Retail Daily New GLP-1 Supply, HYPE’s Semavy approved; Brazilian eCommerce: 1H26 Results

研报英文原文证据摘录

Retail Daily New GLP-1 Supply, HYPE’s Semavy approved; Brazilian eCommerce: 1H26 Results

Global Research

29 July 2026ab

Retail Daily Equities

AmericasNew GLP-1 Supply, HYPE’s Semavy approved;

Brazilian eCommerce: 1H26 Results Retail

Vinicius Strano, CFA

Analyst

vinicius.strano@ubs.com

Anvisa approves five new Semaglutide pens +55-11-2767 6688

Anvisa approved five new semaglutide pens in Brazil today, bringing the total Isabella Lamas

number of approved medications to six since the patent expired in March. The Analyst

newly approved products are Semavy (Hypera), Zempneo (Hypera), Owozy (Ávita isabella.lamas@ubs.com

Care), Seemasun (Sun Farmacêutica), and Orsema (Ranbaxy). All five are based on +55-11-2767 6836

synthetic semaglutide and were approved for type 2 diabetes treatment, with doses Lucca Biasi

of up to 1.3mg/ml. Some pens, including Hypera's Semavy, are expected to reach Analyst

pharmacies within two months. Hypera's CEO, Breno Oliveira, has stated the lucca.biasi@ubs.com

company is also seeking approval for higher dosages. In addition, as with all GLP-1 +55-11-2767 6173

analogues, the medications remains subject to prescription requirements. (O

Globo)

Why care? We believe the Semaglutide patent cliff should accelerate formal

market penetration by boosting volumes, while improved availability supports

pharmacy margins. We model GLP-1 volumes rising 3x, more than offsetting a

>50% average price decline, resulting in formal market revenues growing from

R$15bn in 2026E to R$23bn by 2030E. Although GLP-1's share in pharmacy sales

should decline as prices normalize, we expect gross profit contribution to

remain broadly stable (at 6-7%, 5-7% and 5-6% for RADL, PGMN and PNVL,

respectively), supporting modest gross margin expansion from 2027 while