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• It's like a generic pharmaceutical company such as Viatris, but also a manufacturer and distributor of its own brand of nutritional supplements, similar to Nature's Bounty.

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• Pharmaceutical Products: Cosmos Health develops, manufactures, and distributes a range of proprietary branded and generic prescription and over-the-counter (OTC) medications.
• Nutraceuticals & Cosmeceuticals: The company offers a line of health supplements, functional foods, and cosmetic products with bioactive ingredients.
• Wholesale Pharmaceutical Distribution: Cosmos Health provides extensive logistics and distribution services for pharmaceutical products, leveraging its network primarily across Europe.

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Cosmos Health (COSM) primarily sells to other companies (B2B model) rather than directly to individuals.

Due to the fragmented nature of its customer base across its pharmaceutical and nutraceutical segments, Cosmos Health does not typically disclose specific major customer companies by name in its public filings that account for a significant portion of its revenue. Its sales are distributed among a diverse network of healthcare providers, distributors, and retailers.

The major categories of companies that Cosmos Health serves include:

• Pharmacies: This includes a vast network of independent pharmacies and smaller pharmacy chains, particularly within the Greek market where Cosmos Health has a significant distribution presence.
• Hospitals and Clinics: Various healthcare institutions that purchase pharmaceutical products.
• Pharmaceutical Wholesalers and Distributors: Companies that act as intermediaries in the pharmaceutical supply chain, facilitating the distribution of products to a wider network of healthcare providers and pharmacies.
• Retailers: For its nutraceutical products, Cosmos Health sells to retail outlets such as drugstores, health food stores, and online retailers that then sell directly to end consumers.

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Grigorios Siokas Chief Executive Officer and Chairman

Mr. Siokas, born in 1965, has served as Chairman and Chief Executive Officer of Cosmos Health Inc. since February 2016. He possesses over 15 years of experience in the pharmaceutical industry. Since 2014, he has been the CEO and Operations Manager of SkyPharm SA, a wholly-owned subsidiary of Cosmos Health, focusing on exporting medicines from Greece to other European countries. Prior to 2014, he gained experience in various sectors of the pharmaceutical industry, primarily in medicine trading across Greece and Europe. Since 2000, Mr. Siokas has been a significant shareholder in several pharmaceutical companies, including Ippokratis Pharmaceuticals, Thrakis Pharmaceuticals, Thessalias Pharmaceuticals, and ZED Pharma SA. During the 1990s, he founded and managed a marble wholesale import-export company in Germany, becoming the fourth-largest Greek marble importer in the country within two years, and also operated a tour company with multiple airlines. He has consistently invested his personal capital in Cosmos Health, with over $10.6 million invested since 2019.

Georgios Terzis Chief Financial Officer and Principal Accounting Officer

Mr. Terzis, born in 1983, has been the Chief Financial Officer of Cosmos Health Inc. since November 2020. He is responsible for managing the company's financial health, which includes financial planning, risk management, record-keeping, and financial reporting. He also plays a crucial role in developing and implementing financial strategies to support the company's long-term objectives, ensuring financial stability and maximizing shareholder value. Mr. Terzis has also demonstrated his confidence in the company through various stock purchases in 2024 and 2025.

Nikolaos Bardakis Chief Operating Officer

Mr. Bardakis, born in 1969, serves as the Chief Operating Officer of Cosmos Health Inc. In this role, he is responsible for overseeing the company's day-to-day administrative and operational functions, ensuring that business processes are efficient, effective, and aligned with the company's overarching goals. He brings a wealth of experience and strategic acumen to this pivotal position.

Demetrios G. Demetriades Secretary and Independent Director

Mr. Demetriades, born in 1965, holds a dual role at Cosmos Health Inc. as Secretary and Independent Director. As Secretary, he is responsible for ensuring efficient corporate governance, including the management of board meetings, official records, and corporate communications. His role as an Independent Director provides an objective and unbiased perspective, safeguarding shareholder interests and ensuring management accountability.

Dimitris Moraitis Vice President of Strategy & Operations

Mr. Moraitis was appointed Vice President of Strategy & Operations in February 2025. He brings over 25 years of experience in strategic planning, operations, and business development within the pharmaceutical sector. Throughout his career, he has held key leadership positions at major pharmaceutical companies such as DEMO, MENARINI, the VIANEX Group, and TIKUN OLAM Europe. Mr. Moraitis has also served as a leader and board member for several prominent pharmaceutical associations, including AESGP, EfEX, SEPΤΕDE, and SAFFE.

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The key risks to Cosmos Health (COSM) include:

1. Execution and Profitability Risk: Cosmos Health consistently faces challenges with profitability, exhibiting negative operating margins and an accumulated deficit. The company has historically incurred net losses and relies on issuing equity and debt to finance its operations and acquisitions. While recent reports indicate some improvement in gross profit and a narrowing of net losses, the company has not yet achieved consistent profitability.
2. Regulatory and Compliance Risk: As a specialty drugmaker, Cosmos Health operates under stringent regulatory requirements, including the need for FDA certifications and the management of patent cliffs and potential product recalls. The company has also faced notifications from Nasdaq for failing to submit financial reports, such as the Annual Report on Form 10-K, on time. Furthermore, material weaknesses in internal controls over financial reporting, including a lack of separation of duties and oversight, have been identified.
3. Volatility and Digital Asset Exposure Risk: Cosmos Health's stock is characterized by high price volatility and a relatively small market capitalization, making it susceptible to significant market swings and thin trading. Adding to this risk, the company has substantial exposure to digital assets, including cryptocurrencies like Ethereum, Bitcoin, and Solana, through a $300 million financing facility. This strategy links a significant portion of the company's finances to the inherently volatile cryptocurrency markets.

