Alpha Vulture
Deep value, special situations, long-term horizon, micro-cap

PD-Rx Pharmaceuticals: Growth At A Bargain Price

Executive summary:

  • PD-Rx Pharmaceuticals available for sale at dirt cheap 2.1x EV/EBIT, 6.7x PE and 1.0x P/B multiples.
  • Exit of McKesson from the dispensing market - its biggest competitor - provides meaningful growth opportunity.
  • PD-Rx has a long history of growth, and is profitable since 1993.


PD-Rx Pharmaceuticals (OTCPK:PDRX) is a distributor of medication to primary care physicians. The medications are delivered prepacked from the company's warehouse so patients don't have to see a pharmacist. PD-Rx owns and operates a secure production and warehouse facility with multiple clean rooms to package the medication, and it has its own IT-staff to maintain the web app that physicians use to prescribe and dispense a large assortment of medications. The...

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