Pharmacy & Drugstore Chains Switzerland: 6.5–9× EBITDA, 1,479 Firms (2026)

1.0Market Snapshot

1,479: Pharmacy companies (1,140) and drugstore companies (339) in 2024 (BFS STATENT, NOGA 47.73 and 47.75.01). BFS counts companies, so a chain counts once; pharmaSuisse counts 1,830 pharmacy outlets (October 2025).
27,029: Employees of Swiss pharmacies (22,365) and drugstores (4,664) in 2024 (BFS STATENT). Pharmacy employment is up 21.0% since 2011 while the number of pharmacy companies fell 11.3%.
+10.8%: Growth in pharmacy and drugstore employment from 2020 to 2024 (BFS STATENT). The Swiss pharma market grew 4.8% in the first half of 2025, driven by prescription medicines including GLP-1 weight-loss drugs (Galenica, August 2025).

According to Val Index analysis of Swiss commercial-register and federal data (2026), Switzerland counts 1,479 pharmacy & drugstore chains companies — Pharmacy companies (1,140) and drugstore companies (339) in 2024 (BFS STATENT, NOGA 47.73 and 47.75.01). BFS counts companies, so a chain counts once; pharmaSuisse counts 1,830 pharmacy outlets (October 2025)..

2.0Industry Overview

Market Scope

Switzerland has 1,830 pharmacies, of which 666 belong to chains and 1,164 are independent, according to pharmaSuisse (October 2025). BFS counted 1,140 pharmacy companies with 22,365 employees and 339 drugstore companies with 4,664 employees in 2024 (STATENT); because a chain counts as one company, the BFS figure is lower than the number of outlets. The industry is concentrating: there are 11.3% fewer pharmacy companies than in 2011 but 21.0% more pharmacy staff. With about 20 pharmacies per 100,000 residents, Switzerland has fewer than the European average of 31, mainly because doctors may dispense medicines themselves in many cantons.

3.0Industry Health Check (SWOT)

Key opportunityNew services

Internal factors

Strengths4

Licensed, regulated market with high barriers

Weaknesses4

Falling drug prices (index 70.3 vs 2010)

External factors

Opportunities4

New services: vaccination, prevention, advice

Threats4

Further federal price cuts

Sector Outlook

DefensiveBalancedGrowth

4.0Key Trends

Chains gain ground

666 of 1,830 Swiss pharmacies belong to chains, led by Galenica's Amavita, Sun Store and Coop Vitality with 366 (pharmaSuisse, October 2025).

Fewer, larger pharmacies

11.3%

The number of pharmacy companies fell 11.3% from 2011 to 2024 while employment rose 21.0% (BFS STATENT).

Prescription drugs drive growth

4.8%

The Swiss pharma market grew 4.8% in the first half of 2025, helped by GLP-1 weight-loss drugs (Galenica).

Falling prices

The drug price index stood at 70.3 in 2024 (2010 = 100), the only health price index to fall steadily (pharmaSuisse, BFS).

Migros in pharmacy

Medbase took over the Swiss business of Zur Rose in 2023, cleared by the competition commission (Netzwoche, moneycab).

5.0Cost Structure Benchmark

68%

18%

Cost of goods68%: medicines and products
Personnel18%
Rent and premises6%
IT and logistics2%
EBITDA margin6%

Indicative split for a Swiss independent pharmacy, not a measured figure.

6.0Top Pharmacy & Drugstore Chains Companies in Switzerland

Name	Location	Key Facts
Galenica (Amavita, Sun Store)CHE-397.323.951	Bern BE	Galenica AG: listed health group registered in Bern, owner of the Amavita (196 pharmacies) and Sun Store (84) chains and partner in Coop Vitality, with wholesale and logistics businesses. 2025 revenue CHF 4.14 billion (+5.5%).
Coop VitalityCHE-107.892.180	Bern BE	Coop Vitality AG: pharmacy chain registered in Bern, a joint venture of Coop and Galenica with 86 pharmacies (pharmaSuisse); it has absorbed several independent pharmacies, according to the register.
Pharmacies BENUCHE-107.911.280	Köniz BE	Pharmacies BENU SA: pharmacy chain registered in Köniz with 102 pharmacies (pharmaSuisse); the register lists a long series of absorbed local pharmacies.
Dr. Bähler DROPACHE-109.103.351	Zürich ZH	DR. BÄHLER DROPA AG: chain of pharmacies and drugstores registered in Zurich, with 73 pharmacies (pharmaSuisse).
Medbase Apotheken (Migros)CHE-105.952.256	Winterthur ZH	Medbase Apotheken AG: Migros's pharmacy company, registered in Winterthur, with 49 pharmacies (pharmaSuisse); formerly Topwell-Apotheken, it has absorbed many local pharmacies.
Zur Rose Suisse (Medbase)CHE-101.583.964	Frauenfeld TG	Zur Rose Suisse AG: mail-order and retail pharmacy registered in Frauenfeld, part of Medbase (Migros) since the 2023 takeover of Zur Rose's Swiss business.
Groupe Pharmacie PopulaireCHE-106.029.451	Le Grand-Saconnex GE	Groupe Pharmacie Populaire société coopérative: Geneva-based pharmacy cooperative, registered in Le Grand-Saconnex, with 24 pharmacies (pharmaSuisse).

