Laboratórios nacionais revisam estratégia de negócios e investem em diversificação de portfólio

Da Redação

As indústrias farmacêuticas nacionais querem reduzir sua dependência do segmento de genéricos. As perspectivas de crescimento nesse mercado já estão atingindo o seu limite, uma vez que o volume de patentes de produtos de referência considerados “blockbusters” (campeões de venda) está em declínio. A estratégia das empresas com maior portfólio nesse setor está sendo revista, apurou o Valor. A diversificação é a saída encontrada pela maioria dessas companhias para garantir maior rentabilidade ao seu negócio.

O laboratório EMS, maior produtor de genéricos de capital nacional, iniciou nos últimos meses uma reestruturação para realinhar sua estratégia. Os genéricos vão continuar no portfólio da companhia, mas deverão ter menor participação no faturamento do grupo nos próximos anos. Esse reposicionamento não reflete exatamente uma saturação desse mercado – ainda há muito espaço para crescer no país -, mas as margens até então consideradas atraentes deverão se achatar nos próximos anos. “As empresas mais diversificadas sentem menor impacto porque também trabalham com medicamentos de marca, os chamados similares, e com produtos de referência [com patente]”, afirmou uma fonte de mercado.

O Valor analisou o balanço de cinco empresas farmacêuticas brasileiras, todas de capital fechado. Duas delas, a EMS e a Teuto, têm sua produção com maior foco em genéricos. As outras três – Eurofarma, Aché e União Química – trabalham com uma percentagem maior de medicamentos similares, e parte delas também investe na busca por produtos inovadores. “A receita bruta dá a dimensão do tamanho da empresa, mas o que interessa para o setor são as vendas líquidas, que consideram a receita efetiva, incluindo os descontos concedidos aos medicamentos”, afirmou outra fonte.

No ano passado, as indústrias farmacêuticas movimentaram R$ 49,7 bilhões no país, um crescimento de 16% em relação ao mesmo período do ano anterior, de acordo com a consultoria IMS Health. As vendas somente de genéricos ficaram em R$ 11,2 bilhões.

LIDERANÇA NO FATURAMENTO

A EMS, que lidera o ranking da IMS Health com faturamento de R$ 4,06 bilhões, encerrou 2012 com receita líquida de R$ 1,92 bilhão, aumento de 9,7% sobre igual período do ano passado. A companhia registrou uma queda no lucro líquido de 30,7%, para R$ 269,4 milhões. Os planos da EMS para deixar de ser uma empresa produtora de genéricos para partir para inovação começaram a ser traçados há cinco anos por Carlos Sanchez, controlador do grupo.

A companhia já colocou no mercado o medicamento Patz [indutor de sono], fruto de inovação incremental (medicamento novo com patente desenvolvida a partir de um princípio ativo já conhecido). Outros projetos neste sentido estão em desenvolvimento. A farmacêutica tem duas unidades em operação – em Hortolândia (SP) e São Bernardo do Campo (Grande ABC). E deverá inaugurar outras três, das quais duas voltadas para a produção de medicamentos não genéricos.
AUMENTO DOS CUSTOS

Todas as empresas analisadas pelo Valor Data apresentaram aumento dos custos. O único ponto fora da curva foi o laboratório Teuto, cujo 40% de seu capital pertence à multinacional americana Pfizer. Os custos com produção recuaram em 5,1% no ano passado, para R$ 214,2 milhões, por conta de uma redução no que a empresa chama de gastos gerais de fabricação – apesar de o custo de materiais e de mão de obra terem subido como aconteceu nas concorrentes.

Marcelo Henriques Leite, presidente-executivo da companhia instalada em Anápolis (GO), explicou que 2012 foi um ano de reestruturação. “Percebemos que o mercado está mudando. Adquirimos máquinas, contratamos gente e fechamos algumas linhas de produção. Estamos nos adaptando aos requisitos da Pfizer”, disse. No ano passado, a farmacêutica encerrou com receita líquida de R$ 366,9 milhões, recuo de 3,3%. A queda do lucro líquido da companhia de 90,7%, para R$ 4,9 milhões, é reflexo desta reestruturação, afirmou o executivo, que prevê resultados melhores para os próximos anos.
DESPESAS COM VENDAS

As empresas com maior foco em medicamentos de marca também apresentaram forte elevação em suas despesas com vendas, atreladas às equipes de propagandistas – profissionais que visitam médicos para a divulgação dos produtos. Os laboratórios Aché, Eurofarma e União Química figuram nessa lista.

Na Eurofarma, a segunda maior em receita líquida, com R$ 1,64 bilhão, alta de 14,2% sobre 2011, as despesas com vendas cresceram 13%, compensadas contabilmente com reversão de provisões de contingência e recuperação de INSS. A companhia encerrou 2012 com lucro líquido de R$ 155,6 milhões, elevação de 446% em relação a 2011.

O endividamento é uma preocupação (dívida financeira líquida sobre o patrimônio líquido chega a quase 90%), como reflexo em boa parte da aquisição de uma fábrica de soro, a Segmenta, em 2011, e investimentos no complexo industrial do grupo em Barueri (Grande São Paulo). Os investimentos da companhia em aquisições fora do país – a empresa tem laboratórios em parte da América do Sul e América Central – foram feitos com recursos próprios.

A empresa informou, por meio de um porta-voz, que “tem um nível de endividamento considerado saudável para a organização, que cumpre totalmente as exigências de grandes bancos, e o recurso captado foi usado para financiar P&D [pesquisa e desenvolvimento] e aquisições”.

O Aché, terceira maior no ranking, com um portfólio mais diversificado, é a que apresenta melhor margem de lucro antes de juros, impostos, depreciação e amortização (Ebitda). Das cinco analisadas, a empresa é a única que não tem dívida. Pelo contrário, possui excesso de caixa. Nos últimos anos, o Aché tentou abrir seu capital, mas não levou o projeto adiante por conta das incertezas do mercado.

A União Química reportou no ano passado uma receita líquida de R$ 467,9 milhões, alta de 18,7% em relação a 2011. O lucro líquido da companhia cresceu 12%, para R$ 31,7 milhões. O Ebtida ficou em R$ 60,2 milhões, alta de 5,6%. Mas os seus custos com produtos vendidos cresceram 24,2%, para R$ 204,8 milhões.

Segundo Ronaldo Valentini, diretor administrativo e financeiro da farmacêutica, o aumento dessas despesas faz parte da estratégia da companhia de elevar as vendas. “Faz parte do nosso planejamento crescer 20% ao ano, meta que foi traçada de 2012 até 2016. Para alcançar este objetivo, tivemos que investir em força de venda”, afirmou o executivo.

Fonte: Valor Econômico



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