- Record Q2 2026 revenue of over $15 million, an annualized run-rate of over $60 million, at wholly owned subsidiary CosmoFarm
- Revenue up 4.3x under Cosmos Health ownership - from ~$14 million in fiscal 2017, the last full year before acquisition, to an annualized run-rate of over $60 million; ~330% growth at a CAGR of approximately 18%
- Successive record revenue years in 2023, 2024 and 2025, with 2026 expected to continue the trend, based on distribution volumes and performance to date
- Pharmacies served daily up 3.6x, from ~100 in 2017 to ~360 today, within a total network of more than 1,500 pharmacies
- Operating leverage from enhanced route density and optimized order execution - during 2025, revenue per customer up 12%, profitability per customer up 14% and the active customer base up 20%
- Robotics, automation and AI-enabled systems across procurement, inventory and order execution, with capacity that could support a further $40 million or more in annual revenue, which would provide infrastructure for annualized revenue above $100 million
- Instrumental to the Company's 2029 guidance of $200.6 million in revenue, $71.2 million in gross profit, $44.2 million in adjusted EBITDA and $31.0 million in net income
CHICAGO, IL / ACCESS Newswire / September 29, 2026 / Cosmos Health Inc. ("Cosmos Health" or the "Company") (NASDAQ:COSM), a diversified, vertically integrated global healthcare group, today provided an update on its wholly owned pharmaceutical distribution subsidiary, CosmoFarm S.A. ("CosmoFarm"), which delivered record revenue of over $15 million in the second quarter of 2026, representing an annualized revenue run-rate of over $60 million.
A Leading Pharmaceutical Distribution Platform
CosmoFarm is a fully licensed pharmaceutical wholesaler supplying pharmacies from its own distribution center in Peristeri, western Athens. Authorized by the National Organization for Medicines under Good Distribution Practices, it has built more than three decades of uninterrupted presence in the sector.
Its founding objective - structured, rapid service and accurate distribution - remains the operating standard. The range has since broadened to cover the full set of products pharmacies sell today, supported by sustained investment in robotics, automation and the systems that manage procurement, inventory and order execution.
| CosmoFarm at a glance | |
| Business | Wholesale supply and distribution to retail pharmacies |
| Regulatory status | Fully licensed wholesaler, authorized by the National Organization for Medicines under Good Distribution Practices |
| Product range | The full range of products sold by pharmacies, including branded and generic prescription medicines, over-the-counter medicines, parapharmaceuticals, cosmetics, dietary supplements, orthopedic products, medical devices, and infant nutrition and hygiene products |
| Product codes | Over 32,000 |
| Customers | More than 1,500 pharmacies, of which approximately 360 are served daily |
| Facility | Wholly owned 29,100-square-foot distribution center in Peristeri, western Athens |
| Automation and AI | ROWA and SSI SCHÄFER A-frame robotic systems for automated procurement, inventory management and order execution, with artificial intelligence being deployed across procurement, inventory and customer operations |
Quality, immediate and safe customer service is the division's stated priority, alongside a commitment to responsible use of resources and the recycling of paper and plastic across its operations.
Two Drivers of Growth: More Daily Customers, Each Worth More
CosmoFarm measures its customer base on two levels. Its total network comprises more than 1,500 pharmacies, up from over 1,130 at acquisition. Within it sits a core served on a daily basis - those for which CosmoFarm is a principal supplier rather than an occasional one. That core has grown from approximately 100 pharmacies in 2017 to approximately 360 today.
Converting a pharmacy from occasional to daily supply is the central commercial objective in pharmaceutical wholesale, where pharmacies typically source from several distributors. It demands service levels, availability and delivery reliability that smaller operators struggle to match, and it is the basis on which CosmoFarm has built its position.
Revenue has grown in step. In fiscal 2017, the last full year before Cosmos Health acquired the business, CosmoFarm recorded sales of approximately $14 million, as disclosed at the time. It now operates at an annualized revenue run-rate of over $60 million, based on second-quarter 2026 revenue - approximately 4.3 times that level, an increase of around 330%, or a compound annual growth rate of approximately 18%. Growth figures are expressed in U.S. dollars and reflect changes in the euro/U.S. dollar exchange rate over the period.
The two effects compound. Daily-served pharmacies increased approximately 3.6 times, while average revenue per daily-served pharmacy rose by approximately 19% - together substantially accounting for the increase in total revenue.
Growth has come from both organic customer wins and bolt-on transactions. During 2025 alone CosmoFarm added nearly 100 new pharmacy customers organically, with more than 80 further pharmacies added in the second quarter of 2026. Alongside this, three bolt-on acquisitions since 2019 have supported that growth, bringing established regional networks onto the platform.
