This document provides an earnings release and financial highlights for Profarma Group for the 4th quarter and full year of 2015. Key points include: - Gross revenues increased 10.5% in 2015 driven by growth across all business divisions. - Consolidated EBITDA grew 31.4% in 2015 with an EBITDA margin of 2.7%. - The retail division saw same-store sales growth of 15.9% for Drogasmil and 8.8% for Tamoio. - The specialties division achieved sales growth of 25.9% and an EBITDA increase of 172%. - Pharmaceutical distribution sales rose 7.3% while EBITDA grew 33

1. MARCH 24, 2016
4Q15 AND YEAR 2015 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 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 | 2015
3
CONSOLIDATED PRO-FORMA
• Gross revenue climbed by 10.5%;
• Consolidated EBITDA increased by 31.4%, to R$ 114.7
million, with EBITDA margin of 2.7%;
• Operating expenses fell by 0.6 p.p., from 12.7% to 12.1%.
RETAIL
• Drogasmil’s and Tamoio’s sales rose by 16.1% and 9.6%
respectively;
• Drogasmil’s Same Store Sales (SSS) grew 15.9% and
Tamoio’s by 8.8%;
• Drogasmil’s and Tamoio’s average monthly sales per mature
store increased by 11.9% and 8.5% respectively.
SPECIALTIES
• The division’s sales climbed by 25.9%;
• EBITDA grew by 172.0%, to R$ 16.0 million;
• Sales to the private sector increased by 48.7%.
PHARMACEUTICAL DISTRIBUTION
• Sales rose by 7.3%;
• EBITDA grew by 33.1%, to R$ 84.4 million with EBITDA
margin of 2.6%;
• Sales of health and beauty products increased by 14.3%.

4. Specialties (**)
2014 2015
608.8
69.9
62.4
5.9
766.7
84.3
66.4
16.0
Retail (*)
2014 2015
667.5
206.7
188.2
18.0
748.7
222.3
200.6
13.4
Consolidated(*)(**)
2014 2015
4,446.4
591.6
493.0
87.3
4,913.5
649.4
524.8
114.7
Pharmaceutical
Distribution
2014 2015
3,483.7
315.1
242.4
63.4
3,739.3
342.9
257.8
84.4
Highlights | Breakdown by Division – 2015
4
Gross Revenues
Gross Profit
SGA
Ebitda
(*) Pro-forma figures: 100% of revenues from Tamoio and Drogasmil / Farmalife.
(**) Pro-forma figures: 100% of revenues from Specialties.

5. CONSOLIDATED PERFORMANCE

6. Consolidated Performance
6
Gross Revenues Evolution
(R$ million)
Pharmaceutical Distribution
Specialties
Retail
Sales rose by 7.3% in comparison
with 2014.
The division’s sales climbed by
25.9% year-over-year.
Drogasmil’s and Tamoio’s sales rose
by 16.1% and 9.6% respectively year-
over-year.
4Q14 2015
1,000.9
3,980.9
181.1
932.6
1,182.0
4,913.5
4QT15
1,001.1
277.9
1,279.0
2014
3,974.1
472.3
4,446.4
10.5%
8.2%
Accounting Consolidated Gross Revenues
Pro-forma Consolidated Gross Revenues: 100% of revenues from
Pharma Distribution, Tamoio, Drogasmil/Farmalife and Specialties

7. Performance by Division
Pharmaceutical Distribution
4Q14 4Q15
925.3
955.1
Specialties(**)
4Q14 4Q15
151.3
224.1
Retail(*)
4Q14 4Q15
73.9
7
Gross Revenues Evolution
(R$ million)
104.0
116.3
81.8
177.9
198.1
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
2014 2015
3,483.7
3,739.3
2013 2014
608.8
766.7
2014 2015
265.2
402.3
440.9
307.9
667.5
748.7
7.3% 25.9% 12.2%
3.1% 48.1% 11.3%

