Mercado Livre expands pharmacy sales: JPMorgan rates Pague Menos stock Underweight

Published on 10/14/2026 at 05:57 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Revenue reached BRL 3.99 billion in the second quarter, up from BRL 3.81 billion. A 20-store plan makes Pague Menos stock more exposed to online competition.

Competition and quarterly figures

Mercado Livre began selling medicines through partner pharmacies on October 13, 2026.
Pague Menos reported BRL 3.99 billion in revenue and BRL 71.11 million in net income for the quarter ended June 30, 2026.
JPMorgan rated Pague Menos Underweight in coverage dated September 25, 2026.

Pague Menos, BRPGMNACNOR8, Illustration mit AI erstellt.

Mercado Livre began selling medicines through partner pharmacies in Sao Paulo on October 13, 2026, adding a new competitive variable for Pague Menos stock. According to Portal Tela, the platform also plans to have 20 partner pharmacies in Sao Paulo by year-end.

Online competition reaches pharmacies

The move combines marketplace sales with prescription medicines and rapid delivery. The same report says Mercado Livre is expanding its own pharmacy operation in Sao Paulo, while Brazilian regulators are reviewing the marketplace model.

For Pague Menos, the issue is concentrated in categories that generate repeat visits and higher customer engagement. InfoMoney reported on September 25, 2026, that JPMorgan viewed the immediate earnings impact as limited but rated Pague Menos Underweight. The bank also noted that Pague Menos and another large pharmacy chain had underperformed the Ibovespa by about 7 percent and 5 percent, respectively, in the period discussed.

Quarterly figures show operating scale

Investing.com reports that Pague Menos generated BRL 3.99 billion in revenue in the latest quarter ended June 30, 2026, compared with BRL 3.81 billion in the previous quarter. That is a 4.70 percent sequential increase.

Net income reached BRL 71.11 million in the same quarter, up from BRL 52.22 million in the previous quarter. The 36.17 percent sequential gain gives the company a stronger earnings base as competition moves into prescription and weight-loss medicines.

What does the 20-store plan change?

The immediate question is customer ownership rather than only medicine pricing. A marketplace with 20 partner pharmacies can compete for recurring orders, but Pague Menos retains physical stores, pharmacists and an established omnichannel network that can support prescription fulfillment and patient relationships.

Scale remains the defensive asset

Pague Menos operates a Brazilian pharmacy chain across retail stores and digital channels. Its second-quarter revenue and net income figures show a profitable operating base, while the October 13, 2026 marketplace expansion adds a clearly dated competitive test for the company.