Consolidating a Fragmented Market
Pharmaceutical wholesale in Greece remains fragmented across regional operators, many without the scale to invest in automation. Since 2019 CosmoFarm has pursued a consolidation strategy alongside organic growth: acquiring established regional networks and integrating their customers onto a single automated platform.
| YEAR | TRANSACTION | STRATEGIC SIGNIFICANCE |
| 2019 | PHARMASYN network | First transaction under the consolidation strategy, deepening the Attica customer base |
| 2023 | Bikas network | Integrated from July 2023, broadening distribution of branded and generic medicines, OTC products, supplements and medical devices |
| 2024 | Pelofarm network | First expansion beyond Attica - more than 30 pharmacies in Arcadia and the central Peloponnese, expected to add over $5 million in annual revenue |
| 2026 | Letter of intent signed | A network generating approximately €10 million (approximately $11.5 million) in annual gross revenue, from a company operating in the market for almost 40 years, subject to definitive agreement and customary closing conditions |
The Pelofarm transaction extended the platform beyond Attica for the first time, establishing that the model is transferable to other regions. A further network acquisition is at the letter of intent stage and would be the largest to date. If completed, the Company expects it to accelerate growth significantly.
Operating Leverage
Network density is a principal driver of economics in pharmaceutical wholesale. Each additional pharmacy on an established route is expected to carry limited incremental cost, so customer growth can support improved margins where the infrastructure can absorb the volume.
During 2025, annual revenue per customer increased by approximately 12% and profitability per customer improved by approximately 14%, while the active customer base grew approximately 20% - driven by enhanced route density and optimized order execution.
Customer numbers, revenue per customer and profitability per customer rising together is consistent with operating leverage rather than volume growth alone.
Wholly Owned Real Estate Supporting Operations and Liquidity
CosmoFarm operates from a wholly owned 29,100-square-foot distribution center in Peristeri, a densely populated municipality in western Athens with established infrastructure and transport links. The facility houses the division's robotic and automation systems and forms part of the Company's wider real estate portfolio, which, taken as a whole, has been independently valued at approximately $15 million on a fair market value basis.
The property has also served as a source of non-dilutive liquidity. In January 2025 the Company secured a bond loan from a European bank on very competitive terms, issued in two tranches of €700,000 and €1,500,000, secured on the CosmoFarm building and maturing in January 2030. Management believes the transaction underscores the strength and flexibility of the Company's real estate assets as an additional financing tool.
Capacity to Support Annualized Revenue Above $100 Million
CosmoFarm has invested several million euros in robotic systems and specialist personnel, and that program is ongoing. The Company is adding further automation and artificial intelligence across procurement, inventory and order fulfillment, and expanding the facility for higher volumes. In June 2026 the Company also signed an agreement to deploy an AI-powered call center supporting multilingual voice, outbound campaigns and real-time reporting.
Facility expansion and robotic capacity could support an additional $40 million or more in annual revenue, with scope to expand further through subsequent investment as volumes require. Against current annualized revenue of over $60 million, that would position CosmoFarm to operate at annualized revenue above $100 million.
Additional volume, whether organic or acquired, is expected to be absorbed at incremental cost, which is the principal mechanism through which the division's margins are expected to improve. Additional capacity reflects the Company's expectation regarding the volume the facility is able to process. The Company intends to utilize that capacity through continued organic growth and acquisitions.
Expected Contribution to 2029 Guidance
Cosmos Health has issued guidance targeting revenue of $200.6 million, gross profit of $71.2 million, adjusted EBITDA of $44.2 million and net income of $31.0 million in 2029. CosmoFarm is expected to be central to these targets. As the Company's largest revenue contributor it is expected to provide a substantial share of the volume growth behind the revenue target, while the operating leverage described above is expected to contribute to consolidated margin expansion.
CosmoFarm also strengthens Cosmos Health's vertically integrated model in its domestic market. The same network that distributes third-party pharmaceuticals and parapharmaceuticals carries the Company's proprietary brands, including Sky Premium Life and C-Scrub, giving those higher-margin products direct access to the pharmacy channel and allowing the Company to capture margin across manufacturing, distribution and brand ownership.
Management Commentary
Greg Siokas, CEO of Cosmos Health, stated: "When we acquired CosmoFarm, it supplied around 100 pharmacies a day. Today it supplies around 360 a day, within a network of more than 1,500, and operates at more than four times the revenue. We got here by winning pharmacies one by one and by acquiring the right regional networks in a market that is still highly fragmented, and the letter of intent we signed this year would be our largest acquisition yet.
