Cotia, November 08, 2023.

Blau Farmacêutica, one of the main Brazilian pharmaceutic industries in the institutional segment,
announced today its consolidated results for the third quarter of 2023 (3Q23). The financial statements comply with the international
financial reporting standards (IFRS) issued by IASB and were audited by independent auditors according to Brazilian and international
auditing standards. This document was prepared based on the consolidated financial statements that have been prepared according to
the accounting practices adopted in Brazil, which comprise the rules of CVM and the pronouncements of CPC.

Record of investments (BRL316 million) in 3Q23, featuring Prothya and RD&I.

Net income of BRL99 million, boosted by the bargain purchase of Bergamo.

3Q23 Highlights - New Businesses:

● Investment of EUR50 million in Prothya, one of the 10 largest plasma fractionation companies in the world. The transaction is aligned
with the internalization strategy, the pursuit of revenue in strong currencies, the verticalization of the strategic product lines, and it
allows Blau to use Prothya as a platform for the distribution of its products in Europe and the USA.
● Consolidation of Bergamo: integration started in 3Q23 with expected synergies as of 1Q24.
● Similis Bio Partnership: according to the schedule, with the installation of high capacity single-use bioreactors (3,000 liters) in the
quarter.
● Product registration: six new product registrations/presentations at ANVISA and seven in Latin America.

3Q23 Earnings Release:

● Net Revenue: BRL363 million in the quarter, in line with the previous quarter.
o New Products represented 11% of Revenues, with sequential growth over the last four quarters.
● Gross Profit of BRL111 million in the period, with a Gross Margin of 31%.
● EBITDA of BRL164 million in the period, with an impact from the Bargain Purchase of Bergamo, totaling BRL121 million.
● Margins in the quarter were negatively impacted by non-recurring items of organizational restructuring, Integration of Bergamo
and Expenses with M&A projects.
● Recurring EBITDA of BRL49 million in the period, with a Recurring EBITDA Margin of 14%.
● Net Income of BRL99 million, also impacted by the Bargain Purchase of Bergamo.
● Recurring Net Income of BRL26 million in the period, with a Recurring Net Margin of 7%.
● RD&I Investments totaled BRL31 million in the quarter, equivalent to 8% of Net Revenue.
(BRL million) 3Q23 3Q22 Δ% 2Q23 Δ%
Gross Revenue 389 391 -0,5% 399 -2,5%
Net Revenues 363 362 0,3% 364 -0,5%
Gross Profit 111 178 -37,5% 152 -26,6%
Gross Margin 31% 49% -1852bps 42% -1095bps
EBITDA 164 119 37,7% 94 74,1%
Bargain Purchase (121) - - - -
Other Adjustments 7 - - - -
Recurring EBITDA 49 119 -58,5% 94 -47,6%
Recurring EBITDA Margin 14% 33% -1930bps 26% -1223bps
Net Income 99 94 5,3% 70 41,1%
Net Margin 27% 26% 131bps 19% 803bps
Recurring Net Income 26 94 -72,8% 70 -63,6%
Adjusted Net Margin 7% 26% -1893bps 19% -1221bps
Total RD&I (31) (22) 39,8% (43) -29,6%
RD&I / NR (%) -8% -6% -238bps -12% 348bps

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Message from Management
We reported record investments in the quarter, of approximately BRL316 million, featuring the BRL266 million (EUR50
million) invested in Prothya and BRL31 million in RD&I. Despite the healthcare ecosystem facing pressure in 3Q23 – in an
environment of strong competition and a volatile global macroeconomic scenario – Blau managed to maintain its level of
Net Revenue, a result of the actions and investments made by the Company in recent quarters, in line with its strategic plan.
In the M&A strategic pillar, we invested EUR50 million in Prothya at the end of August through a loan contract convertible
into shares. Prothya is a dutch company that has over 65 years of experience in the sector, collecting and fractionating
human plasma and producing drugs derived from human plasma, including albumin, immunoglobulin, coagulation factors,
prothrombin complex. It has its own portfolio recognized throughout the European Union and other countries, including
Latin America, where they are distributed by Blau – except in Brazil, due to pre-existing contracts with third parties.
Prothya also provides contract manufacturing organization (CMO) services for major companies in the hemoderivatives
sector like Takeda, Grifols, Biotest and LFB. It has two productive facilities in Brussels and Amsterdam with a fractionation
capacity exceeding 3 million liters of plasma per year, four plasma collection centers in Hungary, in addition to its own RD&D
center with a long history of innovation and successful products. In 2022, it reported a Net Revenue of EUR244 million, with
growth expectation for 2023.
The transaction is in line with Blau’s internationalization strategy, the pursuit of revenue in strong currencies, and the vertical
integration of strategic product lines, and it allows Blau to use Prothya as a platform for the distribution of its products in
Europe and the USA. At the right moment, and once certain operational and financial milestones are met, Blau will convert
the loan into 20% of Prothya's equity.
During the quarter, we also initiated the integration following the acquisition of Laboratório Bergamo, which has been
operating in the Brazilian pharmaceutical market since 1946, with synergies to be captured as of 1Q24, such as operational
leverage through joint processes, portfolio and business model combination, utilization of available production capacity,
and increased negotiation power. The joining of Blau and Bergamo also consolidates the companies’ leadership position in
high-complexity drugs and, together, they will develop a strong growth strategy. Blau and Bergamo, together, have one
of the most comprehensive portfolios in the onco-hematology segment, with one of the largest production capacities
in Brazil and a total addressable market of approximately BRL10.0 billion¹. Also in 3Q23, we captured BRL121 million in
benefits related to the bargain purchase of Bergamo.
In the NEW BUSINESSES strategic pillar we invested BRL31 million in RD&I in the quarter, accounting for 8% of Net
Revenue. Our RD&I area (Blau Inventta) continues to work on projects to be submitted to the competent authorities in 2024
(in Brazil and Latin America) and, by the start of 2024, we will launch 9 new products, with a total addressable market of
BRL650 million. We are also making progress on our own development (Blau Inventta) of the monoclonal antibody
project with Similis Bio, which is proceeding according to the established schedule, with the installation of high capacity
single-use bioreactors in the quarter and the expectation of receiving the master cell banks of two monoclonal antibodies
in 1Q24. The New Business area has also advanced in partnerships, with important products to be launched in the coming
years.
In the VERTICALIZATION strategic pillar, the plasma collection operation in Florida (USA), Hemarus, continues in the ramp-
up process. The LauderHill Center recorded sequential growth in collected volume (+42% YoY) and new donors (+6% YoY),
with Revenue of BRL7.1 million in the quarter (+105% YoY). The North Miami Center has received all the necessary licenses
for the start of operations, with its inauguration planned for December/2023. We also began the construction of the
Flamingo Center in September. The Jacksonville Center (with a 25% stake) is also expanding the number of collections.

