HealthWarehouse.com Inc. returned to profitability in 2025 as robust growth in its business-to-business prescription segment drove a 46% increase in revenue. However, the company said changes in the GLP-1 drug market will weigh on results in 2026.
The online pharmacy reported net sales of $49.0 million for the year ended Dec. 31, up from $33.6 million in 2024. The increase was driven primarily by an 87% rise in partner services prescription revenue tied to fulfillment of branded and compounded GLP-1 medications.
HealthWarehouse.com ranks No. 1,121 in the Top 2000 Database. The Top 2000 ranks North America’s largest online retailers by their annual ecommerce sales.
HealthWarehouse.com’s turnaround in 2025
HealthWarehouse.com’s net income totaled $265,000 in its fiscal full year, compared with a net loss of $333,000 a year earlier.
“2025 was a record year for total sales and prescriptions processed, while generating record cash from operations,” said CEO Joseph Peters.
Prescription sales increased 49.3% year over year to $46.2 million and accounted for most of the company’s revenue growth. The gains reflect expansion in partner services, where HealthWarehouse fulfills prescriptions for business customers.
Direct-to-consumer prescription sales declined 24.3% in 2025, reflecting lower demand for higher-cost branded drugs and increased competition. Over-the-counter sales rose 15.9% to $2.5 million, supported by higher marketplace sales.
B2B sales and margins for HealthWarehouse.com
The shift toward B2B sales pressured margins. Gross margin declined to 35.0% from 42.0% in 2024, as higher-cost GLP-1 medications and pricing competition reduced profitability.
Cost of sales increased 63.4% to $31.9 million, reflecting higher volumes of expensive prescription drugs.
Selling, general and administrative expenses increased 17.7% to $16.7 million but declined to 34.1% of sales from 42.3% a year earlier, indicating improved operating leverage. The company cited higher order volumes as driving increases in shipping, labor, technology and marketing costs.
Fourth-quarter performance weakened as demand for compounded GLP-1 medications slowed. Net sales fell 28.1% to $9.9 million, and the company reported a net loss of $69,000, compared with net income of $189,000 in the same period a year earlier.
Prescription sales declined 31.0% in the quarter across both B2B and direct-to-consumer channels. Adjusted earnings before interest, taxes, depreciation and amortization fell to $189,000 from $523,000.
Future of GLP-1 products at HealthWarehouse.com
HealthWarehouse.com said its authority to dispense certain high-value compounded GLP-1 medications ended in 2025, a development expected to significantly affect sales in 2026 until the company replaces that volume through new partners and product offerings.
The company said it expects to remain cash-flow positive in 2026 and is focused on expanding its partner pipeline.
HealthWarehouse.com operates a nationwide online pharmacy serving all 50 states and is accredited as an approved digital pharmacy by the National Association of Boards of Pharmacy.
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