Good afternoon, everyone. It's great to have everyone's presence here at our 2022 Hype Day. It's great to do this in person. Last year it was only remote because of the pandemic. Now it's hybrid and that's great. We're gonna talk a lot about Hypera today, about our strategy, our strengths, everything that has brought Hypera here so far. Before talking about the speakers and the agenda, I'd like to show a video. Nice. The video really shows who Hypera is. It's probably the main pharma industry in retail in Brazil. Now I'd like to talk about the agenda and our speakers. Breno, our CEO, will start with his presentation, talk about Hypera and our strengths, everything that has gotten us this far. Luiz will talk about the business platform. Without a doubt, that's one of our main strengths. Adalmario will talk about innovation. That's our pillar for sustainable growth in the medium and long term. Tobias will talk about our new growth measure. It's the institutional market. We'll have a quick break. When we come back, Juliana will talk about compliance and governance, a very important topic. Then Breno comes back for the closing. Right after that, we're gonna have a Q&A session, and for those who are on the webcast, you can submit your questions via webcast. After that, we'll have a chat with the business units right outside the room. Right after the Q&A, the BU heads will be outside and you can talk to them. Talk to them about their individual strategies. Now I'd like to hand over to Breno to give his presentation. Thank you, Douglas. Good afternoon, everyone. It's great to see you here again. I've already talked to some people when you came in. It's great to see you. Great to see some known faces. The last in-person Hype Day that we had was before the pandemic in 2019, and last year it was a virtual webcast. Obviously, it's not the same thing, but we did offer that possibility for those who couldn't come here. I'd like to start my presentation talking about the performance. Ever since we became a 100% pharma company, the first year that happened was in 2018. Considering the guidance for 2022, we practically have doubled the company in size since 2018, with net revenues, according to the guidance, of BRL 7.4 billion, the double of 2018, giving us an approximate CAGR of 19% per year in that period. If we exclude the acquisitions, we would have a 13% CAGR. That would be very relevant if we disregard those acquisitions. At the same time, we're able to increase the company margin. The EBITDA margin grew 1.5 percentage points. We grew, improving the company's profitability. Now we deliver or we have over 10,400 employees. We also increased that. That would be proportionally at a rate of 10% per year. We doubled the number of our power brands, meaning the ones that have revenues over BRL 100 million per year. We had 10, now we have 20. We more than doubled our production capacity from 500 million units to 1.1 billion units, and more than doubled our investment in R&D. We'll ignore that. That's a great source of growth for the company, the launches, the innovation. With that, we gained 2 percentage points in market share. Now we're at 8.7% market share in the pharma market. We are the leader in the retail pharma market this year. Leadership was always one of our objectives. Ever since we acquired Takeda, that became closer for us. Now in the first half of 2022, we are the leaders. Our company leadership that's based out of São Paulo is here with us. I'd like to thank you, congratulate you, as well as all the Hypera employees that helped Hypera get this far in this position as the leader. The main takeaway today is the main advantages for Hypera. I'll start off talking about people. That's the main pillar, and I'll start talking about leadership. Today we are professionally managed. It's a group of 15 executives. All of them are professionals. Few pharma companies have this kind of governance where all management is professionalized. The group of executives has on average eight years of experience with Hypera, so they know the company well, and 16 years on average of experience in the pharma industry. Most importantly, even more than how long they've been with us or the experience they have, is the time that this group has been working together. I'd like to stress that this group has been working together since 2018. We have only added people. Nobody has left us. Rafael, Sylvia, Silvio, and more recently, Tobias. The group has been working as a team and getting better and better. I would say that great part of the success that we have achieved recently is the result of this group. Another thing about people is our culture. We're highly focused on results. We award meritocracy. There's a group of 80 executives. The main 80 executives have compensation based on share. Differently than the multinational companies that also offer that, here, the executive actually impacts the company. It's a Brazilian group, and leadership impacts the results and consequently the price of shares. We also have a talent recognition program. We have mapped out all company talent. We created the talent map and succession map based on our pillars and the values and the company culture. We aim at attracting, retaining, and promoting this talent in the company. Lastly, one of our advantages is the operational structure focused on excellence and accountability. Here I'm especially talking about our business unit that has defined P&L and targets, and that really helps our culture in terms of meritocracy and focusing on results. Something we get asked a lot by investors here at the company is how we manage so many different brands, so many business lines, and all of this complexity. I remember that when I joined the company back in 2008, in the first years, it was much more complex than what we have today. Our culture was formed by the diversity in segments and people coming from different companies, not only in personal care and consumption, but also from the pharma market. That's how our culture was. Today, I believe that our company is more simple than it was in the past, but that's the foundation of our culture. There's some values that we truly value, some behaviors that we truly value in the company, and that's what we look for in our employees. Collaborative spirit, expeditious decision-making, constructive mindset. If you see something that you can change and proposing that in a constructive way at the company, connectivity, be in tune to new trends and everything that's happening in the market, adaptability, and especially the sense of urgency. We've been investing a lot. Oh, not to mention that we have a lot of gender diversity in the company. It's pretty much 50-50, In terms of number of women and men in the company. In the management, 30%, and at the board of directors, 20% women. We've been investing a lot in our people and management framework to attract even more, train, and retain our talent. I'd like to show you some recent initiatives that we've had. We created a group of affinities focused on creating Hypera more inclusive and more welcoming. The focus here is to promote racial and gender equity and improve accessibility for persons with disabilities. That's a new initiative that we have in the company. Since 2019, we have been recognized as a great place to work. This is a constant objective of the company, always pursuing to improve the work environment and conditions for our employees. In the last survey, we've already increased our score by 11% compared to the previous survey, and that's a continuous effort, ongoing effort of the company. In our metrics for global variable compensation of the company, we've included turnover. It's really hard to attract and select talent, especially in the current workplace. To attract, train, and retain employees is not easy, and then losing them for any other reason or losing them to the competition isn't easy. That's why we've mapped out all the talent, and that's one of our metrics in compensation. It's clear to high or top management and leadership the importance of retaining and attracting talent in the company. The second pillar of our competitive advantage is governance. As I mentioned, 100% of the executives that manage the company are professional executives. We have a fiscal board that's 100% independent. We have a statutory audit committee that reviews all our financial statements, the company's practices, governance, risk, compliance, and supervises the internal and external audit work for the company. In 2016, we also created an ethics committee that reviews all the cases concerning our ethics code of conduct and also monitors the work on the compliance side. We have a strategy and management committee, and that's very important as it offers agility in decision-making. It's comprised by three executives and three boards that get together on a monthly basis to have more agility in strategic decision-making for the company. We have an ethics and compliance program that was recently improved. Juliana will explain that better when she comes up. We've also matured our process to contract services, draft contracts, and make payments in the company. That was a huge evolution dating back to 2016, and Juliana will show you more about that. The third pillar in our competitive advantage is our portfolio that of brands that cannot be copied. We have over 300 brands. Some of them have existed for 100 years, like Biotônico Fontoura, with many of them have been around for decades. This portfolio was created in three different ways. First of all, what we call our baseline, the brands that came from old acquisitions such as Benegrip, Coristina, and Epocler, and the brands that were started from scratch here at Hypera, such as Addera, Ofolato, Colflex, and more recently, the Neo Química vitamins, and the brands from recent acquisitions, such as Neosaldina, Buscopan, Dramin, and others. Simple Organic, Bioage, those are recent acquisitions. In this portfolio, we have 20 power brands. We went from 10 brands in 2018 to 20 brands now. Six came through acquisitions and four through line extensions and organic growth of these brands. It's important to point out of the 20 brands, 15 are leaders in their segments and categories. I would like to point out the importance of these brands for the company's future growth. They are the base on which we will extend many of these lines. Extending lines is important not only for growth, but also to dilute expenses and investments in marketing, which today is our main expense in the company. We can invest it in a more effective way since for each BRL invested in marketing, we can achieve more sales and greater exposure at the points of sales at the drugstores. These brands are the core of our growth from now on. Looking at our portfolio in terms of market segments, 47% of our sales come from the OTC market. Two percent from prescription. 14% generics and 7% skincare. I'm gonna talk about each of these segments. In OTC, we are the lead company with twice the market share of the second place, with important share in some segments like flu and respiratory, a market of BRL 4.6 billion, we have about 20% of the market. With brands like Benegrip, Rinosoro, Coristina, and others that are not even on the slide. In GI, it's a BRL 3.5 billion market. We're leaders with 70% market share in brands like Engov, Estomazil, Epocler, Gastrof, Eparema, Naturetti. I would also like to point out the pain market. It's large, but it's more concentrated. We're the second player in the market with almost 30% of market share, with brands like Neosaldina, Livium, Lisador, Doril, Doralgina, Mioflex. Also VMS, which are vitamins, minerals, and supplements. It's also a large market, almost BRL 6 billion, in which we started investing in more recently for the last three years, creating the Neo Química vitamins brand and relaunching Vitasay, in addition to Addera and Biotônico Fontoura, which were already part of this market. Now, the prescription market. We rank fourth in the market, but we've grown greatly. I think we were below the tenth position three years ago. Now we are fourth. I would like to highlight the diabetes market, BRL 6.3 billion. We rank fifth with the Nesina brand, but we have a lot of space to grow, especially with line extensions, combination of molecules on Nesina, and also with the breach of patents that we will have in a few years. Respiratory is also large, BRL 4.3 billion. We're third with 10% of market share with Alektos, Nelor, and Reezy. Also VMS with the branded products where we have a strong market for vitamin D, like Addera D3 and vitamins Neo Química and the similars. On skincare, we rank second in the market. We rank second and third in most of the categories, but there's a huge potential for growth. We don't have as many restrictions from Anvisa to launch products, so the market is faster. We have opportunity not only with our main brand, Mantecorp Skincare, but also companies that were recently acquired, like Simple Organic, which is growing greatly, beyond our expectations and our budget. It's been doubling size for the past years. Bioage, which was our entry for the skincare space, where we see a huge potential for growth. In the generics market, we operate with the Neo Química brand. When we bought the brand in 2010, we invested heavily in marketing on the brand to make the brand well-known domestically in