Good morning, everyone. Welcome to the earnings call for Blau Farmacêutica's 2025 and fourth quarter earnings. We're live at Blau Studios in São Paulo with Marcelo Hahn, CEO and Founder, Douglas Rodrigues, the CFO and Investor Relations Director, and me, Matheus Fujisawa, the Investor Relations. Our call is being held in Portuguese with simultaneous translation into English, and it will be available in a timely manner on the company's IR website. At the end of the presentation, we'll have the Q&A section as well with a priority for sell-side analysts. Analysts who want to ask questions should click the Raise Hand on Zoom, located at the bottom part of the screen. Other investors may also send their questions through chat. Now, I'll pass the floor on to Marcelo so we can begin the presentation on slide three.
Thank you, Matheus. Good morning, everyone.
2025 was a really important strategic decision year for Blau, where we decided to strengthen the company's capital structure through divesting from Prothya to strengthen investments in biotechnology and increase our production capacity. As a result, Blau had a higher cash position than its debt, solidifying its financial position to handle the transformational investments that are underway. The patent decline cycle in our segment is unprecedented, and we're poised to capture the opportunity of the decade by investing in monoclonal antibodies.
The achievement of Anvisa's certificate for best practices, which is the first ever biosimilar monoclonal antibody, pembrolizumab, the drug with the highest revenue in the world, was the crowning achievement of a year where we had significant progress in the mAb project, as well as the development of new products, which is important expansion in our production capacity as well to be able to unleash growth, resulting in a year where we had the largest amount of organic investments in the company's history, about BRL 420 million. In our opinion, the potential return on these organic investments is even more attractive than the acquisitions that were available in the market in 2025.
Now looking at shareholders, we announced the all-time high amount of profit distribution in 2025, reaching BRL 582 million, with BRL 400 million in stock bonuses and BRL 182 million in dividends and interest on equity. The company's financial health allows it to compensate investors even in an intensive investment cycle and even in a challenging political and economic scenario. When we analyze numbers in 2025, revenue reached BRL 1.7 billion, impacted by the backlog of some bids during the year. The change to a more diversified revenue mix of drugs allowed us to have improvements in our results. Our operational margins in 2025 grew compared to 2025, 260 basis points in our gross margin and 50 basis points in the EBITDA margin.
The net income reached BRL 297 million, a peak of 39% year-over-year. Now, moving on to the next slide. We're really focused on investments with the potential to transform the company without losing attention to short-term challenges. 2025 had several challenges, and the company once again demonstrated resilience, overcoming adversities and really carrying out initiatives to have a better 2026. We had an impact on our revenue in the fourth quarter due to a change in the mix and the lack of production capacity with a drop in two of our main products, which had a higher ticket than average. When we look at the scenario, Blau tried to compensate this with an increase in volume in other products and the private market, which ended up being positive for margins.
This increase in volume took our factories close to their limit, and it was necessary to accelerate the capacity expansion works. We have two new lines that were completed and two are still in progress, besides investments in another packaging line and an increase in production shifts. The postponement of the federal bidding process also impacted the 2025 results, especially in the fourth quarter. This situation was temporary because at the beginning of 2026, we won the bid for Epoetin alfa and other products with a better price and volume than the previous bid, which should be an important contribution to our results in 2026, which are already guaranteed.
Our launch pipeline has been a bit delayed due to Anvisa's extensive analysis queue, but we've listed the products that are considered priority at the moment while Anvisa has been working on initiatives to reduce the analysis queue. We expect to see a better scenario in 2026, which has a very attractive launching potential. We had no Plasma revenue in 2025, and we continue to actively pursue new opportunities with long-term supply contracts. We're also looking at other strategic alternatives for Hemarus. Finally, we've delivered growth in Latin America, but less than its potential, mainly due to the limitation of our productive capacity, which has already partially been addressed and part is now being addressed, which will unleash even more growth. Now I'm going to pass the floor back to Matheus to continue the presentation.
Thank you very much. Thank you, Marcelo.
On slide five, we can see the first highlight in 2025's launches, which had greater disclosure on behalf of the company using major events in the sector to promote these new drugs. The most recent is Nox Multidose, which is the first sodium enoxaparin in a multidose format developed and manufactured in Brazil, and it was officially presented at HEMO 2025, one of the largest conferences in this segment in the country. It's an incremental innovation that should increase our differentiation and improve Blau's competitive positioning with this product, supported by studies that prove that multidoses bring greater flexibility and precision upon prescription and dispensing of this drug, avoiding adverse effects such as bleeding and thrombosis, and it can generate great savings for the health system. Without, of course, compromising safety or therapeutic efficacy.
