New Risk • May 22
New major risk - Revenue and earnings growth Earnings have declined by 5.7% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 5.7% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Declared Dividend • May 20
Dividend increased to €1.35 Dividend of €1.35 is 13% higher than last year. Ex-date: 3rd June 2026 Payment date: 5th June 2026 Dividend yield will be 5.1%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (79% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 13% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Board Change • May 20
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 10 non-independent directors. FIDENTIS Permanent Representative Independent Director Philippe Brun was the last independent director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • Apr 08
Boiron SA, Annual General Meeting, May 21, 2026 Boiron SA, Annual General Meeting, May 21, 2026. Location: messimy France Aankondiging • Apr 07
Boiron SA announces Annual dividend, payable on June 05, 2026 Boiron SA announced Annual dividend of EUR 1.3500 per share payable on June 05, 2026, ex-date on June 03, 2026 and record date on June 04, 2026. Aankondiging • Apr 17
Boiron SA announces Annual dividend, payable on June 05, 2025 Boiron SA announced Annual dividend of EUR 1.2000 per share payable on June 05, 2025, ex-date on June 03, 2025 and record date on June 04, 2025. Aankondiging • Apr 15
Boiron SA, Annual General Meeting, May 22, 2025 Boiron SA, Annual General Meeting, May 22, 2025. Location: 2 avenue de l ouest lyonnais, messimy France Board Change • Dec 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 9 non-independent directors. Independent Director Jean-Marc Chalot was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Sep 28
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 99% Cash payout ratio: 95% Dividend yield: 4.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 99% Cash payout ratio: 95% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.9% net profit margin). Upcoming Dividend • May 27
Upcoming dividend of €1.35 per share Eligible shareholders must have bought the stock before 03 June 2024. Payment date: 05 June 2024. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 4.0%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.3%). Declared Dividend • Apr 17
First half dividend of €1.35 announced Shareholders will receive a dividend of €1.35. Ex-date: 3rd June 2024 Payment date: 5th June 2024 Dividend yield will be 35%, which is higher than the industry average of 2.4%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 1.3% over the next 3 years. However, it would need to fall by 55% to increase the payout ratio to a potentially unsustainable range. New Risk • Apr 03
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Mar 29
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Dividend is not well covered by cash flows (107% cash payout ratio). Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to €43.20, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 17x in the Pharmaceuticals industry in Germany. Total returns to shareholders of 39% over the past three years. Upcoming Dividend • Oct 11
Upcoming dividend of €10.36 per share at 2.0% yield Eligible shareholders must have bought the stock before 18 October 2023. Payment date: 20 October 2023. Payout ratio is a comfortable 40% but the company is paying out more than the cash it is generating. Trailing yield: 2.0%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (2.6%). Reported Earnings • Sep 17
First half 2023 earnings released: EPS: €0.89 (vs €0.72 in 1H 2022) First half 2023 results: EPS: €0.89 (up from €0.72 in 1H 2022). Revenue: €239.9m (down 6.6% from 1H 2022). Net income: €15.5m (up 24% from 1H 2022). Profit margin: 6.4% (up from 4.9% in 1H 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.0% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Pharmaceuticals industry in Germany. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. New Risk • Jul 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.6% average weekly change). Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to €48.55, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 18x in the Pharmaceuticals industry in Germany. Total returns to shareholders of 34% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €95.26 per share. Upcoming Dividend • May 24
Upcoming dividend of €1.10 per share at 2.8% yield Eligible shareholders must have bought the stock before 31 May 2023. Payment date: 02 June 2023. Trailing yield: 2.8%. Lower than top quartile of German dividend payers (4.6%). Higher than average of industry peers (2.5%). Reported Earnings • Mar 25
