RADL3: quote, dividends and indicators for RaiaDrogasil

RaiaDrogasil S.A., currently presented under the corporate brand RD Saúde, is a publicly traded corporation with common shares listed on B3 under the ticker RADL3, in the Novo Mercado segment. The company was formed in 2011 from the merger between Droga Raia, founded in 1905 in Araraquara (SP) by pharmacist João Batista Raia, and Drogasil, whose origins date back to 1935, when the Drogaria Bráulio and Drogaria Brasil groups joined under the name Drogasil Ltda. Over the decades, both chains expanded their operations in the State of São Paulo and other regions, adopting more complex corporate structures, such as Drogasil’s transformation into a corporation in 1972 and its registration with the CVM in 1977. Before the merger, Raia and Drogasil already had a history of going public and joining Novo Mercado, with IPOs carried out in 2007 (Drogasil) and 2010 (Raia), in addition to the entry of private equity funds, which strengthened governance and investment capacity.

The merger completed in 2011 led to the creation of RaiaDrogasil as one of the largest pharmacy chains in Brazil in terms of number of stores and revenue, consolidating a group with two leading brands – Droga Raia and Drogasil – and an initial presence concentrated in the main urban centers. In the following years, the company promoted logistics and systems integration, unifying retail, inventory management, pricing, promotions and CRM platforms in 2014. In 2017, the corporate brand was changed to RD – Gente, Saúde e Bem-estar, reflecting a broader strategy for health and wellness services. In 2024, the corporate identity was updated to RD Saúde, reinforcing its position as a comprehensive health ecosystem, with businesses that share the purpose of contributing to a healthier society in Brazil by 2030.

RaiaDrogasil’s (RADL3) main activity is the retail sale of medicines and related products, including branded and generic medicines, OTC over-the-counter products, personal hygiene items, perfumery products, cosmetics and dermocosmetics, as well as in-store pharmaceutical and health services. The company reports a single operating segment of pharmaceutical retail, although it maintains detailed managerial control by product line. In 2025, its operations reached more than 51.7 million customers, in approximately 440 million transactions, with a portfolio of more than 30,000 items purchased from a wide supplier base. Gross revenue is composed mostly of branded medicines, complemented by generics, OTC, non-medicines (perfumery, hygiene and beauty) and health services, maintaining a business profile anchored in the capillarity of brick-and-mortar pharmacies and in the growth of digital channels.

From a product standpoint, RaiaDrogasil structures its offering into well-defined categories. Branded medicines include reference and similar drugs subject to medical prescription, which account for a relevant share of gross revenue. Generic medicines, designated by the name of the active ingredient, represent an important portion of revenue and follow bioequivalence and bioavailability regulations in relation to reference medicines. The OTC category includes over-the-counter medicines and health and wellness products, mainly aimed at acute and self-diagnosable conditions, such as painkillers, cold medicines, vitamins and herbal products. In “non-medicines,” the company sells a variety of hygiene and beauty items, from shampoos and diapers to sunscreens, cosmetics and makeup. There is also a line of health services, such as blood pressure checks, blood glucose tests, bioimpedance assessments, administration of injectables, rapid tests for different conditions (such as glycated hemoglobin, hepatitis, influenza and COVID-19) and vaccination for various diseases, composing an offering that reinforces the role of pharmacies as healthcare establishments.

The company operates exclusively within Brazilian territory, with no revenue generated abroad, and has broad geographic coverage. As of December 31, 2025, the chain had 3,547 pharmacies, located in all 26 states and the Federal District, with a strong concentration in São Paulo, Rio de Janeiro, Minas Gerais and other large regional markets, and significant expansion in states in the North and Northeast. The retail operation is supported by a decentralized logistics structure, consisting of 15 leased distribution centers in different states – including São Paulo, Minas Gerais, Rio de Janeiro, Paraná, Rio Grande do Sul, Goiás, Mato Grosso, Amazonas, Pará, Pernambuco, Bahia, Ceará and Espírito Santo – totaling more than 240,000 m² of space. Supply management is centralized, using automated systems and statistical methods to suggest purchasing and replenishment, with daily monitoring of stockout levels and real-time integration with store sales, which enables frequent restocking and a balance between product availability, working capital and logistics costs.

