BOIRON — Interim / Quarterly Report 2014

Oct 23, 2014

ACTIVITY IN THE THIRD QUARTER OF 2014

(Unaudited data)

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

thousands of euros	st Quarter 1			nd Quarter 2			rd Quarter 3
	2013	2014	Var. 14/13	2013	2014	Var. 14/13	2013	2014	Var. 14/13
France	84,270	82,749	-1.8%	75,327	74,269	-1.4%	92,596	92,466	-0.1%
International :	73,751	57,460	-22.1%	42,436	47,138	+11.1%	76,890	79,646	+3.6%
Incl. Europe excluding France	54,334	39,967	-26.4%	29,047	33,570	+15.6%	61,256	62,758	+2.5%
Incl. North America	15,562	12,662	-18.6%	10,017	10,625	+6.1%	12,153	13,109	+7.9%
Incl. Other countries	3,855	4,831	+25.3%	3,372	2,943	-12.7%	3,481	3,779	+8.6%
Group Total	158,021	140,209	-11.3%	117,763	121,407	+3.1%	169,486	172,112	+1.5%
thousands of euros	st Quarter 1			nd Quarter 2			rd Quarter 3
	2013	2014	Var. 14/13	2013	2014	Var. 14/13	2013	2014	Var. 14/13
Non-proprietary Homeopathic Medicines	79,062	77,919	-1.4%	73,035	73,072	+0.1%	73,597	72,957	-0.9%
OTC Specialties	78,866	62,196	-21.1%	44,600	48,058	+7.8%	95,813	99,025	+ 3.4%
Other	93	94	+1.1%	128	277	+116.4%	76	130	+71.1%
Group Total	158,021	140,209	-11.3%	117,763	121,407	+3.1%	169,486	172,112	+1.5%

^CUMULATIVE ACTIVITY AS OF THE END OF SEPTEMBER ²⁰¹⁴

	2013	2014	Variation at	Variation at
thousands of euros			current	constant
			exchange rates	exchange rates
France	252,193	249,484	- 1.1%	- 1.1%
International :	193,077	184,244	- 4.6%	- 1.2%
Incl. Europe excluding France	144,637	136,295	- 5.8%	- 2.4%
Incl. North America	37,732	36,396	- 3.5%	+ 0.4%
Incl. Other countries	10,708	11,553	+ 7.9%	+ 10.2%
Group Total	445,270	433,728	- 2.6%	- 1.1%
	2013	2014	Variation at	Variation at
thousands of euros			current	constant
			exchange rates	exchange rates
Non-proprietary Homeopathic Medicines	225,694	223,948	- 0.8%	- 0.5%
OTC Specialties	219,279	209,279	- 4.6%	- 1.8%
Other	297	501	+ 68.7%	+ 63.6%
Group Total	445,270	433,728	- 2.6%	- 1.1%

● HIGHLIGHTS OF THE THIRD QUARTER

• Sales revenue in the third quarter 2014 grew by 1.5% compared to 2013 (3.3% at constant rates).
• On September 30, 2014, the group cash balance amounted €134.7 million.

● OUTLOOK

Considering the uncertainty of seasonal illnesses in the last quarter, the group is still cautious regarding its 2014 outlook.

Our next update: January 22, 2015 at market close, publication of the sales revenue for the year 2014. Financial information manager: Christian Boiron 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