Brazil. We invested also in expanding the portfolio. Today, we have 60% of coverage of the generics market with Neo Química. Neo Química brand is recognized as a top-of-mind brand since last year. We were able to multiply tenfold the revenues of Neo Química since it was acquired in 2010 to today. The fourth competitive advantage is innovation. We're gonna talk a lot about innovation during the presentation, especially, with Adalmario. We've been investing greatly in innovation since 2018 with our innovation center that you will be able to see tomorrow. Those who haven't seen it yet, I recommend you visiting. We start already reaping the results. Since 2018, we launched 400 products, and there's a lot to come in the future. We have a structure with 800 people dedicated to innovation, with being able to work at approximately 100 projects simultaneously. Since last year, all the projects that were sent to Anvisa were approved. There was a 100% approval rate. In addition to our own in-house developments, we have the largest infrastructure for business development in pharma industry in Brazil. We have contracts with 100 partners in Brazil and other countries around the world. We have more than 100 products in partnership that achieved more than BRL 900 million sell-out in 2021. Our goal is to consolidate ourselves as partners of choice of these companies because of the structure we have here for distribution, medical sales reps and all our power at the points of sale, and we've been achieving this. Many of our partners, we started with one product, now we have two, three, four products in partnership with the same company. We also, as I said, we launched 400 products since 2021, but we also have 450 new products in the pipeline. Half are new brands or categories that we're entering, and half are line expense that are very important to grow from here on. Of these 50%, half are innovation with our power brands. What I just mentioned was in the retail market. Now, we also have a front for growth that Tobias will explain during his presentation, which is the non-retail market. We created this business unit a year ago, and we have more than 70 molecules mapped, of which 30 already are projects under development, in partnerships or in-house. An addressable market of BRL 12 billion in oncology, biologics, and specialty care that Tobias will detail later during his presentation. Our fifth competitive advantage is our production capacity. We invested heavily, and we have the largest plant compound in Latin America. It's 1.1 billion units produced, 100,000 people working at our plant in Anápolis. Recently, we invested BRL 400 million to build a new plant for steriles that will increase our capacity threefold in injectables, eye drops, and bringing new technologies like lyophilized. It will be very important for our growth in the non-retail market. The investment is already done. We opened the plant last week, and I'm gonna show you a video of the plant. As we already had a visit with investors at the plant a while ago, I think it's worth scheduling another one for the next. It's incredible. Every time I go there, I'm very much impressed with how amazing our plant is in Anápolis. I recommend you to visit to have an idea of how all the products that we sell here are produced. Our next pillar for competitive advantage is our go-to market strategy, our sales and marketing platform. We have our in-house advertisement agency called Cafehyna. We can negotiate directly with the media channels in the market, so we're negotiating with Globo TV network, radio stations, Google, Facebook. That allows us to have a great competitive advantage negotiating prices. We also are more agile in having our in-house agency. We have two studios where we record most of our commercials in-house, that also gives us great flexibility, especially in digital media, which is our focus. We're investing more and more on digital media. 2018, less than 10% of the investments were in digital media, and this year, that should account for 40%. For next year, our goal is to have it at least 50%. That allows us to have great efficiency in our media resources. We reach the target audience, and it helps for the smaller brands that don't have enough budget to invest heavily in the large communication channels. In addition to Cafehyna, we have Lumina, which is our research center in-house. You will have an opportunity to see this center tomorrow during our visit. Here, we research all our launches with the end consumer, with healthcare professionals, physicians, pharmacists, understanding how that product will be perceived. Also sensorial testing, so we can have a good feel of our launches. Recently, since 2020, we have Neo Química Arena. In my opinion, it was the best investment that we did in marketing for the past years. We were able, with this. I don't root for Corinthians. We were able to have a return of spontaneous media 5 times greater than our investment in the contract. Additionally, we have a unique opportunity to connect with our customers, healthcare professionals, and all stakeholders, offering unique experiences for the stakeholders at the stadium. Even investors, there are some investors who I know like to go there. All this provides data. Neo Química Arena, Cafehyna, Lumina, all this supports our business unit structure and brings focus to each of these areas, which makes it easier to manage our portfolio. I like to say that each BU head is the owner of a store with the P&Ls and strategies and targets defined. It's a balance between focus and synergy. We can continue having synergy with operations shared among the business units. I'm going to go through them again. Consumer health is direct contact with consumers through media, visibility at the point of sale. We have more than 850 consultants visiting more than 35,000 drugstores every month. Prescription products with Mantecorp Farmasa. The focus is contacting physicians, which generates demand for our products. We have more than 1,100 reps visiting 165,000 doctors. For similars and generics, we want accessibility and promoting the drugs of Neo Química through the drugstore clerks. We have the presence of 96% of our products. Our products are present in 96% of Brazilian drugstores. I think that's the largest penetration in the pharma industry. We have a skincare BU that was created July last year. It was a spinoff from the prescription products BU. We want to promote this brand not only through physicians, but bring Mantecorp Skincare brand closer to the end user through direct to consumers, so B2C, and also to manage the recently acquired brands like Simple Organic and Bioage. Lastly, the non-retail BU that was created in March, and there's a huge potential for growth. I think it's our largest growth route that Tobias will discuss the market and all the opportunities we have here. With all these strengths that I have described so far, our investments and focus makes us start reaping the results. For the past seven quarters, we grew above the market, three percentage points above market. For the past two quarters, we grew more than six percentage points above the market. We're seeing another quarter, probably the third quarter will be also above market. July, we grew more than the market. August, we haven't closed the figures yet, but we probably will grow more than the market. We're going to have two years now with growth above market. It's no surprise for us that this is happening. This is because of all the investments made last year and the company's strategy, which allows us to have these results. Lastly, the last competitive advantage, in addition to focusing on organic, is our M&A DNA. We haven't lost that from the previous acquisitions. We did three major transformational acquisitions. We were able to integrate those three acquisitions very fast according to plan. The integration of sales and marketing was done in six months for all those companies, and we've been capturing the synergies. There are approximately BRL 300 million in synergies in the beginning of the transaction, and we're on track to capture those synergies. We've been making these brands grow even more in our hands than before. We have 12 percentage point growth above what they were growing before with the previous owners, and Luiz will show some examples in his presentation. With the M&A integration, without dropping the ball in our core business, in our brands, that has already been well established. That's what I had to say about the main competitive advantages. I'm very satisfied with the recent results for the company. I believe that from now on, we'll remain on that track, and I'll be back at the end. I'd like Luis to come on up here to talk about our multi-brand strategy in sales and marketing. Good afternoon. It's great to talk to all of you that are here in person and for those who are on the webcast. I'd like to understand how the dynamics of everything that we do for retail and pharma retail, how it will fit into the context that Breno mentioned in our competitive advantages, and then can produce the results for the business. I'll explore how our business platform that has been designed in the past years connects to produce results, and at the end, I'll show some cases that will represent what that platform produces. The first thing is that everything that we do is connected to three main players. Either it's the consumer or patient, physician, or pharmacist. They may be in their practice or at the drugstore, and that's where we have the final decision of the consumer or patient when they're going to buy our products. The platform was designed so it can work around these or work together with these three players, understanding them, understanding their behavioral trends, so we can organize, produce, and structure ourselves to build and deliver the best solution for all of them. Breno mentioned the business units. I put the business units in the center at the core because they're the maestro of that platform. They coordinate what we call centers of excellence. Lumina, which is the consumer and shopper insights. Cafehyna, it's about positioning and support from the brands for all these three audiences. On the outside, how we get to the last mile, be it taking entertainment, health, and wellness through Arena or in a drugstore or at a physician's office, the doctor's office. At the end of the day, the BUs are at the core, and they're the ones that coordinate the entire process. Now about a little bit more about these centers of excellence and adding to what Breno mentioned. Lumina has been around since 2017 when we became 100% pharma company. It was born together with Innova. We're the only one that has its own research and development center. We work with different audiences. We look at consumers, we look at the patient, we listen to clerks and pharmacists, and also the physicians. During this period, we worked with over 85,000 consumers and over 3,000 HCPs with over 700 surveys and research. Be it sensorial, where we test the impact of our products on consumers or patients, or even the opinion of physician and pharmacist about that, market research. We test that on-site at the POS, and some of you will have an opportunity of seeing that tomorrow. For those who saw it in 2017, 2018, you'll see that we have changed it completely. Because we work together with retail and how we see the behavioral trends and how we see the solutions for drugstores in the future. You have an interesting experience if you have the opportunity to go there tomorrow. By using all the insights and by feeding in all these inputs from Lumina, we put that into Cafehyna, and it creates the brand communication with positioning. We work direct with media centers. We do that ourselves. Most companies use third parties, and then they have a longer, more complex chain, but we do that directly, so we can gain more time. For over a year now. We've had these studios inside the agency Cafehyna. We have two set studios. We lowered cost, lowered time, we're faster, and you'll see some of the ads here, some that showed up in the beginning. They were already done in-house. We'll bring them in even more as we become more digital and we become agile, we'll do it all in-house. As we become more digital, we'll focus more on performance indicators to make daily decisions about the best media program. We also work with the partner pool, partnering agencies that we've developed. When we want benchmarks from the market or other specific communication solutions, we bring them in, so we can find solutions together, and then we can renew things and renew knowledge and bring the benchmark inside for those who work at Caféhyna. At the end of the day, that will create an entire ecosystem that will produce the communication strategy for the brands to get results. Now, I'll put this into context when I talk about Lumina and Caféhyna, and you'll see it's just a small sample of what we can do in these centers of excellence. That brings us more agility in the business. It connects not only to the business areas, but also to the other connected areas, so that we can create more appealingness and connection, so we can be more assertive, more productive, and faster. As I mentioned, the business units are the maestro. They're the core. They connect all the center of solutions and connect them to brand's needs and translate that