Brazil Drugmaker Profit Up 16% as Diet Pen Debuts
Hypera, a São Paulo drugmaker, posted third-quarter profit up 16.1% to US$98 million as its Semavy weight-loss pen sold 93,000 units in September. The post Brazil Drugmaker Profit Up 16% as Diet Pen Debuts appeared first on The Rio Times .
Hypera, a Sao Paulo-based drugmaker, reported a 16.1% increase in third-quarter profit to R$527 million (about US$98 million) for the period ending September. Net revenue grew by 9.4% to R$2.44 billion (about US$456 million). The company credited stronger pharmacy sales and the debut of its weight-loss drug, Semavy, for the growth.
Analysts had forecasted a profit of R$471.4 million (about US$88 million) and revenue close to R$2.4 billion. Semavy, Hypera's version of Ozempic, saw sales of about 93,000 units in its first month, representing over 11% of Brazil's injectable semaglutide market. Anvisa, Brazil's health regulator, approved Semavy early in the third quarter.
The profit margin declined from 34% to 32.1%, indicating that profit benefited from non-operating items such as interest costs. Hypera's net debt decreased from R$5.9 billion (about US$1.10 billion) to R$5.6 billion (about US$1.05 billion) during the quarter. The company's shares are traded in São Paulo under the ticker HYPE3, exposing dollar investors to currency risk.
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