Weight-Loss Drugs Now Drive One in Eleven Pharmacy Sales in Brazil
Brazil · Business
Key Facts
—The shift. At the chain Pague Menos, these medicines made up 9.1 percent of sales in early 2026, a share that grew 167 percent in a year.
—Industry-wide. The drugs now account for roughly 8 to 9 percent of revenue at Brazil’s biggest pharmacy groups.
—The market. Analysts size the category near 11 billion reais in 2025 and see it climbing fast as prices fall.
—New entrant. The first version made in Brazil goes on sale next week, starting at 452 reais ($89).
—Why now. A key patent expired in March, opening the door to cheaper competition.
—The makers. Denmark’s Novo Nordisk and America’s Eli Lilly still dominate the global market.
A new class of weight-loss drugs is quietly rewriting the business of Brazilian pharmacies, and the arrival of a cheaper home-made version is about to accelerate the change.
A new category of medicine is reshaping how Brazil’s pharmacies make money. The injectable treatments known abroad as Ozempic and Mounjaro, originally for type 2 diabetes and now widely used for obesity, have become one of the fastest-growing lines on the shelf.
The scale of the shift is striking. At Pague Menos, one of the country’s largest chains, these products made up 9.1 percent of sales in the first quarter, a share that jumped 167 percent from a year earlier.
How weight-loss drugs took over the pharmacy shelf
Pague Menos is not an outlier. Across Brazil’s biggest pharmacy groups, including the owner of the Raia and Drogasil chains, the medicines now generate roughly 8 to 9 percent of revenue.
Belong to a class doctors call GLP-1, the drugs regulate blood sugar and curb appetite. That dual effect explains why a treatment first aimed at diabetes has spread so quickly into weight management.
The money involved is large and growing. Analysts put the Brazilian market near 11 billion reais ($2.2 billion) in 2025, with one bank forecasting it could nearly double in 2026.
A cheaper, home-made version arrives
The next chapter starts next week. The Brazilian drugmaker EMS launches the first locally produced version, called Ozivy, with prices starting at 452 reais ($89) per pen.
Patients enrolled in a company programme can pay about 287 reais ($57) a month for the first three months. After that the price settles near 498 reais ($99) per pen.
The launch is possible because the patent on the main ingredient expired in March. That opening is expected to bring prices down and widen access to people who were previously priced out.
Pague Menos sees a particular opportunity in Brazil’s north and northeast, where about 70 percent of its stores sit. Its chief executive said that when prices fell earlier, most new buyers were first-time users rather than people switching brands.
The bigger business ripples
The boom is reshaping more than pharmacies. Denmark’s Novo Nordisk, which dominates the field alongside America’s Eli Lilly, is investing heavily in a plant in Minas Gerais to expand local production.
There is also a grey market to contend with. EMS estimates that as much as half of consumption in Brazil flows through informal channels, from products brought in illegally to large-scale compounding outside standard rules.
Investors are watching the knock-on effects too. In the United States, studies of users have pointed to lower spending on snacks, sweets, and alcohol, a pattern that could eventually touch food and drink makers.
Local industry is racing to keep up. EMS has put more than 1 billion reais ($197 million) into a peptide platform and a new factory able to turn out hundreds of thousands of pens a year.
The runway looks long. Some analysts project the Brazilian market could reach 50 billion reais by 2030, with around 15 million users, if access keeps widening.
Why it matters for investors
For anyone tracking Brazilian retail, the category has become a core growth story rather than a fad. The chains best placed to capture it are those with the widest reach into lower-income regions.
The open question is margins. As cheaper versions arrive, volumes should rise sharply, but the price per pen will fall, leaving the profit picture to be settled over the next few quarters.
For now, the direction of travel is clear. A treatment that was a luxury two years ago is becoming a mainstream pharmacy staple across the country.
Frequently Asked Questions
How big a share of pharmacy sales do these medicines now take?
At Pague Menos they reached 9.1 percent of sales in early 2026, and across Brazil’s largest chains the figure sits around 8 to 9 percent. The share has been climbing quickly as more people start treatment.
Why are prices expected to fall?
A key patent expired in March, allowing rivals to make their own versions. The first Brazilian-made option launches this month, and more competition typically pushes prices down.
Who leads the market?
Denmark’s Novo Nordisk and America’s Eli Lilly dominate globally. In Brazil, local drugmaker EMS is now entering with a home-made version aimed at a wider group of buyers.
Connected Coverage
Novo Nordisk Commits $1.12 Billion to Expand Ozempic Production in Brazil
Brazil’s Technology Scene in 2026: Fintechs, AI, and the Startup Boom
Read More from The Rio Times