How Does Sigma Healthcare's (ASX:SIG) Chemist Warehouse Network Continue to Deliver Double-Digit Sales Growth?

Sonal Goyal

05 November 2026 06:16 PM AEDT

How Does Sigma Healthcare's (ASX:SIG) Chemist Warehouse Network Continue to Deliver Double-Digit Sales Growth?

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Key Highlights

• Australian Chemist Warehouse branded stores posted 12.1% sales growth and 9.8% like-for-like growth from 1 July to 16 October 2026

• International store sales grew 30.2% with like-for-like growth of 15.8% for the quarter ended 30 September 2026 on a constant currency basis

• Sigma expects Chemist Warehouse branded store sales to deliver double-digit growth for the balance of the first half

Sigma Healthcare Ltd (ASX:SIG) closed at A$2.82 on 05 November 2026, edging up 1.08% on the session. The S&P/ASX 200 (XJO) gained 2.61%, or 230.60 points, to 9,065.10, while the S&P/ASX 200 Health Care index (XHJ) advanced 3.64%, or 1,240.30 points, to 35,329.10. Overnight Wall Street gains, following the Democrats' decisive victory in the U.S. midterm elections, provided a supportive backdrop for global Equity markets. Sigma Healthcare operates one of Australia's largest pharmacy networks, including the Chemist Warehouse, Amcal, and Discount Drug Stores brands.

Australian Trading Momentum

At its Annual General Meeting on 21 October 2026, Sigma Healthcare provided a trading update for the Chemist Warehouse branded stores. Australian stores posted sales growth of 12.1% for the period from 1 July 2026 to 16 October 2026, with like-for-like sales up 9.8% over the same period.

The company noted that some discretionary categories, including ladies' fragrances, vitamins, and supplements, experienced softness as consumers adjusted purchasing behaviour amid cost-of-living pressures. However, other less discretionary categories such as beauty, healthcare, and GLP-1 supporting products performed well, offsetting the weaker segments. Sigma highlighted that growth was encouraging, noting the company had now cycled the initial structural uplift from the introduction of GLP-1 sales.

International Growth and Store Network Expansion

International Chemist Warehouse branded stores recorded sales growth of 30.2% and like-for-like sales growth of 15.8% for the three months ended 30 September 2026, measured on a constant currency basis. The company's global pharmacy network is approaching 1,000 stores, while the Australian Chemist Warehouse network still represents less than 10% of the country's more than 5,900 community pharmacy licences.

For the first half, Sigma remains on track to onboard 14 Chemist Warehouse stores and 42 Amcal and Discount Drug Stores in Australia, along with a further 19 stores internationally. The company anticipates oral GLP-1 formulations to enter the market in the second half of the 2027 financial year, which could further enhance accessibility for patients and drive additional sales growth.

About Sigma Healthcare

Sigma Healthcare is a leading Australian pharmaceutical distribution and retail pharmacy company. Through the Chemist Warehouse, Amcal, and Discount Drug Stores brands, the company operates a large network of pharmacy outlets across Australia and internationally. The Business model combines wholesale distribution with branded retail pharmacy operations, offering a broad range of health, beauty, and wellness products at competitive prices.

Sector Context

The healthcare sector on the ASX advanced broadly on 05 November 2026, with the Health Care sub-index gaining 3.64%. Within the retail pharmacy segment, the introduction of GLP-1 medications has been a meaningful growth driver, creating new Revenue streams for pharmacy networks. The sector also faces an evolving regulatory environment, with community pharmacy licensing rules and government pharmaceutical benefits policies influencing market dynamics.

Risks

Consumer spending pressures, particularly in discretionary categories, remain a headwind for retail pharmacy operators. The reliance on GLP-1 medications as a growth driver introduces sensitivity to changes in prescribing patterns, Supply availability, and potential regulatory interventions around pricing. International expansion brings execution and currency risk. Additionally, competitive dynamics in the Australian pharmacy sector, including the behaviour of independent pharmacies and other banner groups, could affect market share.

Catalysts on Watch

The entry of oral GLP-1 formulations into the market in the second half of FY27 could provide an additional growth lever. The continued expansion of the store network, both domestically and internationally, remains a key focus. The Christmas trading period, which the company noted it is well prepared for, represents an important seasonal catalyst. Further acquisitions of Amcal and Discount Drug Stores franchisees for revitalisation could also support growth.

What It All Means

Sigma Healthcare's trading update indicates continued momentum across its Chemist Warehouse branded store network, with double-digit sales growth in Australia and even faster growth internationally. The company expects this trajectory to continue through the first half of FY27 as it enters the Christmas trading period.

FAQs

Q: What sales growth did Australian Chemist Warehouse stores achieve?

A: Australian Chemist Warehouse branded stores posted 12.1% sales growth and 9.8% like-for-like growth from 1 July to 16 October 2026.

Q: How did international Chemist Warehouse stores perform?

A: International stores recorded 30.2% sales growth and 15.8% like-for-like growth for the September quarter on a constant currency basis.

Q: How many stores is Sigma adding in the first half of FY27?

A: Sigma is on track to onboard 14 Chemist Warehouse stores and 42 Amcal and Discount Drug Stores in Australia, plus 19 internationally.

Q: What is driving growth in the pharmacy network?

A: Growth has been supported by beauty, healthcare, and GLP-1 supporting products, offsetting some softness in discretionary categories like fragrances and vitamins.

Q: When might oral GLP-1 formulations enter the market?

A: Sigma anticipates oral GLP-1 formulations to become available in the second half of the 2027 financial year.

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