Boiron (BOI) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached €245.6M, up 7.6% year-over-year, driven by strong growth in North America and specialty homeopathic products.

• Operating income rose 221.5% to €15.7M, with net income up 241.1% to €11.4M compared to H1 2024.

• Cash flow from operations nearly doubled, and net cash increased 25.8% year-over-year.

• The group maintained a solid financial position, with a focus on international expansion and operational efficiency.

Financial highlights

• Revenue: €245.6M (+7.6% year-over-year, +8.4% at constant currency).

• Operating income: €15.7M (6.4% margin), up from €4.9M.

• Net income: €11.4M, up from €3.3M.

• Gross margin increased by 8.0%, with a 0.3 point improvement in margin rate.

• Net cash: €62.0M, up from €49.3M.

Outlook and guidance

• Full-year performance will depend on the level of pathologies in H2 and global geopolitical/economic conditions.

• The group is committed to expanding access to homeopathy and health solutions worldwide.