DocMorris Stock Surges After Shareholders Block CEPD Power Grab, But Compensation Vote Sends Warning

DocMorris shares jump 8% as shareholders defeat CEPD's boardroom bid, but narrow 59.9% approval of compensation report signals lingering discontent. Focus shifts to Rx growth and 2026 EBITDA target.

The market’s relief was immediate and pronounced. DocMorris shares jumped more than 8% on Wednesday to touch 7.55 Swiss francs, after shareholders at the annual general meeting the previous day decisively rejected a boardroom coup attempt by Polish activist investor CEPD. By midday the stock had settled at 7.51 francs, up 7.5% on the day, unwinding much of the uncertainty that had hung over the company for months.

Yet the victory for management came with a clear sting. The company’s compensation report scraped through with just 59.9% approval — a notably narrow margin, especially given that proxy adviser ISS had recommended shareholders vote it down. A handful of investors openly regretted that no compromise had been struck with CEPD before the meeting, underscoring simmering dissatisfaction with the leadership’s approach.

CEPD, which holds roughly 15% of DocMorris stock, had sought three seats on the board of directors and the chairmanship itself. Each of its three candidates was rebuffed: Fritz Oesterle garnered only 28.5% of the votes, Jacek Poswiata 34.4%, and Mariola Belina-Prazmowska — the most palatable of the trio — still missed the majority needed at 47.8%. By contrast, the company’s slate sailed through. Incumbent chairman Walter Oberhänsli was confirmed, while Thomas Bucher, Nicole Formica-Schiller and Dr. Thomas U. Reutter were elected as new independent board members, each earning between 66% and 74% support.

With the governance battle settled, attention pivots squarely to operations. DocMorris reported first-quarter digital services growth of more than 60% and an adjusted operating loss that narrowed sharply to just 6.3 million francs. The prescription drug business — the core Rx segment — grew 11% year-on-year, contributing to total revenue of 260.83 million francs. Management is holding to its goal of reaching adjusted EBITDA profitability by the fourth quarter of 2026, a milestone that would effectively deliver a break-even full year. The next big test arrives with half-year results in August, which will show whether the e-prescription momentum can keep the turnaround on schedule.

The stock’s rally from a March low of 3.92 francs reflects growing conviction that the operational foundation is stabilising, even if the boardroom drama left a few bruises.