ASX listed pharma boosted by weight loss drugs

Morning Star AU

18小時前

Sigma’s (ASX.SIG) revenue grew by 16% to $10.9 billion in fiscal 2026, on a pro-forma basis. The core Chemist Warehouse network in Australia benefited from strong demand for weight loss drugs. ...

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The core Chemist Warehouse network in Australia benefited from strong demand for weight loss drugs. ...</p>\n\n<a href=\"https://www.morningstar.com.au/stocks/asx-listed-pharma-boosted-by-weight-loss-drugs\">网页链接</a>\n\n</div>\n","source":"morningstar_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>ASX listed pharma boosted by weight loss drugs</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nASX listed pharma boosted by weight loss drugs\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Morning Star AU</strong><span class=\"h-time small\">2026-08-31 00:00</span>\n</p>\n</h4>\n</header>\n<article>\n<div>\n<p>Sigma’s (ASX.SIG) revenue grew by 16% to $10.9 billion in fiscal 2026, on a pro-forma basis. The core Chemist Warehouse network in Australia benefited from strong demand for weight loss drugs. ...</p>\n\n<a href=\"https://www.morningstar.com.au/stocks/asx-listed-pharma-boosted-by-weight-loss-drugs\">网页链接</a>\n\n</div>\n\n<div class=\"bt-text\">\n\n\n<p> 來源：<a href=\"https://www.morningstar.com.au/stocks/asx-listed-pharma-boosted-by-weight-loss-drugs\">Morning Star AU</a></p>\n<p>為提升您的閱讀體驗，我們對本頁面進行了排版優化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IOZ.AU","symbol_name":"iShares Core S&P/ASX 200","start_time":0,"source_url":"https://www.morningstar.com.au/stocks/asx-listed-pharma-boosted-by-weight-loss-drugs","article_id":"2663022527","we_media_id":null,"thumbnails":[],"rights":{"source":"morningstar_stock","url":"https://www.morningstar.com.au/stocks/asx-listed-pharma-boosted-by-weight-loss-drugs","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2663022527","pubTimestamp":1788105600,"columns":[],"sourceInfo":{"source_id":"morningstar_stock","name":"Morning Star"},"weMediaInfo":null,"summary":"Sigma’s (ASX.SIG) revenue grew by 16% to $10.9 billion in fiscal 2026, on a pro-forma basis. The core Chemist Warehouse network in Australia benefited from strong demand for weight loss drugs. Underly","collect":0,"end_time":0,"defaultTopTitle":"morningstar.com.au","property":[],"viewcount":null,"language":"en","relate_stocks":{"IOZ.AU":"iShares Core S&P/ASX 200","QRE.AU":"BetaShares Australian Res Sect ETF","XKO.AU":"标普/澳交所 300指数","XAO.AU":"标普/澳交所 普通股指数","HRTS":"Tema Heart & Health ETF","SLF.AU":"SPDR S&P/ASX 200 LISTED PROP","VAP.AU":"VANGUARD AU PROP SEC IDX ETF","ZYAU.AU":"Etfs S&p/asx 300 High Yield Plus Etf","BEAR.AU":"BETASHARES AUS EQ BEAR HF","VAS.AU":"VANGUARD AUST SHARES IDX ETF","XJO.AU":"标普/澳交所 200指数","DACE.AU":"DIMENSIONAL AUST CORE EQ","OZF.AU":"SPDR S&P/ASX 200 FINANCIALS","EIGA.AU":"EINVEST INCOME GENERATOR FD","IMLC.AU":"INV MUTUAL CONC AUS SHAR ETF","OZR.AU":"SPDR S&P/ASX 200 RESOURCES F","JDOC":"JPMORGAN HEALTHCARE LEADERS ETF","IIGF.AU":"Intelligent Investor Australian Equity Growth Fund (Managed Fund)","THNR":"AMPLIFY WEIGHT LOSS DRUG & TREATMENT ETF","IISV.AU":"INTELL INV SELVAL SHR FD MF","GEAR.AU":"BETASHARES GEARED AUS EQTY F","E200.AU":"SPDR S&P/ASX 200 ESG FUND","GIVE.AU":"PERPETUAL ESG AU SHR EQMF","QFN.AU":"BetaShares Australian Fincls Sect ETF","STW.AU":"SPDR® S&P/ASX 200 ETF","BBOZ.AU":"BETASHARES AUSTRALIAN STRONG BEAR (HEDGE FUND)"},"translate_title":"澳大利亚证券交易所上市制药公司受到减肥药物的推动","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BEAR.AU":0.6,"GEAR.AU":0.6,"XAO.AU":0.61,"IISV.AU":0.6,"XKO.AU":0.61,"IOZ.AU":0.6,"ZYAU.AU":0.6,"JDOC":1.5,"OZF.AU":0.6,"E200.AU":0.6,"VAS.AU":0.6,"QFN.AU":0.6,"HRTS":1.5,"THNR":1.5,"OZR.AU":0.6,"QRE.AU":0.6,"SLF.AU":0.6,"XJO.AU":0.61,"IIGF.AU":0.6,"EIGA.AU":0.6,"GIVE.AU":0.6,"IMLC.AU":0.6,"DACE.AU":0.6,"STW.AU":0.6,"VAP.AU":0.6,"BBOZ.AU":0.6},"content_text":"Sigma’s (ASX.SIG) revenue grew by 16% to $10.9 billion in fiscal 2026, on a pro-forma basis. The core Chemist Warehouse network in Australia benefited from strong demand for weight loss drugs. Underlying EBIT increased by 21%, but shares fell 8% as the growth was still less than the market expected.Why it matters: However, underlying group EBIT of $1.1 billion was in line with our estimate, with the Australian segment accounting for 95% of it. Rising demand for GLP-1 weight loss drugs is driving sales of other products, too. We expect demand for GLP-1s to increase further in fiscal 2027.We lift our fiscal 2027 underlying EBIT estimate