Itaú BBA on Hypera: Effects from Working Capital Shift Still Present; All Eyes on 2025

Pharma

Hypera’s 4Q24 results were once again impacted by the company’s working capital optimization process. Net revenues decreased by 18% YoY, while EBITDA (excluding others) also saw a significant drop, with a 23 pp YoY decline in margin. On the positive side, there was an improvement in cash flow dynamics driven by better receivables management. Looking ahead, the company mentioned that it is now operating with a receivables term of approximately 70 days for new sales made at the end of 1Q25. This could be seen as a positive sign by investors, indicating the potential success of the WK strategy being implemented. Although the disclosed figures in the quarter are not inspiring per se, it was expected that the shift in working capital strategy would have a considerable impact in the short term. Investors will look for any signs of sell-out in early 2025 to gain more confidence about what the recurring revenues will look like going forward, beyond this adjustment.

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HYPERA: J.P. MORGAN MANTÉM OTIMISMO APESAR DE RESULTADOS ABAIXO DO ESPERADO

Pharma

Apesar dos desafios na DRE, a Hypera continuou a gerar fluxo de caixa positivo, o que é um sinal positivo. O J.P. Morgan também vê com otimismo a normalização gradual da demanda por medicamentos relacionados à gripe e o bom desempenho das vitaminas e novos lançamentos. A instituição financeira acredita que a Hypera está bem posicionada para se beneficiar da recuperação do mercado farmacêutico brasileiro e da expansão de sua presença em outros países da América Latina.

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