The document provides highlights and financial results for Profarma's 3Q15 earnings release. Some key points: - Gross revenue increased 13.2% year-over-year on a consolidated pro-forma basis. - Consolidated EBITDA rose 9.2% to R$29.1 million with operating expenses falling 0.5 percentage points. - The Retail division saw sales increases of 15.8% at Drogasmil and 7.1% at Tamoio, with same-store sales up 11.6% and 6.3% respectively. - Specialties division sales increased 23.7% and EBITDA rose 151.3% to R$5.

1. 3Q15 EARNINGS RELEASE
November 11, 2015

2. 2
Highlights | Corporate
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 between 2012-2014, including its entry
into the Retail pharmaceutical segment, and the attainment of a market position as
2nd largest player within this segment in the state of Rio de Janeiro;
Proven capacity to integrate acquisitions, combining all group companies in the SAP
plataform, BI Cognos and Hyperion.

3. Highlights | 3Q15
3
CONSOLIDATED PRO-FORMA
(considering 100% of all companies)
• Gross revenue climbed by 13.2%;
• Consolidated EBITDA increased by 9.2%, up R$29.1 million;
• Operating expenses fell by 0.5 p.p. in operating expenses, from
12.0% to 11.5%.
RETAIL
• Drogasmil’s and Tamoio’s sales rose respectively by 15.8% and
7.1%;
• Drogasmil’s same stores sales (SSS) increased by 11.6% and
Tamoio’s by 6.3%;
• Drogasmil’s and Tamoio’s average monthly sales per mature store
increased by 7.8% and 6.2%, respectively.
SPECIALTIES
• The division’s sales climbed by 23.7%;
• EBITDA shot up by 151.3% from 3Q14, with EBITDA margin of
3.0%;
• Sales to the private sector skyrocketed by 54.7%.
PHARMACEUTICAL DISTRIBUTION
• Sales rose by 10.9%;
• EBITDA rose by 22.8%, with EBITDA margin of 2.4%;
• Operating expenses dropped by 0.5 p.p., from 7.9% to 7.4%.

4. Specialties
3Q14 3Q15(**)
162.8
19.1
15.5
2.2
201.4
22.3
16.4
5.6
Retail(*)
3Q14 3Q15
172.8
54.5
45.5
7.2
191.0
55.8
51.5
2.5
Consolidado(*)(**)
3Q14 3Q15
1,158.0
153.3
123.1
26.6
1,311.2
162.0
132.4
29.1
Pharmaceutical
Distribution
3Q14 3Q15
911.3
79.7
62.1
17.3
1,010.4
83.9
64.5
21.2
4
Gross Revenues
Gross Profit
SGA
Ebitda
Highlights | Breakdown by Division – 3Q15
(*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife.
(**) Pro-forma figures: 100% of revenues from Specialties.

5. CONSOLIDATED PERFORMANCE

6. 987.4
170.6
1,158.0
Specialties
964.1
214.5
1,178.5
1,072.2
238.9
1,311.2
Consolidated Performance
6
Gross Revenues Evolution
(R$ million)
Pharmaceutical Distribution
Sales rose by 10.9% in comparison
with 3Q14;
The division’s sales climbed by
23.7% year-over-year;
Drogasmil’s and Tamoio’s sales rose
respectively by 15.8% and 7.1% in
relation to 3Q14;
3Q14 2Q15 3Q15
11.3 %
13.2 %
Retail
Accounting Consolidated Gross Revenues
Pro-forma Consolidated Gross Revenues: 100% of revenues from
Tamoio and Specialties

7. Performance by Division
7
911.3
900.8
12.2%
10.9%
162.8
173.7
201.4
15.9%
23.7%
67.8
10.5%
105.0
109.9
112.4
75.4
78.6
172.8
191.0
3.1%
1,010.4
185.3
3Q14 2Q15 3Q15 3Q14 2Q15 3Q15 3Q14 2Q15 3Q15
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 Specialties

8. Consolidated Performance
8
11.9%
14.7%
11.6% 17.2 %
14.9% 14.0%
3Q153Q14 2Q15 3Q153Q14 2Q15
101.6
123.6
108.2
153.3
178.7
162.0
Pro-forma (*)
Gross Profit
(R$ million and % Net Revenues)
(*) Pro-forma figures: 100% of revenues from Tamoio and Specialties

