The document reports on the company's financial results for the first quarter of 2015, highlighting an 11% increase in consolidated gross revenues and a 31% rise in consolidated EBITDA. Retail sales increased by 18% at Drogasmil and 8% at Tamoio, while specialties sales grew by 14% and pharmaceutical distribution sales rose by 7%. The company continued integrating recent acquisitions and expanding its market presence across multiple business segments.

1. May 12, 2015
1Q15 EARNINGS RELEASE

2. Highlights | Corporate
2
The only Brazil’s mixed market player that features exposure and expansion capacity
in the segments of Retail, Hospital & Specialties and Distribution;
Strategic partnership with AmerisourceBergen, the world’s largest player in the
pharmaceutical specialties, resulting in the creation of the company Profarma
Specialty;
The Company carried out four acquisitions over the last three years, including its
entry into the Retail pharmaceutical segment, and the attainment of a market position
as one of the major players within this segment in the state of Rio de Janeiro;
Proven capacity to integrate acquisitions, combining all group companies in the SAP
plataform.

3. Highlights | 1Q15
3
CONSOLIDATED
(considering 100% of all companies)
• Consolidated EBITDA rose by 30.6% to R$ 19.7 million in
1Q15, with EBITDA margin of 2.0%;
• Operating expenses fell by 1.6 p.p. year-over-year in 1Q15;
• Gross revenues climbed by 11.0% from 1Q14;
• The annual price increase, on March 31, came to 5.5% on
average, the highest in the last six years and about 60%
higher than 1Q14 increase.
RETAIL
• Drogasmil’s and Tamoio’s sales rose respectively by 17.8%
and 8.2% year-over-year in 1Q15;
• Drogasmil’s EBITDA moved up by 28.3% and Tamoio’s by
10.2% in relation to 1Q14;
• Average monthly sales per store climbed by 15.6% at
Drogasmil and 8.2% at Tamoio against 1Q14;
• Drogasmil’s same stores sales (SSS) increased by 18.6%
and Tamoio’s by 8.2% in relation to 1Q14.
SPECIALTIES
• The division’s sales grew by 13.6%, with a year-over-year
increase of 18.2% in specialty wholesaling;
• Sales to the private sector climbed by 25.4% against 1Q14;
• Oncologicals sales increased by 62.3% in relation to 1Q14.
PHARMACEUTICAL DISTRIBUTION
• Sales increased by 6.6% against 1Q14;
• EBITDA moved up by 19.4% in relation to 1Q14 and EBITDA
margin stood at 2.0%;
• The independent customers segment grew by 9.3% vs.
1Q14;
• Sales of the branded category rose by 9.9% year-over-year
in 1Q15.

4. 1Q14 1Q15(**)
146.3
17.6
14.8
2.1
166.3
18.2
15.0
2.4
1Q14 1Q15
155.8
47.3
47.8
0.1
174.4
51.5
47.4
1.9
1Q14 1Q15
1,031.2
135.9
117.8
15.1
1,144.8
147.2
121.8
19.7
1Q14 1Q15
818.7
70.9
55.2
12.9
873.0
77.5
59.5
15.4
Highlights | Breakdown by Division – 1Q15
4
Specialties Retail (*) Consolidado (*)(**)
Pharmaceutical
Distribution
Gross Revenues
Gross Profit
SGA
Ebitda
(*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife.
(**) Pro-forma figures: 100% of revenues from Profarma Specialty.

5. CONSOLIDATED PERFORMANCE

6. 6
Sales increased by 6.6% against
1Q14.
The division’s sales grew by 13.6%,
with a year-over-year increase of
18.2% in specialty wholesaling.
Drogasmil’s and Tamoio’s sales rose
respectively by 17.8% and 8.2% year-
over-year in 1Q15.
1Q14
976.6
4Q14
1,000.9
1Q15
943.5-3.1%
11.0%
54.6
1,031.2
181.1
1,182.0
201.3
1,144.8
Consolidated Performance
Gross Revenues Evolution
(R$ million)
Pharmaceutical Distribution
Specialties
Retail
Accounting Consolidated Gross Revenues
Pro-forma Consolidated Gross Revenues: 100% of revenues from
Tamoio, Drogasmil / Farmalife and Profarma Specialty

7. 7
1Q14 4Q14 1Q15
818.7
925.3
-5.7%
6.6%
1Q14 4Q14 1Q15
146.3
151.3
166.3
9.9%
13.6%
1Q14 4Q14 1Q15
61.2 11.9%
94.6
104.0 102.3
73.9 72.0
155.8
174.4
-2.0%
873.0
177.9
Performance by Division
Pharmaceutical Distribution Specialties Retail(*)
Gross Revenues Evolution
(R$ million)
Accounting Gross Revenues
Pro-forma additional Gross
Revenues
(*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife
(**) Pro-forma figures: 100% of revenues from Profarma Specialty

