October 22, 2020
ACTIVITY IN THE THIRD QUARTER OF 2020
(Unaudited data)
Cumulative activity as of the end of september 2020
| In thousands of euros | 2020 | 2019 | Variation at current exchange rates | Variation at constant exchange rates |
| France | 192,713 | 232,464 | -17.1% | -17.1% |
| Europe (excluding France) | 80,109 | 91,618 | -12.6% | -11.5% |
| North America | 82,899 | 61,003 | +35.9% | +36.2% |
| Other countries | 14,479 | 14,706 | -1.5% | +9.6% |
| Group Total | 370,200 | 399,791 | -7.4% | -6.7% |
| In thousands of euros | 2020 | 2019 | Variation at current exchange rates | Variation at constant exchange rates |
| Non-proprietary Homeopathic Medicines | 160,628 | 194,186 | -17.3% | -17.2% |
| OTC Specialties | 208,663 | 204,493 | +2.0% | +3.3% |
| Other | 908 | 1,112 | -18.3% | -17.2% |
| Group Total | 370,200 | 399,791 | -7.4% | -6.7% |
Development of business in the third quarter (variation at current exchange rates)
| In thousands of euros | 1st quarter | 2nd quarter | 3rd quarter | ||||||
| 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% |
| Europe (excluding France) | 37,581 | 31,779 | +18.3% | 16,904 | 23,551 | -28.2% | 25,625 | 36,288 | -29.4% |
| North America | 40,272 | 23,580 | +70.8% | 21,094 | 17,081 | +23.5% | 21,534 | 20,342 | +5.9% |
| Other countries | 5,960 | 4,516 | +32.0% | 5,499 | 4,854 | +13.3% | 3,019 | 5,336 | -43.4% |
| Group Total | 156,633 | 143,315 | +9.3% | 96,999 | 113,403 | -14.5% | 116,568 | 143,073 | -18.5% |
| In thousands of euros | 1st quarter | 2nd quarter | 3rd quarter | ||||||
| 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% |
| OTC Specialties | 94,619 | 73,845 | +28.1% | 48,298 | 48,871 | -1.2% | 65,746 | 81,777 | -19.6% |
| Other | 292 | 403 | -27.3% | 367 | 385 | -4.6% | 248 | 324 | -23.4% |
| Group Total | 156,633 | 143,315 | +9.3% | 96,999 | 113,403 | -14.5% | 116,568 | 143,073 | -18.5% |
Sales Growth
Third quarter 2020 revenue down 18,5% versus 2019.
- Sales were down 18,1% in France, compared to -21,2% in the second quarter and -12,7% in the first quarter, impacted by smear campaigns against homoeopathy and the announcement of its delisting from French health insurance from 1 January 2021.
- In other European countries, sales fell 29,4%, mainly in Russia, Belgium and Eastern Europe (low levels of illness relating to distancing, high stock levels or deliveries delayed until the fourth quarter).
- In North America, sales rose 5,9%.
- In Asia, sales were down due to border closures and trade complications.
The Group's third quarter revenues fell 7,4%, significantly impacted by the 17,1% decline in sales in France.
News
Following the significant drop in business in France over the last two years, a reorganization plan was announced on 11 March. Given that meetings with staff representatives could not take place during the lockdown, they began in June and ended on 14 October.
At the end of this consultation phase, the number of positions eliminated now comes to 566, and the number of posts created is 122.
Outlook
The fourth quarter will be positively impacted by new product launches, including an innovative range of probiotics, Osmobiotic Flora®, in France, Italy and Spain, and two homoeopathic specialities, Bocéal and Cocyntal® in France.
Global business levels looking forward will depend on how the global health and economic situation progresses. In France, it will also depend on the position the Council of State takes in response to our appeals, and on the government's final decision on the continued reimbursement of homoeopathic medicines.
We expect to see a decrease in sales and earnings in 2020.
An economic study carried out by the Asterès firm shows that the 15% reimbursement of homeopathic medicines does not cost Health Insurance anything for patients under the general scheme (source: Asterès economic study - September 2020).
We are determined to continue our efforts to maintain the reimbursement of homeopathic medicines in France, reflecting the demand of the millions of patients who use them.
Laboratoires BOIRON
Our next update:
January 21, 2021: at market close, publication of the sales revenue for the year 2020.
Person responsible for financial information: Valérie Lorentz-Poinsot
Contact for financial information: Fabrice Rey
Investor relations: +33 (0) 4.37.41.84.01 - e-mail: boironfinances@boiron.fr
ISIN Code: FR0000061129 (BOI) - Bloomberg: BOI FP - Reuters: BOIR.PA
The group's financial information and the glossary are online at: www.boironfinance.com
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