9. Consolidated Performance
9
Operating Expenses – SGA
(R$ million and % Net Revenues)
Pro-forma (*)
12.0% 12.8 % 11.5%
123.1
132.3 132.483.0
91.1 90.2
9.7%
10.8 % 9.6%
3Q153Q14 2Q15 3Q153Q14 2Q15
(*) Pro-forma figures: 100% of revenues from Tamoio and Specialties

10. Consolidated Performance
10
(*) Pro-forma figures: 100% of revenues from Tamoio and Specialties
Adjusted EBITDA and Adjusted EBITDA Margin
(R$ million and % Net Revenues)
Pro-forma (*)
3Q153Q14 2Q15 3Q153Q14 2Q15
2.2%
19.2
3.2%
27.2
2.2%
21.0
-23.0%
9.5%
2.6%
26.6
3.6%
37.7
2.5%
29.1
-22.8%
9.2%

11. Consolidated Performance
11
Net Profit
(R$ million and % Net Revenues)
(*) Pro-forma figures: 100% of revenues from Tamoio and Specialties
Proforma (*)
Net Profit
Adjusted Net Profit
Pro-Forma Net Profit
Pro-Forma Adjusted Net Profit
(20.6) (22.2)
0.1
3Q14
-2.2%
0.3%
-0.4%
2Q15
2.7
(4.4)
3Q15
-2.4%
0.0%
-0.7%
(6.4)
2Q15
0.7
(4.9)
3.2
0.1%
0.4%
-0.5%
2.4
6.3
(2.9)
0.2% 0.6%
-0.3%
3Q14 3Q15

12. Consolidated Performance
12
Consolidated
Pro-forma
3Q15 3Q14 3Q1542Q1543Q14 3Q153Q153Q15
Consolidated Farma PFS. Retail
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
58.2
18.5
39.7
(5.8)
(45.0)
7.4
(27.0)
(2.2)
(24.7)
(4.9)
(70.9)
(102.8)
* Average
(1) Average of Gross Revenues in the Quarter
(2) Average of COGS in the Quarter
(3) Average of COGS in the Quarter
(4) The account was based on the average gross sale and CGS, excluding
Specialties division and Tamio’s chain (included in Retail’s Division).
Cash Cycle * 43.9 46.9 34.8 31.0 45.5 42.5
Accounts Receivable¹ 43.3 44.5 44.5 47.9 55.2 16.2
Inventories² 55.1 63.2 54.1 49.8 36.5 69.2
Accounts Payable³ 54.5 60.7 63.8 66.7 46.3 43.0

13. Consolidated Performance
13
Capex
(R$ million)
Indebtedness: Net Debt and Net Debt /
EBITDA (R$ million)
IT 3Q14 2Q15 3Q15
221.3
3.2x
331.9
4.5x
301.1
4.0x
5.81.9
0.7
3.2
Capex
3Q15
Others
Machinery and
Equipment

14. PHARMACEUTICAL DISTRIBUTION

15. Pharmaceutical Distribution
2.4
3Q14 3Q15
2.2
7.4
3Q14 3Q15
7.9
9.6
3Q14 3Q15
10.2
1,010.4
3Q14 3Q15
911.3
Sales rose by 10.9%;
15
Operating expenses
dropped by 0.5 p.p., from
7.9% to 7.4%.
EBITDA rose by 22.8%, with
EBITDA margin of 2.4%.
Financial Data
(R$ million and % Net Revenues)
EBITDA Margin
(%)
Op. Exp. SG&A
(%)
Gross Margin
(%)
Gross Revenues
(R$ million)

16. SPECIALTIES

17. 17
3,0
1,5
8,9
10,3
12,0
12,7
201,4
162,8
Specialties
The division’s sales climbed
by 23.7%;
EBITDA shot up by 151.3%
from 3Q14, with EBITDA
margin of 3.0%;
Sales to the private sector
skyrocketed by 54.7%.
3Q14 3Q153Q14 3Q153Q14 3Q153Q14 3Q15
EBITDA Margin
(%)
Op. Exp. SG&A
(%)
Gross Margin
(%)
Gross Revenues
(R$ million)
Financial Data
(R$ million and % Net Revenues)

