BLAU3 Blau Farmacêutica

Blau Farmacêutica S.A. is a Brazilian pharmaceutical company whose common shares are traded on B3 under the ticker BLAU3. Founded on December 16, 1987, by Marcelo Rodolfo Hahn, the current CEO and vice-chairman of the board of directors, it began its activities as a distributor of cosmetics, healthcare products, related items, and medicines. Throughout the 1990s and 2000s, the company underwent a process of verticalization and industrialization, with the inauguration of manufacturing units in Cotia (SP) and Caucaia do Alto, initially focused on the production of oncology and injectable drugs. In 2011, the company adopted the form of a corporation and was renamed Blau Farmacêutica S.A., consolidating a governance structure with a statutory executive board and a board of directors. In 2019 it obtained registration as a publicly held company in category A and, in 2021, completed a global share offering, becoming part of the Brazilian capital markets.

Blau Farmacêutica’s growth trajectory includes organic expansion of production capacity and a series of acquisitions and international moves. In Brazil, notable milestones include the incorporation of the unit originating from Ariston Indústrias Farmacêuticas in São Paulo, focused on antibiotics, and the acquisition of Pharma Limirio in Anápolis (GO), later integrated as Blau Goiás. In 2022, the company signed an agreement to acquire 100% of Laboratório Farmacêutico Bergamo Ltda., a traditional manufacturer of injectable oncology drugs, expanding its share in onco-hemato medicines. Abroad, Blau has built a regional presence in Latin America through Blaufarma Uruguay S.A. and subsidiaries in Peru, Chile, Argentina, Colombia, and Ecuador, operating mainly in the distribution of medicines produced in Brazil. In parallel, it entered the plasma collection segment in the United States with the creation of Plex – Plasma Expert Corp. and Hemarus joint ventures, setting up collection centers in Florida.

Blau Farmacêutica’s business model is centered on the research, development, manufacturing, and commercialization of complex drugs, with a focus on biotechnology and hospital-use products. The company has consolidated a leading position in the institutional pharmaceutical segment in Brazil, especially in injectable biological and biosimilar medicines aimed at the therapeutic classes of oncology, onco-hematology, immunology, nephrology, infectious diseases, and other high-complexity specialties. Its portfolio combines recombinant biological medicines, with higher added value and technological barriers, and synthetic medicines, which complement treatment protocols and help optimize manufacturing capacity. In 2024, the company reported net revenue of around R$ 1.75 billion, supported by expansion of production capacity and growth of the addressable market in which it operates.

The operating structure in Brazil is organized into three business units: Onco-hematology & Specialties, Pharma/OTC, and Blau Aesthetics. The Onco-hematology & Specialties unit comprises medicines for the treatment of cancer and hematological diseases, as well as drugs used routinely in hospital settings, such as antibiotics, antivirals, blood derivatives, anticoagulants, analgesics, anesthetics, muscle relaxants, and medicines for intensive care and surgical procedures. The Pharma/OTC unit covers prescription and over-the-counter medicines sold in the pharmacy retail channel, focusing on chronic diseases such as rheumatoid arthritis and anemia, as well as oncology, gynecology, anticoagulant, gastroenterology, infectious disease lines, gels, and male condoms. Blau Aesthetics operates in solutions for the medical aesthetics market, with products for minimally invasive procedures targeted at specialized professionals.

From an accounting perspective, Blau Farmacêutica discloses two operating segments: Hospital and Retail+Aesthetics+Plasma. The Hospital segment, which concentrates most of the business, encompasses medicines used in specific treatments in public or private hospitals and clinics, including the onco-hemato and specialties portfolio. In 2024, this segment accounted for approximately 84% of the company’s net revenue and the largest share of profit before taxes. The Retail+Aesthetics+Plasma segment brings together the Pharma/OTC operation in the pharmacy channel, the aesthetics line, and plasma collection activities in the United States under the Hemarus brand, representing about 16% of net revenue in 2024. This mix highlights the predominance of the institutional channel and high-complexity medicines in revenue and profit generation.

Blau Farmacêutica’s customer base is diversified, with no material concentration in a single buyer, as no customer accounted for more than 10% of net revenue in 2024. In Brazil, the company’s products reach approximately 62,500 pharmacies and 9,000 institutions, including around 3,200 private hospitals, 2,100 clinics, 620 public agencies, and other healthcare organizations. The company operates in an addressable market estimated at more than R$ 11.1 billion, participating with its own brands in various therapeutic niches. In its reference markets, Blau ranks among the main domestically owned pharmaceutical manufacturers in the institutional segment, with leadership in several molecules and a strong presence in oncology and biotechnological medicines.

Blau’s industrial infrastructure is concentrated mainly in the state of São Paulo and Goiás, in addition to plasma collection operations abroad. In Cotia, there is the P200/P210 industrial complex, dedicated to biological, biotechnological, and synthetic injectable drugs, and the P400 plant, focused on producing biotechnological Active Pharmaceutical Ingredients (APIs) from prokaryotic and eukaryotic cells. The Caucaia do Alto unit produces solid oral oncology drugs and cytotoxic injectables. The São Paulo plant manufactures injectable antibiotics, semisolid products, healthcare products, and condoms, with lines separated by therapeutic class. In Anápolis, Blau Goiás produces sterile cephalosporin and carbapenem powders, such as ceftriaxone and meropenem. The Bergamo plant in Taboão da Serra focuses on injectable oncology drugs, nasal sprays, and hormones, expanding capacity in the onco-hemato segment.

Blau Farmacêutica’s activities are subject to strict health regulation and drug price control. In Brazil, the company operates under the supervision of the National Health Surveillance Agency (ANVISA), which grants the operating license, approves good manufacturing practices, and registers biological, generic, similar, and reference medicines. The company’s plants are periodically audited by ANVISA and, in the case of the units in the state of São Paulo, also by the Colombian health agency INVIMA, to verify compliance with good manufacturing and laboratory practices. In addition, the pharmaceutical sector is economically regulated by the Drug Market Regulation Chamber (CMED), which is responsible for setting price caps, annual adjustments, and marketing rules in the public and private markets. In the plasma segment in the United States, operations follow standards and quality requirements established by the Food and Drug Administration (FDA). The company states that it observes applicable labor and environmental laws and maintains a quality structure dedicated to controlling production processes, which ties into governance practices and risk management relevant to its regulation-intensive industrial operations.

Blau Farmacêutica’s strategy combines production verticalization, recurring investments in research, development, and innovation, and international expansion. The Blau Inventta R&D&I center, inaugurated in Cotia, works on the development of biotechnological APIs and complex synthetic medicines, including biosimilar monoclonal antibodies and other recombinant proteins, in line with the goal of reducing dependence on imported inputs. The company invested a relevant share of net revenue in R&D&I in 2024 and maintains a pipeline of new products focused on biotechnology and next-generation treatments. This approach reinforces Blau’s position in the pharma and biotechnology segment on B3, with the ticker BLAU3 representing a pharmaceutical operation with a domestic production base, geared mainly toward the high-complexity institutional market.