Pharmx Technologies Ltd (ASX:PHX) Shares Drop on the ASX: What’s Driving the Move?

Sonal Goyal

23 October 2026 02:47 PM AEDT

Pharmx Technologies Ltd (ASX:PHX) Shares Drop on the ASX: What’s Driving the Move?

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Key Highlights

Pharmx Technologies Ltd (ASX:PHX) was trading at A$0.065, down 9.72%, during the 23 October 2026 trading session.
On 27 August 2026, the company reported FY26 total Revenue of $7.7 million, up 3%, and EBITDA of $1.1 million (FY25: $1.6 million).
The S&P/ASX 200 was down 0.37% at 1:16 pm AEDT on 23 October 2026.

Pharmx Technologies Ltd (ASX:PHX) was trading at A$0.065, down 9.72%, during the 23 October 2026 trading session, a considerably larger fall than the S&P/ASX 200 (XJO), which was at 8,760.50, down 0.37% (down 32.70 points) at 1:16 pm AEDT. Pharmx describes itself as an ordering platform for the pharmacy sector in Australia and New Zealand, connecting pharmacies, suppliers and technology vendors. Its most recent results update was released on 27 August 2026, when the company reported results for the year ended 30 June 2026, including total revenue of $7.7 million and a strategic alliance with Sigma Healthcare Limited (ASX: SIG). That release pre-dates today's session, and no link between the two is suggested here.

Latest Developments

FY26 financial results (27 August 2026)

On 27 August 2026, Pharmx announced results for the year ended 30 June 2026. Total revenue was $7.7 million, up 3% on the previous corresponding period. The company said Marketplace Recurring Revenue was up 73% and Analytics revenue was up 25% on FY25, while Gateway revenue was up 8% on a like-for-like basis, excluding the impact of a change in distribution arrangements for two suppliers.

EBITDA was $1.1 million, compared with $1.6 million in FY25. According to the company, this reflected planned Investment in the Marketplace launch, sales and marketing, and costs associated with the Sigma Strategic Alliance. Gross Margin increased to 84% (FY25: 82%), and the cash position at 30 June 2026 was $2.6 million.

Sigma Strategic Alliance (27 August 2026)

In the same announcement, Pharmx said that in February 2026 it formed a multi-year strategic alliance with Sigma Healthcare Limited, which the company described as one of Australia's leading pharmaceutical wholesalers and retail pharmacy operators. Under the alliance, Pharmx becomes the preferred EDI provider to Sigma and the Chemist Warehouse network in Australia and New Zealand. Sigma subscribed for shares equivalent to 10% of Pharmx's issued Share Capital and holds a seat on the Pharmx Board. Pharmx said it will continue to operate as an independent, whole-of-market solutions provider for the ANZ pharmacy sector.

It said it modernised its platform to support Sigma's new distribution centre in New Zealand, which it described as the launch of its first vertically integrated EDI solution. It also said it expects an 18% cloud platform cost reduction going forward.

Marketplace metrics (27 August 2026)

Pharmx said its new Marketplace platform launched in November 2025, replacing the legacy PharmXchange marketplace. The company reported gross transaction value (GTV) of $2.9 million in June 2026, with fourth-quarter GTV up 261% on the third quarter across total customers. For its primary target cohort, the company reported a 340% quarter-on-quarter increase in GTV and a 200% increase in active users.

Pharmx also said it increased supplier partners by 5% during the year and the number of suppliers using the full single platform offering by 13%. New partners named include Kenvue (Johnson & Johnson Pacific), Essity, Kimberly Clark NZ, Boody and Kind Brands.

About Pharmx Technologies Ltd

Pharmx Technologies Limited (ASX:PHX) describes itself as an ordering platform for pharmacies in Australia and New Zealand, providing infrastructure for ordering and inventory management. According to the company, it connects pharmacies, suppliers and technology vendors and facilitates over $20 billion in transactions annually through ordering, e-invoicing and analytics solutions.

Related Sector Context

Pharmx operates in pharmacy technology, a part of the broader healthcare and technology sectors on the ASX. Its Business sits between pharmacies, wholesalers and suppliers, and the company states that its positioning is linked to population growth, demographic shifts and regulatory changes in its markets.

Risks to Weigh In

EBITDA of $1.1 million in FY26 was lower than the $1.6 million reported for FY25, which the company linked to planned investment and Sigma-related costs.
Gateway revenue growth of 8% was on a like-for-like basis and excluded the effect of a change in distribution arrangements for two suppliers.
The Marketplace is a recently launched platform (November 2025), and the company's reported metrics relate to a short operating history.
The company's outcomes under the Sigma alliance depend on delivery of projects, with the first confirmed project supporting Sigma's South Auckland distribution centre.

Catalysts on Watch

The company's stated FY27 priorities: scaling Marketplace volumes and supplier growth, expanding margins through supplier migration and improved commission mix, and building out data and analytics capabilities.
Further work under the Sigma Strategic Alliance, including opportunities the company said it has to expand its scope of services and access additional international markets.
Continued onboarding of suppliers to the full single platform offering.

The Story So Far

Pharmx Technologies was trading lower during the 23 October 2026 trading session, down 9.72% at A$0.065. Its latest results update, released on 27 August 2026, reported 3% revenue growth, lower EBITDA, a share subscription by Sigma and growth in Marketplace metrics, according to the company. The benchmark S&P/ASX 200 was down 0.37% at 1:16 pm AEDT.

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