the second quarter, up 80.0 per cent, with no separate figure for advertising. In October, it was flat at CHF 13.9 million for the third quarter and CHF 41.0 million for nine months, again without an advertising line. Today's slide is the first company figure for the unit's size in this year's reporting. It does not reconcile the euro figure with the franc-denominated segment, does not state the 2025 base beyond "2x," and does not say whether revenue means net revenue or gross media bookings.

The margin claim sits well above the group's own target of about 8 per cent. A separate financial slide, "Group profitability rises due to favorable revenue mix," places Health Media and Digital Services at the top of an illustrative margin chart, above Rx, OTC and the Europe segment, both today and at the mid-term target. That chart is marked "Illustrative, not to scale."

"Not just a retail media network"

The unit's own history, as presented, runs from a concept in 2022 to first campaigns in 2023, offsite inventory in 2024 and 2025, CTV "at scale" in 2026 and, in the same year, "Network + Amazon," followed by "More to come." PPC Land's earlier reporting traced the launch to September 2023 with Criteo, with Sponsored Product Ads and Native Brand Ads on the DocMorris and medpex webshops, Native Video Ads from July 2024 and a LiveRamp partnership for measurement from October 2024.

The positioning has shifted. "A health media company. Not just a retail media network," reads one slide. Another: "Retail media undersells what we do. We do transactional health media." The distinction is commercial rather than cosmetic. In German retail, from grocery to pharmacy, manufacturers have long paid the Werbekostenzuschuss, or WKZ, a trade allowance for placement and promotion, according to the slide's footnote. In dmr's framing, WKZ buys "Placement in one shop," comes from a "Trade budget, negotiated in annual talks," is proven by "The display was up" and, for the retailer, amounts to "A price concession." Media, by contrast, offers reach "on our shops, partner shops, CTV and social," is paid from a "Marketing budget, booked by brand and media agency," is proven by "Measured sales lift, closed loop" and produces "New revenue at media margins." The slide's headline: "Health media opens a new budget stream."

The argument for moving brand money from trade terms into marketing budgets is common across retail media; dmr's version rests on a health-specific audience. The company also lists "a disease-awareness or a non-endemic campaign" among the work it takes on.

The €2.25 billion target

The budget dmr is aiming at, according to a market slide, is German health and pharmacy advertising worth €2.25 billion in 2025 at gross rates. That category grew 7.3 per cent against 2024 while the total advertising market shrank 0.5 per cent. Of the €2.25 billion, 91 per cent went to TV and print and 9 per cent to online, out-of-home and radio, according to Nielsen's Werbestatistik as of January 2026, published in Media Perspektiven 5/2026. The slide headline: "Big, growing - and still in TV and print."

The footnote matters for anyone using the 91 per cent figure. "Online" here means "German online offerings only (OVK) - excludes search, social, retail media and YouTube." Nielsen's measured spend therefore leaves out search, social, retail media and YouTube entirely, so the split describes the measured, largely traditional portion of health advertising rather than all of it. Gross figures are also list-price values before discounts. The trend dmr is betting on is visible elsewhere in German media: the German TV advertising market contracted about 4 per cent in the fourth quarter of 2025, according to ProSiebenSat.1.

One booking, six points of sale

dmr's network, as shown in the presentation, now covers six points of sale: DocMorris, Onfy, medpex, apotal, healthii and Amazon. Footnotes add that apotal's operator, Bad Apotheke, is an "independent network partner, not part of the DocMorris group," and that Amazon is "integrated via the DocMorris seller." The slides do not describe further how campaigns reach Amazon shoppers, and Onfy and healthii are not described at all. "Partner pharmacies are independent businesses," another footnote states.

A positioning matrix, labelled as dmr's own assessment, places classic media in the "strong media, no transaction data" corner, international marketplaces as "strong media, health one category," other online pharmacies as "point of sale, trade marketing," and drugstores as "entering online pharmacy." dmr puts itself alone in the corner that combines a media model with a health point of sale and purchase data. The sources cited for the market landscape are Sempora and an Internet Pharmacy Landscape published by Pharmazeutische Zeitung on February 4, 2026.

Funnel and measurement

The product offer is arranged as a funnel. CTV is listed for awareness; social, web and onsite placements for consideration; onsite formats for purchase "at the shelf." The three offers are:

  • Offsite - "Reach people who buy in the category - on CTV, social and the open web."
  • Onsite - "Be visible at the moment of purchase - six points of sale, one booking."
  • Measurement - "See what the campaign sold - measured on verified purchases."

A dark box beneath states the mechanism in one line: "Every verified purchase sharpens the audiences upstream." It is a closed-loop model, in which the seller of the ads also holds the sales data used to judge them.