into our go-to-market strategy. How we get to the last mile and to the players in the chains and doctor's offices and so on. We have the four business units, and they're divided according to leverage demand. Prescription products, it's what we generate in doctor's office through calls. We have Farmasa. We're the fourth in this case. Three years ago, we were the tenth. The acquisitions, launches, and renewing the brand, we were able to increase that, and now we're the fourth in the brand. In skincare. Originally, we worked a lot with physicians in the beginning, and a couple of years ago, we brought in digital media, so we're working in parallel with that. We used to work with Mantecorp Skincare, and then we created the ecosystem with a digital brand that we're adding on to retail, which is Simple Organic, and with this an aestheticist with Bioage, and gives different professional to our profile, to our product range. In consumer health, it's focused on what we talk to consumers when they're in the store or when they're at home or anywhere else. We're the first in the market with a very important leadership position compared to others. Here we work with the power brands, Buscopan, Neosaldina, Benegrip, and Doril. Most of you know them. We're the first. In similares and generics, we have the Neo Química brand, and here we're trying to point out what Neo Química has in quality, in portfolio strength and affordability to build the portfolio based on the mother brand, Neo Química. All of them have dedicated teams in marketing, planning, trade, sales. They're all demand teams. They're dedicated and verticalized, so we can respect the specificity of each market. They are the connection of this entire business chain. They translate the brand strategy, as I mentioned, in our business plans. Be it through Arena, as Breno showed us. Arena is a great movement that we did just ago. It was the seventh arena naming rights in Brazil. It's the first one that has naming rights. We have the six main brands. As you can see, the six power brands, and put them in many different sectors in the arena. For those who have been there have probably seen that. Each different sector has the name of one of our brands, power brands. It's not just exhibiting our brands, it's a center of experience with healthcare professionals and customers, not just to take them to the games, but we also discuss business plans with those people. We bring in internal people, we do events, conventions. In fact, we do use everything that's installed there to create a conversation with all the stakeholders in the chain. We also send that back in local testing for the community, vaccination campaigns in the east side of São Paulo, and also bringing specific groups to the arena. Not just to create a buzz, but also to replicate that in digital media and social media. As you can see, it was the Coristina campaign launch. It's an array of a number of different options for us to interact with all the important people in the chain. To add on to that, it's a strength that was acquired and built across the years. We designed a go-to-market framework that has a differential that one side retail and the other side doctor's offices. In retail, 300 professionals that visit drugstores in Brazil, be them consultants, merchandising promotion or product placement promotion or dermal consultants. Nobody has coverage like us. 36,000 drugstores. We cover over 70% of the demand with it, that's directly negotiated by our professionals. 3,100 cities. 66,000 visits a month in person. In addition, in doctor's offices, we are not the biggest in terms of people, but in the medical specialties that are important, such as ENT, orthopedics, dermatology, cardiology, gynecology. On average, over 80% coverage, and we have a competitive coverage and productivity way above the competition. Where it matters, we have covered above average and productivity above average. Be it in which each representative will do, you can say that compared to the first and second competitor, we're better and more visits. Using the arena to feed back into the chain. Top coverage in drugstores that we go to every week with great coverage in doctor's offices, we can add on to this platform and pursue the results that we have had achieved so far. What about the success cases? For the portfolio of the more mature brands, that strategy, that platform can also deliver for acquisitions. It can absorb the acquisitions and deliver and add value to grow and develop the acquisitions. It can also generate new brands and at the same time, be ready to receive new options that come in through innovation. I'll mention a few. First example, Benegrip. 64-year-old brand. For 11 years, the market leader, the top of mind in flu and anti-flu medication. As we understood the flu journey, we expanded the portfolio. It used to be just the blisters, and then after that we have them in boxes and then syrup, and then night and day. More recently, vitamins and supplements that give you energy or immunity to add on to the flu journey. It started off at BRL 36 million and now it's worth BRL 375 million. We can not only support the baseline, but also grow. The platform delivers media solutions that speak to the entire family and also point of sale experiences that are a huge differential for us. Another example is Rinosoro. Over 40 years old. Consistency in expanding the line. The synonym in nose hygiene. We've visited over 70,000 physicians and presence in over 65,000 drugstores. We're leaders in prescription and sales. Here, as we found new solutions for experiences, especially in devices for breathing medicine. First we had drops, and then there were sprays, and then the jet, and we've added Xylitol, and more recently, high volume for those who work with more pressure in their respiratory apparatus for treatment. From BRL 17 million, we went to BRL 170 million in the ten-year cycle. It's worth noting that this is a consumer health brand and prescription product. Different businesses producing the same results. It's no different for the case of acquisitions. When we talk about Buscopan. The portfolio was very stable and we saw an opportunity to add on to the products and increase the supply. Recently we've offered the Buscopan Blister. We have Buscofem Hot to add on to the pain journey. We brought in a new campaign with more know-how, more digital for the Buscopan communication. We had a campaign with celebrities, and that was very good for brand health and increased visibility by 40% in the point of sale. The brand was growing 1.7% year to date, and in the past years, we grew 13%. We've added value to this kind of portfolio itself. In other segments such as prescription, we have Tramadol. We were focusing on physicians. We weren't using that lever. We brought that back into our medical visits. We started to have medical visits, medical events. We had a price adjustment. We had launched the gel capsules. They were too low prices compared to the pills, and we adjusted that. We did our homework. It was well done. We started visiting 45,000 physicians, resulting in less than 2 years at 45% share. We gained 6 percentage points in market share and the growth was 13%, now it's 30%. That's also valid for the new brands. It's a very important mission to build new brands. It's a challenge. Adalmario will talk about that, what we have about the portfolio moving forward. The platform has to deliver not only a mature product, but it has to know how to receive a well-established product that comes from the outside in, but also know how to create. Two good examples. Here, this has a special effect, so it takes longer. In the similars and generics with Neo Química Vitaminas that we created less than two years ago, we used the capillary of Neo Química for distribution and the installed execution capacity. We grew our portfolio and we went from 7 SKUs in 2020. We launched 5 more last year. We launched 2 more this year, and we had revenue of BRL 11 million. Now our projection is for BRL 75 million using our capacity to produce media and also to expand capillary and expertise, bringing the brand an ambassador for the brand and vitamins, and also strong point of sale exposure. To conclude, also in prescription, Colflex, which is in collagen. When we started in the past, we only had one brand of the competitors that only worked one SKU. We started working one SKU, but as we had access to technology partners and could develop new alternatives, we added new solutions to the collagen category, started the vitamins, then hydrolyzed pills, then HMB, hyaluronic acid, and now turmeric. We also started working with social media and in point of sale, bringing it from outside of the counter to the counter. In less than five years, we went from scratch to BRL 90 million. It's our next power brand. As you can see, this line can produce results in different business alternatives, and this is what I wanted to show you. Connect with all this. I first want to thank you very much for this time and to show all this and see how the future will connect with this platform. I would like to call Adalmario. Hello, good afternoon. Thank you for being here. I've seen several familiar faces and also new investors who are looking at Hypera. They came back looking at us. It's great to be here with you. Speaking of innovation, we've been talking a lot with investors about innovation, and I'm here representing several business departments that use innovation. We have our R&D, Innova, our team from Anápolis, our regulatory team, portfolio management team, innovation team, focused on strategy, product launch, our new business team, which is looking for startups and building business models inside Hypera. It's a huge team, but its size is the size of Hypera's ambition, which is to be the best health option for Brazilians. Many investors ask, "Well, what do you do in innovation? What is innovation for Hypera?" We had several cases shown here, but when we're looking at innovations, especially with this dedicated team, we always look 5-10 years in the future. What permeates all our decisions and talks and projects is always considering how we can contribute to improve Brazilians' health so that they can live longer and better. At the end of the day, this is what we propose to do, and that's the vision of our innovation team. When we look at all the discoveries and advancements in healthcare that has been speeding up recently, they're amazing. Recently we've seen how fast we can develop a vaccine for disease that didn't even exist before. In eight months we had a vaccine ready. Brazilians also want to have the opportunity to benefit from all these advances, and how it can help them to live longer and with better quality of life in the future. In the face of this changing landscape with structural changes, Brazilians are aging more and more, the population is aging. Our pyramid will probably be inverted by 2030, so we might have more people over 60 than children in Brazil, which creates several demands for new services and products. We also have behavioral changes in society that were happening before the pandemic, but they sped up. Today, health is a key topic in everyone's life. Everyone goes on TV, social media, the news. That's all people talk, healthcare. We started to have better prevention, better self-care. We noticed this in several of our product brands, a huge increase in adherence to treatment. There are other diseases that are being discovered and symptoms that are changing because of the population's current life habits. Diseases that didn't exist three years ago, like COVID, and now we have to learn how to coexist with it. Along all that, there's another trend, which is digitalization of the healthcare segment, that more and more there are new business models. The players are more integrated with huge focus on the patient. In the past, the focus was on the service than the product, and now it's more patient-centric. How can we improve the patient's journey? What I wanted to show to you today is how Hypera stands in with all these changes and what we can do. What are our key strategic pillars for innovation? I'm gonna tell you what we've been doing for the past four years. What are the main launches from the company, how this has helped Hypera's growth, why innovation is important for Hypera, what's the relationship between launching new products and the company's growth. How we can be closer to these business units in startups and technology, and how we have been including that in our business. Also being more connected in several of these ecosystems that are being created, and that we've been building our own inside Hypera. This is what I want to show you today. Since 2018, we launched more than 400 products. You've seen the products that we launched, with several extensions of the lines that already exist in our portfolio, but also creating new brands to enter categories we weren't in before. Also, I would like to show the curve of these launchings, how fast it is, if we look at the past five years, which is our innovation index. If we look at the two first years, 2018, 2019, we more than double what we had in the first year when we also include the launchings of 2019. The following years, we were able to grow exponentially of 45%, 50% year-over-year, reaching more than BRL 1.5 billion with the launchings of the past five years. Only in 