The credit rating of PJSC “Pharmacy Chain 36,6” (hereinafter, the Company) is still based on the moderate industry risk, strong operational profile, and the medium financial profile. The assessment of the operational profile takes into account the Company’s leading positions in the key markets of its presence, sufficiently high scores for business sub-factors, and the acceptable level of corporate governance. The geography factor has a neutral effect on the rating. The assessment of the financial profile reflects high profitability, medium free cash flow (FCF), and weak indicators of leverage, coverage and liquidity.
The Watch status has been extended due to the still unresolved lawsuit for about RUB 3.7 bln against several corporate respondents, including the Company, and the need to continue monitoring.
The Company is a major Russian pharmacy chain whose main brands are 36,6 and Gorzdrav. The chain’s pharmacies are largely concentrated in Moscow (ACRA rating: AAA(RU), outlook Stable) and the Moscow Region (ACRA rating: AAA(RU), outlook Stable). The chain had 2,803 pharmacies as of the end of Q1 2026.
KEY ASSESSMENT FACTORS
The strong operational profile reflects the Company’s leading positions in its key regions, Moscow and the Moscow Region, which has a positive impact on the assessment of market position. Given the good awareness of the Company’s key brands (36,6 and Gorzdrav) coupled with low cyclicality of demand for pharmaceuticals and satisfactory diversification of retail formats (online sales account for over 25% of total sales), the Agency has maintained the high scores for business sub-factors.
ACRA gives the Company’s corporate governance an acceptable score. The degree of elaboration of corporate and risk management procedures remains high. The Company has a board of directors; all the key procedures are regulated. The group structure is rather complicated because, historically, the group was shaped through mergers and acquisitions. Financial transparency is assessed as high: the Company prepares and discloses its IFRS statements audited by BST JSC.
Medium business size assessment and high profitability. In 2025, the Company’s revenue increased by 21.2% year-on-year to RUB 105.6 bln, which was driven by the expansion of the chain, promotion of online sales, and increase of average check. The FFO before net interest and taxes continued to grow and amounted to RUB 8.8 bln by the end of 2025. The FFO before fixed charges and taxes also grew to RUB 16.5 bln. The weighted average FFO before fixed charges and taxes and the sales for 2023–2028 correspond to the medium score for business size as per ACRA’s methodology.
The FFO before fixed charges and taxes margin is 15.62%, which is still assessed by ACRA as high.
High leverage and low interest coverage. As of December 31, 2025, the Company’s total debt was RUB 23.2 bln, with over a half of this amount falling on corporate bonds. The interest rate on the Company’s debt is mainly floating and the debt is denominated in rubles. The Agency assesses the Company’s leverage as high but notes a positive dynamics: in 2025, the ratio of total debt (less rent) to FFO before net interest amounted to 2.7x vs. 3.7x a year earlier, and the ratio of rent-adjusted total debt to FFO before fixed charges was 4.8x vs. 5.4x a year earlier.
Coverage metrics remained weak in 2025: the ratio of FFO before net interest (after rent) to net interest (less rent) was 1.6x (which is worse than 1.8x in 2024) and FFO before fixed charges to fixed charges amounted to 1.2x. The coverage metrics are expected to improve amid cuts of the Bank of Russia’s key rate.
The liquidity is assessed as weak because of peak repayments in 2026, which has a constraining effect on the rating. At the same time, the Company has a certain amount of account balances and undrawn credit lines, as well as access to capital markets.
The medium FCF margin is determined by the positive operating cash flow, the absence of dividend payments last year, major acquisitions of third-party chains, and significant buybacks.
KEY ASSUMPTIONS
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Revenue growing by no less than 7% in 2026–2028.
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The FFO before net interest and taxes margin at no less than 7.5% in 2026–2028.
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Discreet financial policy based on the balance of interests of creditors and shareholders; prudent approach to buybacks and dividend payments.
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Absence of major M&A transactions.
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Access to external liquidity sources.
POTENTIAL OUTLOOK OR RATING CHANGE FACTORS
The Stable outlook assumes that the rating will highly likely stay unchanged within the 12 to 18-month horizon.
A positive rating action may be prompted by:
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Weighted average ratio of rent-adjusted total debt to FFO before fixed charges falling below 4.0x and the weighted average ratio of total debt (less rent) to FFO before net interest falling below 2.0x;
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Weighted average ratio of FFO before fixed charges to fixed charges exceeding 1.5x along with the weighted average ratio of FFO before net interest (after rent) to net interest (less rent) exceeding 2.5x;
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Weighted average liquidity ratio exceeding 1.25% and the weighted average FCF margin exceeding 1.5%.
A negative rating action may be prompted by:
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Weighted average ratio of rent-adjusted total debt to FFO before fixed charges exceeding 6.0x;
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Weighted average ratio of total debt (less rent) to FFO before net interest exceeding 3.5x;
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Weighted average ratio of FFO before fixed charges to fixed charges falling below 1.0x;
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Weighted average ratio FFO before net interest (after rent) to net interest (less rent) declining below 1.0x;
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Deterioration of access to external liquidity sources.
The Watch Status assumes that a rating action is highly likely on a horizon of up to 12 months.
Removal of Watch Status and affirmation of the credit rating may be prompted by:
- Retaining current assessments.
Removal of Watch Status and downgrading of the credit rating may be prompted by:
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Weighted average ratio of rent-adjusted total debt to FFO before fixed charges exceeding 6.0x;
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Weighted average ratio of total debt (less rent) to FFO before net interest exceeding 3.5x;
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Weighted average ratio of FFO before fixed charges to fixed charges falling below 1.0x;
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Weighted average ratio FFO before net interest (after rent) to net interest (less rent) declining below 1.0x.
RATING COMPONENTS
Standalone creditworthiness assessment (SCA): bbb+.
issue ratings
No outstanding issues have been rated.
REGULATORY DISCLOSURE
The credit rating has been assigned to PJSC “Pharmacy Chain 36,6” based on the following methodologies: the Methodology for Assigning Credit Ratings to Non-Financial Corporations under the National Scale for the Russian Federation to calculate the SCA and determine the credit rating and the credit rating outlook of PJSC “Pharmacy Chain 36,6” under the national scale for the Russian Federation and the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities to ensure consistent and uniform application of ACRA’s methodologies, rating scales, models, and key rating assumptions.
The Watch Status on the credit rating of PJSC “Pharmacy Chain 36,6” has been extended in accordance with the Key Concepts Used by the Analytical Credit Rating Agency within the Scope of Its Rating Activities.
The credit rating of PJSC “Pharmacy Chain 36,6” assigned under the national scale for the Russian Federation was published by ACRA for the first time on June 2, 2023.
The most recent publication date of the credit rating is May 21, 2025.
The credit rating and its outlook are expected to be revised within one year.
The Watch Status on the credit rating is expected to be retained for one year.
The credit rating was assigned based on data provided by PJSC “Pharmacy Chain 36,6”, information from publicly available sources, and ACRA’s own databases. The rating analysis was performed using the IFRS financial statements of “Pharmacy Chain 36,6” as of December 31, 2025.
The credit rating is solicited and PJSC “Pharmacy Chain 36,6” participated in its assignment.
In assigning the credit rating, ACRA used only information, the quality and reliability of which were, in ACRA’s opinion, appropriate and sufficient to apply the methodologies.
ACRA provided no additional services to PJSC “Pharmacy Chain 36,6” during the year preceding the rating action.
No conflicts of interest were discovered in the course of credit rating assignment.