"What excites me most is the economics. Every pharmacy we add to an established route makes the whole network more profitable, and the robotics and AI we are deploying give us room to operate above $100 million in annualized revenue on infrastructure that is already in place or under way. CosmoFarm is our largest revenue contributor, the direct channel to market for our own higher-margin brands, and a cornerstone of our 2029 targets. We are just getting started."
About Cosmos Health Inc.
Cosmos Health Inc. (NASDAQ:COSM), incorporated in 2009 in Nevada, is a diversified, vertically integrated global healthcare group. The Company owns a portfolio of proprietary pharmaceutical and nutraceutical brands, including Sky Premium Life, Mediterranation, bio-bebe, C-Sept and C-Scrub. Through its subsidiary Cana Laboratories S.A., licensed under European Good Manufacturing Practices (GMP) and certified by the European Medicines Agency (EMA), it manufactures pharmaceuticals, food supplements, cosmetics, biocides, and medical devices within the European Union. Cosmos Health also distributes a broad line of pharmaceuticals and parapharmaceuticals, including branded generics and OTC medications, to retail pharmacies and wholesale distributors through its subsidiaries in Greece and the UK. Furthermore, the Company has established R&D partnerships targeting major health disorders such as obesity, diabetes, and cancer, enhanced by artificial intelligence drug repurposing technologies, and focuses on the R&D of novel patented nutraceuticals, specialized root extracts, proprietary complex generics, and innovative OTC products. Cosmos Health has also entered the telehealth space through the acquisition of ZipDoctor, Inc., based in Texas, USA. With a global distribution platform, the Company is currently expanding throughout Europe, Asia, and North America, and has offices and distribution centers in Thessaloniki and Athens, Greece, and in Harlow, UK. More information is available at www.cosmoshealthinc.com, www.skypremiumlife.com, www.cana.gr, www.zipdoctor.co, www.cloudscreen.gr, as well as LinkedIn and X.
Forward-Looking Statements
With the exception of the historical information contained in this news release, the matters described herein may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans," and similar expressions, or future or conditional verbs such as "will," "should," "would," "may," and "could," generally identify forward-looking statements, although not all forward-looking statements contain these words. These statements involve risks and uncertainties that may individually or materially affect the matters discussed herein for a variety of reasons outside the Company's control, including, but not limited to: the Company's ability to raise sufficient financing to implement its business plan; the effectiveness of its digital asset strategies, including accumulation and yield-generating activities; the impact of the war in Ukraine and ongoing conflicts in the Middle East and other regions on the Company's business, operations, and the economy in general; the Company's ability to successfully develop and commercialize its proprietary products and technologies; the timing, execution, regulatory clearance, valuation, structuring, and completion of any potential asset-backed or tokenized financing program; the legal, regulatory, and technological risks associated with digital assets and blockchain-based financial structures; the conversion of contract manufacturing pipeline volumes into production and revenue, including the timing, volume and terms of orders placed under multi-year agreements; the realization of anticipated gross margins; the timing, cost and completion of planned capital investments; changes in interest rates; changes in foreign currency exchange rates, commodity or other price inflation and deflation; our ability to issue debt on terms and at rates acceptable to us; the impact and expected outcome of investigations, inquiries, claims, and litigation; the challenges of operating in international markets; the adequacy of insurance coverage; the effect of accounting charges and of adopting certain accounting standards; the impact of legal and regulatory changes, including changes to tax laws and regulations; guidance for fiscal 2026 and beyond and financial outlook. Forward-looking statements are based on currently available information and our current assumptions, expectations and projections about future events. You should not rely on our forward-looking statements. These statements are not guarantees of future performance and are subject to future events, risks and uncertainties - many of which are beyond our control, dependent on the actions of third parties, or currently unknown to us - as well as potentially inaccurate assumptions that could cause actual results to differ materially from our historical experience and our expectations and projections. These risks and uncertainties include, but are not limited to, those described from time to time in our periodic reports filed with the SEC and available at the SEC's website (www.sec.gov). There also may be other factors that we cannot anticipate or that are not described herein, generally because we do not currently perceive them to be material. Such factors could cause results to differ materially from our expectations. Forward-looking statements speak only as of the date they are made, and we do not undertake to update these statements other than as required by law. You are advised, however, to review any further disclosures we make on related subjects in our filings with the Securities and Exchange Commission and in our other public statements.
Investor Relations Contact:
BDG Communications
cosm@bdgcommunications.com
SOURCE: Cosmos Health Inc.
View the original press release on ACCESS Newswire:
https://www.accessnewswire.com/newsroom/en/healthcare-and-pharmaceutical/cosmos-healths-cosmofarm-reaches-record-annualized-revenue-above-60-m-1226797
