1. 1

2. 3Q12 Earnings Release
November, 8th, 2012
2

3. 3Q12 Results | Highlights in the Period
• Entry into the special and high value-added medication market on July 23, through the acquisition of an 80%
stake in Arp Med S.A.’s capital stock, subject to prior approval by the Brazilian Anti-trust Committee (CADE),
at an EV/EBITDA (2012E) multiple of 5.3x;
• Consolidated gross revenues totaled R$ 957.7 million, representing a year-over-year growth of 15.3%;
• The Company’s consolidated net income rose by 27.4% over 3Q11, and amounted to R$ 10.8 million, with net
margin of 1.3%;
• Consolidated EBITDA grew by 14.7% year-over-year, to R$ 22.1 million, with an EBITDA margin of 2.7%;
• Sales of generic medications showed a 54.7% increase year-over-year.
3

4. 3Q12 Results
Gross Revenues Evolution
(R$ million)
957.7
919.5
830.3
3Q11 2Q12 3Q12
4

5. 3Q12 Results
Gross Revenues Breakdown
(R$ Million) 3Q12 3Q11 Chg. % 2Q12 Chg. %
Branded 544.1 545.9 -0.3% 517.2 5.2%
Generic 91.6 59.2 54.7% 66.3 38.2%
OTC 133.5 134.7 -0.9% 132.5 0.8%
Health and Beauty Products 71.1 63.0 12.9% 67.9 4.7%
Hospitals and Vaccines 117.4 27.6 325.8% 135.6 -13.4%
Total 957.7 830.3 15.3% 919.5 4.2%
5

6. 3Q12 Results
Gross Profit and Revenues from Services to Suppliers
(R$ million and % Net Revenues)
12.4%
10.7%
10.0%
42.0 31.1
27.5
52.8 56.2
43.1
3Q11 2Q12 3Q12
Gross Profit Revenues from Services to Suppliers Gross Profit Margin (%)
6

7. 3Q12 Results
Operating Expenses - SGA
(R$ million and % Net Revenues)
8.4% 7.9%
6.9%
64.5
64.0
48.5
3Q11 2Q12 3Q12
7

8. 3Q12 Results
Ebitda and Ebitda Margin
(R$ million and % Net Revenues)
4.1%
2.7% 2.7%
31.2
22.1
19.2
3Q11 2Q12 3Q12
8

9. 3Q12 Results
Net Financial Expenses
(R$ million and % Net Revenues)
1.0% 1.4%
0.6%
10.5
6.8
4.7
3Q11 2Q12 3Q12
9

10. 3Q12 Results
Net Profit
(R$ million and % Net Revenues)
1.6%
1.3%
1.2%
12.4
10.8
8.5
3Q11 2Q12 3Q12
10

11. 3Q12 Results
Summary of Cash Flow
(R$ Million) 3Q12 3Q11 Chg. % 2Q12 Chg. %
Cash Flow Generated / (Used) in Operating Activities 6.1 45.0 -86.5% 18.2 -66,7%
Internal Cash Generation 20.7 18.5 12.0% 30.5 -32.1%
Operating Assets Variation (14.6) 26.5 - (12.3) -19.3%
Trade Accounts Receivable (36.2) (29.5) -22.7% 52.7 -
Inventories 36.0 24.1 49.8% 34.2 5.2%
Suppliers (7.4) (4.0) -84.8% (93.5) 92.1%
Other Items (7.1) 36.0 - (5.7) -24.7%
Cash Flow (Used) in Investing Activities (3.9) (2.5) -57.5% (2.7) -43.1%
Cash Flow Generated / (Used) by Financing Activities (10.0) (30.3) 67.0% (4.2) -138.6
Net Increase / (Decrease) in Cash (7.8) 12.2 - 11.3 -
11

12. 3Q12 Results
3Q11 2Q12 3Q12
Cash Cycle - Days * 56.3 59.1 56.1
Accounts Receivable (1) 39.9 47.4 48.8
Inventories (2) 46.1 48.9 41.9
Accounts Payable (3) 29.7 37.1 34.5
* 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. 3Q12 Results
Indebtedness: Net Debt and Net Debt / Ebitda
(R$ milllion)
2.1x 2.1x
1.7x
203.1
202.0
119.8
3Q11 2Q12 3Q12
13

14. 3Q12 Results
Capex
(R$ million and % Net Revenues)
0.5%
0.4% 0.4%
3.9
2.9
2.5
3Q11 2Q12 3Q12
14

15. 3Q12 Results
Service Level Logistics E.P.M.
(Units served / Units Requested) (Errors per Million)
89.8% 157.0
89.2%
87.7%
107.0
90.0
3Q11 2Q12 3Q12 3Q11 2Q12 3Q12
15

16. 3Q12 Results
Stock Performance
160,00 9,00
140,00 145
8,00
120,00 7,00
108
6,00
106
100,00
100
5,00
80,00
4,00
60,00
3,00
40,00 2,00
20,00 1,00
- -
Turnover - PFRM3 (R$ Million) PFRM3 IBOV IGCX
16
16

17. 3Q12 Results | Analyst Coverage
Company Analyst Telephone E-mail
Morgan Stanley Fernando Amaral (55 11) 3048-6088 fernando.amaral@morganstanley.com
Merrill Lynch Mauricio Fernandes (55 11) 2188-4236 mauricio.fernandes@baml.com
Credit Suisse Marcel Moraes (55 11) 3841-6302 marcel.moraes@credit-suisse.com
Itaú BBA Juliana Rozenbaum (55 11) 3073-3040 juliana.rozenbaum@itausecurities.com
Banco Fator Gabriel Gaetano (55 11) 3049-9480 ggaetano@bancofator.com.br
Guilherme Assis (55 11) 3513-8706 guilherme.assis@raymondjames.com
Raymond James
Joseph Giordano (55 11) 3513-8704 joseph.giordano@raymondjames.com
BTG Pactual João Carlos dos Santos (55 11) 3383-2384 joaocarlos.santos@btgpactual.com
Andre Parize (55 11) 5171-5870 andre.parize@votorantimcorretora.com.br
Votorantim
Marco Richieri (55 11) 5171-5873 marco.richieri@votorantimcorretora.com.br
17

18. Contatos RI
IR Contacts
Max Fischer | Diretor Financeiro e de RI
Max Fischer | CFO and IRO
Beatriz Diez | | IR Manager
Beatriz Diez Gerente de RI 18
Telefone.: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ri
Phone.: 55 (21) 4009-0276 | E-mail: ri@profarma.com.br | www.profarma.com.br/ri