8. Consolidated Performance
8
Pro-forma (*)
Gross Profit
(R$ million and % Net Revenues)
(*) Pro-Forma data: considering 100% of revenues from Pharma Distribution, Tamoio, Drogasmil / Farmalife and Profarma Specialty
4Q14
14.8%
154.2
4Q15
14.4%
161.5
2014
15.2%
591.6
2015
15.0%
649.4
4Q14
12.2%
106.3
4Q15
12.2%
105.7
2014
12.5%
432.0
2015
12.6%
437.0

9. Consolidated Performance
9
Operating Expenses – SGA
(R$ million and % Net Revenues)
Pro-forma (*)
(*) Pro-Forma data: considering 100% of revenues from Pharma Distribution, Tamoio, Drogasmil / Farmalife and Profarma Specialty
4Q14 4Q15 2014 20154Q14 4Q15 2014 2015
10.4%
90.9
10.8%
93.4
363.7
357.6
10.5% 10.3%
12.7 %
493.0
12.1%
524.8
12.5%
130.3
12.3%
138.3

10. Consolidated Performance
10
(*) Pro-Forma data: considering 100% of revenues from Pharma Distribution, Tamoio, Drogasmil / Farmalife and Profarma Specialty
Adjusted EBITDA and Adjusted EBITDA Margin
(R $ million and % Net Revenues)
Pro-forma (*)
4Q14 4Q15 2014 20154Q14 4Q15 2014 2015
1.6%
14.2
2.1%
18.0
65.6
79.6
1.9 %
2.3% 2.2%
87.3
2.7%
114.7
2.0%
21.2
2.5%
28.2

11. Consolidated Performance
11
Net Profit
(R $ million and % Net Revenues)
(*) Pro-Forma data: considering 100% of revenues from Pharma Distribution, Tamoio, Drogasmil / Farmalife and Profarma Specialty
Pro-forma (*)
Net Profit
Adjusted Net Profit
Pro-Forma Net Profit
Pro-Forma Adjusted Net Profit
(20.2)
-2.3%
-0.8%
4Q15
(7.3)
(0.1)
(4.4)
0.0%
-0.5%
(52.1)
2015
(21.2)
(13.1) (9.1)
-0.6%
-0.4% -0.3%
4Q14
(19.1)
-1.8%
-0.6%
4Q15
(6.8)
2.4
(3.9)
0.2%
-0.3%
(50.0)
2015
(14.5)(5.6)
(0.5)
-1.3%
-0.3%
-0.2%
0.0%
-1.5%
20144Q142014

12. 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
12
Consolidated Consolidated Farma Esp. Varejo
Pro-forma
2015 2014 4Q154Q14 4Q154Q154Q15
Cash Cycle *
Accounts Receivable¹
Inventories²
Accounts Payable³
59.3
52.2
7.1
(5.7)
25.4
79.0
58.9
11.2
47.7
(11.8)
67.5
114.5
33.2 36.233.724.737.3
43.8 17.054.046.641.6
70.7 66.149.260.155.1
81.4 46.969.582.059.3
* 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).

13. Consolidated Performance
13
Capex
(R$ million)
Indebtedness: Net Debt and Net Debt /
EBITDA (R$ million)
4Q14 4Q15Capex
2015
IT
219.3
3.3x
236.6
3.0x
25.54.0
2.8
18.7
Machinery and
Equipment
Others

14. PHARMACEUTICAL DISTRIBUTION

15. Pharmaceutical Distribution
Financial Data
(R$ million and % Net Revenues)
2.6
2014 2015
2.1
8.0
2014 2015
8.1
10.6
2014 2015
10.5
3,739.3
2014 2015
3,483.7
Sales of health and beauty
products increased by
14.3%.
EBITDA grew by 33.1%, to
R$ 84.4 million with EBITDA
margin of 2.6%;
Sales rose by 7.3% year-
over-year;
15
EBITDA Margin
(%)
Op. Exp. SG&A
(%)
Gross Margin
(%)
Gross Revenues
(R$ million)