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Lastly, we have started the prospecting of the 5th and 6th Centers in regions with an appropriate demographic profile and
low presence of competitors.
In the CAPACITY EXPANSION strategic pillar, our new P210 facility– focused on the production of everyday hospital
medications – continues to increase production volume, reducing the unit cost of manufactured drugs, and driving the
growth of the Specialties Unit's Revenue. Blau Goiás is in the ramp-up process, moving to operate three shifts from 3Q23.
Our IFA plant, P400, is also starting expansion works to prepare the Company to produce monoclonal antibodies.
Regarding the Pernambuco Industrial Complex (P1000), we had an update on the schedule in the quarter and filed for the
SUDENE benefit.
We ended 3Q23 with a Net Revenue of BRL363 million, at the same level as 2Q23 and 3Q22. Despite the challenging
environment during this quarter, the Company's new sources of Revenue have managed to offset the unfavorable scenario
of relevant products in the portfolio, indicating that the investments we are making have already started to materialize in
our results and that we are on the right path: new products accounted for 11% of Blau's Net Revenue and have been
showing sequential growth over the last four quarters. The Margins for the quarter were negatively impacted by non-
recurring items that affected the Company's results, including: (i) expenses related to the integration of Bergamo and the
Transition Agreement with AMGEN; (ii) M&A expenses; and (iii) indemnities resulting from organizational restructuring
aimed at achieving efficiency gains through a lighter administrative structure already in 1Q24; in addition to the maintenance
of businesses still in the ramp-up process, such as Hemarus and LATAM Affiliates.
In Environmental, Social, and Governance (ESG) area, in July, we released our 2nd Sustainability Report, which follows
the Global Reporting Initiative (GRI) standards and covers the main financial, environmental, social, and governance
highlights achieved by the Company in 2022. In this quarter, the ESG area focused on planning activities and directing work
for 2024. In September, we made donations of more than 1,000 food baskets to help those affected by the devastating
floods in Rio Grande do Sul.
From an innovation perspective, our augmented reality project for Botulim, implemented this year, received the Grandes
Cases de Embalagem award from Embalagem Marca magazine. Blau received this award for the second consecutive year
from the magazine.
We are aware that 2023 has presented additional challenges, beyond those identified at the beginning of the year,
but our pillars are solid, and we are confident that we are addressing our long-term growth. Throughout the quarter,
we put into practice several initiatives aimed at gradually recovering the Company's historical margins, starting from
the next year: renegotiating with major suppliers, seeking operational efficiency, restructuring teams, and making
rational use of cash. Our path is clear and well-paved, and we know where we are going!
And this is just the beginning for Blau!

Marcelo Hahn, CEO and founder

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About Blau Farmacêutica
Blau is a leading pharmaceutical company in the institutional segment and a pioneer in biotechnology, with a portfolio of
owned brands of highly complex drugs focused on relevant segments in the industry, such as immunology, hematology,
oncology, nephrology, and infectious diseases, among others, acting in several therapeutical classes.

Blau is present across the continent, currently in seven countries in Latin America (Brazil, Argentina, Colombia, Chile, Equator,
Peru, and Uruguay), in the United States, and in Europe, with a modern pharmaceutical industrial complex composed of 7
facilities in Brazil.

Portfolio Overview
Blau’s portfolio is composed of own-brand high complex products, both biological and synthetic, for the institutional
segment – hospitals, clinics, and HMOs (vertical networks that have their own hospitals, clinical analysis laboratories, and
health insurance plans). The Company’s products are divided into 4 business units: Biologicals, Oncology, Specialties, and
Others.

