BLAU3: quote, dividends and indicators for Blau Farmacêutica

Blau Farmacêutica S.A. is a Brazilian pharmaceutical company with more than three decades of operations, founded in 1987 by Marcelo Rodolfo Hahn, initially focused on the distribution of cosmetics, health products and medicines. From the 1990s onward, it consolidated its transition to pharmaceutical manufacturing, with the opening of its industrial unit in Cotia (SP) in 1992 and, in 1995, the Blau Caucaia plant, Brazil’s first pilot plant for oncology drugs. Throughout the 2000s and 2010s, it expanded its production capacity with new units dedicated to injectables, biologics, biotechnological products and anesthetics, became a joint-stock corporation in 2011 and broadened its regional presence in Latin America. In 2019, it was registered as a publicly held company in category A and, in 2021, carried out a global offering of common shares, with its stock starting to trade on B3 under the ticker BLAU3.

Blau Farmacêutica’s business model is based on the production and commercialization of high-complexity medicines, with a focus on biotechnology and the institutional hospital segment. The company operates mainly with biological and biosimilar drugs in injectable presentations, with an emphasis on oncology and immunology, and also maintains a relevant portfolio of synthetic medicines that complement therapeutic protocols in the hospital setting. Its strategy combines vertical integration of the chain – including in-house production of biotechnological active pharmaceutical ingredients (APIs) – with production scale, which allows it to meet the demands of hospitals, clinics and public agencies with a broad portfolio ranging from cancer treatments to antibiotics, blood derivatives and anesthetics. In 2025, consolidated net operating revenue was close to R$ 1.7 billion, with significant growth compared to ten years earlier, reflecting capacity expansion and the increase in the addressable market in which it operates.

The company’s activities are structured into business units in Brazil and reported operating segments. The three business units are Onco-Hematology & Specialties, Pharma/OTC and Blau Aesthetics. Onco-Hematology & Specialties concentrates medicines used in the treatment of cancer, hematologic diseases, nephrology and a range of therapies used in day-to-day hospital practice, such as antivirals, antibiotics, anticoagulants, muscle relaxants, analgesics and anesthetics. The Pharma/OTC unit comprises prescription and over-the-counter medicines sold in the retail channel, serving mainly chronic, oncological, gynecological, gastrointestinal and infectious diseases, as well as products such as gels and male condoms. Blau Aesthetics operates in the aesthetics market with solutions for minimally invasive procedures aimed at specialized healthcare professionals. From an accounting perspective, the company reports two major operating segments: Hospital, which in 2025 accounted for around 84% of net operating revenue, and Retail+Aesthetics+Plasma, responsible for the remaining approximately 16%, including the plasma collection business in the United States under the Hemarus brand.

Blau Farmacêutica’s production structure is a central component of its competitive positioning. The company operates seven manufacturing plants, with 19 production lines, located mainly in Cotia (SP), São Paulo (capital), Anápolis (GO) and Taboão da Serra (SP), in addition to the plant dedicated to biotechnological APIs in Cotia (P400). The P200 and P210 units in Cotia produce biological, biotechnological and synthetic injectable medicines in different presentations (syringes, ampoules, vials and lyophilized products), as well as packaging blood derivatives and injectable products for aesthetic use that are imported. The P400 plant is dedicated to producing biotechnological APIs in prokaryotic and eukaryotic systems, with registered APIs and a development pipeline, aligned with the strategy of reducing dependence on imports. Blau Caucaia focuses on oncology medicines, oral solids and injectables; the São Paulo unit produces injectable antibiotics, semi-solid products and health products, including the condom line; the Goiás plant in Anápolis is dedicated to sterile powders in the cephalosporin and carbapenem classes; and the Bergamo plant in Taboão da Serra contributes to the production of injectable oncology medicines and other formats such as nasal sprays and oral solids. All plants are audited by Anvisa and by international agencies, following good manufacturing and laboratory practices.

