BOIRON — Earnings Release 2013

Oct 24, 2013

ACTIVITY IN THE THIRD QUARTER OF 2013

(Unaudited data)

^CUMULATIVE ACTIVITY AS OF THE END OF SEPTEMBER ²⁰¹³

thousands of euros	2012	2013	Variation at current exchange rates	Variation at constant exchange rates
France	233,426	252,193	+ 8.0%	+ 8.0%
International :	165,959	193,077	+ 16.3%	+ 18.4%
Incl. Europe excluding France	126,041	144,637	+ 14.8%	+ 16.3%
Incl. North America	31,282	37,732	+ 20.6%	+ 24.4%
Incl. Other countries	8,636	10,708	+ 24.0%	+ 27.4%
Group Total	399,385	445,270	+ 11.5%	+ 12.3%
	2012	2013	Variation at	Variation at
thousands of euros			current	constant
			exchange rates	exchange rates
Non-proprietary Homeopathic Medicines	213,592	225,694	+ 5.7%	+ 5.9%
OTC Specialties	185,394	219,279	+ 18.3%	+ 19.9%
Other	399	297	- 25.6%	- 29.1%
Group Total	399,385	445,270	+ 11.5%	+ 12.3%

DEVELOPMENT OF BUSINESS IN THE THIRD QUARTER (VARIATION AT CURRENT RATE)

	st Quarter 1			nd Quarter 2			rd Quarter 3
thousands of euros	2012	2013	Var. 13/12	2012	2013	Var. 13/12	2012	2013	Var. 13/12
France	74,188	84,270	+ 13.6%	71,210	75,327	+ 5.8%	88,028	92,596	+ 5.2%
International :	54,904	73,751	+ 34.3%	41,216	42,436	+ 3.0%	69,839	76,890	+ 10.1%
Incl. Europe excluding France	41,807	54,334	+ 30.0%	28,889	29,047	+ 0.5%	55,345	61,256	+ 10.7%
Incl. North America	10,285	15,562	+ 51.3%	9,861	10,017	+ 1.6%	11,136	12,153	+ 9.1%
Incl. Other countries	2,812	3,855	+ 37.1%	2,466	3,372	+ 36.7%	3,358	3,481	+ 3.7%
Group Total	129,092	158,021	+ 22.4%	112,426	117,763	+ 4.7%	157,867	169,486	+ 7.4%

thousands of euros	st Quarter 1			nd Quarter 2			rd Quarter 3
	2012	2013	Var. 13/12	2012	2013	Var. 13/12	2012	2013	Var. 13/12
Non-proprietary Homeopathic Medicines	73,427	79,062	+ 7.7%	70,206	73,035	+ 4.0%	69,959	73,597	+ 5.2%
OTC Specialties	55,576	78,866	+ 41.9%	42,007	44,600	+ 6.2%	87,811	95,813	+ 9.1%
Other	89	93	+ 4.5%	213	128	- 39.9%	97	76	- 21.6%
Group Total	129,092	158,021	+ 22.4%	112,426	117,763	+ 4.7%	157,867	169,486	+ 7.4%

● HIGHLIGHTS OF THE THIRD QUARTER

Sales revenue in the third quarter 2013 grew by 7.4% compared to 2012 (8.9% at constant rates). The increase is due to the sales:

• of Non-proprietary Homeopathic Medicines, in particular in France, Italy and the USA.
• of winter Specialties, in particular in France, Italy and Russia.

On September 30, 2013, the group cash balance amounted €116.4 million versus €94.7 million on December 31, 2012.

● OUTLOOK

Considering this performance, Boiron confirms its target of further increases of its business and profitability in 2013.

Our next update: January 23, 2014 at market close, publication of the sales revenue for the year 2013. Financial information manager: Philippe MONTANT Contact for financial information: Véronique BOUSCAYROL Investor relations: +33 (0) 4.78.45.63.43 - e-mail: finances@boiron.fr ISIN Code: FR0000061129 (BOI) - Bloomberg : BOI FP - Reuters : BOIR.PA The group's financial information is online at : www.boiron.com