EASTPHARMA LTD.

London, 22 May 2009 - EastPharma (EAST LI), a company active in the
manufacturing and marketing of branded generic and in-licensed
pharmaceutical products in Turkey and other regional markets, today
announces its Q1 2009 consolidated and audited financial results.

* Sales in Q1 2009 increased by 38% to USD 67mn versus USD 49mn in Q1
2008.
* Sales of Roche products amounted to USD 17mn in Q1 2009.
* Gross profit margin according to IFRS results reached 49% in Q1
2009 from 32% at the end of the year 2008 and from 48% in Q1 2008.
* EBITDA realised USD 13.8mn in Q1 2009
* Adjusted EBITDA (excludes other gains and losses and gain on
monetary position) realised USD 17mn in Q1 2009, which corresponds to
an adjusted EBITDA margin of 26% versus the negative result at the
end of the year 2008 and in Q1 2008.
* Net Profit in Q1 2009 reached USD 3.5mn versus a net profit of USD
1.2mn in Q1 2008.
* Improvement in receivables and inventory turnover days compared to
year end 2008:
   - Decrease in receivable turnover days to 113 days in Q1 2009 from
201 days at the end of the year 2008.
   - Decrease in inventory turnover days to 120 days in Q1 2009 from
170 days at the end of the year 2008.
* Market share in unit terms decreased to 4.6% in Q1 2009 versus 4.9%
in Q1 2008, according to IMS Healthcare data.

Detailed financial statements of EastPharma are provided in the
attachment and a results presentation will be available on the
EastPharma website www.eastpharmaltd.com on 26 May, 2009.

A conference call with EastPharma management will be held at 4:45pm
London time on 26 May, 2009 (11:45am US East Standard Time / 6:45pm
Istanbul time). Dial-in details are provided below.

Conference call:

Dial-in Number: 1-270-696-1555
Conference ID: 882777

For further information, please contact:
EastPharma Ltd.
Idil Bora - Investor Relations
Tel.: + 90 (212) 6929326


Market Growth and EastPharma Sales Performance in the Q1 2009
according to IMS Healthcare data:

The Turkish Pharmaceutical Market shows 3.78% growth in unit terms,
18.02% growth in TRY value terms, and a decrease of 14.28% in USD
value terms during Q1 2009 compared to Q1 2008.
EastPharma sales in Q1 2009 declined on the basis of unit terms by
1.49%, on a USD basis 11.37%, and grew by 29.37% on a TRY basis
compared to Q1 2008.
EastPharma's market share in Q1 2009 was 4.6% in unit terms versus
4.9% in Q1 2008. EastPharma's market share in Q1 2009 was 3.5% in TRY
value terms, while it was 3.4% in Q1 2008.
Azitro and Cefaks from EastPharma Product Portfolio were again the
market leaders in Q1 2009 both in TRY value and unit terms.
The therapeutic breakdown of the total sales of EastPharma products
in Q1 2009 in unit terms was; Systemic Anti-infective 32.3%,
Musculo-Skeletal System 18.9%, Alimentary T. & Metabolism 13.7%,
Cardiovascular System 11.4%, Respiratory 6.3%, Dermatology 5.4%,
Nervous System 3.6%, G.U. System & Sex Hormones 5.2%, Antineoplast +
Immunomodul 0.18%.


Comments on financial performance and business developments for the
Q1 2009 in EastPharma:

2008 was a highly active year that was full of achievements for
EastPharma including investments and restructuring in Deva Holding,
which was also reflected into the year-end financials of Deva
Holding. Deva Holding's sales in 2009 started stronger, due in part,
because this year the company has started to overcome the supply
problems as all the new plants become operational. Four new
manufacturing plants namely Penicillin, Cephalosporin, Non-Betalactam
Oral and Topical Products & Sterile Ampoules, have been mostly
successfully completed in 2008. Foreign authorities have been invited
to inspect our facilities in 2009 and it is our hope that Deva will
open its doors to highly regulated export markets in the near future.

The revenues reached USD 67mn in Q1 2009, showing a 38% increase when
compared on a year over year basis. The stronger sales figures mainly
resulted from the new, well organized and aggressive sales force
together with the capability of the company to overcome the supply
problems with its new facilities. Another contribution was coming
from Roche products sales under the Deva and Saba portfolios.
Encouraging also is the sales of Roche products which amounted to USD
17mn in Q1 2009, where total sales of Roche products were US$ 38mn in
2008 for the entire year.

The margins were improved as the efficiency in sales increases. The
gross profit margin according to IFRS results reached 49% in Q1 2009,
whereas it was 32% in 2008. Product acquisition from Roche and the
new product launches have positive effects the on gross profit
margin. Gross profit was USD 33mn which corresponds to an increase of
42% on a year over year basis. EBITDA realised USD 13.8mn in Q1
2009. Adjusted EBITDA (excludes other gains and losses and gain on
monetary position) realised USD 17mn in Q1 2009, which corresponds to
an adjusted EBITDA margin of 26% versus a negative result at the end
of the year 2008 and also in Q1 2008. This shows an important
increase in operational performance and our constructive effort in
this regard continues.

Another improvement can be seen on the expense accounts. Operating
expenses decreased by 24% on a year over year basis and realised as
US$ 22mn. The marketing and sales expenses as a percentage of the
whole operating expenses was around 69% in the Q1 2008, whereas the
percentage has decreased to 61% in the Q1 2009. Our finance cost was
US$ 10mn in Q1 2009, which shows a decrease of 42% on a year over
year basis.

The company's net profit of USD 3.5mn for Q1 2009 exceeds the net
profit of USD 1.2mn of Q1 2008.


There is a significant improvement in reducing receivable and
inventory turnover days compared to year-end 2008. Receivable
turnover days in Q1 2009 decreased to approximately 113 days level
whereas it was around 201 days at the end of the year 2008. The
inventory turnover days decreased to 120 days compared to the 170
days at the end of the year 2008. As part of our optimization program
inventories decreased by 23% compared to Q4 2008 from USD 60mn to USD
46mn. Trade payables decreased by 26% compared to Q4 2008 from USD
37mn to USD 27mn.


Reconciliation of Adjusted EBITDA

EastPharma uses Adjusted EBITDA to manage its operations as
management believes it is indicative of underlying operations.

Adjusted EBITDA includes the adding back of the following:



USD
Net profit
                                 3,460,294
Finance costs, investment revenue, income taxes,
depreciation and amortization
               10,376,842
Provision (restructuring of personnel and others)
     28,530
Fair value of call option liability
                          1,762,159
Foreign exchange
loss
1,801,368
Adjusted EBITDA
                                                 17,428,193


Update on investments:

The most recent update on the facilities is that the successful
Ministry of Health approval of the Cerkezkoy Main Production building
was received on April 24th, 2009. We are planning an investment of
approximately EUR 5mn into new equipment including a bigger
granulation line, faster tablet production, faster and more flexible
packaging lines for blisters and bottles, including finished product
packaging and case packing. This investment will help to overcome
bottlenecks in granulation and packaging and to better meet
increasing sales demand. The machines will be equipped with state of
the art control systems to ensure product quality and effective
processes with higher output being more time efficient and reduce
waste.

Optimism for 2009:

We look into 2009 with optimism. Q1 2009 results confirm the first
signal of the turnaround in operations, which shows that the company
is on the right track. We are confident that EastPharma will
continuously achieve the results that our esteemed shareholders
deserve and we thank you for your patience as the execution plan
unfolds.

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