Financial Statements Aché Laboratórios Farmacêuticos S.A. and subsidiaries December 31, 2015 with Independent Auditor’s Report Guarulhos, March 17, 2016 Dear Shareholders, Aché Laboratórios Farmacêuticos S.A. management, in compliance with legal and statutory provisions, submit its Management Report and the related Individual and Consolidated Financial Statements, accompanied by an independent auditor’s report, for the year ended December 31, 2015 for your appreciation. All comparisons in this report consider consolidated data in relation to the same period in 2014, in accordance with accounting practices adopted in Brazil and the International Financial Reporting Standards (IFRS), established by the International Accounting Standards Board (IASB). Massage from management 2015 was like a rollercoaster, full of ups and downs and uncertainties. The economic scenario, more negative than expected at the beginning of the year, led us to a decrease in Brazilian GDP, and an increase in inflation, which was close to 10.5% for Brazil's Extended Consumer Price Index (IPCA). In addition, the Brazilian currency was strongly depreciated vis-à-vis the US dollar, which made inputs significantly more expensive, and put pressure on the profitability of the pharmaceutical industry, which still imports considerable portion of its raw material and is subject to price control. Even with the macro-economic scenario slowdown, Aché grew by 9.3% in net revenue, compared to year 2014. In addition, we launched 25 products, further expanding our already diversified portfolio. With a view to the future, Aché kept investments in renewal of its portfolio. There are 158 projects conducted by its PMO. Progressing in its vocation for Innovation, and in line with the Company's strategic planning, the Company allocated investments for construction of the Design and Molecular Synthesis Laboratory, installed in the Company’s Radical Innovation Center, whose objective is to research and develop new pharmaceutical technologies in Brazil. A milestone for the scientific production and an advance the Brazilian pharmaceutical industry, the laboratory model is a pioneer in Brazil. Accordingly, investments in 2015 totaled approximately R$ 206.3 million, of which R$ 65.7 million contributed to R&D and Innovation, R$ 116 million to Machinery and Construction in Progress, R$ 15.3 million to Information Technology and Systems. We once again ensure our financial soundness through our strong ability to generate cash, and demonstrate our profitable growth. Our EBITDA margin was 30.7% of net revenue. Net income was 20.3% of net revenue. Accordingly, Fitch Ratings and Standard & Poor’s agencies kept our investment grade ratings with a stable outlook amid a global economic scenario of uncertainties, and thus, renewed their trust in our own model of doing business. For Aché, generating and sharing value is providing its employees and community with full development opportunities, transforming and improving people's lives wherever they are. Therefore, based on the Company's strategic drivers, R$ 8.9 million was contributed to research programs for child diseases, palliative care for oncological patients, social assistance to children and adolescents, professional qualification programs, support to spots, cultural exhibitions, among other activities. Over 2015, the Company kept its strategy to continuously seek sustainable improvements and results; management is committed to carry on making Aché a reference company in the pharmaceutical industry, based on its mission: being the best pharmaceutical laboratory in Brazil, preferred by consumers and health professionals for making available innovative products and services that promote health and well-being