Blau Farmacêutica’s operations extend beyond Brazil, with a strong regional presence in Latin America and activities aimed at the plasma market in the United States. The company has established subsidiaries in Colombia, Uruguay, Peru, Chile, Argentina and Ecuador, mainly for regional distribution of medicines produced in Brazil. Blaufarma Uruguay S.A. functions as an investment vehicle for other Latin American subsidiaries, consolidating the export platform and commercial presence in the region. In the United States, the company operates PLEX – Plasma Expert, Corp. and, through joint ventures and majority stakes, manages plasma collection centers under the Hemarus brand, in compliance with FDA regulations. These centers carry out compensated plasma collection for subsequent use in the production chain of blood derivatives and other biological products, broadening the company’s scope of activity in strategic inputs.

Blau Farmacêutica’s customer base is diversified across both private and public channels. In 2025, the company supplied medicines to approximately 68,000 pharmacies and around 9,000 institutions in the hospital market, including more than 6,500 hospitals, about 1,700 public agencies, over 400 oncology clinics and 300 nephrology centers, according to IQVIA data. In the private channel, no individual customer accounts for more than 10% of net revenue. In the public sector, the Ministry of Health is a major buyer, representing around 11% of consolidated net operating revenue in 2025, with sales of approximately R$ 187 million. Simultaneous operations in hospitals, specialized clinics, retail pharmacies and government agencies support an estimated addressable market of more than R$ 13 billion, considering all channels in which the company operates.

From a regulatory standpoint, Blau Farmacêutica is subject to a heavily regulated environment, typical of the pharmaceutical industry. In Brazil, its activities depend on authorizations such as the Company Operating Authorization issued by Anvisa, municipal sanitary permits and state operating licenses, in addition to individual sanitary registrations for each medicine or health product. These registrations, valid for ten years, cover different categories, such as new medicines, biologics, biosimilars, generics, similar medicines and herbal medicines, each with specific requirements for proof of quality, safety and efficacy. The company is also subject to economic regulation by the Drug Market Regulation Chamber (CMED), responsible for setting factory prices, maximum consumer prices and maximum prices for government sales, as well as annual adjustments and oversight of compliance with the rules by manufacturers, distributors and retailers. Compliance with health, labor and environmental regulations is monitored by various levels of government, with potential administrative sanctions and civil and criminal liability in the event of non-compliance.

Research, development and innovation (R&D&I) are one of Blau Farmacêutica’s strategic pillars. The company maintains its own R&D&I center, Blau Inventta, opened in 2021, equipped for the simultaneous development of multiple projects, including biotechnological APIs, biosimilars and high-complexity synthetic medicines. There is also a partnership with the Inventta Science, Technology and Innovation Institute, a private non-profit STI founded jointly with Laboratório Farmacêutico Bergamo, focused on healthcare innovation and accelerating the development of new molecules. Research activities include the use of scientific platforms based on mammalian cells and bacteria genetically modified through recombinant DNA technology, aimed at expressing therapeutic proteins that will serve as the basis for biosimilar medicines. In 2025, investments in R&D&I corresponded to about 11% of net revenue, reinforcing the strategy of portfolio expansion, increased technological autonomy and mitigation of dependence on external API suppliers.

In terms of environmental, social and governance practices, the company structures its activities mainly through formal quality, safety and regulatory compliance management systems. The manufacturing plants operate under strict good manufacturing and laboratory practice standards, with a dedicated quality department and preventive, corrective and predictive maintenance plans, seeking to ensure process integrity, employee safety and product consistency. Expansion into segments such as biotechnology, onco-hematology and blood derivatives, combined with vertical integration of API production and operation of plasma collection centers, places Blau Farmacêutica in a relevant position within the healthcare chain, with an impact on access to treatments and supply security in several markets where the company operates. BLAU3 shares, traded on B3, reflect the company’s exposure to this set of operational, regulatory and technological factors characteristic of the pharmaceutical sector.