PNVL3: quote, dividends and indicators for Dimed

Dimed, traded on B3 under the ticker PNVL3 in the Novo Mercado segment, operates through Grupo Panvel and has more than 55 years of history in the Brazilian drug retail market. The company built its track record in the Southern region of the country, developing a pharmacy chain with a strong presence in Rio Grande do Sul, Santa Catarina, and Paraná, in addition to expansion into the state of São Paulo. In 2025, the company ranked among the largest pharmacy retail chains in Brazil in terms of revenue, according to ABRAFARMA data. Its customer base exceeds tens of millions of clients per year, with an operating model that combines brick-and-mortar stores, digital channels, and its own industrial structure focused on exclusive brands.

Dimed’s business model is organized into two main fronts: pharmaceutical retail, concentrated in the Panvel pharmacy chain, and product industrialization, carried out by the Lifar Laboratory. The core revenue focus is on the retail segment, which accounted for all net revenue from sales and services in 2025, following the shutdown of wholesale operations in 2024. Panvel pharmacies sell branded drugs, generics, over-the-counter (OTC) medicines, dermocosmetics, personal hygiene, beauty and fragrance products, as well as a significant line of private label items. Lifar, in turn, develops and manufactures cosmetics, supplements, and foods, serving both internal demand from the Panvel brand and contract manufacturing for major brands in Brazil and abroad, with an important role in producing the chain’s exclusive lines.

In retail, the Panvel chain had close to 660 stores in 2025, a number that increased to 661 units in the first quarter of 2026, distributed across more than 150 cities in the states of Rio Grande do Sul, Santa Catarina, Paraná, and São Paulo. The stores offer a broad assortment, with more than 15,000 items across medicines and hygiene and beauty products, reaching more than 20,000 items by the end of 2025. The physical units also operate as mini distribution centers that support the omnichannel strategy, integrated with e-commerce, proprietary apps, telesales, and digital channels that serve all Brazilian states. The sales mix shows a high share of medicines, which accounted for about 61% of sales in 2025, while hygiene, fragrance, and cosmetics categories gained relevance, representing approximately 39% of Panvel’s revenue in the fourth quarter of 2025, with emphasis on private label items and exclusive fragrances.

Dimed’s industrial structure is represented by the Lifar Industrial Pharmaceutical Laboratory, founded in 1969. Lifar produces cosmetics, foods and dietary supplements, as well as medicines, in line with Good Manufacturing Practices and industry standards. The operation is divided into two main plants: one dedicated to foods, responsible for teas and supplements under the Sanitas brand, and another focused on cosmetics, where private label items such as Vivaz and Lifar and white-label products for large pharmaceutical, food, and fashion retail chains are produced. Approximately one-third of Panvel’s private label products are produced in-house by Lifar, which also provides outsourcing consulting, including formulation development, quality testing, regulatory interface with ANVISA, and packaging development. Production runs on two shifts, close to installed capacity, with processes that combine manual steps and automation.

Dimed’s geographic footprint is concentrated in the South and Southeast of Brazil, with no direct operations in other countries and no revenue generated abroad. The company operates distribution centers in Eldorado do Sul, in Rio Grande do Sul, and in São José dos Pinhais, in Paraná, which supply the company-owned store network in the four states where Panvel is present. Transport logistics are carried out by third-party carriers, selected and monitored by the internal logistics team. The choice of store locations prioritizes areas with high foot traffic, high population density, strong consumption potential, and traffic-generating hubs, aiming to avoid excessive overlap between company-owned units and minimize sales cannibalization. The recent expansion strategy has prioritized the countryside of the Southern states, seeking to expand coverage in markets considered relevant in terms of consumption of pharmaceutical and health products.

In the competitive context, Dimed operates in a Brazilian pharmaceutical retail market considered fragmented, with a strong presence of independent chains, associations, and franchises. In the Southern region, where it concentrates most of its operations, the company holds a significant share, reaching about 13.3% of the region’s pharmaceutical market in March 2026, according to IQVIA, and gaining share between 2025 and 2026. In Rio Grande do Sul, Santa Catarina, and Paraná, the company is showing market share growth in a sectoral growth environment driven by demographic factors such as population aging, increased life expectancy, and higher healthcare spending. In the hygiene, fragrance, and cosmetics segment, the company operates in a national market that ranks among the largest in the world, benefiting from a strong portfolio in these categories within Panvel’s sales mix.

Dimed’s operations are heavily influenced by government regulation, especially in the pharmaceutical sector. The retail trade of medicines, pharmaceutical inputs, and health products is subject to a regulatory framework involving the National Health Surveillance Agency (ANVISA), the Ministry of Health, and state and municipal health surveillance agencies. The company needs Operating Authorizations (AFE) from ANVISA, local sanitary licenses, any Special Authorizations (AE) for handling and selling substances under special control, and must maintain a licensed pharmacist as the technical officer registered with the Regional Pharmacy Councils at all units during business hours. In addition, the maximum price of medicines is regulated by the Drug Market Regulation Chamber (CMED), which affects pricing and margins for a significant portion of the portfolio. Panvel pharmacies also follow specific rules on the provision of pharmaceutical services and good practices in the dispensing environment.

The company develops commercial and relationship programs that complement traditional over-the-counter sales. These include agreements with companies for payroll-deducted discounted purchases, participation in government programs such as Farmácia Popular, agreements with major PBMs (Pharmacy Benefit Programs), as well as loyalty programs such as “Bem Panvel.” Dimed also acts as a logistics operator for pharmaceutical laboratories, taking on logistics and distribution while the laboratories handle commercial negotiations with hospitals, clinics, and other customers. Subsidiary Dimesul aims to optimize the company’s real estate management by centralizing activities related to the purchase, sale, leasing, and administration of properties for operational purposes.

Regarding environmental, social, and governance (ESG) practices, Dimed, through Grupo Panvel, publishes an annual Sustainability Report based on GRI standards and SASB sector indicators for pharmaceutical retail, also incorporating integrated reporting concepts. The company has defined material topics such as ethics and anti-corruption, information security, risk management, innovation, waste management, energy use, supply chain, and training, as well as strategic topics related to climate change, diversity, and community engagement. Recent commitments include full implementation of a reverse logistics program for medicines (Destino Certo) in 100% of branches, mapping of plastic and paper consumption, and progress in eliminating substances such as parabens, triclosan, and microplastics from the formulations of Panvel and Lifar private label brands. The greenhouse gas emissions inventory is verified by an independent entity, reinforcing the monitoring of emissions in scopes 1, 2, and 3. These elements are complemented by PNVL3’s listing on B3’s Novo Mercado, which requires governance practices with a higher level of transparency and a corporate structure more aligned with standards for protecting minority shareholders.