BOIRON — Earnings Release 2020

Jan 21, 2021

ACTIVITY IN 2020

(Unaudited data)

QUARTERLY ACTIVITY IN 2020 (VARIATION AT CURRENT EXCHANGE RATES)

in thousands of euros	1 st quarter				2 nd quarter			3 rd quarter			4 th quarter
	2020	2019	Var.	2020	2019	Var.	2020	2019	Var.	2020	2019	Var.
France	72,820	83,440	$-12.7%$	53,503	67.917	$-21.2%$	66,390	81.107	$-18.1%$		85.349 80.936 +5.5%
Europe (excluding France)	37,581	31.779	$+18.3%$	16.904	23.551 -28.2%			25,625 36,288	$-29.4%$		35,262 41,363 -14.8%
North America	40,272	23,580	$+70.8%$	21.094		17,081 +23.5%		21.534 20.342	$+5.9%$		17,854 26,669 -33.1%
Other countries	5.960	4.516	$+32.0%$	5.499		4.854 +13.3%	3.019	5.336	$-43.4%$	4.917		8,364 -41.2%
Group total	156,633	143,315	$+9.3%$	96,999 113,403		$-14.5%$	116,568 143,073		$-18.5%$		143,381 157,332 -8.9%

in thousands of euros	1 st , quarter				2 nd , quarter			3 rd , quarter			4 th , quarter
	2020	2019	Var	2020	2019	Var.	2020	2019	Var.	2020	2019	Var.
Non-proprietary Homeopathic Medicines	61,722	69.067	$-10.6%$	48.334 64.147 -24.7%				50,573 60,972	$-17.1%$	69.244 67.688 +2.3%
OTC Specialties	94,619	73.845	$+28.1%$	48,298	48.871	$-1.2%$	65.746	81,777	$-19.6%$		73.968 89.256 -17.1%
Other	292	403	$-27.3%$	367	385	$-4.6%$	248	324	$-23.4%$	168		388 - 56.6%
Group total	156.633	143,315	$+9.3%$	96.999 113.403		$-14.5%$	116,568 143,073		$-18.5%$	143,381 157,332		-8.9%

CUMULATIVE ACTIVITY AS OF THE END OF DECEMBER 2020

in thousands of euros	2020	2019	Variation at	Variation at
			current	constant
			exchange rates	exchange rates
France	278,062	313,400	$-11.3%$	$-11.3%$
Europe (excluding France)	115,371	132,981	$-13.2%$	$-11.2%$
North America	100,753	87,672	$+14.9%$	$+17.3%$
Other countries	19,395	23,070	$-15.9%$	$-8.1%$
Group total	513,582	557,123	$-7.8%$	$-6.6%$
In thousands of euros	2020	2019	Variation at	Variation at
			current	constant
			exchange rates	exchange rates
Non-proprietary Homeopathic Medicines	229,873	261,874	$-12.2%$	$-11.9%$
OTC Specialties	282,632	293,749	$-3.8%$	$-1.8%$
Other	1,077	1,500	$-28.2%$	$-27.0%$
Group total	513,582	557,123	$-7.8%$	$-6.6%$

Change in revenue

In the fourth quarter of 2020, the group's revenues were down 8.9%. This decrease mainly relates to specialities for winter illnesses: due to the health crisis and restrictions imposed in most countries, the level of winter illnesses has significantly declined over the period.

Sales were up 5.5% in France, however, driven by:

• new product launches, including an innovative range of probiotics, Osmobiotic Flora®, and two homeopathic specialties, Bocéal® and Cocyntal®,
• the increase in sales of non-proprietary medicines in December.

In Russia and North America, the decrease in specialties sales was driven by sharp declines in the ruble (exchange rate impact: -12% on sales) and the dollar (exchange rate impact: -7% on sales) over the period.

In 2020, despite strong growth in North America, the group's revenues fell 7.8%, significantly impacted by a reduction in sales of non-proprietary medicines in France and specialties in Russia.

News

The considerable decline in business in France over the past two years (down 30%) has prompted a reorganization plan, as announced on March 11, 2020.

This reorganization in France will result in the elimination of 566 positions and the creation of 122.

Based on the information currently available, the cost of this reorganization plan is now estimated at around €64 million, €59 million of which will be subject to a provision in 2020 pursuant to applicable accounting standards. Meanwhile, provision write-backs for 2020 as a result of the reduction in employee commitments under this reorganization plan is now estimated at around €26 million.

The delisting of homeopathic medicines from French Social Security has been effective since January 1, 2021. Many private health insurers offer full or partial coverage of homeopathic medicines.

We remain committed to promoting recognition of the benefits and merits of these medecines for all patients and for public health. Thus, starting this week, BOIRON is making its voice heard with a general public communication to promote the specificity of homeopathy and its place in the daily life of the French.

Outlook

Annual operating income for 2020 is expected to be lower than in 2019, significantly impacted by estimated costs relating to the reorganization.

Laboratoires BOIRON

Investor relations: +33 (0) 4.78.45.63.43 - E-mail: boironfinances@boiron.fr

ISIN Code: FR0000061129 (BOI) - Bloomberg: BOI FP - Reuters: BOIR.PA

The group's financial information is online at: www.boironfinance.com

Our next update: March 10, 2021, after the close of the stock market, publication of 2020 results. Person responsible for financial information: Valérie Lorentz-Poinsot Contact for financial information: Fabrice Rey