Galenica (Amavita, Sun Store)

CHE-397.323.951

Bern BE

Galenica AG: listed health group registered in Bern, owner of the Amavita (196 pharmacies) and Sun Store (84) chains and partner in Coop Vitality, with wholesale and logistics businesses. 2025 revenue CHF 4.14 billion (+5.5%).

Coop Vitality

CHE-107.892.180

Bern BE

Coop Vitality AG: pharmacy chain registered in Bern, a joint venture of Coop and Galenica with 86 pharmacies (pharmaSuisse); it has absorbed several independent pharmacies, according to the register.

Pharmacies BENU

CHE-107.911.280

Köniz BE

Pharmacies BENU SA: pharmacy chain registered in Köniz with 102 pharmacies (pharmaSuisse); the register lists a long series of absorbed local pharmacies.

Dr. Bähler DROPA

CHE-109.103.351

Zürich ZH

DR. BÄHLER DROPA AG: chain of pharmacies and drugstores registered in Zurich, with 73 pharmacies (pharmaSuisse).

Medbase Apotheken (Migros)

CHE-105.952.256

Winterthur ZH

Medbase Apotheken AG: Migros's pharmacy company, registered in Winterthur, with 49 pharmacies (pharmaSuisse); formerly Topwell-Apotheken, it has absorbed many local pharmacies.

Zur Rose Suisse (Medbase)

CHE-101.583.964

Frauenfeld TG

Zur Rose Suisse AG: mail-order and retail pharmacy registered in Frauenfeld, part of Medbase (Migros) since the 2023 takeover of Zur Rose's Swiss business.

Groupe Pharmacie Populaire

CHE-106.029.451

Le Grand-Saconnex GE

Groupe Pharmacie Populaire société coopérative: Geneva-based pharmacy cooperative, registered in Le Grand-Saconnex, with 24 pharmacies (pharmaSuisse).

Companies are listed when they are confirmed in the commercial register, have a significant Swiss presence in this niche and at least one sourced fact.

7.0Succession & M&A Context

Independents sell to chains

1,830: pharmacies in Switzerland, 666 in chains (pharmaSuisse, 2025)
+21.0%: pharmacy employment 2011–2024 (BFS STATENT)
70.3: drug price index 2024, 2010 = 100 (pharmaSuisse, BFS)
6.5–9.0×: EBITDA deal multiples (ValIndex multiples table)

Most Swiss pharmacies are still independent, but chains keep growing: 666 of 1,830 pharmacies already belong to one. A pharmacy must be run by a licensed pharmacist, so an owner who retires needs a qualified successor or a buyer, and chains such as Galenica, BENU and Medbase are the usual buyers. Buyers pay for location, prescription volume, staff and services such as vaccination, and discount for doctor dispensing nearby, falling prices and dependence on the owner. ValIndex's multiples table puts pharmacy retail at 6.5–9.0× EBITDA in transactions and 5.0–7.0× on statutory valuations.

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Valuation Snapshot

Pharmacy & Drugstore Chains business valuation in Switzerland

Statutory Multiple (EBITDA): 5.0 - 7.0×
Deal Multiple (EBITDA): 6.5 - 9.0×
Market Trend: Stable

Indicative ranges based on market research. Actual multiples vary by company size, growth, and market conditions.

8.0Regional Clusters

Western Switzerland

VDGEFRVSNEJU

436 pharmacy and drugstore companies with 4,994 employees in 2024 (BFS STATENT), the most of any region, as doctors dispense less in Romandy.

