Pharmx Technologies Ltd Launches Sigma Gateway Targeting $700K ARR
Pharmx launches vertically integrated Gateway to power Sigma’s new New Zealand distribution centre
Pharmx Technologies (ASX: PHX) will deploy its vertically integrated Gateway solution to support Sigma Healthcare’s (ASX: SIG) new South Auckland distribution centre, which Sigma has confirmed will become operational from September 2026.
The deployment marks the first agreed work item delivered under the multi-year Strategic Alliance with Sigma, announced in February 2026. This phase is expected to grow Pharmx’s New Zealand business to approximately A$700,000 in annual recurring revenue (ARR) by year three of operations, representing a CAGR of around 23% at an EBITDA margin of approximately 40% in year three. The initiative builds on Pharmx’s existing footprint in the New Zealand market.
The multi-year Strategic Alliance with Sigma, announced in February 2026, established Pharmx as the preferred EDI partner across 3,000+ pharmacies, with Sigma also taking a 10% equity stake that signals alignment well beyond a standard vendor relationship.
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What the deal delivers — end-to-end supply chain visibility
Under the arrangement, Pharmx will now provide Gateway services between Sigma and its manufacturer partners, in addition to the services already operating between Sigma and its Retail pharmacy customers. The result, according to the Company, is end to end supply chain visibility.
This represents a shift in Pharmx’s role. Rather than connecting pharmacies to wholesalers and suppliers through a series of disconnected point-to-point connections, the solution creates a single, consolidated Pharmx infrastructure layer that runs from manufacturer through to store.
Pharmx states the consolidated layer is designed to deliver efficiency for participants, greater reliability, and greater visibility of supply chain performance, supported by actionable insights to drive operational enhancements.
The Company describes the initiative as strategically important for three reasons:
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Generating a new recurring revenue stream from an expanded GTV source.
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Expanding the Pharmx supplier network, with an estimated 100+ suppliers to join over the coming years.
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Creating a repeatable model that Pharmx can deploy across New Zealand, Australia and selected international markets as part of the Company’s single platform strategy.
Understanding the Gateway and Pharmx’s single platform strategy
A pharmacy ordering Gateway is the digital infrastructure that links the various parties in the medicine supply chain, allowing orders, invoices and data to flow between them. Historically, these links have been point-to-point, meaning each party connects separately to others, creating fragmentation across the network.
A consolidated infrastructure layer instead routes those connections through a single platform. The term “vertically integrated” refers to connecting the full chain in one system, from manufacturer, through wholesaler, to the pharmacy store.
For context, Pharmx is described as ANZ’s leading pharmacy ordering platform, facilitating approximately $20 billion in transactions annually and servicing suppliers and stores that represent 99% of the market.
The expansion deepens an already established New Zealand presence. Following the partnership with Toniq (announced 18 February 2025) and the subsequent rollout of services to Bargain Chemist, Pharmx now services a wide range of suppliers and stores in the market.
Deepening the vertical with a major partner such as Sigma reinforces Pharmx’s stated position as core, trusted infrastructure for the ANZ pharmacy supply chain.
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The investment case and what comes next
The revenue underpinning this phase is based on expected volumes flowing via a targeted supplier group using the services, including Volumes based revenue, Store Fees and Integration fees. The table below summarises the financial parameters disclosed by the Company.
| Metric | Detail | Investor significance |
|---|---|---|
| Target ARR | ~A$700,000 by year three | New recurring revenue base |
| Growth rate | ~23% CAGR | Compounding NZ expansion |
| EBITDA margin | ~40% in year three | High-margin, scalable model |
Pharmx noted that additional revenue opportunities in New Zealand, beyond the new distribution centre, are being developed, with updates to be provided as further information can be shared.
CEO Commentary
“This is the first work item to be delivered under our Strategic Alliance with Sigma, and it is an important one. Supporting Sigma’s New Zealand distribution centre allows us to prove our existing vertically integrated capability, high-volume environment. For the first time we are providing a Wholesaler with consolidated Pharmx infrastructure that runs from manufacturer through to store – creating a highly efficient, controllable and intelligent solution through the spine of the supply chain. That is a model we can repeat,” said Tom Culver, Chief Executive Officer of Pharmx.
The Company stated it will continue to update the market on further work items and commercial milestones delivered under the Strategic Alliance.
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