Boiron (BOI) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 was €228.3m, down 4.8% year-over-year, with declines in France and Europe offset by growth in North America and other health products.

• Net income attributable to the group fell sharply to €3.3m from €15.5m in H1 2023, a 78.5% decrease.

• Operating income dropped to €4.9m (2.1% of revenue), down 72.6% from the prior year.

• The group’s net cash position decreased to €49.3m from €231.2m a year earlier, mainly due to lower profitability and higher dividend payments.

• Governance changes post-closing: Thierry Boiron appointed CEO, Anabelle Flory-Boiron named Chair of the Board.

Financial highlights

• Revenue declined 4.8% year-over-year, with France down 8.6%, Europe (ex-France) down 6.6%, North America up 3.4%.

• Gross margin decreased by €7.2m, but the gross margin rate increased by 0.5 points.

• Operating expenses rose by €1.1m, with promotional costs up €3.6m, especially in the US.

• Net cash from operations was €13.5m, down from €16.4m in H1 2023; net investments were €10.2m.

• Dividend payout increased to €23.4m in H1 2024 from €19.1m in H1 2023.

Outlook and guidance

• Full-year sales and earnings will depend on the level of seasonal pathologies in the second half of 2024.

• The group remains focused on expanding access to homeopathy and health solutions globally.