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PharmacyM&A Valuation Benchmarks
Median multiples, deal-size medians, named acquirers, and per-bracket multiples — based on 237real M&A transactions in the pharmacy space.
State of PharmacyM&A in 2026
The pharmacy M&A market is currently trading at a median 10.67× EBITDA (interquartile range 8.1×–14.63×) and 0.92× revenue (interquartile range 0.45×–1.6×), based on 237 disclosed transactions at a median deal size of $97.8M. The market trend is currently stable.
Recent (2018+) deals are pricing at 11.35× EBITDA — a step UP from the all-time median of 10.67×. Multiples have expanded as institutional capital has entered the space.
Active acquirers include Fagron, Sycamore Partners Management, L.P., Sycamore Partners, Nautic Partners. Recent named transactions: University Compounding Pharmacy (2026, $41.5M); Walgreens Boots Alliance, Inc. (2025, $42,614.4M, 5.8× EBITDA); Walgreens Boots Alliance (2025, $23,700M, 52.4× EBITDA).
Premium multiples in pharmacy are driven by specialty / compounding mix above 30% (pbm rate cuts hit retail not specialty); ltc / closed-door book or 340b participation (recurring institutional revenue); urac or achc accreditation in place (pe platform prerequisite, not optional).
What depresses multiples: pure retail / generic-substitution exposure (pbm reimbursement compression priced in); dir fee exposure trending up (margin compression unfixable at single-location scale); single-payer concentration above 50% (pbm contract loss = practice unviability).
All figures based on disclosed deals only. Source: SEC filings, EDGAR 8-K/S-4, and verified press releases (237 deals total, 147 with EBITDA, 200 with revenue). Quality grade: green.
Median multiples
| Metric | p25 | Median | p75 | Sample |
|---|---|---|---|---|
| EV / EBITDA | 8.1× | 10.67× | 14.63× | 147 deals |
| EV / Revenue | 0.45× | 0.92× | 1.6× | 200 deals |
| Deal size (EV) | — | $97.8M | — | 237 deals |
Recent (2018+) median: 11.35× EBITDA, 0.9× revenue. Data quality: green.
Recent named M&A deals in pharmacy
Most-recent disclosed transactions. Click any deal for full detail (multiples, financials, source).
Sourced from SEC filings, EDGAR 8-K/S-4, and verified press releases.
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What drives premium multiples
- ●Specialty / compounding mix above 30% (PBM rate cuts hit retail not specialty)
- ●LTC / closed-door book or 340B participation (recurring institutional revenue)
- ●URAC or ACHC accreditation in place (PE platform prerequisite, not optional)
What depresses multiples
- ●Pure retail / generic-substitution exposure (PBM reimbursement compression priced in)
- ●DIR fee exposure trending up (margin compression unfixable at single-location scale)
- ●Single-payer concentration above 50% (PBM contract loss = practice unviability)
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- Pharmacy valuation calculator· head-term variant
- Recent deal: University Compounding Pharmacy· comparable transaction
- How to value a pharmacy· long-form guide
Methodology details: how ExitValue computes valuation ranges · full pharmacy calculator