2022, we launched 60 new products, and probably by the end of the year we will launch 42 additional products. The products that were launched until now already contribute with almost 20% of the total of the launches of 2022. When we look at the key cases of success of launches for the past three years, I brought four examples. Different types of innovation from different business units, different strategies. The first one is Engov After, which you will all have the opportunity to try. I think most of you already tried it. We had the opportunity to have the first line extension from Engov, which is a line that is more than 60 years old. How we had the insight to create this product. Everything that Breno and Luiz mentioned of the excellent centers that we have in consumer research, we've been carrying them out for the past few years. We looked at the customer's journey, and what we noticed that the Engov consumer always took 1 before and 1 after, but they also combine it with some kind of beverage after. Usually it was like Gatorade, Coke or coffee. We wanted to know how we could bring all these attributes into one single product, all the benefits in one product. We created Engov After. It was launched at the end of 2019, and it's a huge hit. It already accounts for 1/3 of the brand's total sales. It helped not only to enter a new category, but it allowed us to increase Engov sales overall. It increased the sales of the original Engov. Colflex, this also has an interesting story. We've always seen people that travel to bring Osteo Bi-Flex to Brazil, and we asked, "Why? Why can't we have an Osteo Bi-Flex here as well?" We tried to negotiate with the brand to bring it to Brazil, and for several reasons we were unable to do so, especially regulatory reasons. In Brazil, it would be classified as a drug. We would have to have a clinical trial. How could we launch a brand focused on joint health that is even better than Osteo Bi-Flex? We started with our hydrolyzed collagen, which is the base of the entire line, and we launched several products throughout the years, including new ingredients, new formulations, new pharmaceutical format. In the future, we will have more power brands, and one of them will be Colflex. It already has more than BRL 90 million in sales. It's been growing fast, and we will launch new products from this line to continue with its growth. Another brand that was created in 2018 is Ofolato. We also used the benchmark from other countries, which is methylfolate, and we created an entire line of products in our portfolio including new ingredients like iron, vitamin D, and recently we launched a myo-inositol, which is the product to treat polycystic ovary syndrome for women who want to get pregnant, and it's focused on pregnant women. This line has been growing greatly, and we have several other launches and new pharmaceutical formulations to launch and create some new categories as well with this brand. The last example is rivaroxaban, a molecule that we launched last year. We were the first brand to launch it with physicians. Part of everything that we've been doing in innovation is to be the first to launch after the patent is broken. It was the first to be launched after Xarelto. This is the strategy showing that we can launch the same product in two business units, so both in prescription and generic. Both products have been in the projections for the next 12 months, we expect revenues of BRL 67 million. That's why it's important to have a robust pipeline that is ready for the next patents that drop, so we can be the first ones to go to market. We can get BRL 60 million in a market that is an 800 million market. It's a very important strategy. When we look at the contribution of all these launchings for the company's growth, this is a breakdown of our growth according to maturity. At the end of 2020, the portfolio of established brands that we had in the company that were launched before 2018 accounted for BRL 4.4 billion. This portfolio grew in a very relevant manner last year. We grow almost 20% in the established brands, which accounted for 29% of our growth. They will account for 29% of our growth this year. The M&As are also important. It, it's something that adds to our growth. We will have about BRL 500 thousand more from Sanofi and Takeda. In the previous years it was more relevant in 2020, 2021, but what we notice is what really drives the company to grow are the launchings. The launchings from the past five years account for more than 50% of our growth. They help Hypera to continue to grow above market, continue to gain market share and entering new categories. I also would like to show four cases of recent launchings that just happened or will happen this month. The first is CBD, our Cannabidiol. We've been studying the Cannabidiol market for the past four years. The best way to enter the segment or create this category, it doesn't exist in Brazil. What is the best way to go in? We only see one product here, but we have a full portfolio with different concentrations and pharmaceutical formulas, and we can enter the segment with an exclusive product. It will be the first full-spectrum product in Brazil that has cannabidiol, but also up to 2% of THC, creating this effect that boosts the effect of cannabidiol. The physician can prescribe lower doses for the patients. It's a market that has a huge potential for growth, and it can reach almost BRL 6 billion of addressable market. This product can be recommended for several treatments from epilepsy, depression, insomnia, and chronic pain. We believe that we will have at least 5% of this potential market share, reaching 10% in the short term. Another one is Umi. We launched it rwo years ago. It's our entry in the contraceptive market, which is a BRL 2.5 billion market. It's a patented exclusive product that offers huge benefits for the patients. It has a very low hormone dose without estrogen, with a high effectiveness, with very few side effects. It's a market that we believe we can have at least 5% market share, achieving 10% of market share soon. The third product is Ondith, which we just launched it. It was launched at the conference last month. It's the first oral film of ondansetron. It's Vonau here in Brazil. It has a much better sensorial feel than the reference product. We conducted market research. Nine in every ten consumers of the reference product prefer Ondith because of the aftertaste. It's a product that we believe a lot in. We're entering this category, and we believe that we will have 15%-23% of the market share of the reference product. Lastly, another strategy in patent expired. We'll be the first to launch again. It's the apixaban compound that we should launch by the end of the month, not only in prescription, but also generic version. Today, the reference product has BRL 320 million in the market, and we believe that we should get a market share of at least 25%-30%. Even more, given the benefit that we're gonna have to be the first to launch. What about the evolution of our pipeline? What's coming? Last time we had the Hype Day in the beginning of 2021, we had 350 compounds in our pipeline. Since then, we've launched 182 new products, but we were able to renew our pipeline, approving more than 285 projects. With that, we have a total of 456 in the pipeline. We believe that with the products that we have today we have a potential to more than double the company's size in the next years. I'll show you that in further detail about the therapeutic classes that we're betting more on. What type of innovation first has that portfolio comprised? A great part of it is what we have. What we call Me Too, almost 37%. That means white spaces to cover areas in the market where we're not present. Line extensions of our brand that make a lot of sense to our business, and generic products to increase the coverage that we have in the generics market through the Neo Química brand. We have Me First. That's our strategy to be the first to launch after the patent expires. Many products from the patent, we're ready to be the first to launch because we know the patent will expire, and some products with technological barrier that even though they do not have a patent, no other player launched it yet. We also have those projects in the pipeline. After that, we have the Me Better and Me Only, where we have higher incremental innovation. Me Better, all the incremental innovation that we have. New deliveries, new pharmaceutical forms, new concentrations, new ingredients, and new strains that are still not here in Brazil. Lastly, we have the extreme or radical innovation, Me Only. Here we have new compounds that aren't in Brazil yet, and essentially some new compounds that haven't even been launched anywhere. We're starting to do that kind of work, partnership with companies that are still developing products in the clinical phase II, phase III of clinical trials to license them and be the first to launch in Brazil. When we look at the highlights, these are the top 10 products that we currently have in the pipeline. The top 10 accounts for 20% of our total pipeline. As you can see through therapeutic area, there are continuous treatments, and that's the greatest part of the market, the prescription market. We should launch them in the midterm. Many of them, we have the launch date from 2024 to 2026. Moving on into therapeutic areas. We have this vision, the vision of the market and our pipeline. Here we can see that the three biggest therapeutic areas in the prescription drugs and generic drugs. The three biggest classes are almost half of this market. Cardiology, CNS, and endocrinology. In addition, there are therapeutic classes that grow above the market growth in the past five years. They're the classes where we have more projects. Because we believe that dynamism should continue for these therapeutic areas, and we want to have an increasingly more relevant share in those classes. In cardiology, today, CVD is currently the disease that kills the most all around the world and including Brazil. The number of deaths is higher in CVD. 30% of the Brazilian population has hypertension. CNS as well. There are studies and data showing that depression will be the biggest disease in the world by 2030. We have over 10 million Brazilians that have depression or had depression in the past, and there are many other diseases connected to the CNS, such as anxiety and insomnia. It's becoming increasingly more relevant. Endocrinology. Breno mentioned a bit about this. Brazil is currently the sixth largest country with the largest rate of diabetes in the world. Over 60% of the population is obese. We're the second highest country in bariatric surgery. We believe we should still have a high demand for new treatments in the future. This is the biggest part of our pipeline. In number of projects, we have 266 projects. This is what we call the OTC products, including vitamins, supplements, and dermocosmetics and painkillers. Those are the three biggest areas in the market, and that's where most of our pipeline is. Here we have a market dynamics where we can launch products faster, given the regulatory issues to approve a product. These categories are more dynamic, and they iterate more information and new ingredients coming up, so we can add more oxygen to our portfolio by launching products in these categories. To conclude here about the pipeline. This is the Bionovis portfolio. Some of you may not know, but it's a joint venture of four pharma companies in Brazil or Brazilian pharmaceuticals. Each one has 25%. Since its establishment, it's been closing many partnerships with global pharma companies to internalize the products here in Brazil. The evolution of the Bionovis portfolio, we really believe in its potential. There are already 10 products in the portfolio, and four of them are to be launched this year. They're also in a new phase of pursuing new partnerships to continue to increase the size of revenues. As of next year, they'll produce the first product that was internalized, Enoxaparin from Janssen. With that, the company will grow even more and have better margins. In upcoming years, the plan is to internalize all these other products through partnerships and also pursue development of our own biosimilar product. Biosimilars are the generic drugs from the biological world or biologics world. Now going into business models. Here at Hypera, we've also been working on this important part of our strategy. All these changes are happening in the healthcare segment. As we mentioned in previous Hype Days, we currently have a number of initiatives of working with startups. We have HyperaHub and Hypera Ventures that was created in 2020. Since then, we've been doing a lot in the world of startups in healthcare. We have over 355 startups mapped, 180 contacted. I'm pretty sure there aren't any startups that we haven't contacted in our line of work. 22 have been analyzed. As the conclusion of all the work, we made five investment in the past two years and also decided to create three internal startups in our Venture Builder program. The startups were demands, business demands that we had, where we couldn't find a market for them in the market, so we decided to develop them in-house. Okay, here. about our ecosystem. We have all of these relationships with HCPs, patients, consumers, drugstores, distributors, and how