The healthcare group dominated by the Chemist Warehouse discount pharmacy chain says there's plenty of room in the market for more stores to leverage its popularity.
"We see long term opportunities for growth, headlined by sustained performance across our core domestic market, led by CW branded stores," Sigma Healthcare CEO Vikesh Ramsunder said.
Sigma on Thursday issued its first set of results following 2025's multibillion-dollar merger to create Australia's biggest pharmacy operation.
The transaction was effectively a reverse takeover, with Chemist Warehouse investors becoming the majority owners of the transformed entity, which retained the Sigma name.
The business also includes the Amcal and Discount Drug Stores chains and has more than 5,900 pharmacies across the nation, as well as operations in New Zealand, Ireland and Dubai.
But the flagship business remains Chemist Warehouse, which drove an 18 per cent rise in group sales to $5.5 billion in the first half of 2025/26.
The combined group's bottom-line net profit rose by 22.6 per cent to $379.8 million, compared to the Chemist Warehouse-only result in the prior corresponding period.
During the half, Sigma added 13 more Chemist Warehouse stores, taking the total to 550, and has plans for a further nine in the second half of the year alongside 18 store refurbishments.
"Domestic growth remains our core," Mr Ramsunder told an earnings briefing, adding the international business was also growing in prominence.
Sigma has 89 stores in New Zealand, Ireland and Dubai, the majority of which are in NZ.
Sigma's local pharmacies have different markets, with the Chemist Warehouse and Discount Drugs chains appealing to Australia's aging population and Amcal to a younger cohort interested in beauty as well as pharmacy products.
"Our business model is scalable and captures all segments of the market," Mr Ramsunder said.
"Work on uplifting the performance of the Amcal and DDS network continues, and is a multi-year journey, with progress already being made on product assortment and marketing."
Sigma is ultimately aiming for 900 Chemist Warehouse stores, 300 Amcal pharmacies and more than 150 Discount Drugs Stores over a potential 15-year time frame, at the current run rate.
In the first seven weeks of the second half so far, sales for Chemist Warehouse are up 16.6 per cent.
Shares in Sigma, which declared an interim dividend of two cents, jumped more than six per cent to $3.18.
Australian Associated Press