The pharmaceutical company had negative operating cash and paid dividends that more than doubled its net profit of R$196.7 million in 2025
The pharmaceutical company distributed R$427.2 million to shareholders in 2025 through dividends and JCP (interest on equity). It was more than double the consolidated net profit for the year, R$196.7 million. To make payments viable given a negative operating cash flow of R$55.5 million, the company raised R$450 million in loans and debentures. Here is it (PDF – 1 MB).
The movement took place in the context of tax changes established in , which maintained the exemption from Income Tax on profits calculated until December 31, 2025, as long as the corporate resolution was formalized during the period. In practice, this allowed the company to advance payments to shareholders, avoiding the incidence of IRRF (Income Tax Withheld at Source) on distributions above R$50,000 per month per beneficiary, a condition that came into force in 2026.
Financial performance and revenue
Despite the drop in profit, Cimed’s net revenue increased 12.5% in 2025, above the 11.3% growth recorded by the Brazilian pharmaceutical sector in the same period, according to Abre (Brazilian Packaging Association).
Net profit fell from R$280.9 million to R$196.7 million, pressured by the implementation of the SAP S/4HANA system, which brought operational challenges in the 1st quarter, and by the 41.5% increase in advertising and marketing expenses, which totaled R$182.8 million.
The increase in inventories consumed R$232.3 million in cash, contributing to the negative operational flow and reinforcing the need for external funding to enable the distribution of dividends to shareholders.
Cimed expanded its presence in the consumer market with the integration of R2M, leadership in wet wipes, and the creation of joint venture Cilab SA, focused on baby products. The company also launched the Super brand and announced the acquisition of Ice Fresh, reinforcing its expansion plan in high potential categories
Capital structure and shareholders
In March 2025, GIC () became a minority shareholder in Cimed, in a move to reinforce corporate governance and long-term expansion capacity. The company approved a capital increase of R$1 billion, of which R$424.5 million was paid in 2025.
With the participation of the new investor, who now holds 12.54% of the company, Cimed started its call “New Era”focused on technological transformation and the professionalization of management, including the appointment of CCO (Chief Commercial Officer), responsible for leading commercial strategies and driving the growth of the company’s brands.
Debt and prospects for 2026
Cimed’s consolidated debt in loans and debentures closed 2025 at R$1.63 billion, with an additional R$157.8 million in lease liabilities, reflecting the capitalization movement necessary to remunerate shareholders, even in the face of negative operating cash flow and increased inventories.
The high debt, although made possible by the capital increase, reinforces the pressure on the company’s liquidity and dependence on future cash flow to support dividends and expansion.
For 2026, the company has defined as a priority the strengthening of cash generation and financial discipline, seeking to balance the capital structure, reduce dependence on new financing and have sustainability for its Generics and Consumer businesses.