by 5% on higher like-for-like sales growth for the Australian Chemist Warehouse network. We expect GLP-1 demand growth to slow from fiscal 2028 as it increases off a higher base. Our longer-term assumptions are largely unchanged.We expect group EBIT margin to rise to 13% by fiscal 2031, from 10% in fiscal 2026, driven by cost savings and scale benefits. It has realized $33 million in annualized savings versus its $100 million target by fiscal 2029, largely through warehousing and distribution optimization.The bottom line: We increase our fair value estimate for no-moat Sigma by 4% to $2.70 per share due to the time value of money and marginally higher average earnings, which are up 2% over our forecast horizon. Shares are fairly valued.We estimate Australian like-for-like growth averaged 4% over the past eight years and was boosted in the last three years by inflation, the recovery from covid, and now weight-loss drugs. We forecast 6% average like-for-like growth over the next 10 years, moderating but remaining above trend.Between the lines: We expect the international segment to be an insignificant contributor to profits medium term, despite growing strongly. Its earnings almost doubled in fiscal 2026, with the Irish stores turning profitable. We anticipate the UK entry to be a slight drag on its profits as it scales.Sigma’s UK entry likely a slight drag on profits as it scalesSigma’s strategy is to gain share by rolling out franchise stores. Along with franchise fees, franchisees secure a route for distribution volumes. Sigma’s key brands are Chemist Warehouse, Amcal and Discount Drug Stores.Sigma attracts franchisees through its compelling brand proposition mainly in Chemist Warehouse, support services and competitive trading terms. By using its market-leading scale over Ebos and API, it can secure lower-priced agreements from manufacturers to offer its franchisees an affordable and reliable supply of a broad range of stock. Sigma also aims to increase its sales of higher-margin private label and exclusive brands. Together, they accounted for under 10% of Australian Chemist Warehouse fiscal 2025 network sales.Following the Chemist Warehouse merger, Sigma is cutting costs to become a more efficient operator. For instance, the business aims to limit excess warehouse capacity by consolidating its distribution centers and optimizing inventory and throughput. The combined group also aims to reduce kilometers traveled by its transportation vehicles to minimize distribution costs. Finally, the group aims to fractionalize its IT and corporate costs over a larger base. Sigma aims to deliver a potential $100 million in cost synergies by fiscal 2029, or roughly 7% of our forecast fiscal 2029 EBIT, mainly through these initiatives that we assume will be realized. Fiscal 2025 operating expenses were 8% as a percentage of sales.The non-discretionary nature of health products, coupled with ageing of the general population, implies defensive earnings streams. The over 65-year-old population accounts for over 50% of pharmaceutical sales and made up roughly 17% of the Australian population in 2023 from 12% in 1993. However, regulation caps the gross margins distributors can earn at 7% for drugs on the Pharmaceutical Benefits Scheme, or PBS. Ongoing PBS price reform also gradually lowers the prices for these drugs over time. However, Sigma is best placed within the industry. Its superior scale, efficient operations, and product mix translate into higher operating margins than peers and its ability to earn economic profits.Bulls saySigma’s superior scale in pharmacy distribution is hard to replicate, and as a result, we think its relative cost advantages should persist.Demand for pharmaceuticals and other health-related products is underpinned by favorable demographic trends, including an ageing population in Australia.Sigma successfully attracts franchisees by leveraging its compelling brand proposition mainly in Chemist Warehouse, support services, and competitive trading terms.Bears sayThe significant merger with Chemist Warehouse poses both execution and integration risk over the long term in achieving expected cost synergies.Sigma’s competitive positioning is weaker in non-pharmaceutical logistics where is competes with global players like DHL.About 60% of Chemist Warehouse network sales are front-of-shop items which face broader competition outside of pharmacies, including supermarkets.Subscribe to get Morningstar insights in your inbox","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"}}}