LatAm Drug Retail: Views on GLP-1 E-Commerce Headlines – We Would Be Buyers on Weakness

Research evidence excerpt

LatAm Drug Retail: Views on GLP-1 E-Commerce Headlines – We Would Be Buyers on Weakness

J P M O R G A N Latin America Equity Research

30 June 2026

LatAm Drug Retail

Views on GLP-1 E-Commerce Headlines – We Would

Be Buyers on Weakness

The news: RD Saúde (RADL3; OW) and Pague Menos (PGMN3; UW) are LatAm Retail & Healthcare

ACunderperforming the Ibovespa today by c.3% and c.2%, respectively. While we did Joseph Giordano

not identify a company-specific fundamental catalyst for the move, our (55-11) 4950-3020

conversations with investors suggest the main concern was a Mexican press article joseph.giordano@jpmorgan.com

reporting that Novo Nordisk opened an official store within Mercado Libre Banco J.P. Morgan S.A.

México, offering prescription GLP-1 products such as Ozempic, Wegovy, Guilherme A. Vilela, CFA

Rybelsus and Saxenda (link). According to the article, the initiative adds Mercado (55-11) 4950-3059

guilherme.a.vilela@jpmorgan.com

Libre as an official digital distribution channel for Novo Nordisk in Mexico, Banco J.P. Morgan S.A.

leveraging MELI’s payments, technology and logistics infrastructure to distribute

Nicolas Larrain

prescribed medicines nationwide, while also aiming to reduce counterfeit and (55-11) 4950-3472

unauthorized sales of high-demand obesity/diabetes drugs. nicolas.larrain@jpmorgan.com

Banco J.P. Morgan S.A.

Our take: We believe the negative read-across to RADL reflects investors Giovanni Vescovi

extrapolating the Mexican case to Brazil — particularly after Mercado Livre’s (55-11) 4950-2901

acquisition of a single physical pharmacy in São Paulo and the launch of MELI giovanni.vescovi@jpmchase.com

Farma (JPM research). That said, our current interpretation is that a similar model

would face materially higher regulatory friction in Brazil.