Hypera Pharma (HYPE3.SA): 2Q26 earnings preview

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Hypera Pharma (HYPE3.SA): 2Q26 earnings preview

Goldman Sachs Hypera Pharma (HYPE3.SA)

We forecast a retail sell-out growth of 7.7% in 2Q26, marking an already expected

deceleration of the 9.4% sell-out growth print in 1Q26.

On the positive side, we expect a quarter of new product launches continuing to gain

traction in company’s results. Over the past quarter, the company has rolled out several

line extensions to enter smaller categories where it lacks the market share it enjoys in its

core business of flu-related and acute medicines. For example, Tossexpec (launched in

the end of 2026) to compete in the cough segment, alongside entries into new markets

such as testosterone, women’s health, and lisdexanfetamina, among others. These

moves are already proving successful - in 1Q26, launches from the past 12 months

contributed 2.6pp to overall growth, and we expect a carryover of this new product

launches contribution for the last of the year.

On the other hand, we note that pain-related drugs (which represent around 20% of the

company’s total sell-out) are expected to continue underperforming sector growth (LTM

of 11.7% as of May for the whole retail pharma sector), on the back of both lower

growth in this category and the gradual mix trade down of pain drug sales from branded

to generics, which weighs on several of the company’s power brands. For the full year of

2026, we maintain our sell-out growth assumption of 8.0% YoY unchanged, as it is still

early to assess the impact of El Niño on winter season sales performance (recall that

~30% of the company’s total sell-out refers to acute and flu-related medicines).

Exhibit 1: Hypera’s Quarterly Retail Pharma (YoY, %) Exhibit 2: Monthly retail pharma sell-out YoY growth (%)

10.0% 9.4% 20%

18%

9.0% 8.3% 8.0% 16%