In thousands of euros 2011 2012 Variation at current exchange rates Variation at constant exchange rates
France 130,210 145,398 +11.7% +11.7%
International : 95,606 96,120 +0.5% -0.7%
Incl. Europe excluding France 75,904 70,696 -6.9% -6.7%
Incl. North America 15,679 20,146 +28.5% +20.0%
Incl. Other countries 4,023 5,278 +31.2% +32.6%
Group Total 225,816 241,518 +7.0% +6.5%

In thousands of euros 2011 2012 Variation at current exchange rates Variation at constant exchange rates
Non-proprietary Homeopathic Medicines 131,785 143,633 +9.0% +8.6%
OTC Specialties 93,916 97,583 +3.9% +3.2%
Other 0,115 0,302    
Group Total 225,816 241,518 +7.0% +6.5%


 (in thousands of Euros) 2011 2012 Variation
Sales 225,816 241,518 +7.0%
Operating income 0,686 15,179  
Net Income - Group share -0,215 9,246  
Cash Flow 13,149 26,168 +99.0%
Tangible and Intangible Net Gross investments 28,092 10,943 -61.0%
Net cash position 63,536 76,172 +19.9%
Following a steady first quarter, sales revenue in the second quarter increased by 16.1% at actual exchange rates (15.2% at constant exchange rates): Sales of non-proprietary medicines increased by 12.5%, mainly in France due to price increases applied to some of them. Sales of specialities rose by 21.8% as compared to the second quarter of 2011, particularly in France (thanks to the launch of Arnicalme® and Sédatif PC 90 ®), as well as in the United States and in Poland. In comparison with the first half of 2011, profitability for the first half year period improved thanks to the increase in business in the second quarter, a decrease in advertising costs and the monitoring of operating expenses.
Litigation between the company Dolisos and the French social security agency (URSSAF) related to the "Taxe sur les Ventes Directes" (Tax on Direct Sales) resulted in a amicable agreement. Boiron realised income receivable of ¤2,699 thousand in principal and ¤797 thousand in interest which impacted operating income and financial income respectively.  Boiron Canada is facing two claims and decided to dispute them. The complaints are aiming at launching class action legal proceedings and remain, at this stage, in a preliminary phase. In the United States, the settlement agreement signed on March 6, 2012 which will put an end to all class action proceedings in process (with the exception of the complaint relating to Children's Coldcalm®) obtained the prior approval of the San Diego court. Boiron USA is awaiting the court's final approval of the agreement. A provision related to this event was created in the financial statements as of December 31, 2011.

Despite the uncertainties related to the economic environment, at this point in time, Boiron confirms its targets of increased sales revenue and income in 2012.

The accounts were subjected to a limited review of statutory auditors. The half-year report, including information on activities and results of the first half-year and the 2012 outlook, was published in line with the provisions of Article 221-3 of the French Securities and Exchange Commission Regulations [AMF]. It is available on the Company's website: (

Our next update:
October 25, 2012, at market close, publication of quarterly sales and financial information as of September 30, 2012,
Person responsible for financial information: Philippe MONTANT
Contact for financial information: Véronique BOUSCAYROL
Investor relations: +33 (0) -email:
ISIN Code: FR0000061129 (BOI) - Bloomberg: BOI FP - Reuters: BOIR.PA
The group's financial information is online at:

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