do all these initiatives fit together? We have Bioage now. It was acquired last year that came through our corporate venture program. Bioage currently contributed not only to develop new products for our dermocosmetics portfolio, but also it's an area focused on aestheticians and selling products for them. We call it a B2B2C model, as well as the franchise model with over 50 franchise stores to service that audience of these aestheticians that we didn't have a relationship before acquiring Bioage. We also have Amigo. It's an investment we made last year. It's an integrated solution for physician clinics and healthcare professionals. We currently have over 3,000 connected clinics in the Amigo system, over 25,000 physicians that use that system on a daily basis. We truly believe in the potential of this business, so we can take not only product and information to physicians, but also solutions and services. We believe that some have more advanced technology among all the startups in healthcare. We really believe in these partnerships because they have a lot of synergy with our business. We also have partnerships with digital prescription platforms. Digital prescription has really grown during the pandemic with everyone at home. We've been developing many partnerships in that area as well. When we look at patients that are consumers, we also see a number of initiatives in that area. We have the first investment that we made in our venture capital strategy, which was Simple Organic. It's a native digital brand in dermocosmetics. The founder is here with us, Patricia. You can talk to her later on. We really admire this brand. They have organic products, clean label products. This brand adds a lot of expertise to our other brands in impact marketing by using influencers. We're very happy with this acquisition, and we'll give you some flavor on Simple. There's Consulta Remédios. It's currently the biggest portal and marketplace in Brazil. People check the website over 1 million on a daily basis. Over 1,000 drugstores connected, over 130,000 products that are cataloged in that Consulta Remédios website, and a very interesting portal for our brands, so they can talk directly to consumers. Not just about drugstore point of sale and distributors. We also have the Hypera startup created in-house last year to service small retailers. We currently have almost 20,000 drugstores that order directly from us. It's a hybrid model, omni-channel, where we can take drugstore orders 24 hours a day, 7 days a week, and direct distribution and sales to our distributors and deliver the products. We currently have an expectation of ending the year at almost BRL 500 million in sales through the Parceiro Hypera, and we believe that will increase in future years and bringing other services into that. About Simple Organic, it was the first investment that we made. We have almost 5 million visits on the website in the past 12 months. The average ticket is very high, over BRL 230, and most importantly is recurrence. These consumers are brand loyal, 40% return. A lot of relationship and interaction in social media. Over 450,000 followers on Instagram, and it's an omni-channel model that's very interesting for us to use. Has its own stores, franchises as well, over 26 stores. When we bought the brand, it had less than 20 stores, so we've been increasing new store openings. As Breno mentioned, when we bought the brand, sales level was close to BRL 10 million, and we were able to triple that in the first year. Now we're gonna double towards the end of the year. It's been growing a lot, and it's a candidate to be a new power brand next year. When we talk about everything that we've been doing, how does all of that connect? That's the next step. How we can connect all these businesses and strengths of each one of the businesses for the brand together with them. How do we make that work in harmony? To make the ecosystem actually work as an ecosystem. Here there's a very important strategic change, which is change focus from product. Many companies were always focused on that, but instead focusing on the solution that customers want. How can we meet consumer needs, physician needs, clerks' needs, drugstore needs, and all our stakeholders? That's the big step moving forward. How can we create loyalty and by understanding them better, their profile, and with that, develop solutions that involve products, services to attract and engage even more with these consumers. This is our next step, how we strengthen our brands through this ecosystem and how we can expand this virtuous cycle of knowing more our customers, understand their demands, understand their profile, and with this, I develop solutions to bring more, customers and create a long-term value when you capitalize that. This is what we have to focus for the next years. With this, I pass the floor to Tobias to talk about the non-retail market. Everything I said is the retail market. Now, Tobias will talk about the non-retail market. It's a great pleasure to be here to talk about the non-retail market. Since it's my first Hype Day, I would like to introduce myself. My name is Tobias. I'm a pharmacist. I've been in the pharma industry for 24 years. I started in 1998 in Germany at Hexal that turned into Sandoz from the Novartis Group. I spent 12 years in the Sandoz Group. I've had several positions in leadership, especially R&D. Then I spent five years expat here in Brazil, then two in Slovenia. I left Sandoz. I came back to Brazil. I spent four years at the Sanofi Medley Group. Being responsible for R&D and Latin America market for generics and similares. Before starting to work at Hypera, I spent three years at Cristália, a very strong and well-known market company in the non-retail market. I just had my first anniversary at Hypera in August, and our goal, our challenge from now on is to make this business unit of non-retail to grow as much as possible. How do we do that? Creating sales team and R&D teams to develop these products that we need to dedicate to our market. Creating physical structures or a development center to develop tests in-house and create a dedicated portfolio to our non-retail market. That's how we're going to make this unit grow as much as possible. I would like to start my presentation with a market overview. We're talking about the total pharmaceutical market, which is around BRL 172 billion. The split is 55% for retail. I broke down the COVID vaccine market, which is about BRL 19 billion. It's a non... If you remove the vaccines from that amount, it's a BRL 59 billion market. It grew about 12% for the past years. The retail market grew about 11% in the past five years. Now focusing on the non-retail market. This BRL 59 billion market. In the past years, it grew 13%. Since there's a split between private channel and public channel, 35% is the public channel and 65% private. Private is private hospitals and clinics, and public is for the Ministry of Health and the Secretaries of Health in the municipalities, states, and federal. The growth was 9% in the public sector and 16% in the private sector. Why did Hypera decide last year to go into this market more strongly? BRL 59 billion is a very significant part of the total market. This non-retail market grows more than the total pharmaceutical market with a very relevant share in the private channel, 65%, and a growth rate of 60%, which is higher than the public setting. We're talking about oncology biologicals products, so they have a higher value-added product. Also significant entry barriers for the competition because they require specific knowledge to develop and register that type of product. They also need financial power for these investments and development. Hypera hasn't explored this market for the past years in full, so it was an opportunity approach, so there's a lot of growth to be had in that market. What is our strategy? Where do we want to go? What is our vision, and how do we want to be seen from now on? We want to be a relevant market in the institutional market with quality drugs, which is a very important point of focus, with competitive prices, contributing with a greater access to such products by the Brazilian population, be it in the public or private market. Our strategic plan to do that is based on three pillars. The first is people, meaning creating dedicated and commercial teams for R&D and sales focused on our non-retail market. Our sales team, in time, will change its profile. Currently, we're selling indirectly by distributors. From now on, in one year, we're going to also work directly, being part of bids with the new portfolio with oncology and biologicals, and products more dedicated to private hospitals. We will also have a specific sales force for oncology and private hospitals. The second pillar is the brick-and-mortar structure, creating R&D centers and exclusive manufacturing lines to create, produce injectables, oncological and biologicals. The third pillar is to create a portfolio. Today, we are working with a portfolio focused on oral solids. For the non-retail, we need to focus more on injectables. We defined a list of more than 70 molecules that we've already started developing. We're still focusing on established pro-products, but we will also focus on new molecules for this market as well. I'm going to start with people. Together with me, we have two new officers, Vinicius Gil and Marcos Alegria. Vinicius is our commercial and new business development officer. He has sales, marketing, market intelligence. He defines our portfolio that we want to create from now on, and is responsible for identifying partnerships and companies outside of Brazil to bring the products to the country. Vinicius has been in the non-retail market for 14 years, several departments in Aché and new business development officer at Cristália. Marcos Alegria, an R&D officer. 15 years experience in the pharmaceutical market. Most of these 15 years working at Cristália also. He's responsible for establishing a biotechnology development team. He's with this first biosimilar phase from the very beginning that was developed and produced 100% in Brazil. We started with three people and five or six people in sales. Now we have 57 employees, and I can say that it's amazing team, very high performers, young, full of energy and willingness to make things happen. I'm absolutely sure that we have the right people to make this business unit grow as fast as possible. We expect to have about 100 employees by 2023 dedicated to our non-retail market. Second is our brick-and-mortar store structure. We bought a pre-existing building in the city of Jundiaí. We're now building 11,000 square meters, an investment of BRL 150 million. In the next three years, the full total will be about BRL 400 million. This will be our development facility for these products that we want to develop, oncology, biologicals and specialty care. Oncology, we will have R&D, a pilot plant, and also production facilities from now on. We're talking about oral solids and also more traditional molecules that are injectable. Lyophilized powders. We will have analytics and R&D for biologicals and a pilot plant that will meet the demand for freeze-dried powders and also drugs that are used every day in the hospital. Anesthetics, antibiotics, muscle relaxants that were very important during the pandemic at the ICUs for intubation. We have several pre-filled syringes, ampoules, powders, and the R&D will happen here at Jundiaí. The production for the market afterwards will be in that plant that Breno showed during his presentation in Anápolis that was opened last week with an investment already reaching BRL 400 million and increasing our capacity threefold. We were able to use this plant with a very competitive product cost. The third pillar that I showed you was the portfolio. On the left, you can see the total market, a non-retail market of BRL 15 billion. Our current portfolio accounts for 5%. We defined a list of priorities, 20 molecules divided into the three main areas. 28 molecules for oncology, seven in biologicals, and 35 molecules in specialty care. These more than 70 molecules account for 21% of the total non-retail market. We still have a 28% market of products that we're looking at that will complement our portfolio. 31% of the non-retail is well addressed, so we're talking about monoclonal antibodies. 