1. 1
Earnings Release 1T08

2. Highlights For The Period 2
• Growth of 26.5% in consolidated Gross Revenue when compared to the same period
of the previous year, reaching R$ 702.6 million.
• Profarma’s market share reaches 11.8% in the 1Q08, 1.1 percentage points above the
share reached in the same period of the previous year.
• The adjusted EBITDA was of R$ 18.6 million, a 24.0% growth when compared to the R$
15.0 million posted in the 1Q07.
• Increase in the service level, reaching 91.2% in the 1Q08, a 1.2 percentage points
growth in relation to the 1Q07 and 0.3 percentage points in relation to the 4Q07.
• Price increase that occurred in March 31st was of 3.1% in average, 50% higher than
previous year.

3. Gross Revenues Evolution 3
In R$ MM
740.4
702.6
555.3
1Q07 4Q07 1Q08

4. Gross Revenues Breakdown 4
In R$ MM
(R$ Million) 1Q08 1Q07 Chg. % 4Q07 Chg. %
Branded 503.0 374.0 34.5% 517.9 -2.9%
Generics 34.0 33.0 2.8% 46.8 -27.4%
OTC 119.5 99.0 20.7% 128.5 -7.0%
Health and Beauty Products 31.0 37.4 -17.1% 31.2 -0.8%
Other 15.1 11.9 27.1% 16.1 -5.8%
Total 702.6 555.3 26.5% 740.4 -5.1%

5. Market Share (%) 5
11.8
11.5
9.3 9.6 9.6
2004 2005 2006 2007 1Q08
Source: IMS

6. Gross Profit and Revenues 6
from Services to Suppliers
In R$ MM
and as % Net Revenues
10.8%
10.4%
10.0%
9.2
7.4
5.4
59.8 55.7
42.8
1Q07 4Q07 1Q08
Gross Profit Revenues from Services to Suppliers Adjusted GP Margin (%)

7. Operating Expenses 7
In R$ MM
and as % Net Revenues
8.4%
7.7% 7.8%
53.7
47.5
37.3
1Q07 4Q07 1Q08
EXPENSES: General and Administrative + Selling and Marketing + Logistics and Distribution

8. Net Financial Expenses 8
In R$ MM
and as % Net Revenues
1.4%
0.9%
0.6%
9.2
5.6
3.1
1Q07 4Q07 1Q08

9. Net Income 9
In R$ MM
and as % Net Revenues
2.0%
1.1%
0.8%
12.7
5.1 5.0
1Q07 4Q07 1Q08

10. Adjusted EBITDA and EBITDA Margin 10
In R$ MM
and as % Net Revenues
4.1%
3.1% 3.1%
26.2
18.6
15.0
1Q07 4Q07 1Q08

11. Cash Flow 11
(R$ Million) 1Q08 1Q07 Chg. % 4Q07 Chg. %
Cash Flow (Used) / Generated in Operating Activities 5.7 (58.0) n.a. (6.2) n.a.
Internal Cash Generation 14.8 10.5 40.8% 14.3 3.5%
Operating Assets Variation (9.1) (68.5) -86.8% (20.4) -55.7%
Trade Note Receivable 29.9 (43.4) n.a. (30.5) n.a.
Inventories 19.3 (3.4) n.a. (59.1) n.a.
Suppliers (49.4) (19.1) 158.3% 81.6 n.a.
Other Items (8.8) (2.5) 252.7% (12.5) -29.4%
Cash Flow (Used) in Investing Activities (2.1) (0.9) 128.9% (2.7) -22.2%
Cash Flow (Used) / Generated by Financing Activities (34.4) 0.5 n.a. 52.8 n.a.
Net Increase (Decrease) in Cash (30.8) (58.4) -47.3% 43.9 n.a.

12. Cash Cycle 12
3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08
Cash Cycle - Days* 49.3 53.4 62.5 69.6 67.8 64.3 68.8
Accounts Receivable (1) 45.2 50.0 54.6 53.1 50.9 51.7 50.7
Inventories (2) 33.1 44.7 43.4 47.2 41.3 48.6 47.9
Accounts Payable (3) 29.0 41.3 35.6 30.7 24.5 36.0 29.8
*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*
124.0 124.8
1.5 1.5
-0.1
-4.1
1Q07 4Q07 1Q08
* Ebitda = Accumulated last 12 months

14. Capex 14
In R$ MM
and as % Net Revenues
0.4% 0.3%
0.2%
2.8
2.1
0.9
1Q07 4Q07 1Q08

15. Operating Indicators 15
Service Level Logistics E.P.M
(units served / units requested) (Errors per Million)
91.2%
201.0
90.9%
95.0 100.0
90.0%
1Q07 4Q07 1Q08 1Q07 4Q07 1Q08

16. Share Performance 16
* 100 pts basis on 25/oct/2006
181
176
171
166
161
154
156
151
146
141
134
136
131 130
126
121
116
111
106
101
96
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
Victor Luiz de Figueiredo Martins
Safra Fone: 55 11 3175-7689 Buy
victor.martins@safra.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