Brazilian Retailers: EMS Preparing Second Semaglutide Brand, Further Price Erosion Likely; TotalPass MAU; MELI logistics expansion in Brazil

研报英文原文证据摘录

Brazilian Retailers: EMS Preparing Second Semaglutide Brand, Further Price Erosion Likely; TotalPass MAU; MELI logistics expansion in Brazil

Global Research

7 July 2026ab

Brazilian Retailers Equities

AmericasEMS Preparing Second Semaglutide Brand,

Further Price Erosion Likely; TotalPass MAU; Consumer, Cyclical

MELI logistics expansion in Brazil Vinicius Strano,AnalystCFA

vinicius.strano@ubs.com

+55-11-2767 6688

Faster-Than-Expected Price Erosion to Support Volume Boost Isabella Lamas

Analyst

EMS is reportedly (here) preparing to launch a second semaglutide brand, following isabella.lamas@ubs.com

the June 15 launch of Ozivy (here). The new product could fall under Anvisa’s fast- +55-11-2767 6836

track approval pathway (~90 days) and will reportedly be marketed under the Brace

Lucca Biasi

Pharma segement. The strategy appears aimed at segmenting different regions and

Associate Analyst

customer profiles through distinct brands and commercial approaches. The lucca.biasi@ubs.com

additional launch comes on top of EMS’s target for Ozivy of 1.2m units annually and +55-11-2767 6173

R$500m in revenues. For the new brand, the company reportedly targets 700k units

Pedro Perone

per year and R$250m in revenues, implying an average selling price of roughly ~R

$357/unit, versus approximately ~R$417/unit for Ozivy. In our view, this suggests pedro.perone@ubs.com

branded generic price erosion is occurring faster than anticipated, which has been a +55-11-2767 6007

main concern for pharma stocks.

Our GLP-1 model already assumes that branded generic semaglutide products, such

as EMS’s offerings, gradually converge toward lower price points, diluting the

overall average selling price of both semaglutide and the GLP-1 category (see

Figures 1 and 2).