Biologicals
Biological products are produced by biosynthesis in living cells. Biologicals are a diverse and heterogeneous class of
products that can be prepared using raw materials from two different origins (i) drugs obtained from biological material
extracted from microorganisms (live, attenuated, or dead), organs and tissues of plant or animal origin, cells or fluids of
human or animal origin; and (ii) drugs obtained through biotechnological procedures, which are recombinant proteins
obtained from genetically modified cells.

Oncology
Oncology products are composed of oral and injectable drugs of diverse origins for the treatment of cancer, which includes
several therapeutical classes and types of treatment.

Specialties
The Specialties line is composed of products used in the hospitals’ daily routine, in most of the specialized treatments of
infectious diseases, and special treatments, among others. It includes antibiotics, muscle relaxers, gastric protectors, and
anesthetics, among others.

Others
The Others line is composed of prescription drugs, non-prescription drugs (MIP), focused on the retail and non-retail
markets, and dermo-medicines, condoms, and others.

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Research, Development, Innovation and Partnerships
Blau has two structures supporting its growth: (i) the New Business & Partnerships area that seeks to identify strategic
partnerships to expand the portfolio, with a focus on technology transfers and local production of inputs and drugs; and (ii)
the Research, Development, & Innovation (RD&I) area – Blau Inventta, located in the industrial complex in Cotia and
undergoing a ramp-up process, which develops highly complex products in the generic and biosimilar lines.

In 2024, we will begin the construction works for the second expansion of Blau Inventta, which will occupy the area
previously used by the corporate team, in the Company’s operational headquarters. The expansion will allow us to accelerate
the development of new products and increase our capacity for project analysis.

We continue to make progress on the monoclonal antibody project with Similis Bio, which is proceeding according to
the established schedule, with the installation of high capacity single-use bioreactors in the quarter and the expectation of
receiving the master cell banks of two monoclonal antibodies in 1Q24.

In 3Q23, we invested BRL31 million in RD&I, accounting for 8% of Net Revenue. In the period, we submitted a new drug
to ANVISA and six drugs to other Latin American countries and obtained six registrations of new drugs and presentations
from ANVISA and seven in other Latin American countries.

In addition to the products registered and launched in 2023, reaching a TAM of BRL163 million, by the start of 2024 we will
launch 9 new products, with a total addressable market of BRL650 million.

Below is the product pipeline according to the estimated date of approved registration in Brazil. It is important to mention
that this information is preliminary, and the dates are merely estimates made by the Company, as registration depends on
regulatory bodies. Moreover, there may be changes to accelerate or delay such launches. The pipeline is detailed in Exhibit
4 at the end of this document.

Addressable Market

2023
PIPELINE (Registered up to 2024 2025 2026
September 30)
TOTAL 713 982 2.390 3.389

Registered and launched by 09/30/2023: TAM of BRL163 million.

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Financial Performance

Summarized Income Statement

(BRL million) 3Q23 % VA 3Q22 % VA Δ% 2Q23 % VA Δ%
Gross Revenue 389 107.2% 391 108.1% -0.5% 399 109.4% -2.5%
Taxes (25) -6.8% (26) -7.3% -6.2% (22) -5.9% 14.8%
Other (1) -0.4% (3) -0.8% -48.2% (13) -3.5% -89.0%
Net Revenues 363 100.0% 362 100.0% 0.3% 364 100.0% -0.5%
COGS (251) -69.3% (184) -50.8% 36.8% (213) -58.4% 18.2%
Gross Profit 111 30.7% 178 49.2% -37.5% 152 41.6% -26.6%
Operational Expenses 41 11.3% (65) -17.9% - (65) -17.9% -
Sales (24) -6.5% (21) -5.7% 15.8% (21) -5.7% 15.0%
General & Administrative (40) -10.9% (36) -10.0% 9.6% (33) -9.1% 20.1%
Research & Development (9) -2.5% (8) -2.1% 15.8% (11) -3.0% -18.0%
Bargain Purchase 121 33.5% - 0.0% - - 0.0% -
Others (8) -2.2% (0) -0.1% - (1) -0.2% -
EBIT 152 42.0% 113 31.3% 34.6% 86 23.7% 76.5%
(-) Depreciation & Amortization 12 3.2% 6 1.6% 95.3% 8 2.2% 47.0%
EBITDA 164 45.2% 119 32.9% 37.7% 94 25.8% 74.1%
Net Financial Expenses (3) -0.7% 13 3.7% - 1 0.2% -
EBT 150 41.3% 126 35.0% 18.3% 87 23.8% 72.3%
Income Tax and CSLL (51) -14.0% (33) -9.0% 56.2% (17) -4.6% 203.9%
Net Income 99 27.3% 94 26.0% 5.3% 70 19.2% 41.1%

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Revenue
(BRL million) 3Q23 % VA 3Q22 % VA Δ% 2Q23 % VA Δ%
Gross Revenues 389 107,2% 391 108,1% -0,5% 399 109,4% -2,5%
Taxes (25) -6,8% (26) -7,3% -6,2% (22) -5,9% 14,8%
Others (1) -0,4% (3) -0,8% -48,2% (13) -3,5% -89,0%
Net Revenues 363 100,0% 362 100,0% 0,3% 364 100,0% -0,5%
Institutional 334 92,0% 326 90,1% 2,3% 334 91,6% 0,0%
Retail 29 8,0% 36 9,9% -18,3% 31 8,4% -5,3%

The Company’s Net Revenue reached BRL363 million in 3Q23, in line with 3Q22 and 2Q23. The consolidation of Bergamo
added BRL39 million in Revenue in the quarter and offset the decline in organic results, which were negatively impacted by
the product mix sold, a highly competitive environment, and a still volatile and challenging macroeconomic scenario,
resulting in lower prices for the Company's products.