Invelle hyaluronic acid line of fillers launched at AMWC 2025, one of the largest conferences for injectables in Latin America with a focus on facial harmonization. This line joins botulinum toxins to strengthen Blau's Aesthetics business unit, and new launches should take place in 2026. Besides this, we also launched in Imatinib Mesylate in 2025 in a more traditional format for launching and promoting the company. On the right side, you can see that the launch revenue has been growing year after year, reaching BRL 127 million, or 7.5% of total revenue in 2025, which is an 18% growth year-over-year.
This growth could have been even more intense, but Anvisa's extensive queue for analysis and other limitations in our production capacity prevented us from having even better performance. The good news is that investments have been made, which include a dedicated line for launches, and it seems that Anvisa has adopted measures to reduce the analysis queue. We're really confident that we'll have an acceleration of the launches in our next years. We have products, as you can see on the right side on the bottom, which represent BRL 2.7 billion in market value that are already in Anvisa's queue, almost double what we've launched in the last three years. Here we're considering only the drugs that have already been submitted to Anvisa formally. Naturally, we're gonna continue to submit new products, and this number tends to grow even more.
When we move on to the next slide, we can expand a little bit more of the company's view of the growth potential, which includes products that have not yet been submitted to the agencies, such as the monoclonal antibodies, for example. Thus, we can have a much better idea of the company's potential for growth. Today in the Hospital segment, we have an addressable market of approximately BRL 7 billion, and our expectation is that this value will more than double in the next three years. When we look at a broader period, we can easily triple this addressable market. Why do we focus this analysis on the Hospital market?
Well, basically because as you can see on the slide, this highly competitive positioning that Blau has in the segment with 34% market share on average in the top 15% and 23% in the overall average of the Hospital portfolio. This is all supported by local production on a large scale and low costs, including biological drugs, which is an important differential here in the company, providing a complete basket of medication for hospitals with national reach of over 9,000 health institutions in Brazil. Finally, besides our core business, we still have additional growth potential in the Aesthetics and Retail segments. Now, moving on slide seven. In our net revenue, you can see we reached BRL 1.7 billion in 2025, a drop of 3% compared to 2024.
The main impact is this mix change, as well as the delay in bids in the last quarter, which Marcelo had already explained. When we look at this per segment, the Hospital segment follows the consolidated trend, while because of its major relevance. The Retail and Aesthetics segment grew about 5% in the year. In Aesthetics, we also had significant changes in the supply and distribution of botulinum toxin, which ended up generating a little bit of volatility between quarters. When we look at the full year, we had growth. In Retail, there was also a bit of volatility in performance, but this is mainly due to the comparison basis, which was normalized during the year. We ended the fourth quarter with growth in this segment.
In the quarter, when we look at the fourth quarter specifically, naturally, this delay in the federal bid, the revenue had a significant impact with 15% drop in revenue. Besides this, in the fourth quarter, we didn't have Plasma revenue. In the fourth quarter of 2024, we had a spot sale of BRL 13 million, which ended up creating this mismatch. On the next slide, we are showing why we're more optimistic in the next years with the company's revenue. Starting off with the investments we had made, that are gonna potentialize the company's growth. We also imagine this is gonna help reduce the volatility of our results when we look ahead. We also had strong investments in capacity expansion over the past years, which is also gonna address production bottlenecks.
Besides this, we have strong investments in new molecules, which we believe could accelerate the launch pipeline and even diversify our portfolio more. In the public channel, which is a challenge for us this year, should get back to growing. We overcame the federal bid for Alfaepoetina, and the prices were better, volumes were as well as than the last bids. We also won other bids in the public sector for other products. With this, we're also with a more positive perspective, and we should also have less volatility in the public sector when we look at 2026. Finally, we've also been investing in international expansion with a presence in many Latin American countries, and our main ambition is global expansion.
Partnerships can also have an important contribution, especially if you look at the advances of the monoclonal antibody project. Finally, we have this mix effect, which got in the way a little bit and affected our growth in 25. When we look at the next years, this should benefit because we're investing in products with higher differentiation, a higher ticket, and especially of course, the monoclonal antibodies. We should have a positive mix effect. Now I'll pass the floor back to Douglas to continue his part of the presentation.