A slide headed "Today brands see the last click - we show the whole path" illustrates the argument with three channels: CTV, social and sponsored products. In the "last-click silo," only sponsored products appear in reporting, "1 of 3 contacts." With dmr, CTV and social count as assists and the report shows "3 of 3 contacts." The slide's conclusion: "Upper funnel works - and becomes measurable." A footnote calls this a "Schematic illustration; not based on a single campaign," and the slide does not describe the attribution model that assigns credit. That gap matches a wider one in the market: in November, IAB Europe found that 58 per cent of European retail media buyers want multi-touch attribution while 31 per cent of sellers offer it, and that the share of buyers asking for ROAS had fallen to 49 per cent from 89 per cent.

Two CTV case studies

The presentation includes two campaign results, both from Happydemics brand lift studies conducted in the fourth quarter of 2025.

For Bepanthen, a Bayer consumer health brand, the comparison was between socio-demographic CTV targeting of "women, 35-64" and individual dmr targeting on CTV. According to the slide, purchase intent reached 58 per cent against 27 per cent in a control group, which the slide calls ">2x." Wastage in the audience fell 56 per cent compared with socio-demographic targeting, and campaign cost was 51 per cent lower "at equal impact" compared with standard CTV. Purchase intent is defined as the share of addressed users who can imagine buying Bepanthen. The case was "shown publicly with Bayer Consumer Health at OMR 2026," according to the footnote.

The second case, a vaccination campaign for an anonymised client, replaced targeting of "men & women, 50+" with dmr targeting. Vaccination intent reached 49 per cent against 29 per cent, a gain of 20 percentage points. Strong consideration, defined as a score of 7 to 10 out of 10, reached 44 per cent against 14 per cent, labelled "3.2x." Interest in the ad averaged 5.1 against 1.8, labelled "2.8x." The sample was 500 people, weighted, split into 250 ad recallers and 250 non-recallers.

Two details deserve attention. By PPC Land's arithmetic, 44 divided by 14 is 3.1, not 3.2; the slide may rest on unrounded figures. And the vaccination study compares people who remembered the ad with people who did not, rather than an exposed group with a randomly held-out control, a design in which people already interested in the topic may be more likely to recall the ad. Both cases report survey-based intent and consideration rather than the verified-purchase measurement described elsewhere in the section. The vaccination example also shows the kind of disease-awareness work dmr says it sells into a market where prescription products themselves cannot be advertised.

The moat and the agents

Under "Six things that protect our position," dmr lists its people, a standard ("One booking, one report - across a fragmented market"), its partners, its position, its technology and its products. On position, the slide is blunt: "Only a pharmacy could copy us - none is big enough or positioned like us." On technology, it cites an "own data platform" with "all ad servers" connected. The list is labelled a "dmr Advertising assessment."

The final strategy slide, "AI rewrites media - and we are ready," describes the data platform as live, with "All ad servers connected," "Harmonised KPIs," "100% data ownership" and "Ready for agentic workflows." It then names three areas. In media buying: "Agents talk to agents. Our agents answer the agencies' agents," covering media planning, price negotiation and media buying. In operations: "Agents run campaigns. From planning to billing, with the same team." In new business: "New inventory. Entirely new ad products - unlike anything today." No protocol, technology partner or timetable is named. The industry has not settled on one: the Ad Context Protocol launched in October 2025 and immediately split opinion over whether agentic buying needs a new standards body.

What the dmr slides leave out

The section gives no prices, CPMs, inventory volumes, advertiser concentration or split between onsite and offsite revenue. It also does not address how health purchase data is used for targeting. That question carries legal weight in Germany. In a decision dated November 28, 2025, the Administrative Court of Wiesbaden found that online pharmacy shopping carts can plausibly reveal health information, relying on the Court of Justice of the European Union's Lindenapotheke judgment of October 2024. The closest the presentation comes is in the technology section, where a governance slide refers to "secure health data isolation, mandatory zero model training," and an architecture slide to "strict data boundaries and legal ring-fencing between companies."

TeleClinic and Medi24

The release's second headline item is Switzerland. "With the acquisition of Medi24, a leading Swiss telemedicine provider, DocMorris - through its subsidiary TeleClinic - has taken a significant step towards scaling its high-margin Digital Services business outside Germany," according to DocMorris. The release adds that "thanks to rapid technology integration and operational synergies, the acquisition will make a substantial contribution to TeleClinic's EBITDA in its first full year in 2027." DocMorris' newsroom lists the acquisition announcement on November 4, 2026. Neither document gives a purchase price.