Despite the challenges faced in the quarter, we highlight some productivity enhancement and Revenue diversification
initiatives that minimized the impact in 3Q23 and are expected to continue benefiting the Company:

(i) Revenue from the Specialties Unit grew in 3Q23 from 3Q22, and sequentially from 2Q23, reflecting the increased
capacity after the start of operations of the new P210 facility since 2Q23;
(ii) Launches continue to grow sequentially, reaching 10.7% in 3Q23, compared to 9.2% in 2Q23 (5.5% in 3Q22);
(iii) New operations are gaining market share sequentially, with Hemarus accounting for 2.0% of Net Revenue (1.7%
in 2Q23), LATAM Affiliates with 6.4% (5.9% in 2Q23) and Bergamo with 10.7% (0.0% in 2Q23).

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Gross Profit
(BRL million) 3Q23 3Q22 Δ% 2Q23 Δ%
Net Revenues 363 362 0,3% 364 -0,5%
COGS (251) (184) 36,8% (213) 18,2%
Gross Profit 111 178 -37,5% 152 -26,6%
Gross Margin 31% 49% -1852 bps 42% -1095 bps

The Gross Margin reported in 3Q23 fell in comparison with 3Q22, impacted by the combination of several factors:

i) Consolidation of Bergamo;
ii) Prices under pressure in some of the most representative products;
iii) More unfavorable product mix in terms of Margin;
iv) Hemarus in the ramp-up process;
v) Turnover of older inventory, acquired at higher costs.

Despite the challenging quarter, the Company continues to focus on initiatives aimed at the gradual and sustainable
recovery of Margins:

i) Renegotiations with suppliers in the procurement of key raw materials;

ii) Increased productivity and operational efficiency, with a reduction in the unit production cost;
iii) Maturation of new operations;
iv) Integration of Bergamo, with margin expansion in the operation supported by process synergies, portfolio
combination, and commercial model, utilization of available production capacity, and increased negotiation
power.

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Operating Expenses
(BRL million) 3Q23 % NR 3Q22 % NR Δ% 2Q23 % NR Δ%
Sales (24) 6.5% (21) 5.7% 15.8% (21) 5.7% 15.0%
G&A (40) 10.9% (36) 10.0% 9.6% (33) 9.1% 20.1%
RD&I (9) 2.5% (8) 2.1% 15.8% (11) 3.0% -18.0%
Operational Expenses (72) 20.0% (64) 17.8% 12.3% (65) 17.7% 12.0%
Advantageous Purchase 121 -33.5% - 0.0% - - 0.0% -
Others (8) 2.2% (0) 0.1% - (1) 0.2% -
Total Operational Expenses 41 -11.3% (65) 17.9% - (65) 17.9% -

Restructuring and Integration 3 -0.9% - 0.0% - - 0.0% -

M&A Projects 4 -1.0% - 0.0% - - 0.0% -
Recurring Operational Expenses (65) 18.0% (64) 17.8% 1.5% (65) 17.7% 1.3%

Advantageous Purchase (121) 33.5% - 0.0% - - 0.0% -

Total Recurring Operational Expenses (73) 20.3% (65) 17.9% 13.4% (65) 17.9% 12.4%

In 3Q23, we recorded several non-recurring events that resulted in positive Total Operating Expenses of BRL41 million. Thus,
the Expenses were adjusted for the following events:

i) BRL3 million related to the 'restructuring and integration' of Bergamo that impacted General and Administrative
Expenses (G&A). This includes amounts related to the severance pay and the transition services agreement
(TSA) paid to the former owner of Bergamo;
ii) BRL4 million related to Expenses dedicated to 'M&A projects,' which impacted the Company’s G&A Expenses.
This includes the impact on the acquisition price adjustment of Bergamo;
iii) BRL121 million related to the bargaining purchase of Bergamo, with a purely accounting effect due to the
acquisition value being lower than the book value.

Sales Expenses reached BRL24 million in 3Q23 or 6.5% of Net Revenue, above 3Q22 and the previous quarter, mainly due to
the consolidation of Bergamo.

In the quarter, G&A Expenses totaled BRL40 million or 10.9% of Net Revenue. After adjustments for non-recurring effects
('restructuring and integration' and 'M&A projects'), it reached BRL33 million or 9.0% of Net Revenue, flat from 2Q23, even
after the consolidation of Bergamo, which currently has a less efficient operation. It is worth mention that the restructuring
adjustments for the quarter refer only to severance pay for the period, and the benefit of the reduced workforce should be
captured in the coming quarters.

RD&I Expenses totaled BRL9 million in 3Q23, equivalent to 2.5% of Net Revenue, above 3Q22, but below 2Q23. Blau’s total
investment in RD&I, recorded as both Operating Expenses and Intangible Assets, excluding Inventories, reached BRL31
million in the period, accounting for 8% of the Company's Net Revenue.