Thank you, Matheus. Good morning, everyone. The release material was really well covered with the performance and earnings, and now the idea is to, on the next slides, give you a little more color. Marcelo and Matheus highlighted the main achievements of the company in 2025.
It's really clear how Blau's business is resilient and the options in our strategic plan are really important factors. Of course, every quarter matters, of course, but the snapshot of 25, when you sum this up with all of the deliverables and all of the achievements, especially the strategic ones, bring a very positive effect, especially now for the next cycle when we begin 2026. Now, of course, if you look at the cycle with the monoclonal antibodies. Now when you look at this specifically, the gross profit, you can see the advances of 260 basis points in the year-over-year comparison. Then you can see the turnaround optimization of a Bergamo operation, which basically did not contribute to our results.
The shift in mix in the company brings in a very positive effect in the margins and a challenge as well to. When you look at sustainability and quality, it is beneficial. Now, of course, we have to follow this unleashing productive capacity and looking at the perspectives, right? Even with the growth of revenue affected, and the changes in mix with the non- plasma revenue, we still have evolution in our margin. We have the potential to continue this evolution process because of new lines, gains in efficiency, greater dilutions of fixed costs, and this is even considering the monoclonal antibody cycle. After the mAbs, we'll be talking about a mix that is transformational within the company's portfolio.
Once again, it's worth mentioning the strategic positioning of the company, and we're really focused on our strategic plan with the decisions and execution, considering the conviction we've had on the returns on our investments. On the next slide, the evolution of our EBITDA. We're talking about 50 basis points in the year-over-year comparison. This comes from the gross margins and the issue of the non-dilution in our revenues, especially considering the non-growth of revenue, which affects this. When you look up ahead, of course, just as expected, the evolution with the gross margins, we should advance in our EBITDA margins, and especially 'cause we don't expect the growth in the G&A.
We start off with the growth in the revenue, going back to this model of diluting D&A, G&A, and I wanna remind you that the business model in the company doesn't have the same scale. Moving on to the next slide, net income, which is an important evolution in the year-over-year comparison, growth of almost 40%, and this comes from operational results and contribution that affects us a bit, which is the rate of income tax. When you look at this in the year-over-year comparison, you have a reduction in the effective rate of three points, and basically, what you see there is more like the deferred income tax, right? Basically, if you look at the variations in the EBITDA here, the financial revenue, as you can see, the positioning of the free cash flow.
These are subject to variations and volatility, and that's mostly considering the balance sheet. When you look at interest, specifically, the company starts off with a net cash position. The trend is we should probably have some advances in the company's leverage. It's a scenario where the company really has a strong cash position. When you look at tax planning, this is gonna continue, and it's an important lever in the net margin generation, especially considering investments. If you look at how we're gonna increase the base of R&D, and the company's been presenting interest on equity. That, of course, doesn't count on the benefits in Pernambuco where we're advancing as well.
If the highlight of the gross margin came from Bergamo and the use of this production, it's always worth mentioning that in the specific Bergamo situation we have this factor of the tax losses, right? Tax planning is still an important lever. Working capital, this is a challenge. As well as cash consumption, we're looking at the cycle of payments and receipts, which are basically at the same level. We search for some efficiency, especially in the cycle of receipts composition. We're still at a high interest scenario, and so the pension bringing a significant reduction. This has been a focus and one of the biggest challenges in the cycle of payments and receipts.
Of course, I want to remind you about the distribution chain, and the company's been promoting different initiatives to even bring the channel closer considering a preparation of the biosimilars. What now about stocks? Yes, this is the biggest corporate target. Of course, we have an evolution of 246 days. When you look at the cash cycle, that's what impacts the year-over-year. What the company's doing is the working capital by the end of 2025. The trend looking up ahead would be that we would start reducing this with the goal of shortening this to maybe 30 days. That would lead us to that healthy level of 180 days of stock.
This is our target, this is our challenge, and that's what the company's going to search for. The CapEx, as highlighted, it's at an all-time high level, and the company has the capacity considering the leverage and repositioning of the cash and investments of Prothya, but it's a real high level. This pace of growth is the trend, and that's where we start taking on the first steps. This is really important to search for this new cycle of growth and returns in the company, which is going to be accelerated by the monoclonal antibodies.
This is really connected to the different works we've been doing related to investments in monoclonal antibodies and biologicals, and also recent expansion in the plant, and also the Inventa R&D Center, which is going to have a new headquarters. That's going to be completely connected to our strategy for R&D and innovation in the company to support the new cycle. Moving on to the next slide, I think the most important, as we've already highlighted, is the free cash flow position.
