(Unaudited data)
QUARTERLY ACTIVITY IN 2019 (VARIATION AT CURRENT EXCHANGE RATES)
| in thousands of euros | 1st quarter | 2nd quarter | 3rd quarter | 4th quarter | ||||||||
| 2018 | 2019 | Var. 19/18 | 2018 | 2019 | Var. 19/18 | 2018 | 2019 | Var. 19/18 | 2018 | 2019 | Var. 19/18 | |
| France | 91,982 | 83,440 | -9.3% | 77,199 | 67,917 | -12.0% | 94,227 | 81,107 | -13.9% | 95,147 | 80,936 | -14.9% |
| Europe (excluding France) | 32,899 | 31,779 | -3.4% | 24,795 | 23,551 | -5.0% | 37,970 | 36,288 | -4.4% | 40,237 | 41,363 | +2.8% |
| North America | 29,617 | 23,580 | -20.4% | 14,958 | 17,081 | +14.2% | 18,685 | 20,342 | +8.9% | 25,140 | 26,669 | +6.1% |
| Other countries | 4,895 | 4,516 | -7.7% | 4,185 | 4,854 | +16.0% | 4,962 | 5,336 | +7.5% | 7,314 | 8,364 | +14.4% |
| Group Total | 159,393 | 143,315 | -10.1% | 121,137 | 113,403 | -6.4% | 155,844 | 143,073 | -8.2% | 167,838 | 157,332 | -6.3% |
| in thousands of euros | 1st,quarter | 2nd,quarter | 3rd,quarter | 4th,quarter | ||||||||
| 2018 | 2019 | Var. 19/18 | 2018 | 2019 | Var. 19/18 | 2018 | 2019 | Var. 19/18 | 2018 | 2019 | Var. 19/18 | |
| Non-proprietary Homeopathic Medicines | 76,575 | 69,067 | -9.8% | 69,997 | 64,147 | -8.4% | 66,493 | 60,972 | -8.3% | 74,178 | 67,688 | -8.7% |
| OTC Specialties | 82,506 | 73,845 | -10.5% | 50,791 | 48,871 | -3.8% | 89,097 | 81,777 | -8.2% | 93,183 | 89,256 | -4.2% |
| Other | 312 | 403 | +29.2% | 349 | 385 | +10.3% | 254 | 324 | +27.6% | 477 | 388 | -18.7% |
| Group total | 159,393 | 143,315 | -10.1% | 121,137 | 113,403 | -6.4% | 155,844 | 143,073 | -8.2% | 167,838 | 157,332 | -6.3% |
The group's fourth-quarter sales were down 6.3 %, mainly in France, where sales dropped 14.9 %.
Sales outside France were up 5.2%, mainly in Russia, the United States, Czech Republic, Brazil, and Italy, but declined in Poland and Bulgaria.
CUMULATIVE ACTIVITY AS OF THE END OF DECEMBER 2019
| in thousands of euros | 2018 | 2019 | Variation at current exchange rates | Variation at constant exchange rates |
| France, | 358,555 | 313,400 | -12.6% | -12.6% |
| Europe (excluding France) | 135,901 | 132,981 | -2.1% | -2.5% |
| North America | 88,400 | 87,672 | -0.8% | -5.7% |
| Other countries | 21,356 | 23,070 | +8.0% | +8.6% |
| Group total | 604,212 | 557,123 | -7.8% | -8.6% |
| In thousands of euros | 2018 | 2019 | Variation at current exchange rates | Variation at constant exchange rates |
| Non-proprietary Homeopathic Medicines | 287,243 | 261,874 | -8.8% | -9.2% |
| OTC Specialties | 315,577 | 293,749 | -6.9% | -8.1% |
| Other | 1,392 | 1,500 | +7.8% | +7.8% |
| Group total | 604,212 | 557,123 | -7.8% | -8.6% |
In 2019, group sales decreased 7.8 %, hard hit by the 12.6 % drop in sales of non-proprietary and specialty medicines in France, where homeopathy is under public attack, and the government has announced a progressive end to reimbursement of homeopathic medications.
The decrease in sales in Europe (Spain, Poland, Belgium, and Romania) was partially offset by increased sales in Italy and Russia following an overhaul of the product offer.
The ongoing series of virulent and unjustified attacks on homeopathy in France, which is Boiron's biggest market, and Spain will seriously affect 2019 operating income, which is expected to be significantly lower than in 2018.
Naturally, we continue to resolutely pursue our efforts to obtain continued reimbursement of homeopathic treatments by the French national health insurance scheme. The current 15% reimbursement rate keeps these medications affordable for millions of patients, with no negative impact on the national health insurance scheme or their purchasing power.
We remain committed to obtaining recognition of these medications' benefits and effectiveness for patients and public health.
Laboratoires BOIRON
Our next update: March 11, 2020, after the close of the stock market, publication of 2019 results.
Person responsible for financial information: Valérie Lorentz-Poinsot
Contact for financial information: Fabrice Rey
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
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