Sigma's mega-merger with Chemist Warehouse is delivering even more than the firm expected, its chairman says, as the pharmacy giant swells to become one of Australia's biggest listed companies.
The pharmacy operator's first annual general meeting since the February tie-up resembled a victory lap for executives, who basked in increased revenue and profit and a soaring share price.
Two years ago, Sigma was trading at 64 cents, while on Wednesday shares were fetching $3.08.
"We have created a stronger, more integrated healthcare business with an exciting future," chairman Michael Sammells said.
Annual revenue was up by 82 per cent to $6 billion, while normalised net profit after tax was $579.1m, up 40 per cent, including merger-related costs.
Fuelling that growth is Australia's insatiable appetite for pharmaceuticals, particularly weight-loss drugs.
Spending at Chemist Warehouse stores grew by 17.9 per cent compared to the previous September quarter, chief executive Vikesh Ramsunder said.
"First quarter financial year 2026 sales reflect a strong performance across key product categories and a stronger contribution from GLP-1 sales," he said, referencing the hormone targeted by Ozempic and similar drugs.
The multi-faceted pharmaceuticals company is best known for its retail arm, which has grown to more than 880 stores branded as Amcal, Chemist Warehouse and Discount Drug Stores.
It also acts as a wholesaler with 14 distribution centres nationally and as a logistics and warehousing operation.
The company's elevated share price means it has a bigger market capitalisation than retail giants Woolworths and Coles, while sitting just south of energy titan Woodside.
"Our challenge is to understand and protect what has made each (joined) company successful while merging the two into one," Mr Sammells said.
"With Sigma's share price up over 400 per cent over the last two years, our market value is around $35 billion, placing Sigma in the top 20 companies on the ASX."
Shareholders applauded the performance, although one retail investor complained of vastly reduced dividends from previous years.
Mr Sammells said the company retained a dividend payout ratio of 50-70 per cent, but after issuing nine billion shares to Chemist Warehouse owners it had more mouths to feed.