In the Other line, we had an expense of BRL8 million due to the negative effect from allowance for doubtful accounts, in
the amount of BRL6 million, for two customers with specific payment difficulties. It is important to highlight that the plan
for recovering the amounts is already underway.

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EBITDA
(BRL million) 3Q23 % NR 3Q22 % NR Δ% 2Q23 % NR Δ%
Net Income 99 27,3% 94 26,0% 5,3% 70 19,2% 41,1%
(-) Income Tax 51 14,0% 33 9,0% 56,2% (17) -4,6% n.a.
(-) Net financial expenses 3 0,7% (13) -3,7% n.a. 1 0,2% 339,3%
(-) D&A 12 3,2% 6 1,6% 95,3% 8 2,2% 47,0%
EBITDA 164 45,2% 119 32,9% 37,7% 94 25,8% 74,1%
EBITDA Adjustments (114) -31,6% - 0,0% - - 0,0% -
Recurring EBITDA 49 13,6% 119 32,9% -58,5% 94 25,8% -47,6%

EBITDA totaled BRL164 million in the quarter, with a Margin of 45%, mainly impacted by the accounting effect of the bargain
purchase of Bergamo. Excluding this effect and other non-recurring items that resulted in a negative adjustment of BRL114
million, as mentioned in the "Operating Expenses" section, we achieved an Adjusted EBITDA of BRL49 million and a Recurring
EBITDA Margin of 14%, reflecting the impacts already discussed in the "Gross Profit" and "Operating Expenses" sections.

The mix effect of Bergamo's consolidation also had a negative impact on the Consolidated EBITDA, as the transaction still
operates with a lower EBITDA margin. Below are the initiatives that should provide a gradual and sustainable recovery of
the Margin:

i) Effects already discussed in Gross Margin, such as renegotiations with suppliers, increased productivity,
reduced idleness of Bergamo's factory, and sequential improvement in Hemarus and LATAM Affiliates;
ii) Commercial and administrative synergies with Bergamo, to be captured from the beginning of 2024, as Blau
will remunerate the former owner for transition services (TSA) until the end of 2023;
iii) A leaner administrative structure and lower expenses after administrative restructuring.

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Financial Expenses
(BRL million) 3Q23 % VA 3Q22 % VA Δ% 2Q23 % VA Δ%
Net Financial Expenses (3) -0.7% 13 3.7% - 1 0.2% -
Exchange Variation (2) -0.6% 4 1.2% - (4) -1.2% -47.4%
Net Interest Expenses 1 0.4% 11 2.9% -87.3% 5 1.5% -75.4%
Unrealized results with derivatives (0) 2.0% (1) -0.2% -90.7% - 0.0% -
Others (2) -0.4% (1) -0.2% 106.1% (1) -0.2% 195.4%

The Financial Result was negative by BRL3 million in 3Q23, compared to a positive BRL13 million in 3Q22, mainly due to
changes in Net Interest Expenses and Foreign Exchange Variations.

Net Interest Expenses generated revenue of BRL1 million in 3Q23, compared to BRL11 million in 3Q22:

i) Interest received from highly liquid financial investments, in the amount of BRL10 million in 3Q23, compared to
BRL19 million in 3Q22, resulting from a lower volume in financial investments in the annual comparison, mainly
due to the use of funds for investments in the acquisition of Bergamo and the convertible loan for Prothya;
ii) Interest paid, commissions, banking expenses, and IOF totaled BRL9 million in 3Q23, compared to BRL8 million
in 3Q22, increasing due to the issue of the new debenture, in the amount of BRL350 million at rate of CDI+1.68%
p.a. (BLAU16), with a SWAP to 118% of CDI, which started impacting the result as of September of this year.

Looking at the Foreign Exchange Variations, we had a negative amount of BRL2 million in 3Q23, compared to a positive BRL6
million in 3Q22, reflecting the variation in cash in U.S. dollars in the respective periods.

Income Tax and Social Contribution

In 3Q23, Income Tax and Social Contribution totaled BRL51 million, impacted mainly by deferred tax related to the accounting
effect of the bargain purchase of Bergamo, increasing Income Tax by BRL41 million and resulting in an effective tax rate of
34.0% in the quarter.

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Net Income
(BRL million) 3Q23 % VA 3Q22 % VA Δ% 2Q23 % VA Δ%
EBIT 152 42,0% 113 31,3% 34,6% 86 23,7% 76,5%
Net Financial Expenses (3) -0,7% 13 3,7% - 1 0,2% -
EBT 150 41,3% 126 35,0% 18,3% 87 23,8% 72,3%
Income Tax and CSLL (51) -14,0% (33) -9,0% 56,2% (17) -4,6% 203,9%
Net Income 98,9 27,3% 94 26,0% 5,3% 70 19,2% 41,1%
EBITDA Adjustments (73,4) -20,2% - 0,0% - - 0,0% -
Adjusted Net Income 25,5 7,0% 94 26,0% -72,8% 70 19,2% -63,6%

We ended the quarter with a Net Income of BRL99 million and a Net Margin of 27%, due to the positive impact of the bargain
purchase of Bergamo (BRL121 million Gross and BRL41 million in Income Tax).