The TeleClinic section, presented by managing directors Benedikt Luber and Julian Simon, sizes both businesses. TeleClinic in Germany had revenue of €27 million in 2025, more than 50 per cent of reimbursed video consultations (excluding psychotherapy), 2 million treatments a year, more than 7,000 doctors, an EBITDA margin above 35 per cent, about 140 full-time staff and 1.6 million customers. Medi24, in Swiss telemedicine since 1999, had revenue of more than €30 million in 2025, roughly 200 full-time staff and 12 insurance partners. The slide calls it "One of the two leading Swiss telemedicine providers," working in insurer-funded models, with a "Low single-digit EBITDA contribution." Together, the two had about €60 million in pro forma 2025 revenue and are "now united under TeleClinic Health AG."

The acquired business is therefore larger than TeleClinic by revenue and headcount but considerably less profitable, and the "low single-digit" description does not state whether it refers to millions of euros or a margin percentage.

TeleClinic's German figures show the model DocMorris wants to export. Revenue grew about 40 per cent between the first nine months of 2025 and the same period of 2026, and EBITDA roughly doubled. The platform takes a fee on treatments delivered by independent doctors, sells white-label telemedicine and AI services to 55 insurance partners on contracts averaging about six years, and runs out-of-hours telemedicine for regional physician associations, two of them live and a third awarded. More than 600 pharmacies have registered for assisted telemedicine since July 2026. TeleClinic ran more than 1.4 million AI symptom interviews between January and September 2026, and its AI booking agent, which more than six insurers pay for per successful booking, reaches about 60 per cent booking success against about 45 per cent for call centres, according to the presentation.

The company presents the headroom as large: 3.2 million video consultations in 2025, up 18 per cent, against about 580 million statutory outpatient treatment cases, a telemedicine penetration of about 0.55 per cent. In Switzerland, about 19 per cent of adults have chosen a telemedicine insurance plan, up from 13 per cent in 2021, according to a Comparis analysis cited on the slide. Telemedicine is also a regulated advertising category, and LegitScript reported in September that telemedicine certification applications had jumped 101 per cent in a year.

AI-First: savings and a Google partnership

Chief executive Walter Hess framed the company as moving "from Online Pharmacy to a Digital & AI Health Platform," with EBITDA breakeven in 2026 ("We are here"), positive free cash flow in 2027 and "sustainable, profitable growth" from 2028. For customers, the AI-First strategy points toward "agentic commerce," with "own and external AI agents" that advise, find and order. For the organisation, it points toward an "agentic enterprise" in which "AI agents run our processes end to end with humans in the loop." A Google partnership is listed as the enabler, covering infrastructure, expertise, early access and co-developed products. No terms are given.

The programme, announced on June 25, 2026 with roughly 100 positions to go, cost CHF 4.3 million in one-off charges in the second quarter, which DocMorris expects to offset with CHF 4.5 million of savings in the second half. By the end of 2027, the company targets more than CHF 15 million a year in recurring net savings, about 75 per cent of it visible in EBITDA, plus about CHF 5 million a year in capex savings and a group-wide reduction of more than 100 full-time positions.

Chief technology officer Pablo Ros reported that 86 per cent of white-collar staff used AI tools in the last 30 days, and that the company counted 3.2 million "AI interactions" in that period. A footnote defines these as "Google Workspace interactions plus Claude Code lines of code generated," a total that adds two different units. According to the presentation, 94 per cent of engineers "are generating 100% code using AI agentic tools," code submissions rose 47 per cent between May and September, and the engineering workforce shrank by 25 per cent year-to-date.

Chief digital health officer Dr. Angeli Möller presented the AI health assistant, now on web as well as app, linking symptom, interaction, skin and vital signs checks, online doctor consultations and e-prescription redemption. A survey cited from Deutsches Ärzteblatt found that 47 per cent of people in Germany already use AI chatbots for medical and health questions, and DocMorris argues for "reliable quality assurance," given that "hallucinations can repeatedly occur."

The example journey the company chose begins in search. A person with high blood pressure "finds DocMorris information about hypertension via internet search (organic traffic)," is offered a chat with the assistant, receives lifestyle tips drawn from the editorial Ratgeber pages, discovers the vital signs check, is linked to a doctor's consultation and is guided to prescription fulfilment. The section's organising line: "DocMorris does not need to own every health service - it needs to make access to the right service seamless."

Logistics and balance sheet

Chief operating officer Kaspar Niklaus said total cost per parcel at the Heerlen distribution centres fell by more than 30 per cent between 2022 and 2026, while orders per full-time employee in logistics rose 150 per cent; the closing slide describes "capacity of up to 50m parcels." On financing, a maturity chart as of October 2026 shows nothing due in 2026, 2027 or 2028, then CHF 200.0 million in 2029 and CHF 96.8 million in 2031. For the 2029 refinancing, the company lists cash generated once free cash flow is positive, debt, and "Hybrid / Equity-linked" instruments "with focus on dilution management."

