1. 2Q10 Earnings Release
August, 11th, 2010.

2. 2Q10 Earnings Release
Highlights For The Period
• The company’s net profit increased 47.1% in relation to the previous quarter, reaching R$ 11.4 million representing
a net margin of 1.9%;
• A reduction of the inventory level in 11.1 days when compared to the 1Q10, reaching R$ 302.4 million or 48.8 days;
• A positive cash operating generation of R$ 46.8 million or 7.7% of the net operating revenue;
• A reduction of the relation, net debt / ebitda of the company in 6.7%, reaching 1.4x, leaving behind a position of 1.5x
in the previous quarter;
• A reduction of 42.4% of the EPM (errors per million of delivered units) dropping from 210.0 registered in the 1Q10 to
121.0 in the 2Q10;
• The sales volume through electronic orders beats the record and reaches 63,5% of the total of the sales in this
quarter.
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3. 2Q10 Earnings Release
Gross Revenues Evolution
(R$ million)
764.3 766.0
724.7
2Q09 1Q10 2Q10
3

4. 2Q10 Earnings Release
Gross Revenues Breakdown
(R$ Million) 2Q10 2Q09 Chg. % 1Q10 Chg. %
Branded 477.5 514.0 -7.1% 511.7 -6.7%
Generic 50.3 41.2 21.9% 51.6 -2.5%
OTC 143.8 153.3 -6.2% 148.4 -3.1%
Health and Beauty Products 28.8 27.0 6.6% 26.8 7.5%
Hospitals and Vaccines 24.3 28.9 -15.7% 27.6 -11.9%
Total 724.7 764.3 -5.2% 766.0 -5.4%
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5. 2Q10 Earnings Release
Market Share Evolution (%)
11.7
11.5
10.9* 10.9*
10.0
9.6 9.6 9.5*
2005 2006 2007 2008 2009 2Q09 1Q10 2Q10
*Excluding the similar’s effect
Source: IMS
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6. 2Q10 Earnings Release
Gross Profit and Revenues from Services to Suppliers
(R$ million and as % Net Revenues)
13.4%
12.3%
10.4%
3.7
25.1
20.0
82.9
49.7
46.5
2Q09 1Q10 2Q10
Gross Profit Revenues from Services to Suppliers Gross Profit Margin (%)
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7. 2Q10 Earnings Release
Operating Expenses
(R$ million and as % Net Revenues )
8.9%
7.7% 7.5%
53.8
49.9 48.1
2Q09 1Q10 2Q10
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8. 2Q10 Earnings Release
Net Financial Expenses
(R$ million and as % Net Revenues)
1.9%
1.3%
0.8%
11.8
8.5
5.4
2Q09 1Q10 2Q10
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9. 2Q10 Earnings Release
Net Profit
(R$ million and as % Net Revenues)
2.8%
1.9%
1.2%
17.9
11.4
7.8
2Q09 1Q10 2Q10
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10. 2Q10 Earnings Release
Ebitda and Ebitda Margin
(R$ million and as % Net Revenues)
5.8%
3.6%
2.8%
37.8
21.8
17.9
2Q09 1Q10 2Q10
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11. 2Q10 Earnings Release
CASH FLOW
(R$ Million) 2Q10 2Q09 Chg. % 1Q10 Chg. %
Cash Flow Generated / (Used) in Operating Activities 46.8 26.3 77.7% (43.2) -
Internal Cash Generation 17.6 31.9 -44.8% 18.6 -5.2%
Operating Assets Variation 29.2 (5.5)
. - (61.8) -
Trade Accounts Receivable 28.3 (33.2) - (1.8) -
Inventories 92.4 11.2 722.6 18.7) -
Suppliers (105.2) 0.2 - (38.9) -170.8%
Other Items 13.7 16.2 -15.5% (2.5) -
Cash Flow (Used) in Investing Activities (1.9) (2.7) 30.1% (1.5) -27.3%
Cash Flow Generated / (Used) by Financing Activities (53.7) (61.1) 12.0% 69.2 -
Net Increase / (Decrease) in Cash (8.8) (37.4) 76.5% 24.5 -
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12. 2Q10 Earnings Release
3Q06 4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10
Cash Cycle – Days * 49.3 53.4 62.5 69.6 67.8 64.3 68.8 67.2 61.8 65.8 67.9 58.7 51.6 52.7 64.9 66.3
Accounts Receivable (1) 45.2 50.0 54.6 53.1 50.9 51.7 50.7 49.2 47.0 45.9 42.4 40.5 38.4 41.1 43.4 42.2
Inventories (2) 33.1 44.7 43.4 47.2 41.3 48.6 47.9 45.7 42.5 49.9 61.6 52.4 43.7 53.9 59.9 48.8
Accounts Payable (3) 29.0 41.3 35.6 30.7 24.5 36.0 29.8 27.7 27.7 29.9 36.1 34.3 30.5 42.3 38.4 24.8
* Average
(1) Average of Gross Revenues in the Quarter (2) Average of COGS in the Quarter (3) Average of COGS in the Quarter
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13. 2Q10 Earnings Release
Indebtedness: Net Debt and Net Debt / Ebitda*
(R$ million)
1.5x 1.4x
1.2x
167.3
132.5
112.0
2Q09 1Q10 2Q10
* Ebitda = Accumulated last 12 months
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14. 2Q10 Earnings Release
Capex
(R$ million and as % Net Revenues)
0.4% 0.2% 0.3%
2.8
1.9
1.5
2Q09 1Q10 2Q10
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15. 2Q10 Earnings Release
Operating Indicators
Service Level Logistics E.P.M.
(units served / units requested) (Errors per Million)
92.3% 210.0
92.0%
89.6%
121.0
112.0
2Q09 1Q10 2Q10 2Q09 1Q10 2Q10
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16. 2Q10 Earnings Release
Profarma vs Ibovespa - % 1 year
190
160
157
130
118
100
70
40
30-jun-09 30-jul-09 29-aug-09 28-sep-09 28-oct-09 27-nov-09 27-dec-09 26-jan-09 25-feb-09 27-mar-09 26-apr-09 26-may-09 25-jun-09
Ibovespa Profarma
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17. 2Q10 Earnings Release
Analyst Coverage
Firm Analyst
Javier Martinez de Olcoz Cerdan
Morgan Stanley Phone: (1 212) 761-4542
E-mail: javier.martinez.olcoz@morganstanley.com
Alexandre Pizano
Merrill Lynch Phone: (55 11) 2188-4024
E-mail: alexandre_pizano@ml.com
Marcel Moraes
Credit Suisse Phone: (55 11) 3841-6302
E-mail: marcel.moraes@credit-suisse.com
Juliana Rozenbaum - Marcio Osako
Phone: (55 11) 3073-3035 / (55 11) 3073-3040
Itaú BBA
E-mail: juliana.rozenbaum@itausecurities.com
E-mail: marcio.osako@itausecurities.com
Iago Whately
Banco Fator Phone: (55 11) 3049-9480
E-mail: iwhately@bancofator.com.br
Guilherme Assis
Raymond James Phone: (55 11) 3513-8706
E-mail: guilherme.assis@raymondjames.com
João Carlos dos Santos
BTG Pactual Phone: (55 11) 3383-2384
E-mail: joaocarlos.santos@btgpactual.com
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18. IR Contacts
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