CONPANY_Brochure_2008

2008

medicines passion healthhomeopathy pharmaceutical laboratory

research future

Russia Boiron Russia saw an increasein capital of 35,000,000 RUB(€1,003K) taking the sharecapital to 42,000,000 RUB, bydecision of the Board of Directorson May 11, 2007.

France The consolidation of the Rennes,Rouen and Montpellier regionallaboratories, and the reorganizationof the business of the three Parisiandistribution sites were announcedduring the corporate works councilon April 19, 2007.

2007 was an important year of consolidationand reorganization marked by a goodincrease in activity, both in France andoverseas.

Italy The launch of two corporate cam-paigns and Camilia® in April, thesuccess of Euphralia® (+15.5%,the 2nd most popular eye drops inItaly) and remarkable results forOscillococcinum® (+26.8%) withthe 30-doses box being put on themarket.

United States Strong growth of Arnica andArnicare® gels and creams(+29.8% at constant rates),recommended by more than25% of American cosmeticsurgeons.

Hungary Positive effect of opening pharma-cies to private capital and increasedinterest in Boiron medicines(+47.5% of the 2007 turnover).Self-medication and use of genericmedicines are amongst the highestin Europe, after France.

KEYFACTS2007

Russia Boiron Russia continues its develop-ment (turnover of +€8.5 million in2007) in five main regions(Moscow, Saint Petersburg, Volga,South and Ural), fresh from a newsales organization (recruitment of30 employees) and strong growthfor Oscillococcinum®.

FranceOn May 2, 2007, all the holdings ofthe Company Dolisos Santé Animalewere transferred to Boiron S.A. Thisdecision presented the opportunityto reorganize the veterinary busi-ness within the Boiron Group and toset new targets.

Spain Business has grown (+8.7%) withthe development of Boiron OTCmedications for families (+11.6%),Stodal® in particular (+24.3%).Homeopathy is on the rise, recom-mended by 6,500 prescribers (moreand more pediatricians and healthcenters).

Romania Strong development for BoironRomania (+54.2% of the 2007 tur-nover) in OTC specialties (+53.7%),which is supported by the dynamicRomanian economy, the regulatoryframework and the development ofhomeopathic training (1,200 trainedphysicians).

ItalyConsolidation of two regional labo-ratories in Rome in January and clo-sure of four branches (Verona, Turin,Padua and Florence) on July 1, 2007.Deliveries are now made by theregional laboratories in Milan, Romeand Bologna.

SwitzerlandOn March 8, 2007, Boiron Franceincreased its capital by 1,100K CHF,bringing the share capital of BoironSwitzerland to 1,400K CHF. On Dec.14, 2007, a further increase in capi-tal of 2,400K CHF was decided.

Bulgaria Development of OTC specialties(+5%), such as non-proprietaryhomeopathic medicines (+10%),with a strong homeopathic culture.

Poland Strong growth in OTC specialties(+65.1%) and non-proprietaryhomeopathic medicines (+53.2%).Also of note, the developmentsof Homéoptic® (+234%) andOscillococcinum® (+100.1%).

Canada Growth in business for Boiron Canada(+7.7% of the 2007 turnover atconstant rates), which is solidifyingits base in Ontario where 200pediatricians and GPs recommendits OTC specialties. Success forCamilia® (+51.8% at constant rates).

BOIRON 2008 1

BOIRON’s 2007 Reference Document comprises two documents: - this "BOIRON 2008" corporate brochure,- the 2007 Annual Report.

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A message from Christian and Thierry Boiron

Boiron, the world’s leading homeopathic pharmaceutical group

Effective answers to today’s pathologies

Homeopathy: at the heart of tomorrow's medicine?

Medicines and expertise: an ongoing innovation

Boundless passion

A simple, direct relationship with healthcare professionals

A solid growth, a clear project: opportunities for future development

Boiron direct subsidiaries

Shareholders and stock market informations

Key figures

2 BOIRON 2008

> Thierry BOIRON > Christian BOIRON

Message> Valérie POINSOT> Bruno JOËT > Gilles CHAUFFERIN > Robert BEROUD

BOIRON 2008 3

Faithful to our values and determined to pursue our vision, we remain firmly attached to our standing as a family-run, independent company. We continue to grow, gaining footholds in Europe and other continents, at our ownrhythm, while remaining respectful of our values and character.More than ever, our passion drives us, and we are moving forward against all the odds, enabling homeopathy tomake progress within the world of medicine and pharmacy.

The results from 2007 confirm that our merger with Dolisos was an essential step for our overalldevelopment, economic performance, and medical and scientific projects. This rapid integration has only beenpossible because of each and everyone’s courageous involvement.Thanks to a major reorganization effort at the distribution level in France and in the group’s major subsidiaries, wehave continued to adapt to the current environment and to the changes in our activity (a reduction in extemporaneouspreparations and development of single medicines, as well as speciality products).

