BOIRON : ACTIVITY IN THE THIRD QUARTER OF 2012

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ACTIVITY IN THE THIRD QUARTER OF 2012
(Unaudited data)

CUMULATIVE ACTIVITY AS OF THE END OF SEPTEMBER 2012
thousands of euros 2011 2012 Variation at current exchange rates Variation at constant exchange rates
France 210,153 233,426 +11.1% +11.1%
       
International : 163,491 165,959 +1.5% +0.0%
Incl. Europe excluding France 130,917 126,041 -3.7% -3.8%
Incl. North America 26,756 31,282 +16.9% +7.5%
Incl. Other countries 5,818 8,636 +48.4% +50.3%
Group Total 373,644 399,385 +6.9% +6.2%

thousands of euros 2011 2012 Variation at current exchange rates Variation at constant exchange rates
Non-proprietary Homeopathic Medicines 195,031 213,592 +9.5% +9.1%
OTC Specialties 178,561 185,394 +3.8% +2.9%
Other 0,052 0,399    
Group Total 373,644 399,385 +6.9% +6.2%
DEVELOPMENT OF BUSINESS IN THE THIRD QUARTER (VARIATION AT CURRENT RATE)
thousands of euros 1st Quarter 2nd Quarter 3rd Quarter
2011 2012 Var. 2011 2012 Var. 2011 2012 Var.
France 70,466 74,188 +5.3% 59,744 71,210 +19.2% 79,943 88,028 +10.1%
         
International : 58,478 54,904 -6.1% 37,128 41,216 +11.0% 67,885 69,839 +2.9%
Incl. Europe excluding France 47,024 41,807 -11.1% 28,880 28,889 +0.0% 55,013 55,345 +0.6%
Incl. North America 9,566 10,285 +7.5% 6,113 9,861 +61.3% 11,077 11,136 +0.5%
Incl. Other countries 1,888 2,812 +48.9% 2,135 2,466 +15.5% 1,795 3,358 +87.1%
Group Total 128,944 129,092 +0.1% 96,872 112,426 +16.1% 147,828 157,867 +6.8%

thousands of euros 1st Quarter 2nd Quarter 3rd Quarter
2011 2012 Var. 2011 2012 Var. 2011 2012 Var.
Non-proprietary Homeopathic Medicines 69,371 73,427 +5.8% 62,414 70,206 +12.5% 63,246 69,959 +10.6%
OTC Specialties 59,417 55,576 -6.5% 34,499 42,007 +21.8% 84,645 87,811 +3.7%
Other 0,156 0,089   -0,041 0,213   -0,063 0,097  
Group Total 128,944 129,092 +0.1% 96,872 112,426 +16.1% 147,828 157,867 +6.8%
THIRD QUARTER HIGHLIGHTS Sales revenue in the third quarter grew by 6.8% at actual exchange rates (5.9% at constant exchange rates): In France, sales of non-proprietary medicines increased by 15.3% due to the price increases applied to some of them. Internationally, the trends varied between countries. Sales increased by 2.9% notably due to favorable currency impacts. As of September 30, 2012, the group's net cash amounted to ¤98.7 million (versus ¤76.2 million as of June 30, 2012). This improvement in the group's net cash position was related to the growth in sales as well as decreases in investment expenditures. In the United States, the settlement agreement signed on March 6, 2012 aiming at putting an end to all class action litigation in process (with the exception of the lawsuit related to Children's Coldcalm®) has obtained the prior approval of the San Diego court. A hearing on the agreement final approval took place on October 1, 2012. Boiron USA is awaiting the court's decision. OUTLOOK
Despite uncertainties related to the economic environment, Boiron confirms its targets of increased sales revenue and income in 2012. CENTRAL WORKS COUNCIL MEETING
On October 25, 2012, the central works council of BOIRON SA met within the framework of an information and consultation procedure. Senior management reminds the council of the provisions of the European Directive on the status of homeopathic medicines in France and the consequences that could arise in the medium term for the company's strategy and organization. Senior management indicated that it currently foresees no immediate social consequences.

Next update: January 24th 2013, after the close of the stock market, publication of 2012 sales.
Financial information manager: Philippe MONTANT
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

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