Cumulative Activity as of the end of june 2021
| In thousands of euros | 2020 | 2021 | Variation at current exchange rates | Variation at constant exchange rates |
| France | 104,930 | 126,323 | -16.9% | -16.9% |
| Europe (excluding France) | 42,234 | 54,485 | -22.5% | -20.8% |
| North America | 35,380 | 61,365 | -42.3% | -37.6% |
| Other countries | 7,388 | 11,460 | -35.5% | -30.2% |
| Group total | 189,931 | 253,633 | -25.1% | -23.4% |
| In thousands of euros | 2020 | 2021 | Variation at current exchange rates | Variation at constant exchange rates |
| Non-proprietary Homeopathic Medicines | 93,994 | 110,055 | -14.6% | -13.6% |
| OTC Specialties | 95,188 | 142,917 | -33.4% | -31.0% |
| Other | 749 | 660 | +13.5% | +14.4% |
| Group total | 189,931 | 253,633 | -25.1% | -23.4% |
Activity by quarter (variation at current exchange rates)
| In thousands of euros | 1st quarter | 2nd quarter | ||||
| 2021 | 2020 | Var. | 2021 | 2020 | Var. | |
| France | 51,518 | 72,820 | -29.3% | 53,412 | 53,503 | -0.2% |
| Europe (excluding France) | 20,039 | 37,581 | -46.7% | 22,194 | 16,904 | +31.3% |
| North America | 17,657 | 40,272 | -56.2% | 17,723 | 21,094 | -16.0% |
| Other countries | 1,958 | 5,960 | -67.2% | 5,430 | 5,500 | -1.3% |
| Group total | 91,172 | 156,633 | -41.8% | 98,759 | 97,000 | +1.8% |
| In thousands of euros | 1st quarter | 2nd quarter | ||||
| 2021 | 2020 | Var. | 2021 | 2020 | Var. | |
| Non-proprietary Homeopathic Medicines | 46,352 | 61,722 | -24.9% | 47,642 | 48,334 | -1.4% |
| OTC Specialties | 44,571 | 94,619 | -52.9% | 50,617 | 48,298 | +4.8% |
| Other | 249 | 292 | -14.8% | 500 | 368 | +36.0% |
| Group total | 91,172 | 156,633 | -41.8% | 98,759 | 97,000 | +1.8% |
Change in revenue
In the second quarter:
- Following a sharp 41.8% decline in the first quarter, revenues returned to growth of 1.8%.
- Sales stabilized in France and rose sharply in Europe (particularly in Russia).
- The decline in sales of non-proprietary medicines significantly slowed to 1.4%, essentially due to the basis for comparison.
- Specialty sales rose 4.8%, thanks in particular to the marketing of new products, including the marketing of rapid Sars-Cov2 antigen tests using a nasal swab for self-testing.
Over the first half:
- Total sales in the first half were down 25.1%, significantly impacted by the decline in the first quarter due to the delisting of homeopathic medicines in France and the global health crisis.
- Sales of new products amounted to approximately €15 million.
Reorganization plan
In France, the reorganization plan began in January and is on schedule. Twelve preparation-distribution sites (of 27) closed during the first half and the Montrichard site will close at the end of the year.
Outlook
Given the sharp decline in revenues, the operating income in the first half, which is currently being consolidated, will result in a loss.
We expect to see a further decline in sales of non-proprietary medicines in the second half of the year following the delisting of homeopathic medicines in France. Specialty sales are forecasted to improve, although this will depend on the duration and extent of impacts of the health crisis. We expect to see a significant decline in revenues over the year.
Full-year operating income will benefit from the comparison effect of the reorganization in France provisioned in 2020, as well as initial savings generated by the reorganization and continued savings on operating expenses. It will also be boosted by the positive contribution of new product sales. We therefore expect to post positive annual operating income, although down versus 2020 given the drop in revenues in the first quarter.
We continue to do our utmost to preserve access to homeopathic medicines for all patients, and to develop homeopathy throughout the world.
Laboratoires BOIRON
Our next update: September 8, 2021: at market close, publication of 2021 half-year results.
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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