M&A Healthcare Advisors is pleased to present Project Apollo, a specialty pharmacy focused on treating a single, rare genetic disorder. This single-location pharmacy, founded over 10 years ago, is licensed in 30 states and serves patients in 6 states.

Patient reimbursements primarily flow through the pharmacy Medicaid program ($47.71M), with most of the dispensing occurring in the state where the headquarters are located. $15.59M is from contracts with third party pharmacies in multiple states who dispense on behalf of Apollo and $8.71M is billed through a university health system contract with a portion of 340B patients. In 2023, sales representatives accounted for 30% of patient revenues with the balance earned under house accounts. Historically, patient retention has remained at 85%.

The pharmacy has a record of consistent revenue and profitability.

2022 Adj. Revenue: $76.5M, 2022 Adj. EBITDA: $900,000.
2023 Adj. Revenue: $70.5M, 2023 Adj. EBITDA: $2.35M.

The company is led by a strong management team and 20-25 employees. Certain owners are looking to fully exit, while others are willing to remain involved. All owners are available to assist through the necessary transition period, post-close.