Hypera 2Q26 Conference Call Highlights

Research evidence excerpt

J P M O R G A N

Latin America Equity Research

07 August 2026

Hypera

2Q26 Conference Call Highlights

Overweight

HYPE3.SA, HYPE3 BZ

Price (06 Aug 26):R$21.33

LatAm Retail & Healthcare

Hypera just hosted its 2Q26 call with its top management team. Below are the main

highlights

Semavy / semaglutide and menopause treatment in the core

strategic focus. Management highlighted Brazil as a key semaglutide

market and positioned the Sun Pharma partnership as a major

opportunity, supported by Hypera’s Mantecorp brand, medical-rep

network and national distribution. The nonhormonal menopause

treatment was also framed as highly promising, with Astellas’

fezonfenetan having surpassed US$430mn in sales and patent

protection through 2034.

Semavy launch and marketing follow Hypera’s standard

prescription model. Semavy will be marketed under a Hypera-owned

brand, leveraging Mantecorp rather than third-party branding.

Medical-rep promotion began in 1Q, with some spend continuing into

3Q, but management described the investment pattern as normal for a

launch.

GLP-1 strategy is a full portfolio basket, not just Semavy. Hypera

highlighted leadership in prescribed nausea medications, with roughly

R$300mn in category exposure, plus complementary products such as

vitamin D, Tamarine for constipation, vitamin B12 and skincare

products addressing weight-loss effects. Management sees this basket

as improving medical-rep productivity and capturing broader GLP-1

patient needs.

GLP market expansion depends on education, price and broader

prescriber reach. Management expects lower prices and Anvisaapproved alternatives to shift demand from Paraguay imports and

compounding pharmacies into regulated channels. Physician and

patient education, plus expansion beyond endocrinology and

cardiology into other specialties, are key growth levers.

Other pipeline items add optionality. Immunoglobulin, which

exceeded R$100mn in 2022 sales under no-registration authorization,

is expected to return next year. Oral oncology remains early-stage

pending Anvisa registration, while the low effective tax rate reflects

ICMS subsidies and Lei do Bem. Early 3Q sell-out is tracking in line

with expectations.

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