1. 1
Earnings Release 2Q08

2. Highlights For The Period 2
• A growth of 21.8% of the consolidated Gross Revenue when compared to the same
period of the previous year, having reached R$ 742.8 million.
• The adjusted EBITDA was of R$ 23.9 million, a growth of 21.6% in relation to the one
registered in the 2Q07 of R$ 19.7 million.
• Profarma’s market share reached 11.8% in the 2Q08. 1.1 percentage point above the
one reached during the same period of the previous year.
• Profarma contracted the services of UBS Pactual S.A. bank, on May 29, 2008, to be the
market maker of its shares in order to promote their liquidity.
• Profarma opened on July, 14, 2008 its first exclusive distribution center for the hospital
and vaccine segment in São Paulo.

3. Gross Revenues Evolution 3
In R$ MM
742.8
702.6
609.7
2Q07 1Q08 2Q08

4. Gross Revenues Breakdown 4
In R$ MM
(R$ Million) 2Q08 2Q07 Chg. % 1Q08 Chg.%
Branded 519.7 404.7 28.4% 503.0 3.3%
Generics 42.6 35.6 19.6% 34.0 25.4%
OTC 131.7 120.2 9.5% 119.5 10.2%
Health and Beauty Products 29.3 36.7 -20.1% 31.0 -5.5%
Other 19.6 12.5 57.1% 15.1 29.3%
Total 742.8 609.7 21.8% 702.6 5.7%

5. Market Share (%) 5
11.5 11.8 11.8
10.7
9.6 9.6
9.3
2004 2005 2006 2007 2T07 1T08 2T08
Source: IMS

6. Gross Profit and Revenues 6
from Services to Suppliers
In R$ MM
10.8% and as % Net Revenues
10.7%
10.4%
10.5
7.4
7.0
55.7 58.9
50.0
2Q07 1Q08 2Q08
Gross Profit Revenues from Services to Suppliers Adjusted GP Margin (%)

7. Operating Expenses 7
7.9% 7.9% In R$ MM
and as % Net Revenues
7.8%
50.9
47.5
42.0
2Q07 1Q08 2Q08
EXPENSES: General and Administrative + Selling and Marketing + Logistics and Distribution

8. Net Financial Expenses 8
In R$ MM
1.4% and as % Net Revenues
0.9%
0.5%
9.1
5.6
2.8
2Q07 1Q08 2Q08

9. Net Income 9
1.6% In R$ MM
and as % Net Revenues
1.0%
0.8%
8.3
6.6
5.0
2Q07 1Q08 2Q08

10. Adjusted EBITDA and EBITDA Margin 10
In R$ MM
3.7% 3.7% and as % Net Revenues
3.1%
23.9
19.7
18.6
2Q07 1Q08 2Q08

11. Cash Flow 11
(R$ Million) 2Q08 2Q07 Chg. % 1Q08 Chg. %
Cash Flow (Used) / Generated in Operating Activities (24.0) (67.1) 64.3% 5.7 -521.1%
Internal Cash Generation 16.7 17.1 -2.0% 14.8 13.4%
Operating Assets Variation (40.7) (84.2) 51.7% (9.1) -349.1%
Trade Note Receivable (11.6) (22.4) 48.4% 29.9 -138.7%
Inventories (0.3) (41.3) 99.3% 19.3 -101.5%
Suppliers (4.2) (8.9) 52.9% (49.4) 91.5%
Other Items (24.6) (11.6) -112.6% (8.8) -179.8%
Cash Flow (Used) in Investing Activities (3.1) (1.2) -154.1% (2.1) -45.6%
Cash Flow (Used) / Generated by Financing Activities 38.5 (0.0) -154232.0% (34.4) -212.1%
Net Increase (Decrease) in Cash 11.5 (68.4) -116.8% (30.8) -137.3%

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

13. Indebtedness 13
In R$ MM
Net Debt (R$ MM) and Net Debt / Ebitda*
1.5 1.9
0.9
163.3
124.8
68.6
2Q07 1Q08 2Q08
* Ebitda = Accumulated last 12 months

14. Capex 14
In R$ MM
and as % Net Revenues
0.2% 0.5%
0.3%
3.1
2.1
1.2
2Q07 1Q08 2Q08

15. Operating Indicators 15
Service Level Logistics E.P.M
(units served / units requested) (Errors per Million)
92.8%
204.3
92.0%
91.2% 100.0 98.0
2Q07 1Q08 2Q08 2Q07 1Q08 2Q08

16. Share Performance 16
196 * 100 pts basis on 25/oct/2006
191
186
181
176
171
166
161
164
156
151
146
141
136 139
131
126
121
116
111
110
106
101
96
25- 9- 24- 9- 24- 8- 23- 7- 22- 9- 24- 8- 23- 8- 23- 7- 22- 7- 22- 6- 21- 5- 20- 5- 20- 4- 19- 4- 19- 3- 18- 2- 17- 3- 18- 2- 17- 2- 17- 1- 16- 30-
out nov nov dez dez jan jan fev fev mar mar abr abr mai mai jun jun jul jul ago ago set set out out nov nov dez dez jan jan fev fev mar mar abr abr mai mai jun jun jun
Ibovespa IGC Profarma

17. Analyst Coverage 17
Firm Analyst Recommendation
João Carlos dos Santos - Alexandre Pizano
55 11 2188-4282 / 4316 / 4024
Merril Lynch Buy
joaocarlos_santos@ml.com
alexandre_pizano@ml.com
Tufic Salem - Rafael Shin - Antonio Gonzalez
52 55 5283-8952 / 8969 / 3821
Credit Suisse tufic.salem@credit-suisse.com Buy
rafael.shin@credit-suisse.com
antonio.gonzalez@creditsuisse.com
Alan Cardoso
Prosper Corretora Fone: 55 21 2138-8465 Buy
alan.cardoso@bancoprosper.com.br
Renata Faber - Marcio Osako
Fone: 55 11 5029-4542 / 4650 Hold
Itau BBA
renata.faber@itau.com.br
marcio.osako@itau.com.br

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