to all people. Highlights in 2015 ü Net Revenue of R$ 2.3 billion, 9.3% higher compared to prior period; ü Adjusted EBTIDA of R$716.3 million, equivalent to 30.7% of net revenue; ü Net Income of R$472.8 million, equivalent to 20.3% of net revenue; ü Launch of 25 products, 5 of which are prescription medicine, 4 generic medicine, 11 dermocosmetics, and 5 nonprescription medicine; ü Eight new product licenses obtained from the Brazilian FDA (Anvisa) in 4Q15, of which 4 prescription medicine, 1 dermocosmetics medicine, 1 generic medicine, and 2 nonprescription medicines; ü 1st place in the Pharmaceutical and Life Sciences industry in the Inovação Brasil (Brazil Innovation) award, promoted by Valor Econômico, in partnership with Strategy&. ü 1st place in the pharmaceutical industry in the Estadão Empresa Mais award, promoted by Estado de São Paulo Newspaper. ü Lupa de Ouro (Golden Magnifying Glass) Award in the Best Business Performance category for the 5th consecutive year, promoted by Grupemef, also winning in eight other categories that evaluated product campaigns; ü Líderes do Brasil (Brazilian Leaders) Award, Aché was a highlight in the “Pharmaceutical Industry Leader” category for its business performance and exceptional performance over the year. ü Leadership in medical prescription generation for the 9th consecutive year. Significant Financial Indicators – Consolidated (R$ million) 4Q14 4Q15 Var (%) 2014 2015 Var (%) Net revenue 603.7 658.6 9.1% 2,133.8 2,332.9 9.3% Gross profit 455.6 460.2 1.0% 1,617.0 1,706.2 5.5% % Net Revenue 75.5% 69.9% -5.6 p.p. 75.8% 73.1% -2.7 p.p. Net income 151.1 125.8 -16.7% 471.0 472.8 0.4% % Net Revenue 25.0% 19.1% -5.9 p.p. 22.0% 20.3% -1.7 p.p. EBITDA 215.2 162.3 -24.5% 693.2 681.9 -1.6% % Net Revenue 35.7% 24.6% -11.0 p.p. 32.4% 29.2% -3.2 p.p. EBITDA (adjusted) 177.5 153.5 -13.5% 702.0 716.3 2.0% % Net Revenue 29.4% 23.3% -6.1 p.p. 32.9% 30.7% -2.2 p.p. I - Overview In the 4Q2015, there was an increase in Aché’s financial indicators. Net revenue was R$ 658.6 million, a 9.1% increase in comparison with the same prior-year period. In the same period, net income amounted to R$ 125.8 million, equivalent to 19.1% of net revenue, EBTIDA amounted to R$ 162.3 million, equivalent to 24.6% of net revenue, and adjusted EBTIDA amounted to R$ 153.5 million, equivalent to 23.3% of net revenue. Those results reinforce the Company’s consistency in its strategic planning. II - Business Context 1. Total Pharmaceutical Market (TPM) The Brazilian pharmaceutical market recorded in the 4Q2015 an increase by 10.7% in value in comparison with the same prior-year period, using the PPP methodology. The prescription medicine market, which accounts for 55.7% of the TPM in value, increased by 9.6% in comparison with the same 2014 period. The generic medicine market, which accounts for 12.9% of TPM in value, increased by 11.8% in the same period. The nonprescription medicine market, which accounts for 31.4% of the TPM in value, increased by 12.0% in comparison with thsame prior-year period. To calculate the size of the Total Pharmaceutical Market (TPM), which represents demand in reais (R$) of all companies established in Brazil, IMS Health Brasil, the main consulting firm in the industry, began using in 2012 a second price level based on the price adopted: Pharmacy Purchase Price (PPP), considering the average discount for each presentation of the Brazilian pharmaceutical market in addition to the Pharmaceutical Management Branch (PMB), which is based on the projection of companies gross revenue using the factory price. Aché kept leadership in medical prescription generation for the 9th consecutive year, with 6.42% market share. This result was achieve once again for the excellence