德国电子处方数据追踪 - 2025年5月

Equity ResearchJune 4, 2025Martin Comtesse, CFA * | Equity Analyst49 69 719187107 | mcomtesse@jefferies.comSandrine Ghinea * | Equity Associate+49 69 719187298 (office) | sghinea@jefferies.comKEY STOCKS FEATURED INCLUDE:PRICE TARGET€170.00CHF15.00Chart 1 - Development of Weekly Added E-NovDecFebMar Apr MayChart 2 - Monthly Active App Users (LTM)497567536522508278274291284283Chart 3 - Weekly Active Users (Last 3 months)185190199199184879495100102May .Source: Jefferies, Sensor Tower.1972011921891992151059810010010390050100150200250MarAprSource: Jefferies, Sensor Tower 1) German E-Script TrackerIn this section, we track the development of German e-prescriptions, which became mandatory at the beginning of 2024. The basis of this analysis isthe data provided by the German Agency for Digital Medicine (gematik) in the form of the Telematics Infrastructure (TI) dashboard (link). The dashboardshows an overview of the absolute numbers for the use of individual TI applications on a daily basis. The spread and increase in the use of theseapplications in the individual user groups over time can provide useful information about the acceptance and penetration of e-prescriptions amongthe German public, which, in turn, forms the basis for a key pillar of the future success of RDC and DOCM.Table 1 - E-Script Tracker - KPIs at a Glance.E-script tracker- key KPIsRedeemed e-scripts (in mn)MoM growth in %% of total GKV scriptsDoctor offices% of total doctor officesPharmacies% of total pharmaciesSource: Gematik, JefferiesCompared to April, the share of e-scripts among all GKV prescriptions increased slightly from 89% to 91%. The number of doctor offices acceptingand issuing e-scripts saw a relatively big increase from 75% to 87%, which most likely stems from the expected turn in momentum after the Easterholidays. The widespread acceptance and seamless operation of e-prescriptions are evident from the high number of pharmacies and doctor officesparticipating in the system. The charts below provide a detailed look at the weekly addition of e-prescriptions up to June 1.Chart 4 - Development of Total Redeemed E-Prescriptions (YTD).0100200300400500600700800900Jan 1 2025Jan 7 2025Jan 13 2025Jan 19 2025Jan 25 2025Jan 31 2025in millionsSource: Gematik, JefferiesChart 6 - Development of Weekly Added E-Prescriptions.0246810121416Jun 26 2023Jul 24 2023Aug 21 2023Sep 18 2023Oct 16 2023Nov 13 2023Dec 11 2023in millionsChristmas ImpactsSource: Gematik, JefferiesPlease see important disclosure information on pages 13 - 19 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. JanuaryFebruaryMarchApril34.138.740.841.8273%14%5%63%71%75%77%78,85781,62283,62088,36179%82%84%88%17,51017,53117,50417,44799.7%99.8%99.6%99.3%Feb 6 2025Feb 12 2025Feb 18 2025Feb 24 2025Mar 2 2025Mar 8 2025Mar 14 2025Mar 20 2025Mar 26 2025Apr 1 2025Jan 8 2024Feb 5 2024Mar 4 2024Apr 1 2024Apr 29 2024May 27 2024Jun 24 2024Jul 22 2024Aug 19 2024Sep 16 2024 20242025MayJunJulAugSepOctNovDecJanFebMarAprMay43.745.045.943.443.748.549.346.849.347.950.948.549.23%5%3%2%-5%1%11%2%-5%5%-3%6%-5%0%81%83%85%80%81%90%91%86%91%88%94%89%91%77,01985,69976,44978,87588,00083,17191,64892,73391,81489,51290,40874,98886,76777%86%76%79%88%83%92%93%92%90%90%75%87%17,38217,37917,29017,25517,28717,24317,23117,08417,08717,06517,02916,95616,97098.9%98.9%98.4%98.2%98.4%98.1%98.1%97.2%97.2%97.1%96.9%96.5%96.6%786Apr 7 2025Apr 13 2025Apr 19 2025Apr 25 2025May 2 2025May 8 2025May 14 2025May 20 2025May 26 2025Chart 5 - 7-Day Moving Average of Daily Added E-Prescriptions.05001000150020002500Dec 1 2023Dec 22 2023Jan 12 2024Feb 2 2024Feb 23 2024Mar 15 2024Apr 5 2024Apr 26 2024May 17 2024Jun 7 2024Jun 28 2024Jul 19 2024Aug 9 2024Aug 30 2024Sep 20 2024Oct 11 2024Nov 1 2024Nov 22 2024Dec 13 2024Jan 3 2025Jan 24 2025Feb 14 2025Mar 7 2025Mar 28 2025Apr 18 2025May 10 2025May 31 2025in thousands7 Day Mavg.1StandardDeviationSource: Gematik, JefferiesOct 14 2024Nov 11 2024Dec 9 2024Jan 6 2025Feb 3 2025Mar 3 2025Mar 31 2025Apr 28 2025May 26 2025Chart 7 - Development of Weekly Added E-Prescriptions.New YearsEasterLabour DayAscension DayWhit MondayCorpus ChristiGerman Unity DayReformation DayChristmasEasterLabour DayAscension Day0246810121416CW 1CW 3CW 5CW 7CW 9CW 11CW 13CW 15CW 17CW 19CW 21CW 23CW 25CW 27CW 29CW 31CW 33CW 35CW 37CW 39CW 41CW 43CW 45CW 47CW 49CW 51CW 1CW 3CW 5CW 7CW 9CW 11CW 13CW 15CW 17CW 19CW 21in millionsFebMarAprMay JunJulAugSep OctNovJanJanDecFebMar Apr MaySource: Gematik, Jefferies2 Chart 8 - Development of Added E-Prescriptions (% change WoW, LTM).-50%-30%-10%10%30%50%70%90%CW 14CW 16CW 18CW 20CW 22CW 24CW 26CW 28AprMayJunJulSource: Gematik, JefferiesPlease see important disclosure information on pages 13 - 19 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. European MidcapsEquity ResearchJune 4, 202549485148493 2) Active App UsersOne of the most important indicators of customer engag