Nasdaq CopenhagenIFRS · EUR

ABACUS MEDICINE A/S

Abacus Medicine A/S is a Denmark-based pharmaceutical wholesaler and service company focused on parallel trade and distribution of medicinal products across European markets. Through its group structure, it supplies pharmacies, hospitals, healthcare providers and other wholesalers with pharmaceuticals and related products, while also operating related healthcare businesses.

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Revenue1,818m EUR
+22.2 %y/y
Operating profit (EBIT)27.6m EUR
−26.3 %y/y
EBIT margin1.5%
−1.0 ppy/y
Net income7.8m EUR
−55.9 %y/y
Free cash flow16.1m EUR
−54.0 %y/y

Fiscal year 2025 · change from previous year

Development 2024–2025

05001,0001,5002,000m EUR2024: 1,487 m EUR2024: EBIT 37 m EUR20242025: 1,818 m EUR2025: EBIT 28 m EUR20251,81828
RevenueOperating profit (EBIT)
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Business

Share of revenue
Pharmaceutical wholesale75 %

Bulk distribution and resale of medicinal products and related goods to professional healthcare buyers.

Parallel trade pharmaceuticals20 %

Cross-border sourcing and redistribution of medicines within regulated European markets.

Healthcare services5 %

Ancillary services tied to pharmaceutical supply and related healthcare operations.

Customers

Abacus Medicine sells primarily to professional healthcare buyers rather than end consumers. Its customer base includes wholesalers and pharmacies, and it also serves hospitals and other healthcare providers through its distribution activities. These customers buy from Abacus Medicine to secure access to regulated medicines, manage supply continuity, and source products across European markets.

Wholesalers

Buy pharmaceuticals in bulk for redistribution; important because the annual report identifies them as a main customer group.

Pharmacies

Purchase medicines to meet patient demand and manage stock availability across regulated markets.

Hospitals

Source pharmaceutical products for institutional use and inventory continuity.

Healthcare providers

Buy related products and services tied to medicines distribution and access.

Strategy

The company’s strategic position is built around sourcing, distributing and trading pharmaceuticals across regulated European markets. Its business model depends on maintaining reliable supplier access, efficient logistics and broad customer coverage across professional healthcare channels. Related services and acquisitions also extend the group beyond pure wholesale trade.

Protect access to supply and market coverageShort term

Parallel trade and wholesale depend on product availability, regulatory access and efficient distribution.

Strengthen customer and credit risk managementShort term

The business invoices professional buyers and uses factoring to limit receivable risk.

Build adjacent healthcare capabilitiesMedium term

Related products and services can broaden the business beyond core wholesale trade.

Geography

Abacus Medicine is headquartered in Copenhagen, Denmark, and operates through a European pharmaceutical trading and distribution network. The annual report references group operations in Ireland and Germany, indicating a multi-country footprint that supports cross-border supply and sourcing. Its business is exposed to regulatory, pricing and logistics conditions across the European markets in which it operates.

Risks

Abacus Medicine is exposed to pharmaceutical pricing pressure, regulatory changes and supply disruptions inherent in cross-border drug trading. Customer concentration in professional healthcare channels also creates credit and working-capital risk, although factoring reduces some receivable exposure. Earnings can also be affected by inventory valuation, contingent consideration and other judgment-based accounting estimates.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory change in parallel trade1Supply chain disruption2Customer credit risk3Inventory valuation risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory change in parallel tradeImpact: HighLikelihood: Medium

    Pharmaceutical wholesale and cross-border trade depend on national and EU healthcare rules.

    Exposure: Parallel trade and distribution activity

  2. Supply chain disruptionImpact: HighLikelihood: Medium

    The business relies on timely access to medicines and efficient logistics across markets.

    Exposure: Product availability and service levels

  3. Customer credit riskImpact: MediumLikelihood: High

    Sales are made to wholesalers, pharmacies and hospitals, and payment patterns must be monitored.

    Exposure: Trade receivables

  4. Inventory valuation riskImpact: MediumLikelihood: Medium

    Medicines inventory must be carried at net realisable value and can require write-downs.

    Exposure: Inventory losses and margin volatility

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Accounting

Judgemental items
Inventory valuation

Pharmaceutical inventory is tested for net realisable value and can require expense recognition.

Impact: Affects gross profit and working capital

Factoring agreements

Invoices are generally sold to a factoring company, affecting receivable exposure and cash flow presentation.

Impact: Affects trade receivables and liquidity

Contingent consideration

Acquisition earn-outs are measured at fair value using discounted cash flow assumptions.

Impact: Affects provisions and finance costs

Expected credit losses

Customer write-downs depend on payment behavior, credit ratings and market developments.

Impact: Affects impairment charges on receivables

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Last updated: 24/10/2026