In addition to traditional pharmaceutical retail, RaiaDrogasil has developed complementary businesses to expand its health ecosystem. In 2015, it acquired control of 4Bio Medicamentos S.A., specialized in the sale of specialty and high-complexity medicines, administration of medicines and patient support services; in 2024, it came to hold 100% of 4Bio’s capital. In 2016, it launched Univers, its own Pharmacy Benefit Management (PBM) platform, enabling millions of beneficiaries to access differentiated purchasing conditions at Raia and Drogasil stores. In 2019, it incorporated Drogaria Onofre, a traditional pharmacy chain with a strong e-commerce presence, aiming at operational synergies and optimization of the corporate structure. Starting in 2020, it created RD Ventures, a corporate venture capital platform focused on investing in startups aligned with its digital health strategy, with stakes in businesses such as Cuco (treatment adherence), Impulso (retail media), Dose Certa (medication treatment management), as well as initiatives in pharmaceutical compounding.

The commercial strategy integrates physical and digital channels. Pharmacies are the main sales channel and also serve as distribution hubs for orders placed via apps (iOS and Android), the brand websites (drogaraia.com.br and drogasil.com.br) and telesales, with options for in-store pickup or delivery from the nearest unit. In 2025, digital channels accounted for around one quarter of retail business revenue, reflecting the growing relevance of e-commerce and the omnichannel model. The customer base is diversified, made up mostly of individuals, with no relevant revenue concentration in any single customer above 10% of net revenue. The model for choosing store locations includes analysis of consumption profile, operating costs and competition, followed by monitoring of store performance, adjustment of product mix, pricing policy and business hours; units that do not meet growth parameters may be closed.

RaiaDrogasil’s operations are part of a highly regulated sector. The regulatory environment involves federal, state and municipal rules, under the coordination of the Ministry of Health and oversight by the National Health Surveillance Agency (ANVISA), in addition to specific legislation, such as Law No. 5,991/1973, which governs the retail trade of medicines; Law No. 6,360/1976, which deals with the registration of medicines, cosmetics and related products; and Law No. 13,021/2014, which reinforces the role of pharmacies as providers of pharmaceutical services. The company depends on health licenses for each establishment to operate, on the full-time presence of responsible pharmacists, and on compliance with hygiene, storage, logistics and health service provision rules, including vaccination, authorized by Resolution RDC No. 197/2017, and screening lab tests, in accordance with ANVISA’s recent regulation. Medicine pricing is also influenced by regulation from the Drug Market Regulation Chamber (CMED), which sets price ceilings and annual adjustments.

In the environmental, social and governance (ESG) field, RD Saúde has structured a Sustainability Strategy with a horizon through 2030, organized into pillars related to healthier people, business and planet. The company maintains programs and practices focused on reducing environmental impacts, managing healthcare service waste and ensuring the proper disposal of expired or unused medicines. For more than a decade, it has run the Conscious Waste Disposal Program in its pharmacies, in compliance with Decree 10,388/2020, through which customers can discard medicines, package inserts and packaging, which are sent to waste centers, later collected by licensed companies and destined for incineration or co-processing, with all required documentation, such as the Waste Transport Manifest. The distribution centers operate under ISO 14001 certification, reinforcing environmental management standards, while supplier selection includes compliance analyses, regulatory, labor and tax criteria, as well as ESG aspects. These initiatives are complemented by the corporate governance practices adopted under B3’s Novo Mercado, providing institutional support for RaiaDrogasil’s operations in Brazilian pharmaceutical retail.