When we look at 26 with the volatility and macroeconomic interest, etc., nothing would be more important than starting this year in a net cash position, considering the divestments at Prothya, which demonstrate that not only the strategic plan of how the company decided to invest and return, but to also consider important discipline when it comes to capital allocation. The company had an example, and the company really knows how to make these movements and preserve the capital structure. This positions us in a privileged position. We can start this new cycle. Moving on. If we're saying this new cycle of investments, considering clinical trial investments and increases in capacity, etc., that is connected to this.
Of course, we're going to search for the extension of this debt, so you can have more oxygen, let's say, and have lower financial costs than what we currently have in our previous operations. If you look at clinical trials and research and development and all of this, what would be more adherent to support this investment would be incentivized lines. This is another target for the company to really search for these initiatives, longer credit facilities. The same applies to Pernambuco. If you're talking about a phase and a construction process that's going to be built in phases and in mid to long-term, this is natural that you would adapt these incentivized lines to support this growth and investment.
If you start with a free cash flow position and we follow this evolution here in earning operational results generated to handle this new cycle. Of course, it's natural that considering the advances in our pace of investments for this year, the company should end up increasing leverage a bit in this cycle from 2026 to 2027, and nothing that will reach 1x EBITDA at a peak. When you look at 2028 and you go back and finish this cycle that's more intense, and you start launching the monoclonal antibodies, then you can maybe reverse this cycle and have positive cash generation. Of course, we've been keeping our eyes open as we search for all of the other possibilities to recover cash and through partnerships, licensing, and any other methods and projects.
This is the message here, how we're going to search for ways to strengthen the company's capital structure and really handle investments. I'm going to pass the floor on to Marcelo as he wraps up the presentation before the Q&A.
Thank you, Douglas. We are going through one of the biggest cycles considering Blau, right, which focuses on biosimilars. When you analyze the 20 monoclonal antibodies with the biggest revenue in the world, which add up to over $150 billion, we would imagine that $100 billion are still having this capital, this sales structure, which should drop drastically, giving room to biosimilars that could have a golden decade. We're gonna consider the biosimilars of the molecule with the biggest revenue in the world.
Biosimilars have some characteristics that are very positive for all stakeholders. These are drugs with the safety and efficacy that promote increased access to innovative therapies to the population. The market's very attractive, has been leading growth in the sector and the perspectives is that they will remain with changes in regulation favoring the speed of launches, especially with Blau that has been performing the full production of these drugs in Brazil. We have major opportunities and advances in national technology. Blau is prepared to capture this opportunity. We have knowledge, technology, infrastructure, property, and a team and investment capacity that are required for the full production of monoclonal antibodies. We're developing four MAbs, and we're the first company with the certificate of best practices.
The other three molecules are under secret, let's say. I was so anxious to share news as we advance with the projects. Thank you very much. Now we're gonna start our Q&A session, Matheus.
Okay, thank you. The sell-side analysts that have questions should raise hand on the platform on Zoom that's located at the bottom part, and other investors may also send their questions via chat. We'll start off with Mauricio Cepeda at Morgan Stanley.
Hi, guys. Can you all hear me?
Yes, we can hear you. Thank you.
Okay. Well, Marcelo, Douglas, and everyone, thank you for this opportunity. I have two questions.
One is if you could give us a little more details on the production transition that we've had over 2026, and how much can we consider the volumes and the production limitations? Because I understand that you guys are getting so many approvals of the production lines, but also the registrations of the products to be manufactured, right? If you could give us an idea of how this will be distributed in 2026, and so we can look at the growth a little better this year. The second question is some let's say, movable parts of these earnings that due to the level of disclosure we can separate, but I think the separation is split between public and private.
If you could talk about how Hospital behaved, specifically in the private aspect this year, considering that the public generated a lot of variations.
About phasing out, we had two lines that were approved by Anvisa with just local Anvisa and the Ministry of Health, and that authorizes us to begin the production, right? But we also have another process, which is the approval of the possibility of being able to produce that drug at that plant, and this is a process that we call PGMP, which is the transfer of a manufacturing area from one area to another. We have some PGMP that are already approved, others that are underway. We can provide precision on the exact dates of each line, but we need to get approval to communicate on this.