50% of the market, we reached the conclusion that it's not worth tapping into because it's not very attractive. With our current portfolio, we're talking about a target market of BRL 15 billion. Now, the phase for all these molecules, this is how we want to launch these products. We can split into three phases. The initial phase, now 2023, 2024, 2025. These opportunities already started in the past, or these are initiatives in the short term, like registering. We plan six launchings per year until 2025. After 2026, we start launching our in-house developments that are part of that 70 molecule list. We want to launch more than 15 products per year. The complementation phase. Based on the list that we identified, we would have 11 launchings in 2028, 2029, and approve other projects adding to the list so that we can reach about 15 to 20 projects per year. What I've said so far are plans, strategies, and the future, but it's very important to make clear that we're focused on execution and bringing good results to the current portfolio as well. It's not just waiting five years before we launch something or grow. We also want to evolve this current portfolio, and the results that we have for the first half of 2020 year-over-year are very positive. We grew 158% considering the current portfolio, plus an opportunity that we captured in the first half of immunoglobulin. Even excluding this opportunity of immunoglobulin, we have a growth of 56% in the current portfolio year-over-year. This opportunity with immunoglobulin was already mentioned in our calls. It's an opportunity based on a license from Anvisa that allowed us to import as an emergency product, and we're getting the license to import it definitely. Also focus on the first half on restructuring our specific sales force dedicated to our non-retail market, covering 100% of Brazil. We increased four regions. We added an account manager to cover 100% of the country. I want to conclude my presentation with this slide, translating what it means to hire people, creating business teams and technical teams to develop our new products. We're also building our brick-and-mortar structure, our facilities to manufacture oncology, biologicals, and special care products. With new 70 products, we want to achieve 2028 with BRL 1.4 billion in sales and also the non-retail be accountable for 10%-15% of the total share. I would like to conclude my presentation now and invite you to a very quick break, 10 minutes, then we'll be back at 4:15 P.M. Thank you for your attention. Alô. Minha primeira. Oi. Tá, prontinho. Primeiro, primeira mesa. Segunda mesa. Bom, pessoal, vamos dando seguimento aqui ao evento. Agora eu vou chamar a Juliana. Juliana vai falar um pouquinho sobre compliance e governança corporativa. Logo depois a gente tem aqui o fechamento do Breno. Na sequência, a gente vai ter uma sessão de perguntas e respostas e depois a conversa com as unidades de negócio logo aqui, logo aqui do lado, tá bom? Juliana. Alô, alô. Boa tarde a todos. Good afternoon, everyone. It's a great pleasure to be here with all of you this afternoon. I'm Juliana Damião Salem. I'm the General Counsel for Hypera. I've been with the group for 12 years, and I'm here to show you our corporate governance and compliance framework. As you know, in the past years, we've been investing a lot in transforming our compliance program, in strengthening our ethical conduct. Here at Hypera, we have a motto that I'd like to share with you. It guides all our business, which is, Doing what is right always works. That goes from the intern to the chairman of the board of directors, and that guides us in all our relationships with our partners. It's not just a pretty motto, it's actually how we run our business. I'll show you in practice how we've transformed all of that. I'd like to start off by showing our corporate governance framework. We currently have nine members in the board of directors. Three of the members are independent members. Mr. Flávio is an independent member. He's a doctor, actually. He's from the Hospital das Clínicas, and he became a part of the board in 2019. More recently, we've invited two new members to the board of directors. Dr. Fernando Bacal, he's a cardiologist from Hospital Israelita Albert Einstein, and Dr. Yana, she's an oncologist from Hospital Sírio-Libanês. When they joined us, we were able to diversify the skills of the board of directors, and we also believe that they will be able to contribute a lot to develop our pipeline. The board of directors have three main advisory committees, but I'd like to mention the statutory audit committee that Breno mentioned before. It's comprised of independent members, and they help us in planning and in the routine of company compliance. In fact, they interfere, monitor, and assist us in developing the entire program internally. It's also worth noting, as Breno mentioned, that we have the tax committee with 100% independent members, effective and interim, and all of them are independent. I'd like to remind you that we currently have five statutory officers. They're market executives. Their targets are absolutely connected to the strategic planning of the company. The statutory management is also reporting to the board of directors, and we believe that this structure of corporate governance in the company is a competitive advantage, especially when we're comparing that to other Brazilian companies. I would like to highlight the governance department. As you know, we've implemented this department in 2018. We have two people that are dedicated and support the entire area of governance of the company, of the entire board of directors, the statutory management, managers or officers, and enable our shareholders to be a part of the general shareholders meeting. So that's what I had to say about corporate governance. Now I'd like to go into the side that I really love, which is the evolution of our compliance program. First of all, I'd like to mention that in 2013, we created the compliance area. The big transformation, the big change and transformation happened from 2016 to 2017, and when the company becomes an actual pharma company focused on drugs, and that's when we review our code of ethics to be in line with the best practices of the industry. We publish our anti-corruption policies, train 100% of our employees, and we also have a support system for internal investigations. Today, when we have a claim at the company, we have the right systems to conduct the investigations. Lastly, I'd like to highlight our individual compliance program. This program effectively is when we hire new employees at the company. During the selection process, we do not look just at the technical competency and skills or just their historical background. We assess them based on ethics. It's an important barrier of entry. We want to hire people for the company that are in fact in line with our ethical values. The same strictness that we have in hiring new employees, we also require that from our partners. In 2018 and 2019, we have implemented the policy of partner integrity. Before we hire a partner for the company, we learn more about them. We understand their ethical values, we understand their history, and if in fact they are qualified to become a partner. In 2018 and 2019, we also implement our risk management process, and I'll tell you more about that later on. We also have an e-learning to teach our employees about the code of ethics, and we also implement the governance department. In 2020 and 2022, we deemed that our compliance program had achieved a very good maturity level, and we believed that it was time for launching our program again of ethics and compliance. We launched it again with all our different policies and code and communicated that strongly so that our employees could continue to understand what our values are. In addition to launching that, we have our compliance portal, so 100% of our employees can access any of the information regarding our policies, code of ethics and training available internally in our system. As I mentioned, we were so sure that the maturity level of the program was good that for the first time we hired an independent audit firm, in this case, EY, that audited our program and recommended new conduct and practices in line with market practices. That's the recommendations that we had so that we can also plan our compliance program going forward. I'd like to mention that in the ethics and compliance program we have eight pillars. In my vision, the four pillars that I have for you are the pillars that have effectively transformed the ethics culture in the company. The first one is the pillar of communication and training. We invested a lot in training for our employees. Over 10,000 employees have been trained to understand the ethics values and that should guide company's business. We did that. We have a program that when a new employee onboards, they're trained, but we also have a program that sustains that training for those who are still in the company. We have compliance day, e-learning, as I mentioned, in-person training during the sales convention. We like to say that the commercial team can't escape us. In any sales convention, we have 30 or 40 minutes to talk about compliance, as well as in the plenary sessions at the plant. Another important aspect is that we started to train our partners. We give presentations to them. We go to them and show them the policies, what our code of ethics says, and what we actually expect from that partnership. I'd like to mention another pillar that's very important, which is the whistleblowing channel. We have an independent whistleblowing channel that's outsourced and preserves confidentiality of information and of the claims that were reported. We handle 100% of that. That's an important element of communication with our employees. There's another pillar of continuous monitoring. I'd like to talk about our program of integrity of third parties. We want to learn more about them when they enter the company. They can only do that if they have ethical values in line with us. During that, we train them. Once again, we understand their ethical conduct, so we monitor while they're with the company. The last pillar, policies and procedures. We've renewed and invested in new policies and not just launching the new policy. When I bring them in, it's about launching that and training our employees so that in fact they understand what the policy means. We've done that in the past year. We've launched that, and I'd like to highlight our policies with in relationships with the government. How they have to relate to that, how they have to be a part of that with public entities. We've done massive training based on that as well. This is an example that's very good about the effective transformation that we had in governance and compliance in the company. We strengthened and prioritized strengthening of governance in our hires. How does that work today? For a supplier to enter the company, they have to go through procurement. 100% of hires go through procurement. If they believe it's a good supplier that presented a price and good technical conditions to be a partner, they can go on to the next step. The compliance step. As I mentioned before, we do an integrity audit for third parties on this third party. They have to be validated by the compliance area. We have to believe that the ethical values of those partners are in line with ours. After compliance approves that, we go into creating the contract. 100% of the contracts are drafted by our legal department, and the signatures are also managed by the legal department, have the two statutory directors or officers always sign them, as well as the hierarchical levels that are established for signatures. After the partner on board, they become a partner and internal audit monitors while they're a third party, if they're respecting what the agreement says, if the proof of service of that partner is effectively adequate. We are also absolutely sure that we're able to strengthen and give these processes more security when we're hiring. Another important example of change in compliance is when, as I mentioned, we implemented the process of managing corporate risk. That's a preventive process. It enables us to understand the risks that the company may be involved in, strategic risks, financial risks, operational risks. If the company is attacked, has a cyber attack, we have a preventive plan to act on that. That gives us a lot of tranquility so that we can continue with our business. We have some brief illustrations of the past trainings that we had about compliance, about our policies. The first one, as I mentioned, in the last sales convention, we've achieved 2,700 employees. The sales area can't escape us because the agenda is always there. We've also trained at the plants, achieving 1,900 employees in the last training. Here are some more illustrations. Compliance Day 2020, we brought in a specialist to talk to all our employees about ethical dilemma. In 2021, we also had Compliance Day. We brought in a specialist to talk about harassment in the workplace. Now in 2022, on the sixteenth of September, we'll have a new Compliance Day with a specialist to talk about ethics in the pharma industry. For illustration purposes, a fun phase of our e-learning about the code of ethical conduct and also the compliance portal where our employees can have access to all the information and training, and we encourage them to do that. Now, going on to the last part of my presentation, I'd like to talk about our commitments that we are undertaking for 2023. Our commitment is to maintain and continue to publish our policies and intensify our training. I'd like to highlight some points that I believe are interesting. We're reviewing the code of conduct, and we will publish that again. It talks about ESG and LGPD, which is the Brazilian Data Privacy Law. The alignment with new pharma company practices. We'll have training about that new code of ethics, and we'll also have a commitment to publish for any stakeholder. We currently have an internal portal, and in 2023, we'll have an external portal. The audit that I mentioned that Ernst & Young did, that's our commitment, and we will be audited every two years. These recommendations, all of them will foster the compliance work for future years, always supported by the statutory