A few words from Christian Boiron

Ever since the Company’s origin, our objective has remained the worldwide development of Homeopathy.

Depending on its opportunities and financial capacity, the Company, as in the past, will provide itself the opportunity of joining other players in the Homeopathy business in order to meet the requirements of the various french and international authorities which are growing larger every day.

The short and medium-term development of our Company and the specific development of Homeopathy permit us to envisage several orientations:

1 - Growth which is balanced among medical prescriptions, pharmaceutical advice and self-medication.

2- This trend should therefore lead to an increase in both generic medicines and specialty products, as it has in the past.

3 - It’s highly probable that, as in the field of allopathic medicine, compounded product prescription may be gradually and severely restricted. This will necessarily lead to change within our organization, especially and mainly in France.

4 - Regarding production, we are probably going to face multiple realities:

• The gradual reduction in the number and quantity of mother tinctures which are increasingly considered to be non-homeopathic by the French Health Ministry;

• The gradual reduction in compounded products;

• An increase in the number of international subsidiaries;

• An increased portion of the industrial activities brought together at the new site in Messimy which will require an increase in investments related to production;

5 - Regarding commercial development, the need to prepare for an increase in sales at the majority of our subsidiaries;

6 - Finally, with respect to research, a total re-evaluation if its objectives and its organization are currently in process which should gradually result in an increase in expenditures devoted to it.

Christian Boiron
General Manager

Code Euroclear : 6112
Isin : FR0000061129

Bloomberg : BOI FP
Reuters : BOIR.PA
Datastream : F:BOIR