1. 1Q09 Earnings Release
Tuesday, May, 5th, 2009.

2. Highlights For The Period
• For the third quarter in a row, a generation of positive operating cash flow reaching R$ 36.6 million in this
quarter, 6.5% of the net operating revenue.
• Net debt dropped in 19.2%, R$ 28.7 million, in relation to the previous quarter, reducing the Company’s net
debt / Ebitda ratio to 1.6x, coming from 1.9x (december 2008).
• For the fifth quarter in a row we show a reduction of the accounts receivables terms, in 3.5 days, reaching
42.4 days, the lowest level since the year of 2006.
• For the second quarter in a row an adjusted gross margin recovery (added to revenues from services to
suppliers) reaching 11.2% in the 1Q09, 0,2 percentage point above the gross margin of the 4Q08, and also of
the 1Q08.
• The annual price increase which occurred on March, 31st, 2009 was of 5.9%, 90% above the one registered
in the previous year.
• The ebitda was of R$ 17.1 million, maintaining the ebitda margin in line with the same period of the
previous year in 3.0% of the net operating revenue.
• Profarma announced to the market on April, 3rd, 2009, an additive to the company’s share repurchase
program, increasing the maximum quantity of the shares to be acquired from 1.062.500 common shares to
1.700.000 shares.
2

3. Gross Revenues Evolution
In R$ MM
714.9
700.9
661.8
1Q08 4Q08 1Q09
3

4. Gross Revenues Breakdown
(R$ Million) 1Q09 1Q08 Chg % 4Q08 Chg %
Branded 453.9 501.8 -9.6% 489.9 -7.4%
Generics 29.5 33.9 -12.9% 41.5 -28.8%
OTC 129.3 119.2 8.5% 127.6 1.4%
Health and Beauty 23.2 30.9 -25.0% 31.4 -26.3%
Hospitals + Vaccines 25.8 15.1 71.0% 24.4 5.8%
Total 661.8 700.9 -5.6% 714.9 -7.4%
4

5. Market Share (%)
11.7 11.8
11.5
10.9
9.9
9.6 9.6
9.3
2004 2005 2006 2007 2008 1Q08 4Q08 1Q09
Source: IMS
5

6. Gross Profit and Revenues
from Services to Suppliers
In R$ MM
and as % Net Revenues
11.2%
11.0% 11.0%
7.4
16.5 5.3
59.7 57.8
51.0
1Q08 4Q08 1Q09
Gross Profit Revenues from Services to Suppliers Adjusted GP Margin (%)
6

7. Operating Expenses
In R$ MM
and as % Net Revenues
8.2%
7.8% 7.9%
47.7 48.1
45.9
1Q08 4Q08 1Q09
EXPENSES: General and Administrative + Selling and Marketing + Logistics and Distribution
7

8. Net Financial Expenses
In R$ MM
and as % Net Revenues
1.6%
1.4%
0.8%
10.0
7.8
5.0
1Q08 4Q08 1Q09
8

9. Net Income
In R$ MM
and as % Net Revenues
1.5%
1.2%
1.1%
9.4
6.5 6.7
1Q08 4Q08 1Q09
9

10. Adjusted EBITDA and EBITDA Margin
In R$ MM
and as % Net Revenues
3.5%
3.0% 3.0%
21.4
18.1
17.1
1Q08 4Q08 1Q09
10

11. Cash Flow
CASH FLOW
(R$ Million) 1Q09 1Q08 Chg. % 4Q08 Chg. %
Cash Flow Generated / (Used) in Operating Activities 36.6 5.7 542.1% 10.6 245.3%
Internal Cash Generation 11.4 14.8 -22.7% 10.7 6.2%
Operating Assets Variation 25.2 (9.1) - (0.1) -
Trade Accounts Receivable 51.5 29.9 72.4% 43.8 17.6%
Inventories 8.3 19.3 -56.9% (18.7) -
Suppliers (25.3) (49.4) 48.9% (6.9) -267.5%
Other Items (9.4) (8.8) -6.7% (18.4) 48.9%
Cash Flow (Used) in Investing Activities (3.3) (2.1) -57.1% (4.2) 21.4%
Cash Flow Generated / (Used) by Financing Activities (6.2) (34.4) 82.0% (15.3) 59.5%
Net Increase / (Decrease) in Cash 27.1 (30.8) - (8.8) -
11

12. Cash Cycle
3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
Cash Cycle - Days * 49.3 53.4 62.5 69.6 67.8 64.3 68.8 67.2 61.8 65.8 67.9
Accounts Receivable (1) 45.2 50.0 54.6 53.1 50.9 51.7 50.7 49.2 47.0 45.9 42.4
Inventories (2) 33.1 44.7 43.4 47.2 41.3 48.6 47.9 45.7 42.5 49.9 54.0
Accounts Payable (3) 29.0 41.3 35.6 30.7 24.5 36.0 29.8 27.7 27.7 29.9 28.5
*Average
(1) Average of Gross Revenues in the Quarter
(2) Average of COGS in the Quarter
(3) Average of COGS in the Quarter
12

13. Indebtedness
Net Debt (R$ MM) and Net Debt / Ebitda
In R$ MM
1.9
1.6
1.5
149.4
124.8
120.7
1Q08 4Q08 1Q09
* Ebitda = Accumulated last 12 months
13

14. Capex
In R$ MM
and as % Net Revenues
0.7% 0.6%
0.3%
4.2
3.3
2.1
1Q08 4Q08 1Q09
14

15. Operating Indicators
Service Level Logistics E.P.M
(units served / units requested) (Errors per Million)
100.0
91.2% 95.0
83.0
90.7%
90.2%
1Q08 4Q08 1Q09 1Q08 4Q08 1Q09
15

16. Share Performance
185 * 100 pts basis on 25/oct/2006
175
165
155
145
135
125
115
105
95
85
75
65
55
45
35
25
15
Ibovespa Profarma
16

17. Analyst Coverage
Company Analyst
Alexandre Falcão - Flávio Queiroz
Telephone: (55 11) 3048-6270 / (55 11) 3048-6196
Morgan Stanley
E-mail: alexandre.falcao@morganstanley.com
E-mail: flavio.queiroz@morganstanley.com
João Carlos dos Santos - Alexandre Pizano
Telephone: (55 11) 2188-4316 / (55 11) 2188-4024
Merril Lynch
E-mail: joaocarlos_santos@ml.com
E-mail: alexrande_pizano@ml.com
Marcel Moraes - Thais Pinho
Telephone: (55 11) 3841-6302 / (55 11) 3841-6341
Credit Suisse
E-mail: marcel.moraes@credit-suisse.com
E-mail: thais.pinho@credit-suisse.com
Renata Faber - Marcio Osako
Telephone: (55 11) 3073-3017 / (55 11) 3073-3040
Itaú BBA
E-mail: renata.faber@itau.com.br
E-mail: marcio.osako@itau.com.br
17

18. IR Contacts
Max Fischer
CFO and IR Director
Beatriz Diez
IR Coordenador
Telephone.: 55 (21) 4009 0276
E-mail: ri@profarma.com.br
www.profarma.com.br/ir