18. RETAIL

19. Financial Data
(R$ million and % Net Revenues)
19
EBITDA Margin
(%)
4.3
3Q14 3Q15
7.6
Op. Exp. SG&A
(%)
23.0
3Q14 3Q15
23.4
Gross Margin
(%)
28.0
3Q14 3Q15
31.1
Gross Revenues
(R$ million)
112.4
3Q14 3Q15
105.0
Retail | Tamoio
The Tamoio chain’s sales
rose by 7.1% year-over-year;
Operating expenses fell by
0.4 p.p. in relation to 3Q14;
The average ticket increased
by 7.3% vs. 3Q14.
Average monthly sales per
mature store climbed by
6.2%, from R$585.2
thousand in 3Q14 to R$621.7
thousand in 3Q15;

20. Retail | Tamoio
20
Total Sales Growth
(%)
7.1%
12.9%
3Q14
11.3%
3Q152Q15
-5.8 p.p.
-4.2 p.p.
3Q14
9.7%
3Q15
6.2%
2Q15
11.9%
-3.5 p.p.
-5.7 p.p.
SSS Mature Stores
(%)
3Q14
10.7%
3Q15
6.3%
2Q15
11.0%
-4.4 p.p.
-4.7 p.p.
Same Store Sales
(%)
Monthly Average
Store's Sales
(R$ thousand)
621.7
608.5
3Q14
585.2
3Q152Q15
6.2%
2.2%

21. Retail | Tamoio
21
0 Opening
0 Close-downs
0 Reformulated
51 Mature
3Q14
vs.
3Q15
Average Ticket
(in reais)
# of Stores
(units)
3Q14 3Q152Q153Q14 2Q15 3Q15
27.98
30.0129.96
7.3%
0.2%
60
61 61
1.7%
0.0%

22. Financial Data
(R$ million and % Net Revenues)
22
EBITDA Margin
(%)
-3.0
3Q14 3Q15
-1.2
Op. Exp. SG&A
(%)
32.6
3Q14 3Q15
30.9
Gross Margin
(%)
30.9
3Q14 3Q15
32.3
Gross Revenues
(R$ million)
78.6
3Q14 3Q15
67.8
Retail | Drogasmil/Farmalife
Total sales up 18.7% when
compared to 3Q14 sales
(excluding the impact of
store under renovation);
Same stores sales (SSS)
increased by 11.6% in
relation to 3Q14.
Average monthly sales per
mature store rose by 7.8%,
from R$419.8 thousand in
3Q14 to R$452.7 thousand
in 3Q15;

23. Retail | Drogasmil/Farmalife
23
3Q14 3Q152Q15 3Q14 3Q152Q15 3Q14 3Q152Q153Q14 3Q152Q15
Total Sales Growth
(%)
SSS Lojas Maduras
(%)
Same Store Sales
(%)
Monthly Average
Store's Sales
(R$ thousand)
15.8%
7.5%
21.0%
8.2 p.p.
-5.2p.p.
16.5%
5.9%
17.2%
452.7
438.8
419.8
7.8%
3.2%
18.6%
11.6%
17.7%
-7.0 p.p.
-6.1 p.p.
-10.6 p.p.
-11.3 p.p.

24. Retail | Drogasmil/Farmalife
24
Average Ticket
(in reais)
# of Stores
(units)
1 Opening
1 Close-downs
4 Reformulated
50 Mature
3Q14
vs.
3Q15
3Q14 3Q152Q153Q14 2Q15 3Q15
33.54
37.92
36.31
13.0%
4.4%
61
67
68
11.5%
1.5%

25. ANALYST COVERAGE

26. Analyst Coverage
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 Rodrigo Gastim +55 (11) 3383-2468 rodrigo.gastim@btgpactual.com
HSBC Luciano Campos +55 (11) 3371 8194 luciano.t.campos@hsbc.com.br
BofA Merrill Lynch Roberto Otero +55 (11) 2188-4119 roberto.otero@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
Company Analyst Telephone E-mail

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