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The rapid and widespread adoption of GLP-1 receptor agonist drugs (such as Ozempic, Wegovy, and Mounjaro) for weight loss and diabetes management presents a clear emerging threat. These highly effective pharmaceuticals are fundamentally shifting consumer and healthcare provider approaches to metabolic health, obesity, and related conditions. As Cosmos Health's portfolio includes products in therapeutic areas like obesity and diabetes, and general wellness nutraceuticals, the rising dominance of GLP-1s could significantly reduce demand for alternative or complementary products by shifting the market towards these potent pharmaceutical interventions.

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Addressable Markets for Cosmos Health (COSM) Main Products and Services

Nutraceuticals

Generic Drugs (Pharmaceuticals)

Digital Health Platforms and Telehealth

Medical Devices and Diagnostics

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Cosmos Health (symbol: COSM) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Expansion into New Markets and Global Reach: The company has a clear strategy to expand its global footprint, notably through the launch of its proprietary Sky Premium Life food supplements brand in the U.S. nutraceuticals market. This expansion includes local manufacturing capabilities in the U.S. to mitigate tariff exposure and logistical risks. Cosmos Health has also secured distribution agreements for Sky Premium Life in the UAE, Oman, Qatar, Central Europe, Cyprus, Malta, and Albania, and has expanded its presence on Amazon UK.
2. Launch and Growth of New Products and Services: Cosmos Health is focused on introducing new products and growing recently launched ones. A significant driver is the introduction of Sky Premium Life NOOR Collagen in the U.S., which alone is projected to generate over $12 million in annualized revenue. The company added more than 60 new formulations to its Sky Premium Life brand in 2025, expanding its offering to over 150 products. Furthermore, Cosmos Health's R&D pipeline includes an obesity treatment, CCX0722, which is advancing toward clinical trials with a potential launch in 2026, and a new nanotechnology R&D program aimed at developing next-generation nutraceutical formulas with enhanced efficacy. The company also has a portfolio of 10 generic drugs, including a diabetes treatment slated for launch in Europe.
3. Strategic Mergers & Acquisitions (M&A) and Integration: M&A activity in 2023 had a beneficial impact on revenue, and the company's strategic focus in 2024 has been on efficiently integrating these acquisitions. The acquisition of ZipDoctor, for instance, is expanding Cosmos Health's reach into the growing telehealth market.
4. Organic Growth and Performance of Wholesale Division: Cosmos Health has reported sustained organic growth. Its wholesale division, CosmoFarm, achieved record revenue of approximately $43 million in the first ten months of 2024, representing an 8.62% increase over the same period in the previous year. This consistent performance in its core wholesale business contributes significantly to overall revenue growth.
5. Improved Margins through Localized Manufacturing: By shifting production to the U.S. through partnerships like the one with DolCas Biotech, Cosmos Health aims to reduce exposure to tariffs and decrease logistics costs, which are projected to lead to significantly improved gross margins. For example, Sky Premium Life U.S. operations are anticipated to achieve gross margins of approximately 75%, a substantial increase from the company's current gross margin.

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Share Repurchases

• Cosmos Health's Board of Directors approved a share repurchase program for up to $3 million of its outstanding common stock on January 24, 2023.
• The company announced the commencement of this stock buyback program on September 13, 2023.
• The program was set to expire on January 23, 2024, with the possibility of renewal at the company's discretion.

Share Issuance

• As of November 6, 2025, Cosmos Health filed a shelf registration statement (Form S-3) to offer up to $200,000,000 of various securities, including common stock, preferred stock, warrants, units, and subscription rights.
• This filing also included an "at-the-market" (ATM) program, allowing for the issuance of up to $100,000,000 in common stock.
• Shareholders approved an increase in the company's authorized shares to 1.5 billion common stock and 300 million preferred stock as of October 13, 2025.

Inbound Investments

• On August 6, 2025, Cosmos Health secured a securities purchase agreement with a U.S.-based institutional investor for the issuance of up to $300 million in senior secured convertible promissory notes.
• The financing facility is primarily intended to support the company's Ethereum (ETH) digital asset treasury reserve strategy.

Outbound Investments

• Cosmos Health has progressively increased its Ethereum holdings, reaching a total investment of $2 million by October 21, 2025, under its $300 million digital assets facility.
• The company's strategy involves diversifying its balance sheet and integrating blockchain technology into its healthcare and digital wellness operations.
• Cosmos Health entered the telehealth space through the acquisition of ZipDoctor, Inc.

Capital Expenditures

• As of December 31, 2024, the company's tangible asset base, including property and equipment, net, totaled $9.69 million, reflecting wholly owned real estate assets like CosmoFarm's logistics center and Cana Laboratories' manufacturing facilities.
• On January 6, 2023, Cosmos Health agreed to acquire land and a building in Montreal, Canada, recording the cost as "Property, plant and equipment".
• Cana Laboratories completed Phase I upgrades to its 54,000-square-foot manufacturing facility in Athens, Greece, as part of the company's expansion of manufacturing capabilities.