Full year 2022 earnings released Full year 2022 results: Revenue: €534.2m (up 17% from FY 2021). Net income: €44.7m (up 56% from FY 2021). Profit margin: 8.4% (up from 6.3% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.5% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Pharmaceuticals industry in Germany. Reported Earnings • Sep 17
First half 2022 earnings released: EPS: €0.72 (vs €0.54 loss in 1H 2021) First half 2022 results: EPS: €0.72 (up from €0.54 loss in 1H 2021). Revenue: €256.8m (up 35% from 1H 2021). Net income: €12.5m (up €22.0m from 1H 2021). Profit margin: 4.9% (up from net loss in 1H 2021). The move to profitability was driven by higher revenue. Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 3.9% growth forecast for the Pharmaceuticals industry in Germany. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • May 25
Upcoming dividend of €0.95 per share Eligible shareholders must have bought the stock before 01 June 2022. Payment date: 03 June 2022. Payout ratio is a comfortable 58% but the company is paying out more than the cash it is generating. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (4.3%). Lower than average of industry peers (2.6%). Reported Earnings • Mar 14
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: €455.2m (down 11% from FY 2020). Net income: €28.6m (up 9.0% from FY 2020). Profit margin: 6.3% (up from 5.1% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 2.9%, compared to a 8.1% growth forecast for the pharmaceuticals industry in Germany. Aankondiging • Jan 22
Boiron SA (ENXTPA:BOI) signed an agreement to acquire 70% stake in Abbi. Boiron SA (ENXTPA:BOI) signed an agreement to acquire 70% stake in Abbi on January 20, 2022. The consideration consists of €1.8 million and may consists an additional payment, depending on the performance of Abbi. On June 30, 2025, Boiron will acquire remaining 30% stake in Abbi. The transaction is financed from own funds of Boiron. The transaction is subject to precedent conditions and is expected to close no later than February 28, 2022. Reported Earnings • Sep 12
First half 2021 earnings released: €0.54 loss per share (vs €0.056 loss in 1H 2020) The company reported a poor first half result with increased losses, weaker revenues and weaker control over costs. First half 2021 results: Revenue: €189.9m (down 25% from 1H 2020). Net loss: €9.51m (loss widened €8.54m from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 26
Upcoming dividend of €0.95 per share Eligible shareholders must have bought the stock before 02 June 2021. Payment date: 04 June 2021. Trailing yield: 2.3%. Lower than top quartile of German dividend payers (3.2%). Lower than average of industry peers (2.9%). Reported Earnings • Apr 11
Full year 2020 earnings released: EPS €1.50 (vs €2.32 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: €513.6m (down 7.8% from FY 2019). Net income: €26.2m (down 36% from FY 2019). Profit margin: 5.1% (down from 7.3% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Mar 06
New 90-day low: €33.60 The company is down 9.0% from its price of €37.10 on 04 December 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 1.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €33.91 per share. Aankondiging • Mar 03
Boiron SA to Report Fiscal Year 2020 Results on Mar 10, 2021 Boiron SA announced that they will report fiscal year 2020 results on Mar 10, 2021 Aankondiging • Jan 28
French Agency for the Safety of Medicines and Health Products Selects Emmac Life Sciences Group in Partnership with Boiron as the Suppliers for the Forthcoming French Medical Cannabis Trial EMMAC Life Sciences Group announced that in partnership with Boiron, it has been selected by the French Agency for the Safety of Medicines and Health Products as one of the suppliers for the forthcoming French Medical Cannabis trial. The trial, the first of its kind in France, will allow 3,000 patients access to medical cannabis as a treatment option for certain indications; including chronic pain, epilepsy, oncology and spasticity; under tightly controlled conditions. ANSM has selected EMMAC's 20/1 and 10/10 oral solutions as second-source treatments to be available to patients and healthcare professionals as part of the two year trial. The partnership combines Boiron's unparalled expertise in plant-based medicine, with EMMAC's uniquely controlled European supply chain, from seed to patient, in order to deliver pharmaceutical-grade cannabis medicines that meet the strict requirements of product quality, safety and traceability. Is New 90 Day High Low • Jan 19
New 90-day low: €35.90 The company is down 14% from its price of €41.90 on 21 October 2020. The German market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €34.34 per share. Is New 90 Day High Low • Oct 02
New 90-day high: €41.30 The company is up 8.0% from its price of €38.25 on 03 July 2020. The German market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is €28.28 per share. 
