LatAm Healthcare: Brazil Pharmaceutical Tracker: Weak May Partially On Tougher Comparables

研报英文原文证据摘录

LatAm Healthcare: Brazil Pharmaceutical Tracker: Weak May Partially On Tougher Comparables

Update

June 23, 2026 08:57 PM GMT

Morgan Stanley C.T.V.M. S.A.+MLatAm Healthcare | Latin America Mauricio I Cepeda

Equity Analyst

Brazil Pharmaceutical Tracker: Mauricio.Cepeda@morganstanley.comArtur D Alves +55 11 3048-6272

Artur.Alves@morganstanley.com +55 11 3048-4278

Weak May Partially On Tougher Lucas Nagano

Research Associate

Lucas.Nagano@morganstanley.com +55 11 3048-6065

Comparables

LatAm Healthcare

Latin America

Key Takeaways Industry View In-Line

Retail channel growth slowed to 5.3% YoY in May, down from 13.8% in April,

partly reflecting tougher comparisons as the initial Mounjaro launch benefit

fades.

Our GLP-1 thesis remains centered on semaglutide copies and future Lilly

launches, rather than continued sharp Mounjaro growth.

Institutional Channel: Sales were up +11% YoY in May, driven by generics/similar

(+21%), with improved mix offsetting dropping prices

BLAU: Sales are starting to pick up in 2026 (tenders, capacity expansion). Despite

negative prices and constrained volumes, mix may support the recovery process

Pharmacy Channel: Growth Moderates on Tougher Comps; Mounjaro Improves

MoM, but Reacceleration Remains Limited. The retail/pharmacy channel grew 5.3%

YoY in May, decelerating from 13.8% YoY in April. Part of this slowdown was

expected, as April benefited from an easier comparison base given the absence of

Mounjaro sales in the prior-year period, a tailwind that should fade going forward.

That said, growth in the non-patented segment was soft at +2.3% YoY, which is

negative at the margin but still within the normal range of monthly volatility for the

pharmaceutical market, especially considering a tough comparison base (see Exhibit

2 and Exhibit 3 ).