1. 3Q10 Earnings Release
November, 09th, 2010.

2. Highlights For The Period
• A growth of 11.8% in the consolidated gross revenues quarter-over-quarter, totaling R$ 809.8 million, highlighting
the health and beauty category, in which a sharp growth of 34.3% was recorded;
• The operating cash flow was positive for the second consecutive quarter and amounted to R$ 62.1 million in 3Q10,
or 9.1% of the net operating revenue;
• Deep drop of 17.4 days in the Company's cash cycle, which stood at 48.8 days, the shortest since 2006. This
decrease derived in a fall of about R$ 106.1 million in working capital;
• Net debt fell by 42.9% (R$ 57.4 million) quarter-over-quarter. Thus, the Company's net debt / EBITDA ratio dropped
from 1.4x (June 2010) to 0.8x;
• A 9.6% drop over 2Q10 in operating expenses (administrative, selling and logistics), which resulted in 7.1% of net
revenues, the latter figure being the second best result for the Company in two years;
• An EPM (errors per million units delivered) reduction of 23.1% from 121.0 in 2Q10 to 93.0 in 3Q10.
2
3Q10 Earnings Release

3. 3
3Q09 2Q10 3Q10
809.8808.2
724.7
3Q10 Earnings Release
Gross Revenues Evolution
(R$ million)

4. (R$ Million)
Branded
Generic
OTC
Health and Beauty Products
Hospitals and Vaccines
Total
3Q10
537.8
56.2
153.7
38.6
23.5
809.8
3Q09
548.5
43.7
157.5
27.1
31.5
808.2
Chg. %
-1.9%
28.6%
-2.4%
42.7%
-25.4%
0.2%
4
Gross Revenues Breakdown
Chg. %
12.6%
11.8%
6.9%
34.3%
-3.3%
2Q10
477.5
50.3
143.8
28.8
24.3
724.7 11.8%
3Q10 Earnings Release

5. 5
Market Share Evolution (%)
9.6 9.6
11.5
11.7
10.9* 11.0*
9.5*
10.2*
2005 2006 2007 2008 2009 3Q09 2Q10 3Q10
*Excluding the similar’s effect
3Q10 Earnings Release
Source: IMS

6. 6
3Q09 2Q10 3Q10
10.3
65.8
26.8
43.3
11.1%
10.2%
25.1
49.7
12.3%
3Q10 Earnings Release
(R$ million and as % Net Revenues)
Gross Profit and Revenues from Services to Suppliers
Gross Profit Revenues from Services to Suppliers Gross Profit Margin (%)

7. 7
3Q09 2Q10 3Q10
48.6
47.4
53.8
6.9% 7.1%
8.9%
3Q10 Earnings Release
(R$ million and as % Net Revenues )
Operating Expenses

8. 8
3Q09 2Q10 3Q10
0.7%
1.9%
5.4
5.1
11.8
0.8%
3Q10 Earnings Release
(R$ million and as % Net Revenues)
Net Financial Expenses

9. 9
3Q09 2Q10 3Q10
4.7
13.1
1.9%
0.7%
11.4
1.9%
3Q10 Earnings Release
(R$ million and as % Net Revenues)
Net Profit

10. 10
3Q09 2Q10 3Q10
4.1%
3.1%
21.5
27.7
3.6%
21.8
3Q10 Earnings Release
(R$ million and as % Net Revenues)
Ebitda and Ebitda Margin

11. 11
(R$ Million)
Cash Flow Generated / (Used) in Operating Activities
Internal Cash Generation
Operating Assets Variation
Trade Accounts Receivable
Inventories
Suppliers
Other Items
Cash Flow (Used) in Investing Activities
Cash Flow Generated / (Used) by Financing Activities
Net Increase / (Decrease) in Cash
3Q10
62.1
10.8
51.3
(50.8)
(10.4)
120.6
(8.1)
(1.5)
(43.8)
16.9
CASH FLOW
3Q09
36.5
19.3
17.2
(1.9)
27.0
(3.7)
(4.1)
(2.2)
(17.1)
17.2
Chg. %
70.3%
-43.7%
197.7%
-2561.4%
-
-
-95.9%
31.9%
-155.9%
-2.0%
2Q10
47.4
17.9
29.5
28.3
91.5
(99.3)
9.0
(1.9)
(54.4)
(8.8)
Chg. %
31.0%
-39.5%
73.8%
-
-
-
-
20.1%
19.5%
-
3Q10 Earnings Release

