LATAM FIRST TO MARKET

Research evidence excerpt

Latin America Equity Research

LatAm First to Market

20 August 2026

Top Stories

Brazil Pharma and Drug Retail (Joseph Giordano)

IQVIA Industry Sales – Industry Resiliency Remains; No Major Swings Versus L3M Growth

IQVIA data for Jul’26, published by Sindusfarma (Pharmaceutical Industry Association), continued to show solid industry trends

on an LTM basis and healthy m/m growth. In nominal terms, July sell-out rose 12.8% y/y, above L3M growth of 12.4%. Sell-in

was up 9.9% y/y, marginally accelerating versus previous months, while volume growth remained resilient at 2.4% y/y. On a

LTM basis, metrics remained healthy, with sell-out at 14.9%, sell-in at 9%, and volume growth at 4.6%. The data has a high

correlation with listed drug retailers’ top line ex-HPC, suggesting that growth moderation/deceleration should be mild for RD

Saúde (RADL3; OW) and Pague Menos (PGMN3; UW).

J.P. Morgan Global Airlines (Guilherme Mendes/Jamie Baker/Harry J Gowers/Hanzade Kilickiran/Karen Li, CFA/

Ryota Himeno/Amyn Pirani/Lee Power)

Valuation Dashboard – August Edition

This monthly report provides a comprehensive summary of themes, top picks, and key valuation metrics for the airlines covered

by J.P. Morgan worldwide. The product encompasses more than 30 companies broken down into the following regions: Latin

America, North America, Europe, CEEMEA, and Asia.

Sugar & Ethanol (Lucas Ferreira)

DATAGRO Forum Takeaways: Navigating a Tougher Margin Regime

We participated in a DATAGRO forum to discuss the outlook for the Brazilian and global sugar and ethanol markets, where the

core message was a shift from six years of relatively supportive pricing into a more challenging margin backdrop as input

inflation has outpaced commodity price gains, while sugar prices face pressure amid broadly stagnant demand and

ethanol consumption remains underwhelming in the absence of stronger sector marketing and with limited relief from

exports given a price-following dynamic with the U.S. Against this near-term heaviness, DATAGRO emphasized structural

change: a “fourth wave” of growth tied to decarbonization and carbon markets, accelerating corn ethanol penetration (including

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