Recurring Net Income reached BRL26 million in the period, with a Margin of 7%. The adjustments totaled a negative BRL73
million in 3Q23, including both the effect of the bargain purchase and non-recurring expenses for the quarter. The reduction
in Adjusted Net Profit in relation to the same period of the previous year reflects the impacts already mentioned in their
specific sections "EBITDA" and "Financial Result."

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Indebtedness

(BRL million) 09/30/2022 09/30/2023

Short Term 100 134
Long Term 200 430
Gross Debt 300 564
Cash and cash equivalents 764 472
Net Debt (464) 92
LTM EBITDA 446 436
Net Debt / EBITDA -1.0x 0.2x

Gross Debt totaled BRL564 million in 3Q23, consisting of BRL213 million from the BLAU13 debenture (CDI+1.10% p.a.) and
BRL351 million from the new BLAU16 debenture (CDI+1.68% p.a., with SWAP limiting the maximum return to 118% of the CDI).
The increase of BRL264 million in Gross Debt in relation to the previous year was mainly due to the issue of the new
debenture, partially offset by the full payment of the BLAU11 debenture and partial amortization of BLAU13 during the period.

Cash and Financial Investments totaled BRL472 million in 3Q23, down by BRL292 million from 3Q22, mainly due to:

i) Investment in the strategic acquisition of Bergamo, with a total payment of USD35 million (approximately
BRL172 million - including the acquisition value, excess cash, and other adjustments);
ii) Investment through a convertible loan in Prothya for a 20% stake and a seat on the Board of Directors, totaling
EUR50 million (approximately BRL266 million);
iii) Payment of IoE, referring to 1Q23, of approximately BRL32 million;
iv) Cash replenishment through the issue of BRL350 million in the new Blau16 debenture in 3Q23.

Due to these variations, the Company ended 3Q23 with a Net Debt of BRL92 million and leverage of 0.2x, compared to a Net
Cash of BRL464 million and leverage of -1.0x in 3Q22. It's worth emphasizing that the Company maintains a strong financial
position, enabling resilience and investment capacity even in more challenging global macroeconomic scenarios.

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CAPEX
(BRL million) 3Q23 3Q22 Δ% 2Q23 Δ%
Intangible CAPEX 22 17 31.8% 33 -33.2%
PP&E CAPEX 19 39 -51.7% 51 -62.8%
Total CAPEX 41 56 -26.7% 83 -51.2%
PP&E of 2Q23 was reclassified by the reversal of tax credits referred to the acquisition of machinery and equipment for strategic medium and long-term
projects, returning to “Taxes Recoverable” line.

In 3Q23, CAPEX reached BRL41 million, consisting of BRL22 million in Intangible CAPEX (6% of Net Revenue) and BRL19 million
in PP&E CAPEX (5% of Net Revenue), down from 3Q22 and 2Q23, as the Company prioritized inorganic investments during
the quarter.

PP&E CAPEX of the period refers to the acquisition of machinery and equipment and the works for facility maintenance and
industrial expansion, featuring:

(i) Continuing investments in the reallocation of the P110 warehouse to Blau Log (input management space),
making room for the installation of two new production lines;
(ii) Acquisition and installation of high capacity single-use bioreactors for the R&D area and the IFA facility (P400);
(iii) Investments in the new industrial complex in Pernambuco (P1000);
(iv) Investments in the revitalization of production lines at Blau São Paulo.

The investments are aligned with the strategic plan for expanding production capacity.

Intangible CAPEX refers mainly to investments in the development of new products, in addition to software and sanitary
registrations. The increase in Intangible CAPEX is in line with the company's strategic pillar of growth through portfolio
expansion and, furthermore, with the development of the first monoclonal antibody related to the partnership with Similis
Bio, a company within the JSR Life Science group.

14
Cash Flow
(BRL million) 3Q23 3Q22 Δ% 2Q23 Δ%
Operating Cash Flow (ex Working Capital) 106 122 -13,5% 97 8,6%
Working Capital (34) (26) 29,5% 27 -
Operating Cash Flow 72 96 -25,2% 124 -42,2%
Investment Cash Flow (325) (56) 485,0% (233) 39,6%
Net Cash Flow (254) 40 - (109) 132,9%
Financing Cash Flow 334 (76) - (121) -
Increase (Decrease) in Cash and ST Investments 80 (35) - (230) -

Managerial cash flow: some items were reclassified for a better presentation of the Company’s total liquidity. The groups may not be comparable with the
total figures presented in our financial statements. The increase and decrease in cash result from the variation of the cash and short-term investments lines
of the Balance Sheet.

Operational Activities generated BRL72 million in 3Q23, compared to BRL124 million in 2Q23, due to the increased allocation
in working capital, mainly due to the consolidation of Bergamo, impacting the changes in working capital.

(days) 3Q22 4Q22 1Q23 2Q23 3Q23

Account receivables (DSO) 99 108 92 105 104
Inventories (DIO) 262 277 296 278 243
Suppliers (DPO) (82) (80) (68) (75) (75)

In 3Q23, the DSO remained flat at 104 days, compared to 105 days in 2Q23, as a result of the improvement in organic
operations and offset by the consolidation of Bergamo. DIO stood at 243 days in 3Q23, compared to 278 days in 2Q23, with
a notable reduction in RD&I inventories. The DPO remained at 75 days in 3Q23, flat in relation to 2Q23, with improvements
in organic operations and offset by the consolidation of Bergamo.