of our demand force and launch of new products. III – Economic and Financial Performance Consolidated profit or loss (R$ million) 4Q14 s / NR 4Q15 s / NR 2014 s / NR 2015 s / NR Net revenue 603.7 100.0% 658.6 100.0% 2,133.8 100.0% 2,332.9 100.0% Gross profit 455.6 75.5% 460.2 69.9% 1,617.0 75.8% 1,706.2 73.1% Selling and administrative expenses (221.8) -36.7% (281.0) -42.7% (893.2) -41.9% (1,025.9) -44.0% Other operating expenses (26.2) -4.3% (24.0) -3.6% (55.7) -2.6% (32.0) -1.4% Operating income (EBIT) 207.5 34.4% 155.3 23.6% 668.1 31.3% 648.4 27.8% Financial income (expenses), net 6.0 1.0% 5.6 0.9% 12.1 0.6% 5.7 0.2% Income before income and social 213.5 35.4% 160.8 24.4% 680.2 31.9% 654.1 28.0% contribution taxes (IRPJ and CSLL) Net income 151.1 25.0% 125.8 19.1% 471.0 22.0% 472.8 20.3% EBITDA 215.2 35.7% 162.3 24.6% 693.2 32.4% 681.9 29.2% EBITDA (adjusted) 177.5 29.4% 153.5 23.3% 702.0 32.9% 716.3 30.7% 1. Net sales revenue Net sales revenue increased by 9.3% in relation to 2014, reaching R$2,332.9 billion. In 4Q14, net revenue amounted to R$658.6 million, 9.1% higher in comparison with same prior-year quarter. 2. Gross profit YTD gross profit amounted to R$1,706.2 million, 5.5% higher in comparison with the same 2014 YTD period. 3. Selling expenses In the 4Q15, selling expenses amounted to R$205.9 million, 31.3% of net revenue, a R$6 million increase in comparison with the same prior-year period. YTD selling expenses totaled R$ 830.3 million, 35.6% of net revenue, a R$ 42.4 million increase in comparison with the 2014 YTD balance, as follows. (R$ million) 4Q14 s / NR 4Q15 s / NR 2014 s / NR 2015 s / NR Selling expenses 199.9 33.1% 205.9 31.3% 787.9 36.9% 830.3 35.6% 4. General and administrative expenses In 2015, general and administrative expenses totaled R$195.6 million, equivalent to 8.4% of net revenue. (R$ million) 4Q14 s / NR 4Q15 s / NR 2014 s / NR 2015 s / NR General and administrative expenses 22.0 3.6% 75.1 11.4% 105.3 4.9% 195.6 8.4% 5. EBITDA YTD Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) amounted to R$716.3 million, 2.0% higher in comparison with the prior year, and with an EBITDA margin of 30.7% in 2015 YTD. Adjusted EBITDA (R$ million) 2014 2015 Var (%) Net income 471.0 472.8 0.4% Provision for income and social 205.3 180.1 -12.3% contribution taxes Financial income (expenses), net (12.1) (5.7) -52.9% Depreciation and amortization 29.0 34.7 19.7% EBITDA 693.2 681.9 -1.6% Non-recurring income/expenses 8.8 34.4 290.9% Adjusted EBITDA 702.0 716.3 2.0% Margin 32.9% 30.7% -2.2 p.p. 6. Financial income (expenses), net Financial income and expenses, net for 2015 totaled R$ 5.7 million, with a decrease of R$ 6.4 million compared to prior year. (R$ million) 4Q14 s / NR 4Q15 s / NR 2014 s / NR 2015 s / NR Financial income (expenses) 3.3 0.5% (1.2) -0.2% 11.2 0.5% 12.4 0.5% Foreign exchange variation 0.8 0.1% 1.3 0.2% 0.3 0.0% (14.8) -0.6% Present value adjustment (PVA) 1.9 0.4% 5.4 0.8% 0.6 0.0% 8.1 0.3% Financial income (expenses), net 6.0 1.0% 5.6 0.8% 12.1 0.6% 5.7 0.2% 7. Net income Net income for 2015 amounted to R$ 472.8 million, 0.4% higher than the same 2014 YTD period. In the 4Q2015, net income amounted to R$ 125.8 million, equivalent to 19.1% of net revenue. 8. Net Debt-to-Equity The Company closed 2015 with net financial debt of R$ 44.9 million. Gross debt totaled R$ 193.0 million, with long-term principal, as follows: (R$ million) 2014 2015 Var (%) Loans and financing – current 32.2 33.8 5.0% Loans and financing – long-term 152.7 159.2 4.3% Gross Debt 184.9 193.0 4.4% Cash and cash equivalents 291.1 228.6 -21.5% Short-term investments – Long term 8.4 9.3 10.7% Net Debt-to-Equity (114.6) (44.9) -60.8% The Company’s noncurrent debt has maturities to 2042.