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  BOIRON company press release from 22/10/2020

  22/10/2020 - 17:45

Activity in the third quarter of 2020


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 : [email protected]
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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  Original Source: BOIRON