audit committee. In 2023, we'll have Compliance Day, but it won't be just one day. We have a commitment of having a week with training to fight corruption, remembering our anti-corruption policies and the best market practices as well. The last important commitment is that in 2023, in the external portal, we will promote all the information about donations and sponsorships that are done for governmental entities. In my opinion, these commitments are in line with the commitments that guide the entire corporation to do what's right always work. That's what we really want to work on. I do believe that we were able to align our strategies and objectives to our ethical values. I'm available for any questions during the Q&A. Thank you. Breno, your turn. Thank you, Juliana. Okay, for the closing. Initially, I mentioned all the different growth levers and the competitive advantages of Hypera. Luiz gave us some details of our go-to-market platform and gave us many examples of how we've been able to grow above the market. Adalmario showed us everything that we've already done so far, especially from 2018 to 2022. We still have a pipeline in growth that we've seen so far. Tobias showed us all the opportunities that we have in the market. With these 70 compounds alone that we've already mapped out, we can achieve net revenues of BRL 1.4 billion. Translating that to 2028, that's an increment of three percentage points per year. Not to mention the 28% of the market that we plan on addressing, but still haven't created the business plan to service that market. Juliana has the evolution that we've had in governance and compliance program, especially as of 2016. Much has been done since 2018, so that's something that we're very confident about with all these policies that have been implemented in the company. To put this into perspective, everything that was said about the results and impact to our portfolio, we've doubled our revenues from BRL 3.7 billion to BRL 7.4 billion in the past four years, and year, doubling the segments of our portfolio. Considering the established products, mature products that account for almost 50% of our portfolio, and in that period, we grew approximately 10% per year. We've grown above inflation in the period. Usually, we believe that that's lower growth because there's nothing new. These products have more than five years. Even so, with the investments in marketing, we're able to grow above inflation. A part of the portfolio relating to launches. Launches that were done in the past five years account for 25% of the company portfolio and grew approximately 16% in that period. The non-retail is still small, 4%, but with relevant growth in the past years of 4%. The acquisitions account for about 20% of our portfolio and grew around 13%. These 13%, we use the sellout data since it started on zero on the baseline. It also shows the period from 2018, so it includes the growth that was still under the old management. As we've shown, it's speeding up under our management. This is my outlook of how each one of these segments should develop from now on. For the established portfolio, we grew 10%, and I believe that we will maintain this level of growth a little bit above inflation, three percentage points above inflation, which is very feasible. As I mentioned, we invest greatly in marketing, media, marketing at the point of sale, visibility at the point of sale, and that's something we will continue to do. That's our source to grow more and more with the established portfolio, which accounts for 50% of our revenues. For the launches, the growth rate was around 16%. I think we could speed this figure up. As Adalmario showed, we have more products in our pipeline than we had before, and bigger projects. Now we're packing large compounds. There's a whole list of products that will lose their patents in the following years, and we are ready to be one of the first to launch them, so we have many sources for growth. The non-retail market, as I mentioned, we can contribute with at least three percentage points in our growth for the next five years. The investments were mostly already done. 800 million, 400 million in the sterile and 400 million in the R&D and pilot plant. This year, we will have invested 550 million and the other 350 million in the following years. The team is almost all entirely ready. Now we have to invest in portfolio and the intangibles that will happen throughout the years. This will help with at least three percentage points for the company's growth. M&A, which accounted for 30% growth. The 3 acquisitions that were done recently. In the very short term, our focus is not on new acquisitions. As the company has the financial capacity and de-leverages, that's another potential for the company to grow. Since we can generate a lot of value for the shareholders by capturing synergies and also growing the established brand. We will definitely have more opportunities to divestments of portfolios from multinational companies like what happened with these three. We're seeing this process happening in other companies, and it will continue to happen. Lastly, to conclude, I want to talk about our main strategic goals for the midterm. I would like to say that I'm very happy with the results that the company achieved for the past years. I think we're at the best moment of our company in the last decade, and I see this continuing for the following years because of everything we said until now. Our main strategic goals are to consolidate our leadership position. We have a market share of 8.7%, but it's still very close to the second place. We want to grow above market. These two-three percentage points above market that we've been growing for the past two years, we want to continue like that for the future so we can consolidate our leadership position in the retail market. The second is to continue to explore new avenues of growth. One of our values is to be in tune to what is happening. We're also always looking at opportunities for M&A or entering new markets. In the short term, specifically, the non-retail market will give us good opportunities. Lastly, focusing on de-leveraging the company in the short term. Generate cash. We have a operational cash flow that is very large, and we want to see that even more, focusing on generating cash. We have a work group in the company focusing on that. I didn't mention, but it's also a overall metric. Free cash flow is a global metric for compensation for the executives in the company, and I see a huge potential. Especially by reducing debt and by reducing interest rates, which probably reached its peak. There's a tendency for that to drop, and this will have a huge impact in the company's profitability. Despite all the gain in EBITDA that we had for the past years, our net income didn't grow as much because of the interest rates. As this turns around, we will have a huge opportunity to increase the company's net income. Also giving space for a new cycle of acquisitions, not in the short term, but in the midterm. That's a great opportunity for growth. This is what I would like to share with you. I would like to call to the stage our speakers, Tobias, Adalmario, Luiz, and Juliana for our Q&A session. We're gonna start our Q&A session. The first question were sent by the webcast. Robert Ford from Bank of America. His question is about the potential size for the Simple Organic market. What is the potential of that brand for the company? I'll answer it. Simple Organic is positioned in the dermocosmetics market, and we think the people who bought synthetic and more traditional products will migrate, and now they have this alternative of buying organic and natural products. When we look specifically at the younger generations like Millennials and Generation Z, they focus on sustainability and the types of products that they're consuming and what the brand is doing. The brand's concerned with the environment. That's much more important and relevant to them. We see this growth coming from that younger generation. In terms of a target market, it's the one that we showed of about the pharma market of BRL 6 billion. It's one of the largest markets, and a lot of that demand comes from what I just mentioned. Okay. Now we can have some questions from the audience. Good afternoon. Congratulations for your results. I'm Joseph from JP Morgan. I have a few questions. The first one is for Adalmario's presentation. Looking at the markets that you addressed, you mentioned BRL 63 billion in prescription and generics that you could address. My question is to try to quantify your growth plan and the potential of your pipeline. How much you already cover of the sector today with Hypera's portfolio and the target with the pipeline and also the BRL 31 billion for the generics. The second question is for Tobias, and one of the growth avenues is a BRL 15 billion market. When you look at the infrastructure that is being built at Hypera, how does that compare to what you have in the market? What is the challenge of capturing human capital for you to build that? When we look at the market, the CapEx necessary for that surprises negatively. You spent more than expected to achieve the biologics. I would like to know how comfortable you are with the business plan and how much of the intangible investment, those 70 molecules that you have in your pipeline will require. I had talked to Breno during the break. How do you see the opportunities of M&A, of the non-retail to speed that even more? Answering your first question, Joseph. Thank you for your question. When we look at the pipeline that we have for retail, which I mentioned on my part, basically the projects that we have today, they address 100% of the size of the retail market. As Tobias mentioned in his presentation, it's a market that is about BRL 100 billion, which we already operate in with our brands, generics, and prescription products. The focus we're giving is per product category. What is the best strategy for us to increase our share on those categories that we already are relevant, and on those we aren't, what is the best way to enter them? When we mention Cannabidiol, which is a product for the central nervous system, neurology and psychiatry, we still have a very limited portfolio for that category, but we've been studying for the past years how we can create a pipeline to be a more relevant player in that category. Our ambition in all categories and the treatment classes is to be number one. In some, we already are number one. Our strategy is what do we do to continue strengthening our position and continuing leading these categories. In some others, leadership will come as we are able to launch and develop our pipeline and invest in sales force and new products and new categories. Answering your question, the addressable market are BRL 100 billion, and we believe that we will be able to gain market share in subcategories faster than others, but it's a pipeline of 450 products, so it's very diverse. In attracting talent, I agree with you that we have to appeal to people who have knowledge, experience in this type of development, and that's why we chose Jundiaí to be our development center for the non-retail market. We have people from São Paulo and the Campinas region, where we have a lot of pharmaceutical companies, so it's a good source of people for us to attract. The location in Jundiaí, it's close to universities in São Paulo and Campinas, and that was one of the key reasons why we chose that location. Your second question about investments. We have to develop oncology and biologics, so those investments are higher than developing generic synthetics. On the other hand, the added value is also much higher. It's a higher investment, but I see that as a competitive advantage of having good employees with excellent experience in oncology and biotechnology, which I see is an entry barrier for our competitors. About M&A for that market, as I said, it's a possibility in the mid-term, but it's not something we're looking at in the short term. There are some companies, domestic companies, that are dedicated for the non-retail segment that could be a target for us to speed up our growth. Our plan is to grow internally. The brands are not that important in non-retail as they are in retail. When we made our acquisitions, we only bought branded products. We didn't buy generics except for Neo Química, which was our entry in the market. At the time, it was more similar than generics. It's something that we see as more effective to invest in organic growth than an acquisition that we have to pay a premium for drugs that would be just to speed our entry in the market. There's no differential of brand. We don't rule out that opportunity, but nothing for the short term. Hi, everyone. Gustavo Miele from Goldman Sachs. I have two questions. First, about strategy to launch new products in OTC. How important that me first is representing in the portfolio about 19% of potential launches. Also corroborate with how important it was to use that gap of a reference product. My question is, what's the competitive advantage of the company on that avenue? Is it to better map the market in terms of opportunities that will arise when the patents drop or be faster in launching it? Why has the company been doing well in the me first? That's my first question. My second question is more for Tobias. Understand