Northwestern Switzerland

AGBLBS

193 companies with 4,601 employees.

Bern and Solothurn

BESO

190 companies with 9,141 employees, a third of the national total, because Galenica, Coop Vitality and BENU are registered here and count their staff here.

Zurich

181 companies with 3,555 employees; DROPA (Zurich) and Medbase Apotheken (Winterthur) are registered here.

Ticino

174 companies with 1,333 employees, the smallest on average (7.7 per company).

Eastern Switzerland

SGTGGRSHARAIGL

163 companies with 1,831 employees; Zur Rose Suisse is registered in Frauenfeld.

Central Switzerland

LUSZZGOWURNW

117 companies with 1,557 employees.

Sources

BFS STATENT — institutional units, employees and FTE by NOGA type and canton, 2011–2024 (NOGA 47.73 pharmacies, 47.75.01 drugstores)pharmaSuisse — Fakten und Zahlen Schweizer Apotheken 2025 (data as of 7 October 2025: 1,830 pharmacies, chains, density, drug price index, OKP cost shares)Galenica — Ad hoc: Halbjahresergebnisse 2025, Galenica wächst erfreulich und erhöht EBIT-Ausblick (7 August 2025)moneycab — Galenica wächst 2025 wie versprochen und knackt 4-Milliarden-Marke (22 January 2026)Netzwoche — Migros-Tochter Medbase übernimmt Zur Rose Schweiz (6 February 2023)moneycab — Weko bewilligt Kauf des Schweizer Zur Rose-Geschäfts durch Migros (27 April 2023)Galenica — Investor presentation, March 2026 (Coop Vitality joint venture 49:51 with Coop, 86 pharmacies)Zefix — Swiss Central Business Name Index (seats, former names and takeovers of Galenica, Coop Vitality, Pharmacies BENU, Dr. Bähler DROPA, Medbase Apotheken, Zur Rose Suisse and Groupe Pharmacie Populaire)

Alain Walder, M.A. HSG · ValIndex|Data as of 2026-10|8 sources cited

9.0Frequently Asked Questions

▶How much is a pharmacy worth in Switzerland?

ValIndex's multiples table puts Swiss pharmacy retail at 6.5–9.0× EBITDA in transactions and 5.0–7.0× EBITDA on statutory valuations. Chains are the most active buyers of independent pharmacies.

▶What drives the value of a Swiss pharmacy?

Buyers price: (1) location and footfall; (2) prescription volume and customer base; (3) whether doctors nearby dispense medicines; (4) services such as vaccination; (5) staff and a licensed pharmacist to take over; (6) rent and lease terms.

▶How many pharmacies are there in Switzerland?

pharmaSuisse counts 1,830 pharmacies (October 2025), 666 in chains and 1,164 independent. BFS counted 1,140 pharmacy companies with 22,365 employees and 339 drugstore companies with 4,664 employees in 2024.

▶Who are the main Swiss pharmacy chains?

Galenica runs Amavita (196 pharmacies) and Sun Store (84) and shares Coop Vitality (86) with Coop; other chains are BENU (102), Dr. Bähler DROPA (73), Medbase (49, Migros) and Pharmacie Populaire (24) (pharmaSuisse).

▶What are the key trends in Swiss pharmacy retail?

Five trends: (1) chains gaining share; (2) fewer, larger pharmacies; (3) prescription-led growth including GLP-1 drugs; (4) falling drug prices; (5) Migros's entry through Medbase and Zur Rose.

▶What are the main risks when buying a Swiss pharmacy?

The main risks are: (1) federal price cuts; (2) doctor dispensing in the area; (3) finding a licensed pharmacist; (4) online competition; (5) lease terms. Due diligence should check prescription volumes, margins by product group, staff and the lease.

▶Is the Swiss pharmacy market growing?

Yes in volume. The Swiss pharma market grew 4.8% in the first half of 2025 and pharmacy employment rose 10.8% from 2020 to 2024, although drug prices keep falling.

▶Where are Swiss pharmacies located?

Using BFS figures for 2024: Western Switzerland has the most pharmacy and drugstore companies (436, with 4,994 employees), followed by Northwestern Switzerland (193; 4,601), Bern and Solothurn (190; 9,141, inflated by chain headquarters), Zurich (181; 3,555), Ticino (174; 1,333), Eastern Switzerland (163; 1,831) and Central Switzerland (117; 1,557).

Pharmacy & Drugstore Chains