The Irish pharmacy M&A market continues to demonstrate steady transaction activity, supported by recurring revenues, positive lender sentiment and confidence around future earnings.

Fitzgerald Power’s Irish Pharmacy Sector M&A Review H1 2026 examines pharmacy mergers and acquisitions over the 36-month period from H2 2023 to H1 2026, providing insight into transaction activity, valuation multiples, buyer behaviour and the wider Irish pharmacy market.

Key highlights:

Transactions

Transaction activity remained steady, with independent pharmacies continuing to account for the majority of sales and increased activity among smaller pharmacies.

  • An estimated 92 pharmacy transactions took place over the 36-month review period.
  • Fitzgerald Power advised on 44 of these transactions.
  • Pharmacies receiving annual State dispensing fees of €250,000 or more accounted for the largest share of transactions in each 12-month period.
  • Transactions involving pharmacies receiving less than €100,000 in State fees increased significantly in H1 2026.
  • Independently owned pharmacies accounted for the majority of transactions, with their share increasing over the review period.
  • Symbol Group transactions declined, while indigenous group activity remained relatively consistent.
  • Munster recorded the strongest proportional increase in transaction activity, while Connacht/Ulster accounted for the lowest share of transactions.

Valuation Multiples

Pharmacy size continues to have a clear bearing on valuations, with larger pharmacies generally achieving stronger multiples.

  • The average valuation multiple over the three-year review period was 4.6x maintainable EBITDA, compared with 4.7x in our previous report.
  • The reduction was primarily due to an increase in the sale of lower-value pharmacies.
  • Pharmacies with turnover above €2 million achieved the highest average multiple at 5.5x.
  • Pharmacies with turnover below €1 million achieved an average multiple of 3.41x.
  • Valuations remained relatively consistent across Ireland, with Leinster excluding Dublin recording the highest average multiple at 4.91x.
  • Higher-turnover pharmacies continue to command strong valuation multiples.

The Pharmacy Market

Independent buyers remain a significant presence in the Irish pharmacy market, while pharmacy groups are broadening the range of businesses they acquire.

  • Of the 44 transactions analysed, 31 were purchased by independent operators and 13 by pharmacy groups.
  • Independent purchasers paid an average multiple of 4.62x, compared with 4.56x for pharmacy groups.
  • Pharmacy groups are increasingly acquiring a broader range of businesses, including lower-turnover pharmacies.
  • The number of community pharmacies in Ireland reached 1,920 in Q2 2026, the highest level recorded during the review period.
  • PSI data indicates 67 pharmacy openings and 54 closures between Q3 2023 and Q2 2026.

Outlook

The outlook for the Irish pharmacy transaction market remains positive, with funding conditions, recurring revenues and greater visibility around future earnings supporting activity.

  • The Community Pharmacy Agreement has helped to increase confidence around future earnings projections.
  • Marginally higher multiples are being achieved in parts of the market, with particular interest in larger-scale pharmacies.
  • Funding conditions remain supportive for established operators and first-time buyers.
  • New funding vehicles are entering the pharmacy market.
  • Fitzgerald Power is seeing an increasing number of transactions involving entrant pharmacists supported by investors.
  • A well-considered shareholders’ agreement remains particularly important where pharmacists and investors acquire a business together.
  • Fitzgerald Power expects transaction activity to remain robust throughout H2 2026 and beyond.

How can we help?

Our team is dedicated to providing you and your business with the absolute best financial advice out there. We approach each and every case from a fresh perspective, working with you to find tailored solutions that leave your business feeling stronger than ever. With our expert analysis, we translate figures into a language you can understand. Using timely, reliable advice, our experienced team of experts devise sophisticated plans to encourage cost efficiency and growth. If you would like to discuss this research, contact our team at Fitzgerald Power today.