Brazil Pharmaceuticals and Drug Retail: Positive News - New Semaglutide Approvals

Research evidence excerpt

Brazil Pharmaceuticals and Drug Retail: Positive News - New Semaglutide Approvals

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

29 July 2026

Brazil Pharmaceuticals and Drug

Retail

Positive News - New Semaglutide Approvals

The News: Anvisa approved (link) five synthetic-semaglutide injectables for type LatAm Retail & Healthcare

AC2 diabetes (details below). Two of those registrations were granted to Hypera and Joseph Giordano

one to its partner in India - Sun Pharmaceuticals (not rated by Bansi Desai). Similar (55-11) 4950-3020

to Ozivy from EMS (JPM Research), all were registered as new medicines joseph.giordano@jpmorgan.com

containing a synthetic analogue of a biological API, rather than as generics, similar Banco J.P. Morgan S.A.

medicines or biosimilars. This is an emerging regulatory category: Anvisa Guilherme A. Vilela, CFA

describes synthetic peptide analogues as technically complex products with (55-11) 4950-3059

guilherme.a.vilela@jpmorgan.com

characteristics of both synthetic and biological medicines. Under the current Banco J.P. Morgan S.A.

framework, the five products are not automatically interchangeable with Ozempic,

Giovanni Vescovi

Ozivy or one another. Pharmacy substitution is formally established for generics (55-11) 4950-2901

and for similar medicines that have demonstrated equivalence to a designated giovanni.vescovi@jpmchase.com

reference product—not between independently registered new medicines. Banco J.P. Morgan S.A.

Nicolas Larrain

Our Take: Overall, we have a positive broader industry take. The approvals move (55-11) 4950-3472

Brazilian semaglutide toward a competitive, but still branded and non- nicolas.larrain@jpmorgan.com

Banco J.P. Morgan S.A.

interchangeable market. The near-term read-through is positive for drug retailers