We've approved a product line of antibiotics with penicillin and we already had CTO approved, so now we have PGMP approved as well, and we're in this process to submit these batches of validation and so that they can be authorized for the commercialization of this product. We hope to get these results as soon as possible. We had hope and still have hope to be able to, within this month, achieve this for this area. It's a very important area for the company, an area where we had a lot of back orders. Another area is injectables as well, where it's a little bit delayed in PGMP, a little bit more challenges here, but we plan to already get the approvals in the second quarter to commercialize these products.
The third line, which is for drugs, this is a line that plans to be ready within the next few days, and we plan to have a CTO now in the second quarter of 2026. Then the fourth line, we plan to complete this by June 2026, and we will be able to get the CTO in the third quarter of 2026. We hope to have up until the last quarter this year the four lines manufacturing and bringing in revenue. This could change a little bit. It doesn't depend on the company, but it does depend on visa authorizations, which sometimes may require some other questioning or postpone the process, right?
On sales in the private market, we've been expanding these sales more and more, and we changed this product mix, really basing our sales with Immuno and Alpha that were very significant. Immuno doesn't represent one digit in the company's revenue and doesn't represent much, but we're very happy to sell in the private market. We've basically lost our competitive advantage, and we had some new players after the pandemic with the reduction of prices, and the market became very competitive.
The rest of the products, this made the company have better opportunities in bringing better results because the margins of these other products are pretty low, and we end up not producing products locally, so we need to rely on third parties, and the margins are a lot lower. From local production where we have better margins, then we've been expanding our capacity to be able to deliver more. We ended the year even with the fourth quarter not being a year that is where we have recurrence with the lack of revenue due to contracts with the government. We also had this issue with the lack of productive capacity with this new mix of products we're delivering.
We finished the year with weaker revenue, but with back orders that we end up delivering now in 2026. Answered your questions here, Mauricio Cepeda.
Okay, perfect. Thank you.
Now, sorry, guys, our next question is Gustavo Gissoni from Bank of America.
Okay, thank you, Matheus. Good morning, Marcelo. Good morning, Douglas. We have two points here. One is a follow-up of the last one. If I could explore a little bit of these four lines. We still don't have any with some type of sale happening or incremental revenue. We should probably consider something. I wanted to explore a bit of the recovery in the Alfaepoetina. The bid came out at the beginning of the year.
Should we expect strong recovery in the first quarter, or is there some sort of delay that we're only seeing the second quarter, right? Just so we can try to understand the dynamic of the first quarter on the revenue results. Thanks, guys.
Well, first of all, thank you, Gustavo, and your question's really good. We didn't have revenue from these four new lines. Although two were ready, we didn't get revenue, and we intended to get some revenue in the first quarter. We already produced these products there, but we need to get the authorizations to sell. We have a real short journey to still get some revenue in the first quarter. We're searching for this, and we have this internal compromise here and commitment to bringing the revenue, but it's challenging.
I'm a lot more comfortable in saying that for the second quarter for sure, both lines that are ready will bring revenue into the company. About the contract with Alfaepoetina, we've already begun the deliveries. We've already considered since the Ministry of Health ended up postponing this with the bid and all of this process, and we had this situation with products in-house, and we were prepared to service this, and that contributed to an increase in the days of stock in the company. We've already placed this product in the first quarter, and this year we have a year that's a little bit different than others. We have the phasing out of deliveries in the full year.
We're not gonna have a distortion of revenue from sales. We were able to have better planning, and we were able to phase this out during the whole year. We won't have major distortions, right? They're gonna be very small. Maybe our volume will be a little bit higher but lower, but, and we're gonna be able to phase out these deliveries. We won't have this problem with like one quarter having more or less revenue. It's less volatile and a lot better for them and for us and for the market and everyone else. Let's see if we can keep this synergy with them.
Not sure how the next government will be, because I think it's gonna be a lot smoother for everyone, and the capacity expansion is gonna be gradual. Of course, it's gonna be a total contribution for 2027 because you add this on throughout the quarters of the year. Thank you. I hope to have answered your question.
Okay, thank you, Douglas.
Our next question. The next question is from Leandro Bastos in Citi.
Thank you, Matheus. Well, two questions here. The expansion of capacity and the warehouse as well, in what we should expect for CapEx this year and as you reach this heavier cycle.
I think it would be good to hear from you to get some more color on the capital structure and leverage and how the company should navigate through this new cycle. I think that's the first question. The second one is more related to Hemarus, and just to understand how the operation is and get an update, and how this is, how we're looking at this from a strategic perspective, right? Considering the company's new reality. These are the two points.