Where the documents differ

Daniel Wüest's "key messages" slide and the release agree on the headline numbers: around 15 per cent external revenue growth for 2026, Rx growth of more than 90 per cent in October and around 60 per cent for the year. Elsewhere, the two documents do not line up:

  • Doctors on TeleClinic: the release's company description says TeleClinic connects patients "with more than 6,500 doctors." The presentation gives ">7'000 active doctors" and "7,000+ doctors."
  • Employees: the release says "around 1,600 employees" generated 2025 revenue. The presentation's overview slide gives "~1'400" employees, without a date. The difference is consistent with the AI-First job cuts but is not reconciled.
  • Medi24's standing: "a leading Swiss telemedicine provider" in the release; "One of the two leading Swiss telemedicine providers" in the presentation.
  • Medi24's earnings: the release expects "a substantial contribution to TeleClinic's EBITDA" in 2027; the presentation describes Medi24's current contribution as "Low single-digit," with no unit.
  • Active customers: "over 12 million" in 2025 in the release, 13.1 million as of September 30, 2026 in the presentation. These cover different periods rather than conflicting.
  • Case study arithmetic: the vaccination slide's "3.2x" for strong consideration does not match 44 per cent against 14 per cent, which gives 3.1.
  • Currencies: group figures are in Swiss francs, while the Rx chart, the dmr figures and the TeleClinic and Medi24 revenue figures are in euros.

Why this matters for marketers

For health and consumer health brands, the dmr disclosure turns a line inside a mixed segment into a measurable media business: more than €20 million in expected 2026 revenue from 220 advertisers, an average of more than €90,000 per advertiser by PPC Land's division. It is small next to the €2.25 billion of gross health advertising it targets, and small against European retail media as a whole, which grew 16.7 per cent to €13.3 billion in 2025, passing 10 per cent of digital ad spend for the first time, according to IAB Europe. German comparisons exist: OTTO Advertising reported 49 per cent retail media growth in March after adding its own DSP and keyword targeting, and MediaMarktSaturn began selling offsite retail media with Unlimitail in October 2025.

The CTV emphasis matches IAB Europe's late-2025 projection that retail media spend on CTV would grow three times faster than retail search. In Switzerland, where Medi24 now sits, Migros launched sponsored product ads through Criteo in February; the presentation does not say whether dmr will sell media around Medi24's users.

The constraints are specific to health. Prescription medicines cannot be advertised, so the fastest-growing part of DocMorris' business builds audiences that brands can reach only with OTC, consumer health, disease-awareness and non-endemic campaigns, using purchase data that carries the legal sensitivity the Wiesbaden court described. For search marketers, the presentation's own examples point the same way: its AI health journey starts with organic search traffic, and its picture of commoditised OTC competition is a page of Google Shopping ads.

The next data points come on January 19, 2027, when DocMorris reports 2026 revenue, and March 18, 2027, when full-year results and the 2027 outlook follow.

Timeline

Summary

Who: DocMorris AG, the Swiss-listed online pharmacy group based in Frauenfeld, with chief executive Walter Hess, chief financial officer Daniel Wüest and dmr Advertising managing director Björn Wolak, along with its telemedicine subsidiary TeleClinic and the newly acquired Swiss provider Medi24.

What: DocMorris raised its 2026 external revenue growth forecast to around 15 per cent from 12.5 to 15 per cent, its third raise this year, after German prescription revenue grew more than 90 per cent in October. At its Capital Markets Day it disclosed that dmr Advertising expects more than €20 million in 2026 revenue, double 2025, at a mid double-digit EBITDA margin with 220 advertisers invoiced, and set out a pitch to move health advertising from TV and print to CTV, social and six pharmacy points of sale. Several figures differ between the release and the presentation, including TeleClinic's doctor count, the group headcount and the description of Medi24's earnings.

When: The ad hoc release was issued today, November 12, 2026, at 07:00 CET, the same day as the Capital Markets Day. The next updates follow on January 19 and March 18, 2027.

Where: The event took place in Heerlen, the Netherlands, where DocMorris runs its logistics centres, and at the Kurhaus in Aachen, Germany. Almost all revenue comes from Germany; Medi24 operates in Switzerland, and the shares trade on the SIX Swiss Exchange.

Why: For marketers, dmr is one of Europe's larger pharmacy ad sellers, and today's disclosure gives the first company figure for its size within this year's reporting. The pitch rests on purchase data from a health retailer and on a German health ad market of €2.25 billion that, by Nielsen's measured figures, still goes mostly to TV and print - while prescription products cannot be advertised and pharmacy purchase data carries legal sensitivity under German and EU data protection rules.