Sun Pharma: Ahead of the Brazil Sema Pack? Triple Brand Injectable Play Opens Latin America Upside!

研报英文原文证据摘录

Sun Pharma: Ahead of the Brazil Sema Pack? Triple Brand Injectable Play Opens Latin America Upside!

Nandan Kulkarni +91 22 6842 1436 nandan.kulkarni@bernsteinsg.com 30 July 2026

and a meaningful expansion in affordability following patent expiry and generic entry. Sun Pharma appears well positioned to

participate in this opportunity through two directly controlled products, Seemasun and Orsema, as well as Semavy, which is

owned and commercialised by Hypera but manufactured by Sun. On our estimates, Sun-linked products could capture ~22% of

the Brazilian semaglutide market over time.

Sun’s partnership with Hypera also appears strategically well aligned with Brazil’s fragmented and highly localised

pharmaceutical distribution landscape. Our channel analysis (Exhibit 2) suggests that third-party distributors and company-

led promotional models together account for approximately 60-65% of the GLP-1 market and are likely to remain the

dominant routes to market through CY30E, ahead of institutional B2B contracts and public tenders. Sun is positioned to

participate across both channels: Seemasun and Orsema provide direct control over pricing, promotion and customer

engagement through Sun’s own Brazilian commercial infrastructure, while Semavy offers exposure to Hypera’s established

Mantecorp franchise, broad physician relationships and extensive pharmacy distribution network without requiring Sun to

independently replicate a comparable commercial footprint. In our view, this dual-channel approach should accelerate

market penetration and reduce execution risk, particularly as EMS, Novo Nordisk, Sandoz and other competitors

intensify efforts to secure prescription share and retail shelf presence following generic market entry.