Thank you. Leandro, do you want to start off with Hemarus?
Do you want me to start?
You can answer the first one on CapEx, and then I'll talk about Hemarus later on.
Yes, when we look at CapEx, if you look at 2025, what we should expect with 2025 and the add-ons in 2026, you're basically talking about the increase in clinical trials, especially pembrolizumab. That's gonna affect this final phase with the launch in 2028. You start you have the conclusion of the construction work with the expansion we were discussing, and you also start getting some new movements in the Pernambuco project. This pace of growth, 2025 versus 2024 would be natural to expect 2026 versus 2025, where we could consider maybe BRL 600 million or something like this. This is, of course, expected. However, when you look at the evolution of the cash generation operation of the company, we understand there's space to advance in 2026.
Naturally, we would expect some leverage 0.3, 0.2, or even 0.4, depending on the scenario and this range in the end of 2026. Of course, this cycle could continue in 2027. You can move on to 0.7x, 0.8x, 0.6x, but never reaching 1x EBITDA. Of course, once again, the company intends to reprioritize and understand the macro performance and redirect this. I think this is very clear to us. We are convinced about the returns on investments, and we also have a lot of discipline. The main priority is the monoclonal antibodies, and we'll see this as we advance in cash generation. We've been searching for this and considering this long-term contract, thinking about a bigger volume so that we can increment the operation there.
The company is currently operating. We have the FDA license. We've been collecting plasma, but at a speed that is smaller. We've been bringing down the centers at a lower timeframe daily to be able to service less people and collect less plasma until we are able to get this contract signed, right? The perspectives are good, but negotiations are taking longer than what we expected. We have big companies which service the whole world, and we're searching for this long-term contract. We had already been visited and certified by some of these companies, and now we're at a more commercial discussion, and we understand we'll be able to perform this operation, right?
Because everyone needs plasma, in the long term, at Hemarus, with the sale of our stake in the company. With Prothya, we don't see much sense in the long-term operation. As soon as we close off this negotiation, we intend to search for opportunities of divestments. This is a mid to long-term issue, and we're gonna be communicating this to the market at every moment. If I could follow up, I understand this year you have another CapEx scenario similar to what you had last year, BRL 600 million. For 2027, should it be similar, BRL 600 million or so, or do you have another leap? This is due to Pernambuco and considering the conclusion of the clinical trials at the same level.
What we could add on, 27 versus 26 would be the increment in Pernambuco. This is the scenario.
Okay, wonderful.
Thanks, guys. Good morning. The next question is Eduardo Resende from UBS. Eduardo, you can open your mic.
Okay. Hi, good morning, Marcelo, Douglas, and Matheus. I have a question exploring the margin aspect, looking at 2026 and thinking about integration between Bergamo being complete, and the company accelerating revenue. What's the expectation on margins? Do you have any level of aspirational margins for the short to long term considering pre-monoclonal antibodies? What are the possible levers? Just to follow up on Douglas's comment from the beginning of the presentation, the G&A should not grow now in 2026.
We should look at G&A in the fourth quarter as a basis for 2026. Should we look at it like this?
Well, on the margins, we normally don't provide guidance, but of course, we expect the same movement. You have this situation of following these new lines, and we go back to growing revenue. There's a dilution in costs, fixed costs that's very significant, and you kind of incur part of these costs. As Marcelo mentioned, the phasing out or delivery with better utilization of productive capacity.
All of this efficiency we're gonna be searching for, even the new mix of sales in the company, and we see space to follow this evolution, of course, in the midterm before talking about the monoclonal antibodies and to make more bps, let's say, with the same evolution in the last years. Of course, when you look at expenses, especially for G&A, and you consider the revenue levels we had in the last quarter, there's no dilution. When you look at this nominally, this should be the main focus with going back to growing revenue.
It's important to say that the company's organizing some strategic movements and even getting support from consulting firms because it's normal and natural that considering the company's current moment or the growth we had in the last few years to need to reorganize processes, look at each area and process, invest in more technology, which is why we consider it's not natural. We wouldn't expect a growth in G&A. We're searching for better efficiency in the use of the structure than necessarily scaling it up on the same process. Just by the growth in the revenue, and so this is mainly coming in for 2027. We just set up our data lake in the company. We use artificial intelligence, and we search for improvements.
