Context: How B3 (Brasil, Bolsa, Balcao) works, and what it makes issuers disclose · Brazil on the LatAm Power Map
Brazil has only one publicly listed company devoted entirely to biotechnology — and it just turned its first operating profit in years, on the back of an insulin factory it spent a decade building in the hills of Minas Gerais.
| Full name | Biomm S.A. |
| Ticker / exchange | BIOM3 — B3 (São Paulo) |
| Headquarters | Nova Lima, Minas Gerais, Brazil |
| Sector | Healthcare / Biotechnology |
| Employees | Not disclosed in available sources |
| Market value (market cap) | R$848.5m (~US$164m) |
| Yearly sales — FY2025 (revenue) | R$269.3m (~US$52.1m) |
| Net profit — FY2025 | –R$6.7m (–~US$1.3m) |
| Net margin (TTM) | 4.6% — thin, but positive for the first time in years |
| Return on equity (TTM) | 5.1% — nascent; still rebuilding after losses |
| Price-to-earnings (P/E) | 51.7× — priced for growth, not today’s earnings |
| Dividend yield | None |
| Website | biomm.com |
What it is
Founded in 2001 as a spin-off from a major global insulin manufacturer, Biomm describes itself as the first and only Brazilian company entirely focused on biotechnology. Its production site in Nova Lima — near Belo Horizonte, Minas Gerais — was built specifically to give Brazil domestic capacity for high-technology medicines such as insulin analogues.
The company traces its roots to Biobrás, which had been the world’s fourth-largest insulin producer before Biomm was spun off. Today its portfolio spans diabetes insulins (including AFREZZA, an inhaled powder, and GLARGILIN, a long-acting analogue), the anticoagulant GHEMAXAN, and the cancer biologics HERZUMA and BEVYX — plus, most recently, a ranibizumab biosimilar for eye disease approved by ANVISA.
Who owns it
The single largest declared shareholder is Cartago Fundo de Investimento Financeiro em Ações, a Brazilian investment fund that became a relevant shareholder in February 2024 and, as of mid-2025, holds 25.86% of the ordinary shares. Insiders collectively hold a further 28.6% and institutional investors 54.3% of the share base, leaving a modest free float — meaning the stock can move sharply on relatively little trading (all figures: EODHD; our calculation).
Cartago attracted attention in late 2025 when Brazilian media linked its parent group to the Banco Master crisis; the company stated clearly that any CEO change at that moment was planned by the board independently of those events, and had been disclosed via a material-fact notice on 24 November 2025.
Who runs it
The board is chaired by Cláudio Luiz Lottenberg, a physician and president of the Hospital Israelita Albert Einstein — one of Latin America’s most prestigious medical institutions — who chairs board meetings. Marcelo Sáfadi Alvares serves as Investor Relations Director, the named contact in CVM filings.
Board minutes from early 2025 name Heraldo Carvalho Marchezini as both CEO (Diretor Presidente) and CFO/IR Director. A planned leadership transition was subsequently announced by the board, formalised in a material-fact notice of 24 November 2025; the name of the incoming CEO was not confirmed in sources available at time of writing.
The money, in plain words
Revenue almost doubled in a single year — rising from R$142.9m (~US$27.7m) in FY2024 to R$269.3m (~US$52.1m) in FY2025, a jump of 88% (our calculation) — as the Nova Lima factory moved from ramp-up to real production scale. The gross margin widened to 30.4% in FY2025 from 12.5% in FY2024 (our calculations), meaning the company is now keeping about 30 cents of profit for every real of revenue before running costs — a sign the factory economics are working.
The bottom line remained slightly negative in FY2025 at –R$6.7m (–~US$1.3m), but that is a vast improvement on the –R$77.2m (US$15 mn) loss the year before; on a trailing twelve-month basis the net margin has turned positive at 4.6% and return on equity stands at 5.1% — both real but fragile. The company carries net debt of roughly R$74.3m (~US$14.4m) — more debt than cash, so any revenue stumble would put pressure on the balance sheet (our calculation).
What it is doing now
ANVISA has approved Biomm’s ranibizumab biosimilar — used to treat abnormal blood-vessel growth in the retina — marking the company’s first step into ophthalmology. The company has also publicly set a target of R$90m (US$17 mn)–R$100m (US$19 mn) in operating profit for 2026, which would be, if achieved, a genuine inflection point from years of losses.
The technology team holds more than 20 patents registered worldwide over two decades, and the company migrated to B3‘s Bovespa Mais segment in 2012, committing to higher governance standards. The Cartago shareholding remains an open question: its fund manager’s exposure to the Banco Master situation is still unresolved, and any forced sale of that 25.86% stake would be the dominant near-term share price event.
What to watch
- Revenue trajectory: The 88% jump needs to continue; any slowdown tests a 51.7× P/E ratio that prices in years of future growth.
- Cartago stake: How the largest single shareholder resolves its own liquidity position will determine whether that 25.86% block stays stable or hits the market.
- CEO transition: A new CEO arrived in late 2025; strategy continuity — particularly on the 2026 operating-profit target — is the first thing to verify.
- Ophthalmology and oncology portfolio: ANVISA approvals are accumulating; whether Biomm can sell these new products at scale is the growth story beyond insulin.
- Net debt: At R$74.3m (~US$14.4m) net debt against slim margins, the company cannot afford a bad quarter; watch the cash position closely.
Sources
- Biomm S.A. Investor Relations — Administration (Board & Management): ri.biomm.com/en/corporate-governance/administration/
- Biomm S.A. Investor Relations — History and Corporate Profile: ri.biomm.com/en/the-company/history-and-corporate-profile/
- Biomm S.A. — Institutional site, company history and factory: biomm.com/en/biomm/
- CVM / rad.cvm.gov.br — Biomm S.A. Esclarecimentos (response to CVM Ofício nº 246/2025, 28 November 2025), disclosing Cartago stake of 25.86% and CEO transition: rad.cvm.gov.br (IPE filing)
- Biomm S.A. — Board of Directors minutes (MZ/API filing), confirming Heraldo Carvalho Marchezini as CEO and Cláudio Luiz Lottenberg as Board Chair: api.mziq.com (board minutes)
- Market data: EODHD.
This is news, not investment advice.
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