RD Saúde 2Q26 – 电话会议要点

研报英文原文证据摘录

J P M O R G A N

Latin America Equity Research

05 August 2026

RD Saúde

2Q26 – Conference Call Highlights

Overweight

RADL3.SA, RADL3 BZ

Price (04 Aug 26):R$19.41

LatAm Retail & Healthcare

RD Saúde (RADL3; OW) just hosted its 2Q26 call with the top management team.

Below are the main highlights.

GLP-1 elasticity. Management pushed back on concerns around GLP-1 by

framing the category as highly elastic. They said price declines have been offset

by higher volumes, keeping gross revenue broadly stable despite a sharp drop

in semaglutide pricing, and they pointed to continued demand even with some

supply constraints during the quarter. They described GLP-1 gross margin as

very steady around the high teens since tirzepatide ramped, and argued nearterm change is more concentrated in semaglutide as competition increases. The

message was that any unit economics pressure should be gradual and

manageable, with the portfolio mix helping.

GLP-1 competition. Management acknowledged new semaglutide entrants

should drive margins up over time, but emphasized this should be gradual

rather than abrupt. They also suggested competitive dynamics can expand the

market by improving affordability, which would support volume and partially

cushion profitability on an aggregate basis. On generic switching, they

highlighted practical limits to immediate interchangeability. Prescriptions

need to specify the product name, which slows the transition cycle and makes

early mix data noisy. They indicated a majority of buyers of the newer

semaglutide option appear to be new to the category, with relatively limited

cross-molecule switching from tirzepatide.

GLP-1 parallel channel. A major theme was the size of the informal GLP-1

market, including compounded and imported products. Management framed

this as both a patient safety issue and a demand pool that could migrate to

regulated retail if supply improves and pricing becomes more accessible,

supported by awareness campaigns and industry coordination.

Market share drivers. They argued share gains are not explained solely by

GLP-1. The narrative leaned on superior execution, store expansion quality,

…