We always assess where we have better financial results and where we're focusing, and we consider this is gonna bring in some operational results and improvements. We have a lot of opportunities to bring in, and we're sharing this with our business.
Very clear, Marcelo, Douglas. Thank you, Edu.
Our next question is from Vinicius Figueiredo at Itaú. Vinicius, I think your audio is already authorized.
Okay. Thanks, guys. Good morning. I just wanted to understand a little bit about this. You guys talked about this a lot during your call and their answers from the questions of our colleagues. If you could talk about the revenue of the launches. When you look at this fourth quarter specifically, this was a important highlight.
If you guys could give us a little more color on which launches these were when you look at the fourth quarter that contributed to this growth, that with this update in the pipeline. If you could when you look at I understand this moved a little more sideways, but we wanted to understand what we could utilize in our model for 2026 as well.
Well, I'm gonna start here. I think Marcelo Hahn and Douglas Rodrigues could add on. When you look at the revenue of the launches, specifically in 2025, we can see a more effective contribution of the launches we performed in the previous years. When we look at this, they contributed significantly to greater magnitude of this revenue of the launches in 2025.
Considering this Anvisa queue, we ended up launching a little less than what we would like, and most of these launches ended up being left to the end of the year, so they didn't contribute much to the performance in the year as a whole. This performance, which was the highlight of the quarter, could have been even better. We had the issue with the queue at Anvisa and productive capacity as well, which gets in the way of the mature products. For the launches, we are now a lot more confident. The Anvisa queue, we're gonna get the launches. Some are around for three years almost, or even more than three years. Our productive capacity is already being unleashed.
The pipeline's also been there, besides what was already submitted to Anvisa, and you have all of the perspective we shared during the presentation as well. Now about the Aesthetics and Retail segment. In Retail, when we look at the year as a whole, it was stable, but you have a lot of volatility between quarters due to the low comparison basis. We look at this in the second quarter, there's a drop in revenue. Third quarter, we stabilize. Fourth quarter, we have growth again. The trend up ahead is that we can keep this trajectory for growth since the comparison basis is normalized. In Aesthetics specifically, we still had growth in the year despite all of the volatility.
Remember the first quarter we sold the registry of the toxins. We had a revenue really high because customers had to buy all the rest of the contract in the third quarter. In the fourth quarter, you start with a new customer, but not at the same level of the third quarter where they bought basically two quarters in one. This is a lot. The other products are gonna join into the pipeline.
Thank you very much for this full answer. Have a nice day.
Well, our questions. I'm gonna start off with some questions here on the chat. We have a question from Alexandre Vasarfi saying, "What are the strategies and actual possibilities that Blau has in achieving these incentivized funding to support the CapEx?"
I think they're very realistic, yeah.
If you look at the project the company has, it's really adherent to these kind of agendas. You have to submit this, wait for assessment, but a company that's investing, especially, in bringing products that are gonna expand access, have verticalized production, investing a lot in R&D and innovation. So it seems to have a lot of adherence to this. We know about the bureaucratic process and how long this takes, but we understand that we have big chances or real chances of bringing this in.
Thank you for the question. Here we also get a question from Caio Loredo. Thank you for this, but I believe this was already answered considering the issue with the delays and the bid. Then you have the second part of the question, right? What are the perspectives for the sale of Immunoglobulin for 2026?
Well, they're great, we've been selling a lot. We started the year selling to the private market and way above expectations, way above our business plan, and we're super excited. We focused on this private market, and we've been able to sell volumes that we had been selling before back then, and we can service the private market now. We're really excited, and we have excellent perspectives for 2026, with the supplies from our suppliers and also sales. Now with the issue of the dollar contributing a bit, considering that it's an imported product, well, we have a factor that's very important, which is a product that comes from South Korea.
The trading currency is US dollar, and we have a competitive advantage with our competitors, which are European companies that bring us in euros, right? We can see this issue and that favored competitiveness of Blau in the private market. Well, now with the lines starting to contribute more effectively from the second quarter with the new lines, that wouldn't be a reason to have a weak first quarter, right? Because we've seen the bids, good performance as well with Immunoglobulin in the first quarter. We have a comparison base that's more accessible, so considering the sale of this registration. Even with all of this issue with the new lines, this shouldn't impact the second quarter, right? The first quarter, right. From the second quarter onwards, of course, we're gonna need this contribution with the new lines.
