Hypera Pharma: Fine-Tuning Estimates After 1Q26 Results

Goldman Sachs maintains a Neutral rating and BRL 25 target price for Hypera Pharma, balancing solid 1Q26 sell-out growth against concerns over weak free cash flow generation.

Key Takeaways

• 1.Maintained Neutral rating with a 12-month target price of BRL 25/sh as 1Q26 results did not fundamentally change the equity story.
• 2.Retail sell-out growth was strong at 9.4% in 1Q26, but the annual forecast remains at 8.2% due to expected tougher comparisons in the second half of 2026.
• 3.EBITDA margins for 2026 were revised slightly downward to 32.6% due to anticipated higher marketing expenses surrounding the 2026 FIFA World Cup.

Table of Contents

• Solid 1Q26 retail sell-out print reinforces our confidence in our 2026 growth assumption of 8.2% YoY
• Sindusfarma's data for April 2026 corroborates that Hypera's sell out might be on track for 2Q26
• Limited FCFE generation remains one of our main concerns in the thesis for 2026
• New vs Old Estimates and Model outputs
• Price target and rating history chart(s)
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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