more about the dynamics of the main drug of the company today in non-retail, which is immunoglobulins. I want to understand from you, how is the supply-demand for immunoglobulin? Looking at the global market, if you see any type of pressure in costs because of the increase of the donor fee that we have with blood donors around the world? Do you think that will happen at any point? If you could talk about immunoglobulin and how you see the outlook, that would be interesting as well. Thank you. Thank you, Gustavo, for your question. I'm gonna answer the first one. As we made clear when we showed the breakdown of our pipeline, that's one of our strategies, to be the first to launch right after the patent drops. I think that in the past, we didn't have an R&D team that was dedicated or a dedicated innovation department. In some way, we were the late movers for some of the compounds. We couldn't benefit from being the first. When we do a backtesting of following all the molecules that are losing their patents in the next years, the first and the second that can launch them can maintain as, themselves as leaders, because they're the first to launch, the first to register at the drugstore. The pharmacist already knows the product and recommends it. The physicians also are very important. To be the first brand that shows itself as an option for the physician, bringing benefits for the patient. The differentials we have today are several. When we looked at the number of patents that will drop in the following years in treatment classes that are already relevant and will become even more after the patent drops, we decided to focus on that. There are several competitive advantages there. We have one of the largest R&D teams. We have a structure that we believe is the largest R&D lab in Brazil. We have a huge advantage of costs and plant. It's no use to be the first to launch the generic if my cost isn't competitive. As we showed, we have one of the largest production facilities in Latin America, so that helps us to have a very competitive price. I think that third, if we could map, is be the partner of choice, like Breno mentioned. Several of these launches can be done through partnership of companies that are not in Brazil. With that, we show our business platform, the business units that we have, of offering this possibility of launching the same compound in two or three business units, which is a huge benefit that ensures sales and a much higher volume and is interesting for the partner. Another thing that we can comment, being the only company that's publicly traded in the Brazilian pharma retail market, that's a great benefit. When a partner looks at us, they know who Hypera is, they follow us, they see the figures, the results, they see that the management is professional, that they may not be talking to the owner, but they're talking to top management, and that really makes a difference. Let me just take this opportunity. You mentioned the differential about the first movement. There's also about being fast to get to market. If we're the first, we have installed structures, so we can offer the product as fast or first to professionals and patients. When we launch an innovative product like Umma, which is female hormone, women's hormone that has a different delivery than what we have in the market, is taking that concept in a consistent way to physicians, so we can break the barrier. It's a new product. It delivers these different benefits. You can trust it. It's endorsed by Mantecorp and Hypera. You can differentiate, you can offer a benefit and add value in a more relevant way for physicians and then for patients. That combination is very important as well. About immunoglobulin. We really have to watch that closely to see what's going to happen in the second half. The good news is that we took advantage of that, of importing that product. With the approval of Anvisa, we were able to do that, and we prospected last year potential partners to work on that in logistics. When that opportunity came up of importing without the registration, we already had a team designed to be working on that and having the productive capability that's a very interesting competitive cost, and that also shows that the price had been approved by CMED. That's the good news. What's going to happen moving forward is that the cap would be higher. We need to follow that and see. The good thing is that we have a trusted partner with good price, good production capacity, and our focus is to register that once and for all. Good afternoon, everyone. I'm Marquinhos from Itaú BBA. The market has a lot of potential and the company has more relevance in that market, but at first, through the private channels. Can you comment about the vision about entering the governmental market, the strategy, the timing? That would be good. Well, with the current portfolio that we have today, most of it is government. The portfolio that we're proposing of 70 compounds moving forward is to go into the private market. That's the moment where we can increase our portfolio, and we have with better margins, more interesting volumes. That's the strategy of leaving the current portfolio a little. Because basic compounds such as Losartan for hypertension and add to that portfolio, create a portfolio that's more dedicated to the institutional market for private hospitals. It would be more interesting. That would be our strategy in the upcoming years, and then we can leave the public market and move into the private market. As we already expected. A lot of questions are for Tobias, right? Because it's the non-retail market, and we see that as a huge opportunity for growth and more news for us, and especially for all of you. Well, given time, let's go into two or more questions, if possible, not related to the non-retail market. We'll have 15 minutes of conversations with the business units. Tobias will also be available, and we can focus the questions on non-retail market with him separately, just so we don't go too much over time. Good afternoon, everyone. Congratulations on the event. I'm Pedro Caravina from Credit Suisse. I have 4 questions, but they're very short. First of all, about Hynova. What are the main performance indicators that you have been monitoring there, and what are the initiatives that you've been working on to improve that? Second, about the ecosystem. What are the main advantages that you see in having our own Hypera ecosystem and not being part of another one? The third would be about startups. It's clear that you have health-related startups. Do you have anything related to data collection and commercial intelligence? Do you see that as a possibility? The fourth question is about CBD full spectrum. What are the regulatory perspectives that you have that you see for the cannabidiol market? Are you waiting for a final registration? Thank you. I'll take the first one, and Adalmario Couto can answer the other six. About innovation, about Hynova. The main metric that we're monitoring on a monthly basis, and sometimes even more frequently, is adherence to the schedule. We know that the development process is very complex. Things get out of control during the development process. It depends on suppliers abroad, raw material, inputs for analyses. The main metric is adhering to the schedule. That's also a shared target among the different areas and departments in the company, portfolio management, R&D, innovation, and to be used for the launch. They have the shared metrics, and we monitor them closely, not only adhering to the schedule in terms of deadlines, but also the amount. The investments are relevant, and we're also looking to adhere to our budget according to plan. We've been evolving a lot given our experience since 2016, the schedules are currently very realistic that we have as a target. We've learned not only how to manage, but also how to find more efficient ways for development. Trying to look at the private. In some situations, we can do that and decrease the cost of product development. About the ecosystem. There are a number of companies trying to set up that ecosystem, and there are a lot of startups that are trying to address specific pain in the process, but they're not looking at the entire journey. Our vision, we're very agnostic in building our ecosystem and plugging into others. It's important for us to have the right platforms so that we can be plugged into that. It's a very big system and very complex. When you're working with health, different than other segments, you're handling people's lives. Each step of the process has to work well. When we look at all the investments that we've made in startups, the common objective behind those investments is using technology that currently enables us to be closer to each of the stakeholders that we have in the chain. How do we use that technology to be closer to understand consumers, understand the physician, the HCP, drugstore, point of sale, and what can I offer them beyond the product? How do I go beyond that and offer a service and relate to that and create mid to long-term engagement? We're always trying to use technology to be closer to customers. That's the main point. In many of these platforms, and that's also very interesting, they're already connected to other ecosystems. The case of the friend that I mentioned, they're already connected to São José and Fleury. That's a possibility that we have for cross-selling, selling our product on the platform and other platforms. It's something that I believe will evolve a lot. About CBD that you mentioned, we currently have regulations that allows you to have CBD registration, but it's not final. To have the final registration, you need a clinical trial for a specific indication of that product, and you have up to five years after the launch for the clinical trial. In this case, it's already mapped out. It's already been addressed just for starters in each of the products that we'll have in the portfolio. I believe, and this is my opinion, as you have more products available in drugstores, there might not be a need for the regulation as it, as is today. Today you have just one product that's sold at the drugstore. It's not full spectrum. It's isolated. Ours will be the first full spectrum. As other people make more products available, there might be a change to that Anvisa rule. Oh, even given time, we're going to end the Q&A session. One more question. Sí. Yes. Javier Martinez from Morgan Stanley. To me, it's very clear that there's been growth, you've doubled in these years, and you're doing your homework to double more. That's clear. To me, I was surprised that you've really increased your margin in the past years for many different reasons, for operational leverage. Can you improve that margin even more, or do you think you've reached the level where it would be risky to go further and maybe even open the doors for the competition? Javier, margin also depends on competition, the prices of input. Considering if it remains constant, we don't have that much clarity in that there should be a margin increase, especially given the operational leverage. The corporate structure, the company grows, but grows much less than sales. We're setting up our long-term strategic plan, and we already see that happening in our portfolio. It really depends on product mix and how the market will grow moving forward. The trends in the generic past with lower margins, gross margins that are smaller, but operating margins, not that much, grew much more than the average of the rest of the market. Moving forward, I believe that the trend would be that that would converge a little less, and there will be patent expirations, and in the short term, that would be a lower margin in the beginning. There is space to increase the company's EBITDA margin, especially given the operational leverage. Another question everybody asks is about the institutional market, and if that should have an impact or margin pressure given the portfolio. We don't believe so. Even though the market has lower gross margins than what we have in the portfolio currently, there's also the marketing costs are also lower. Publicly traded companies that are focused on that market, such as Blau or Cristália, that's they have similar margins to what we have here or what we plan on having in our portfolio. It's not a negative margin pressure, but instead even contribute towards the operational margin for the company. Douglas, maybe you can explain the dynamics of the last step now, the last part of the event. Now, this last session is only for those who are present. The webcast ends now. I'd like to thank everyone for your presence and your interest in Hypera. Reiterate our invitation to visit our Innovation Center. We'll also organize a visit to the plant if you're interested. Thank you. Douglas, please explain what the end of the day will be like today. Okay, thank you very much for your presence. We had over 1,200 people on the webcast. People that have followed us in the last three hours. We'll have next door, Tobias, Hélio, Ana. Our idea is that you can stay there for 10, 12 minutes with each one, and you can rotate. That everybody, all the analysts and investors will have an opportunity to talk to all the heads. Five lots? Yes. Five of you. Non-retail, similars and generics, skin care, among the others. We can split. Okay. Thank you, everyone.