16. SPECIALTIES

17. 17
2014 20152014 20152014 20152014 2015
Specialties
The division’s sales climbed
by 25.9% year-over-year;
EBITDA grew by 172.0%, to
R$ 16.0 million;
Sales to the private sector
increased by 48.7%.
EBITDA Margin
(%)
Op. Exp. SG&A
(%)
Gross Margin
(%)
Gross Revenues
(R$ million)
Financial Data
(R$ million and % Net Revenues)
2.3
1.1
9.4
11.3
11.9
12.6
766.7
608.8

18. Retail

19. 19
2014 20152014 20152014 20152015 2015
Retail | Tamoio
The Tamoio chain’s sales
rose by 9.6% year-over-year;
Average monthly sales per
mature store climbed by
8.5%, from R$ 562,600 in
2014 to R$ 610,300 in 2015;
The average ticket increased
by 6.8% year-over-year.
Operating expenses fell by
1.3 p.p. in relation to 2014;
EBITDA Margin
(%)
Op. Exp. SG&A
(%)
Gross Margin
(%)
Gross Revenues
(R$ million)
Financial Data
(R$ million and % Net Revenues)
5.96.8
22.9
24.2
29.1
31.0
440.9
402.3

20. Retail | Tamoio
20
SSS Mature Stores
(R$ million)
Monthly Average Store's
Sales (R$ million)
Same Store Sales
(R$ million)
20154Q154Q14 4Q14 20154Q15 4Q14 20154Q152014 2014 2014
610.3
639.2
581.7
12.3%
8.8%
10.3%
9.1%
8.5%
10.1%
562.6
13.0%
9.1%
8.5%
9.9% -2.0 p.p.
-4.2 p.p.
1.0 p.p.
-0.6 p.p.

21. Retail | Tamoio
21
2014
vs.
2015
Average Ticket
(R$)
# of Stores
(units)
4Q15 20154Q15 20144T15
61
4T14
60
1.7%
28.01
29.9230.06
28.01
7.3%
6.8%
1 Opening
0 Close-downs
0 Reformulated
59 Mature

22. 22
2014 2015
2014 20152014 20152014 2015
Retail | Drogasmil/Farmalife
Total sales in 2015 up 17.6%
year-over-year (excluding
the impact from the stores
under renovation);
Same stores sales (SSS)
increased by 15.9% year-
over-year
Average monthly sales per
mature store rose by 11.9%,
from R$ 400,900 in 2014 to
R$ 448,700 em 2015;
Financial Data
(R$ million and % Net Revenues)
-4.0-3.6
32.4
34.3
30.630.9
307.9
265.2
Op. Exp. SG&A
(%)
Gross Margin
(%)
Gross Revenues
(R$ million)
EBITDA Margin (%)

23. Retail | Drogasmil/Farmalife
23
20154Q154Q14 4Q14 20154Q15 4Q14 20154Q152014 2014 2014
SSS Mature Stores
(R$ million)
Monthly Average Store's
Sales (R$ million)
Same Store Sales
(R$ million)
17.3%
15.9%
11.8%
16.9%
10.6%
6.8%
26.2%
34.2%
448.7
473.8
444.8
400.9
11.9%
6.5% -5.5 p.p.
-10.3 p.p.
-10.1 p.p.
-23.6 p.p.

24. Retail | Drogasmil/Farmalife
24
2014
vs.
2015
4Q14 20154Q15 20144Q154Q14
34.87
36.99
37.82
32.57
8.5%
13.6%
68
63
7.9%
Average Ticket
(R$)
# of Stores
(units)
11 Opening
6 Close-downs
9 Reformulated
46 Mature

25. ANALYST COVERAGE

26. Analyst Coverage
26
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 Mauricio Fernandes +55 (11) 2188 4236 mauricio.fernandes@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