As a result, the Company's Working Capital reached BRL882 million or 59% of Net Revenue over the last 12 months,
considering a pro forma revenue for Bergamo, compared to BRL817 million or 60% of the Net Revenue in 2Q23. This nominal
increase was mainly due to the consolidation of Bergamo.

Investing Activities consumed BRL325 million in the quarter, compared to the BRL56 million consumed in 3Q22 and BRL233
million in 2Q23, reflecting mainly the acquisitions of the period.

Finally, cash generated from Financing Activities reached BRL344 million in 3Q23, compared to a consumption of BRL76
million in 2Q23 and BRL121 million in 3Q22. The result of 3Q23 was positively impacted primarily by the proceeds of BRL350
million from the new BLAU16 debenture.

These changes resulted in an increase of BRL80 million in the cash balance for 3Q23 compared to 2Q23.

15
Capital Markets
From January to September 2023 (YTD), the Company's shares recorded an average daily trading volume (ADTV) of BRL10
million, with a variation of -38%, compared to +10% for the IBOV index and +9% for the SMLL index.

At the end of the quarter, the outstanding shares (free float) were held by: Local Institutional Investors (85%) and Foreign
Institutional Investors (15%).

In the quarter, we recorded 171 interactions with the market, in which we highlight the following events: A Breakfast meeting
at Itaú BBA to present the investment in Prothya, the BTG Pactual Latam CEO Conference in New York, and two site visits
to our operational headquarters in Cotia (SP).

Our shares (BLAU3) continue to be part of the Small Cap Index (“SMLL”), Consumption Index (“ICON”), Trade Corporate
Governance Index (“IGCT”), and Brasil Amplo Index (“IBrA”), prepared and disclosed by B3 S.A. – Brasil, Bolsa, Balcão.

40, 0

BLAU3 Fin. Volume SMLL BLAU3 IBOV

35, 0

30, 0

+10%
25, 0
+9%

20, 0

15, 0

10, 0

-38%
5,0

0,0

16
Exhibit 1 - Balance Sheet (in thousands of Reais)
Consolidated
Assets 09/30/23 12/31/22
Cash and cash equivalents 30,345 14,114
Investments 441,595 629,533
Trade accounts receivable 433,469 420,109
Accounts receivable from related parties 674 500
Inventories 648,049 569,023
Recoverable taxes 45,752 25,808
Other receivables 26,666 18,774
Total current assets 1,626,550 1,677,861

Recoverable taxes 25,848 22,057

Judicial deposits 27,439 7,258
Other receivables 1,270 133
Right-of-use assets 34,970 30,049
Property, plant and equipment 687,366 527,634
Intangible assets 327,310 234,056
Total non-current assets 1,447,494 821,187

Total assets 3,074,044 2,499,048

Consolidated

Liabilities 09/30/23 12/31/22

Trade accounts payable 199,293 163,625
Related-party payables 769 12
Debentures 134,244 79,870
Taxes payable 16,129 21,958
Income and social contribution taxes payable 2,399 19,444
Labor obligations 59,891 34,819
Dividends and interest on own capital payable 27,369 9,317
Leases payable 4,137 3,671
Derivative financial instruments 64 -
Other accounts payable 28,102 38,397
Total current liabilities 472,397 371,113

Debentures 430,000 200,000

Tax liabilities 7,154 7,553
Provision for tax, civil and labor risks 6,721 5,240
Leases payable 34,167 28,172
Deferred income and social contribution taxes 111,353 35,022
Other labor liabilities 405 958
Other accounts payable 42,706 33,056
Total non-current liabilities 632,506 310,001

Equity - -
Share capital 1,316,609 1,316,609
Capital reserve - -
Treasury shares (42,891) (39,895)
Profit reserve 562,798 562,798
Retained earnings 156,376 -
Equity valuation adjustments (18,071) (17,356)
Equity attributed to controlling shareholders 1,974,821 1,822,156
Non-controlling interests (5,680) (4,222)
Total equity 1,969,141 1,817,934
Total liabilities and equity 3,074,044 2,499,048

17
Exhibit 2 - Income Statement (in thousands of Reais)
Consolidated
09/30/23 09/30/22
Net operating revenue 985,158 1,040,214
Cost of goods and products sold (614,952) (534,210)
Gross profit 370,206 506,004

Commercial expenses (89,079) (79,339)

Administrative expenses (102,719) (87,904)
Impairment loss on accounts receivable (8,989) (1,383)
Other net operating revenues and expenses 120,359 1,149
Total net operating expenses (80,428) (167,477)

Income before financial income, interest in investees and taxes 289,778 338,527

Financial revenues 38,096 53,922

Financial expenses (31,783) (41,550)
Financial result 6,313 12,372
Profit sharing of investees accounted for under the equity method 120 -
Income before taxes 296,211 350,899

Current income tax and social contribution (3,403) (67,358)

Deferred income tax and social contribution (72,254) (16,302)
Income tax and social contribution (75,657) (83,660)

Net profit for the period 220,554 267,239

Income attributed to:

Controlling shareholders 222,134 268,387
Non-controlling shareholders (1,580) (1,148)
220,554 267,239

Earnings per share (R$)