12. 12
3Q06
49.3
45.2
33.1
29.0
4Q06
53.4
50.0
44.7
41.3
1Q07
62.5
54.6
43.4
35.6
2Q07
69.6
53.1
47.2
30.7
3Q07
67.8
50.9
41.3
24.5
4Q07
64.3
51.7
48.6
36.0
1Q08
68.8
50.7
47.9
29.8
2Q08
67.2
49.2
45.7
27.7
3Q08
61.8
47.0
42.5
27.7
4Q08
65.8
45.9
49.9
29.9
1Q09
67.9
42.4
54.0
28.5
2Q09
58.7
40.5
46.5
28.4
3Q09
51.6
38.4
38.5
25.3
4Q09
52.7
41.1
49.6
38.0
1Q10
64.9
43.4
56.2
34.7
2Q10
66.2
42.2
45.0
21.0
3Q10
48.8
43.3
40.6
35.1
3Q10 Earnings Release
Cash Cycle – Days *
Accounts Receivable (1)
Inventories (2)
Accounts Payable (3)
* Average
(1) Average of Gross Revenues in the Quarter (2) Average of COGS in the Quarter (3) Average of COGS in the Quarter

13. 13
3Q09 2Q10 3Q10
0.9x
1.4x
0.8x
75.1
95.0
132.5
3Q10 Earnings Release
Indebtedness: Net Debt and Net Debt / Ebitda*
(R$ million)
* Ebitda = Accumulated last 12 months

14. 14
3Q09 2Q10 3Q10
0.3% 0.3% 0.2%
1.5
2.2
1.9
3Q10 Earnings Release
(R$ million and as % Net Revenues)
Capex

15. 15
94.1%
89.6%
90.4%
3Q09 2Q10 3Q10
120.0 121.0
93.0
3Q09 2Q10 3Q10
3Q10 Earnings Release
Service Level
(units served / units requested)
Logistics E.P.M.
(Errors per Million)
Operating Indicators

16. 16
Profarma vs Ibovespa - % 1 year
Ibovespa Profarma
113
103
50
75
100
125
150
30-sep-09 30-nov-09 30-jan-10 30-mar-10 30-may-10 30-jul-10 30-sep-10
3Q10 Earnings Release

17. 17
AnalystFirm
Analyst Coverage
Javier Martinez de Olcoz Cerdan – Clarissa Berman
Phone: (1 212) 761-4542 / (55 11) 3048-6214
E-mail: javier.martinez.olcoz@morganstanley.com
E-mail: clarissa.berman@morganstanley.com
Morgan Stanley
Alexandre Pizano
Phone: (55 11) 2188-4024
E-mail: alexandre.pizano@baml.com
Merrill Lynch
Marcel Moraes
Phone: (55 11) 3841-6302
E-mail: marcel.moraes@credit-suisse.com
Credit Suisse
Juliana Rozenbaum – Marcio Osako
Phone: (55 11) 3073-3035 / (55 11) 3073-3040
E-mail: juliana.rozenbaum@itausecurities.com
E-mail: marcio.osako@itausecurities.com
Itaú BBA
Iago Whately
Phone: (55 11) 3049-9480
E-mail: iwhately@bancofator.com.br
Banco Fator
Guilherme Assis
Phone: (55 11) 3513-8706
E-mail: guilherme.assis@raymondjames.com
Raymond James
João Carlos dos Santos
Phone: (55 11) 3383-2384
E-mail: joaocarlos.santos@btgpactual.com
BTG Pactual
3Q10 Earnings Release

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