EMS was the first pharmaceutical company to launch a Brazilian version of GLP-1 analogs—or, in plain terms, the pens for the treatment of diabetes and obesity that have been revolutionizing the market. Just over a month after the official launch, performance has been surprising, says the company’s vice president, Marcus Sanchez.

“As sales are about 20% above our expectations, with very good acceptance from doctors and patients,” he told EXAME. “Our projection is for revenues of R$ 100 million (US$ 18.8 million) to R$ 120 million (US$ 22.5 million) in 12 months, and it is very likely that this number will be exceeded.”

The figures are still small compared with EMS’s net revenue of R$ 8.27 billion (US$ 1.55 billion) last year. But it represents an important growth avenue for the coming years, especially from 2026, when the patent for Ozempic is expected to expire, opening the door for sales of semaglutide, which is administered weekly and has a more pronounced effect on weight loss.

The patent for liraglutide expired in November last year, but Novo Nordisk was no longer promoting the product. As a result, EMS’s focus has been to revive the substance, through medications called Olire and Lirux, with doctors. “Our expectation is that the product will gain even stronger traction in the coming months, now that medical promotion is becoming more widespread and the product is better known among the general public,” says Sanchez.

He also does not believe that liraglutide will be replaced by semaglutide after the patent expiry, despite the fact that the first requires daily injections. “When a patient is undergoing treatment and is stabilized, there isn’t much reason to switch,” he says.

Another factor is price: liraglutide is cheaper, even when adjusted for the larger number of applications. And the tendency is for it to become even more affordable, says the VP.

“Although the medication is already launched with lower prices, the biggest drop tends to occur a year later. Today, there are few raw material manufacturers able to produce the product, but as volume grows, competition increases, production expands, and costs decrease,” he says.

M&As on the radar

In addition to the inauguration of its new factory in Hortolândia (São Paulo) for the production of pens, EMS is in the midst of an intense investment cycle in its manufacturing units across the country to support growth in the production of both generics and its branded medicine line.

According to Sanchez, this has ensured solid growth this year, with gains in the first half and even stronger performance, with increased market share, in the second half.

For 2026 and 2027, another R$ 1 billion (US$ 187.6 million) is planned for expanding manufacturing capacity. “This next cycle still includes investments in existing units, but afterward it may be that we need to invest in building new plants,” says Sanchez.

With a debt-free balance sheet—unlike much of the industry—the company has also positioned itself as a consolidator in the market, eyeing acquisitions.

One such move was the purchase of the injectable medicines business of Germany’s Fresenius Kabi in Brazil, which includes a unit in Anápolis, Goiás, that produces hospital-use drugs such as oncology treatments, analgesics, and anesthetics. Announced in April, the deal has just been concluded following approval from Brazil’s antitrust watchdog Cade.

“We already had an injectable pipeline and needed to build a factory. With the acquisition, we already have the unit. Now, we need to assess how much we can grow there and what needs to be expanded,” says the executive.

EMS is also eyeing acquisition opportunities in the OTC segment, or over-the-counter medicines, where, unlike in generics, it holds a smaller market share of just over 10%.

“We are betting heavily on the brands we already have, developing new brands in-house, and also keeping a close eye on acquisition opportunities that may come to market.” The last major acquisition in this sense was the Dermacyd line of intimate soaps, purchased from France’s Sanofi for €66 million (US$ 71 million) at the beginning of 2023.

Without Hypera, focus on Medley

Sanchez also does not hide his interest in another, much larger Sanofi asset: Medley, its generics operation in Brazil. “We are interested in acquiring companies that complement our portfolio or are strategic for us. So yes, we will position ourselves as an interested party when the Medley process is opened,” he says. “From then on, whether we will be competitive in the process or if they will ask for an astronomical figure, only the future will tell.”

The process is not officially underway yet, largely because the carve-out of the generics operation is taking longer than expected. The expectation is that it will be launched between January and February 2026. Medley has revenue of about R$ 1.5 billion (US$ 281.5 million) and was acquired by Sanofi in 2009 for an equivalent value.

Sanchez does not discuss figures, but according to reporting by colleagues at NeoFeed published in August, Sanofi would be seeking around US$ 1 billion, while EMS would be more inclined to offer something closer to US$ 500 million.

Hypera, on the other hand, is off the table for now, says Sanchez. Last year, EMS made a bid for Neoquímica’s parent company, which was not accepted by the board nor by the controlling group.

“We understand that they are well settled with control, with Votorantim’s entry, and the decisions are theirs to make. Of course, if they see some kind of synergy and are interested in sitting down to talk, we are also open,” he says.

The text was translated with artificial intelligence. If you have any questions or corrections, please write to rafael.balago (at) exame.com.