8. 8
1Q151Q14
12.6%
106.5
4Q14
12.2%
106.3
12.1%
99.5
14.6%
1Q151Q14
15.8%
135.9
4Q14
154.4
14.6%
147.2
Consolidated Performance
Pro-Forma (*)
Gross Profit
(R$ million and % Net Revenues)
(*) Pro-forma figures: 100% of revenues from Tamoio, Drogasmil / Farmalife and Profarma Specialty

9. 9
13.7%
1Q14
117.8
12.3 %
4Q14
130.3
12.1%
1Q15
121.8
11.1%
1Q14
93.3
10.4%
4Q14
90.9
10.1%
1Q15
82.9
Consolidated Performance
Operating Expenses – SGA
(R$ million and % Net Revenues)
Pro-Forma (*)
(*) Pro-forma figures: 100% of revenues from Tamoio, Drogasmil / Farmalife and Profarma Specialty

10. 10
1Q14
1.4%
11.9
4Q14
1.6%
14.2
1Q15
1.6%
13.5
-5.0%
13.2%
1Q14
1.8%
15.1
4Q14
2.0%
21.5
1Q15
2.0%
19.7
-8.4%
30.6%
Consolidated Performance
Adjusted EBITDA and Adjusted EBITDA Margin
(R$ million and % Net Revenues)
(*) Pro-forma figures: 100% of revenues from Tamoio, Drogasmil / Farmalife and Profarma Specialty
Pro-Forma (*)

11. 11
(20.2)
1Q14
(12.1)
-1.4%
-1.8%
- 0.6%
4Q14
(19.1)
1Q15
(6.0)
(13.5)
1Q15
-1.6%
-2.3%
-0.9%
(7.6)
4Q14
(10.4)
(3.1)
(0.1)
-1.2%
0.0% -0.4%
(9.0)
2.4
(1.4)
-1.0%
-0.2% -0.1%
1Q14
Consolidated Performance
Net Profit
(R$ million and % Net Revenues)
(*) Pro-forma figures: 100% of revenues from Tamoio, Drogasmil / Farmalife and Profarma Specialty
Pro-Forma (*)
Net Profit
Adjusted Net Profit
Pro-Forma Net Profit
Pro-Forma Adjusted Net Profit

12. 12
Pro-forma
1QT15
32.9
9.3
23.6
(7.2)
56.1
81.8
1Q14
81.0
4.9
76.0
(10.3)
(16.0)
54.7
1Q1544Q1441Q14
Cash Cycle - Days * 48.1 37.4 34.0 28.6 32.6 45.9
Accounts Receivable¹ 45.1 41.6 45.5 48.3 57.4 16.8
Inventories² 49.2 55.1 62.7 56.9 43.2 74.8
Accounts Payable³ 46.2 59.3 74.2 76.7 68.0 45.7
1Q151Q151Q15
Pharma PFS. Retail
Consolidated Performance
Cash Flow
(R$ million)
Cash Cycle
(Days)
Cash Flow Generated /
Used) in Operating Activities
Internal Cash Generation
Operating Assets Variation
Cash Flow (Used)
in Investing Activities
Cash Flow Generated /
(Used) by Financing Activities
Net Increase /
(Decrease) in Cash
Consolidated Consolidated
* Average
(1) Average of Gross Revenues in the Quarter
(2) Average of COGS in the Quarter
(3) Average of COGS in the Quarter

13. 13
0.8
0.5
8.9
7.6
1Q14
412.0
4.6x
4Q14
3.3x
1Q15
Consolidated Performance
Capex
(R$ million)
Indebtedness: Net Debt and Net Debt /
EBITDA (R$ million)
Capex
1Q15
OthersIT
Machinery and
Equipment
3.1x
219.3
205.1

14. PHARMACEUTICAL DISTRIBUTION

15. 2.0
1Q14 1Q15
1.8
7.9
1Q14 1Q15
7.9
10.3
1Q14 1Q15
10.1
873.0
1Q14 1Q15
818.7
Sales of the branded
category rose by 9.9% year-
over-year in 1Q15
The independent customers
segment grew by 9.3% vs.
1Q14;
EBITDA moved up by 19.4%
in relation to 1Q14 and
EBITDA margin stood at
2.0%;
15
Financial Data
(R$ million and % Net Revenues)
EBITDA Margin
(%)
Op. Exp. SG&A
(%)
Gross Margin
(%)
Gross Revenues
(R$ million)
Pharmaceutical Distribution

