BOIRON : Activity in 2012

ACTIVITY IN 2012

(Unaudited data)

January 24, 2013

CUMULATIVE ACTIVITY AS OF THE END OF DECEMBER 2012

thousands of euros

2011 2012 Variation at current exchange rates

Variation at constant exchange rates

France 292,181 325,900 +11.5% +11.5% International : 231,034 240,394 +4.1% +2.4%

Incl. Europe excluding France 185,014 184,489 -0.3% -0.8%

Incl. North America 38,416 45,345 +18.0% +9.6%

Incl. Other countries 7,604 10,560 +38.9% +41.0%

Group Total 523,215 566,294 +8.2% +7.5%

thousands of euros

2011 2012 Variation at current

exchange rates

Variation at constant

exchange rates

Non-proprietary Homeopathic Medicines 265,636 292,025 +9.9% +9.6% OTC Specialties 257,748 273,776 +6.2% +5.1% Other -0,169 0,493

Group Total 523,215 566,294 +8.2% +7.5%

QUARTERLY ACTIVITY IN 2012 (variation at current rate)

	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
thousands of euros	2011 2012 Var.	2011 2012 Var.	2011 2012 Var.	2011 2012 Var.
France International : Incl. Europe excluding France Incl. North America Incl. Other countries	70,466 74,188 +5.3% 58,478 54,904 -6.1% 47,024 41,807 -11.1% 9,566 10,285 +7.5% 1,888 2,812 +48.9%	59,744 71,210 +19.2% 37,128 41,216 +11.0% 28,880 28,889 +0.0% 6,113 9,861 +61.3% 2,135 2,466 +15.5%	79,943 88,028 +10.1% 67,885 69,839 +2.9% 55,013 55,345 +0.6% 11,077 11,136 +0.5% 1,795 3,358 +87.1%	82,028 92,474 +12.7% 67,543 74,435 +10.2% 54,097 58,448 +8.0% 11,660 14,063 +20.6% 1,786 1,924 +7.7%
Group Total	128,944 129,092 +0.1%	96,872 112,426 +16.1%	147,828 157,867 +6.8%	149,571 166,909 +11.6%

	1st Quarter	2nd Quarter	3rd Quarter	4th Quarter
thousands of euros	2011 2012 Var.	2011 2012 Var.	2011 2012 Var.	2011 2012 Var.
Non-proprietary Homeopathic Medicines OTC Specialties Other	69,371 73,427 +5.8% 59,417 55,576 -6.5% 0,156 0,089	62,414 70,206 +12.5% 34,499 42,007 +21.8% -0,041 0,213	63,246 69,959 +10.6% 84,645 87,811 +3.7% -0,063 0,097	70,605 78,433 +11.1% 79,187 88,382 +11.6% -0,221 0,094
Group Total	128,944 129,092 +0.1%	96,872 112,426 +16.1%	147,828 157,867 +6.8%	149,571 166,909 +11.6%

FOURTH QUARTER HIGHLIGHTS

Sales revenue in the fourth quarter of 2012 grew by 11.6% (10.6% at constant exchange rates):

o In France, sales of non-proprietary medicines increased by 16.3% due to price increases applied to some of them.

o OTC specialties increased, especially in France, Poland, Russia and the US, particularly through the winter

OTC specialties.
In the United States, the settlement agreement signed on March 6, 2012 which shall put an end to all current class action proceedings (with the exception of the claim relating to Children's Coldcalm®) obtained final approval of the San Diego Court in its judgment dated October 31, 2012. Appeals were filed against this judgment which admissibility is under consideration by the Court of Appeal.
On December 17, 2012, the company "Pierre Fabre SA" sold its shareholding in BOIRON (3,330,436 shares) to the benefit of some members of the BOIRON family group for 1,289,593 shares and of the company BOIRON itself for 2,040,843 shares within the frame of the applicable share buyback program. The shares acquired by the company BOIRON were cancelled on January 1, 2013 in accordance with the Board of Directors' decision dated December 19, 2012.
At December 31, 2012, the group's net cash position exceeded 90 million euros. Operating income in 2012 is expected to increase significantly as compared to 2011.

Our next update: March 13, 2013, after the close of the stock market, publication of 2012 results. Financial information manager: Philippe MONTANT

Contact for financial information: Véronique BOUSCAYROL

Investor relations: +33 (0) 4.78.45.63.43 - e-mail: [e-mail]

ISIN Code: FR0000061129 (BOI) - Bloomberg: BOI FP - Reuters: BOIR.PA The group's financial information is online at : www.boiron.com