Basic 1.25 1.51
Diluted 1.25 1.51

18
Exhibit 3 - Cash Flow Statements (in thousands of Reais)
Consolidated
09/30/23 09/30/22
Cash flows from operating activities
Profit before taxes 296.211 350.899
Adjustments to reconcile the income for the period with cash from
operating activities:
Depreciation and amortization 26.378 16.431
Write-offs of property, plant and equipment and intangible assets 609 11.325
Interest on leases 2.577 874
Financial charges on loans and financing - 33
Financial charges on debentures 25.622 28.781
Financial charges on consortium 212 -
Earnings from financial investments (37.061) (52.955)
Unrealized foreign exchange variation in financial investments 18.225 (18.968)
Gain from bargain purchase (121.431) -
Unrealized gains and losses on changes in the fair value of assets 64 11.017
Unrealized foreign exchange variation in suppliers and customers 716 1.089
Equity pick-up (120) -
Provision for expected losses on trade accounts receivable 8.989 (1.383)
Provision (reversal) for inventory impairment, net 13.581 (895)
Provision for tax, civil and labor lawsuits 1.594 (317)
Provision, long-term incentives 258 264
Monetary adjustment of judicial deposits (981) (623)
235.443 345.572

(Increase) decrease in asset accounts

Trade accounts receivable 20.875 (50.414)
Inventory (19.397) (119.726)
Recoverable taxes (12.071) (21.559)
Derivative financial interests - 677
Other receivables (7.085) 4.831
Judicial deposits 182 91
Increase (decrease) in liability accounts
Trade accounts payable 2.727 50.506
Labor obligations 20.279 9.224
Taxes payable (18.552) (12.331)
Other accounts payable 22.155 (10.523)
Cash generated from operating activities 244.556 196.348
Income tax and social contribution paid (21.970) (54.596)
Net cash used in operating activities 222.586 141.752
Cash flows from investment activities
Financial investments (135.993) -
Additions to property, plant and equipment 206.774 188.527
Payment for acquisition of shares (118.845) (95.180)
Advance for capital increase in investee (265.155) -
Capital Increase (86.578) (31.078)
Net cash from (used in) investment activities (399.797) 62.269

Cash flows from financing activities

Leases payable (38.793) (82.415)
Interest on lease payments (2.821) (1.629)
Acquisition of financed equity interests (2.131) (388)
Financial asset at fair value (14.807) (29.253)
Consortium agreements 350.000 -
Payment of consortium - principal (2.996) (39.895)
Payment of consortium - interest (3.602) -
Payment of loans and financing - principal (160) -
Payment of loans and financing - interest - (40.931)
Payment of debentures - principal - (831)
Payment of debentures - interest (72.503) (33.749)
Net cash from (used in) financing activities 212.187 (229.091)
Net increase (decrease) in cash and cash equivalents 34.976 (25.070)
Cash and cash equivalents as of January 1st 16.231 (42.685)
Effect of change in the foreign exchange rate on the balance of cash and
14.114 51.864
cash equivalents
Cash and cash equivalents as of March 31st 65.321 (15.891)
Increase (decrease) in cash and cash equivalents 34.976 (25.070)
Transactions not affecting cash
Acquisition of Property, plant and equipment - -
Pharma Limirio acquisition 6.573 6.471
Government subsidy - 23.220
Increase in interest in Hemarus 32.943 -
39.516 29.691

19
Exhibit 4 - Pipeline
2023
(Registered up
Product to 09/30) 2024 2025 2026
1 98
2 31
3 34
4 18
5 122
6 117
7 21
8 79
9 13
10 86
11 94
12 99
13 174
14 246
15 170
16 90
17 121
18 40
19 43
20 1,121
21 866
22 134
23 75
24 88
25 79
26 12
27 15
28 695
29 691
30 354
31 272
32 291
33 197
34 141
35 140
36 124
37 82
38 127
39 46
40 69
41 43
42 34
43 30
44 29
45 15
46 9
TOTAL PIPELINE 713 982 2,390 3,389

Registered and Launched

Registered

20
Disclaimer
This release contains forward-looking statements exclusively related to the prospects of the business, estimates of operating and financial results, and the
Company’s growth prospects, and, therefore, are not a guarantee of the Company’s performance or future results. These statements are merely projections
and, as such, are exclusively based on management’s expectations for the future of the business and its continued access to capital to fund its business
plan. These forward-looking statements substantially depend on the changes in market conditions, government regulations, competitive pressures, the
performance of the Brazilian economy and the industry, among other factors, as well as the risks shown in our filed documents, and are, therefore, subject
to changes without prior notice.

Furthermore, unaudited, or unreviewed additional information herein reflects management’s interpretation of information taken from its financial
information and its respective adjustments, which was prepared under market practices and for the sole purpose of a more detailed and specific analysis
of the Company’s results. Therefore, such considerations and additional data must also be independently analyzed and interpreted by shareholders and
market agents, who should conduct their own analyses and draw their own conclusions about the results disclosed herein. No data or interpretative analysis
conducted by management should be considered as a guarantee of future performance or results and are merely illustrative of our management’s vision
about the results.

The Company’s management is not responsible for the compliance with accuracy of the managerial financial information discussed in this report. Such
managerial financial information must be considered for information purposes only and should not replace the analysis of our parent company and
consolidated quarterly information or annual financial statements reviewed by independent auditors for purposes of a decision to invest in our shares, or
for any other purposes.

21