16. SPECIALTIES

17. 17
1.6
1Q14 1Q15
1.6
9.8
1Q14 1Q15
11.3
11.8
1Q14 1Q15
13.4
166.3
1Q14 1Q15
146.3
The division’s sales grew by
13.6%, with a year-over-year
increase of 18.2% in
specialty wholesaling;
Oncologicals sales
increased by 62.3% in
relation to 1Q14.
Specialties
Financial Data
(R$ million and % Net Revenues)
EBITDA Margin
(%)
Op. Exp. SG&A
(%)
Gross Margin
(%)
Gross Revenues
(R$ million)
Sales to the private sector
climbed by 25.4% against
1Q14;

18. RETAIL

19. 19
5.2
1Q14 1Q15
5.1
23.4
1Q14 1Q15
25.9
28.8
1Q14 1Q15
31.1
102.3
1Q14 1Q15
94.6
Tamoio chain’s sales up
8.2% year-over-year;
Average monthly sales per
store up 8.2%, from R$ 525.5
thousand in 1Q14 to R$
568.4 thousand in 1Q15;
10.2% increase in EBITDA
vs. 1Q14;
Retail | Tamoio
Financial Data
(R$ million and % Net Revenues)
EBITDA Margin
(%)
Op. Exp. SG&A
(%)
Gross Margin
(%)
Gross Revenues
(R$ million)
Operating expenses down
2.5 p.p. in relation to 1Q14;

20. 525,5
568,4
576,6
8,2%
-1,7%
20
1Q14 1Q154Q14 1Q14
94,6
1Q15
102,3
4Q14
104,0
8.2%
1Q14
84.8
1Q15
92.1
4Q14
93.8
8.7%
-1.8%-1.7%
Retail | Tamoio
SSS Mature Stores
(R$ million)
Monthly Average Store's
Sales (R$ thousand)
Same Store Sales
(R$ million)

21. 21
0 Opening
0 Close-downs
0 Reformulated
50 Mature
1Q14
vs.
1Q15
1Q14
26.1
1Q15
28.8
4Q14
28.0
10.3%
2.7%
1Q14
60
4Q14
60
1Q15
60
0.0%
0.0%
Retail | Tamoio
# of Stores
(units)
Average Ticket
(in reais)

22. 22
-4.8
1Q14 1Q15
-7.8
32.5
1Q14 1Q15
38.1
30.6
1Q14 1Q15
29.3
72.0
1Q14 1Q15
61.2
Average monthly sales per
store up 15.6%, from R$
325.7 thousand in 1Q14 to
R$ 376.5 thousand in 1Q15;
Operating loss down 28.3%,
from R$ (4.8) million in 1Q14
to R$ (3.4) million in 1Q15.
Total gross margin up 1.3
p.p. when compared with
1Q14, totaling 30.6% in
1Q15;
Retail | Drogasmil/Farmalife
Financial Data
(R$ million and % Net Revenues)
EBITDA Margin
(%)
Op. Exp. SG&A
(%)
Gross Margin
(%)
Gross Revenues
(R$ million)

23. 23
1Q15
376.5
4Q14
399.1
15.6%
325.7
1Q14 1Q14
53.8
1Q15
63.7
4Q14
66.1
18.6%
1Q14
52.9
1Q15
62.6
4Q14
64.6
18.4%
-3.6% -3.2%-5.7%
Retail | Drogasmil/Farmalife
SSS Mature Stores
(R$ million)
Monthly Average Store's
Sales (R$ thousand)
Same Store Sales
(R$ million)

24. 24
1 Opening
2 Close-downs
1 Reformulated
49 Mature
1Q14
vs.
1Q15
Retail | Drogasmil/Farmalife
Average Ticket
(in reais)
# of Stores
(units)
1Q14
30.1
1Q15
35.9
4Q14
34.9
19.3%
2.9%
1Q14
63
4Q14
63
1Q15
64
1.6%
1.6%

25. ANALYST COVERAGE

26. 26
Banco Fator Caio Moreira +55 (11) 3049-9487 cmoreira@bancofator.com.br
Brasil Plural Guilherme Assis +55 (11) 3206 8285 guilherme.assis@brasilplural.com.br
BTG Pactual João Carlos dos Santos +55 (11) 3383-2384 joaocarlos.santos@btgpactual.com
HSBC Luciano Campos +55 (11) 3371 8194 luciano.t.campos@hsbc.com.br
BofA Merrill Lynch Thomas Humpert +55 (11) 2188 4236 thomas.humpert@baml.com
Morgan Stanley Javier Martinez de Olcoz +55 (11) 3048 6088 javier.martinez.olcoz@morganstanley.com
Votorantim Andre Parize +55 (11) 5171 5870 andre.parize@votorantimcorretora.com.br
J.P. Morgan Joseph Giordano +55 (11) 4950-3020 joseph.giordano@jpmresearchmail.com
Analyst Coverage
Company Analyst Telephone E-mail

27. Max Fischer - CFO e IRO & Beatriz Diez - GRI
www.profarma.com.br/ri | Tel.: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br