We've been seeing other levers in the performance of the first quarter specifically. Thinking about the basis for the first quarter, it's never very strong, and it's a seasonal effect, right? The participation in our business in Retail is smaller, and most of the distributors are more focused on products and drugs that are gonna have price adjustments, and the price adjustments are very low, one of the lowest in the price adjustments. This cost as well has contributed to them not being focused on the purchase of drugs for Retail, right? This has favored us as well and our business as they've been really focusing on our products.
Well, on the chat here, we also have a question from Antonio Araujo. He wanted to know about the free float issue.
Well, thank you. Good morning, and great question. We've done everything we could to try to improve volumes, daily, in the free float. We've actually last year, we had a bonus of 30% where we imagined the value of the shares would go up since the market's very immediate. We saw there was a rush to have these shares written off and bring them into cash, right? We saw things could have been different if the market had kept the shares, right? Of course, compared to other market peers and this situation kind of brings a lack of interest in the sale of shares. We have an idea, the idea of having some follow-on.
We understand all of the situation and in the country and with the situation, this geopolitical situation worldwide. If we can bring all these opportunities that we're sharing in-house, and bring in the revenue of these new lines, and revenue for launches, we're gonna get back to having growth. The market will recognize this, our shares will gain value, and we understand that at this moment we'll be able to consider a follow-on, right? Actually it would maybe be too premature to talk about this today. We have to have our deliverables, and we hope these shares gain better value, and then we would be able to think about a follow-on, right? This is the idea the company has. Yep. That's it.
Thank you, Antonio.
Well, just to add on one point here, we have a waiver till December, and we hope and believe that we'll be able to renew this waiver as other companies have as well, so it's an atypical moment. Today we consider two companies are planning an IPO maybe. Let's see this IPO rally. Let's see if stock values go up in Brazil, and that favors us with the possibility of having a follow-on maybe. This year, despite a market scenario that's maybe a little better, we also see Blau's earnings better. If both of these factors converge, everything becomes more feasible. The next question here on the chat, which is from Daniel Veloso at GTI. He wanted to talk about an update in the schedule of AMHP in Pernambuco.
The last schedule we had published had a little more than BRL 100 million. He also wants to talk about the projection. We already have the GMP. We have the beginning of the study now, and we'll have the payments beginning now. We should complete this by the middle of next year, and then we'll have this ongoing substitution alongside Anvisa. This is what is but maybe not values that are as relevant as this one, right? BRL 250 million, which is the fortune.
For Pernambuco here, we'll start off with the ground work and the factory there is really big, and this amount is basically to be able to work on the foundations and the streets and the infrastructure required in the surrounding area, water, rainwater collection systems. We plan to do all of this work during this year. We'll start the actual construction of the building next year.
Okay. Then one last question here from Wesley Araujo. Thank you for your question, and thank you, Daniel Veloso, for the previous question. Here he's talking about the schedule for lines we've already answered with the sales side, and he says that he also talks about the percentage expected for capacity.
We disclosed the volume expectation and that this would be at least 70% after we perform all of the expansions. Eventually, with some bigger efforts, this could even be more than this, but, we'll be really, considering the use of artificial intelligence and, who knows, even increasing the amount of shifts. We're working on improvements as well in our processes that are small, and that don't, require major investments, but that will contribute to better results in the production. We see all the bottlenecks, and we're revisiting them using consultants to help us with this. With this, better operational gains and, lower costs. This is the last question here, and we're gonna wrap up here. I don't know if you have, any final remarks.
Despite a fourth quarter that was challenging, we had a big struggle with the Ministry of Health. We had the possibility of bringing in higher revenue. We won the bid with a higher amount. Today we have, within our business, a major capacity to meet the ministry's needs. Very few companies have the possibility of delivering such a big volume in such a short period of time, so Blau is really qualified as a big supplier, right? We didn't have this recognition, however, we should have, alongside the Ministry of Health, to be able to keep up with these investments and bring new technologies, production of monoclonal antibodies. We understand that in 2026 we'll be able to bring better results.
We've already done the deliveries of the Alfaepoetina and Immunoglobulin, and these were two products that really got in the way of the revenue last year. The mix of products we continue to deliver, we have this increase in productive capacity for 2026. I understand that the company in 2026, despite the challenges politically and economically, has been really well prepared financially with cash available and investments available. We're also prepared as a structure and business to perform the deliverables and follow our business plan as well with good results and bring in better perspectives for growth for investors. I wanna thank everyone and wish you all a wonderful day, and let's move on. Let's go, Blau.