Hypera SA (HYPE3.SA): Semaglutide race is on

研报英文原文证据摘录

Hypera SA (HYPE3.SA): Semaglutide race is on

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29 Jul 2026 09:27:47 ET │ 11 pages

Hypera SA (HYPE3.SA)

Semaglutide race is on

CITI'S TAKE

Buy Anvisa approved this morning registration for five new semaglutide-based

weight-loss pens in Brazil, including two by HYPE (Semavy, Zempneo), Price (28 Jul 26 18:00) R$21.44

one by Avita Care ( Owozy, in partnership with Sandoz; Valor, 29 July), and Target price R$28.00

two by Sun Pharma (Seemasun, Orsema). While timing and pricing Expected share price return 30.6%

visibility remain limited at this point, news may help surface Hypera’s Expected dividend yield 5.6%

GLP-1 optionality (potential EBITDA +3-5% accretion), which in our view Expected total return 36.2%

stays largely overlooked by the market. That said, we reckon that ongoing

Market Cap R$15,094M pricing erosion across the semaglutide category remains an obvious

US$2,947M profitability risk, while investors may also question the implications of

having Hypera's manufacturing partner (aka. Sun) with its own

registration. Elsewhere, while the case of volume expansion and mark-up

uplift should naturally represent growth tailwinds for the retail segment Leandro Bastos, CFAAC

over time, timid TAM expansion (Figure 1) and limited gross margin +55-11-4009-3125

accretion so far still fuels uncertainty around marginal unit economics, leandro.bastos@citi.com

supporting our more cautious view.

Renan Prata, CFA

+55-11-4009-3917

The news – The Brazilian sanitary agency Anvisa approved this morning registration renan.prata@citi.com

for five new semaglutide-based weight-loss injection pens in Brazil, including 2 by

HYPE (Semavy, Zempneo), 1 by Avita Care (Owozy, likely working in partnership with

Sandoz), and 2 by Sun Pharma (Seemasun, Orsema), which also happens to be