The year 2007 showed the results of our strategy of amplifying strategic choices. Three years ago,we committed ourselves to a challenging attitude in terms of resource allocation. This discipline has led us to makehighly selective choices and is already showing significant results; for example, our development in Russia and theworldwide growth of Oscillococcinum®.

The year 2007 was also another year of combat. Whether in France or elsewhere in the world, thedevelopment of our company and of homeopathy cannot be achieved without difficult confrontations—both interms of regulations and marketing, often with a backdrop of pseudo-scientific debates orchestrated by thosewho are troubled by homeopathy. In France, for example, to the detriment of all economic and public health-related logic, it is becoming more andmore difficult to keep several homeopathic medicines on the list of those reimbursed by social security, againstpressure from a certain ideological standpoint. It is, nonetheless, clear to any objective observer that homeopathicprescriptions strongly benefit the balancing of the social security budget and that, on the contrary, renderingsuch prescriptions non-reimbursable only aggravates the trend toward excessive prescriptions of expensive,hyper-efficient products that cause undesirable side effects.

In order to consolidate our development and face the international anti-homeopathy lobbies, each day we allocatea greater number of resources to proving the efficiency of our medicines and their benefits from a public healthpoint of view.

We are, in other words, staying on course with serenity and determination.

Message

We are staying on course

4 BOIRON 2008

1-Boiron, the world’s leading

health medicine progress ethics

cure values

BOIRON 2008 5

homeopathic pharmaceutical group

1 - pioneer � 2 - pathologies � 3 - reality � 4 - medicine � 5 - passion � 6 - health � 7 - future � 8 - world

A KEY PROCESS IN PRODUCING THE MEDICINE, THE MEDICATION OF HOMEOPATHIC PELLETS

AT THE SAINTE-FOY-LÈS-LYON PLANT (FRANCE)

6 BOIRON 2008

Similar backgrounds

From 1932, Jean and Henri Boiron, passionate and enterprising researchers,

threw themselves into an adventure:the Boiron project begins!

Visionaries and pioneers in manufacturing procedures, research and development

of homeopathic OTC specialties, these two well-known figures in the field

of pharmacy played a key rolein the recognition of homeopathy

in France (in particular, the introduction of homeopathy into the French

Pharmacopoeia in 1965) and its teaching throughout the world.

OUR AMBITION? TO GIVEHOMEOPATHY THE PLACE ITDESERVES IN MEDICINE

Boiron, a pharmaceutical laboratory like noother. Distinctive sign: a family history of pas-sion for homeopathy embodied in a singlename: Boiron. Almost synonymous withhomeopathy, their destinies are intertwined! That the Group is now the world leader inhomeopathy, after 70 years of history andexceptional contribution to the developmentof homeopathy, is not down to chance. But rather the result of a vision: homeopathy,a medical therapy that has been aroundsince the end of the 18th century, representsa real opportunity for modern medicine. Andof an ambition to design and develop moreeffective homeopathic medicines. Loyal to its original convictions, the Boironaim, even if it may have grown with the com-pany and improved over the course of time,has stayed the same: to offer each physician,regardless of his or her specialty, the meansto include homeopathy into his or her dailypractice… giving better rise to the new chal-lenges of public health.

Boiron, a short history of a long family adventure

Oscillococcinum®, extract of passion

Medicine for 50-year-olds to impudent youth, now associated with a red scarf and its famous slogan,

“Aussitôt Oscillo!” (Oscillo right away!), Oscillococcinum® is used to prevent or treat the symptoms of flu.

The effectiveness of this medicine is heralded in more than 60 countries over five continents and its popularity is not waning.

Fresh from a new, highly original T.V. advertisement in 2007,a realistic animation design using 240 oil paintings

by creator Thierry Marchal, Oscillococcinum® became the number one OTC flu medicine in France in 2007.

400million

patients throughout the world use homeopathic

medicine

HENRI AND JEAN BOIRON

BOIRON 2008 7


CHRISTIAN, MICHÈLE AND THIERRY BOIRON: SHARING THE BOIRON PROJECT WITH PASSION

Yes, in 30 years, our opinion of homeopathy has chan-

ged a great deal. A completely separate therapeutic

practice, it has opened up a new area by introducing a

unique overall concept of healing and of the patient, and

by providing effective complementary solutions without

iatrogenic effect. Everything has changed—apart from

the essence! Homeopathy is medicinein its youth, an inspiring project, and the merger

of Dolisos and Boiron is a real opportunityto respond appropriately to this movement. A growing

number of patients are seeking alternativetreatment and want to take responsibility for

their health using a preventive approach. An opportuni-

ty to drive a new medical dynamic

by supporting homeopathic training

and to devote more energy and

resources to the research that is so

vital for homeopathy.

> Max TÉTAUNephew of Jean Tétau, the founder of Dolisos Laboratories

COMBINING PERFORMANCE AND PLEASURE,PRECISION AND PASSION...

Although Boiron may change and grow, its ambition remainsconstant: to better meet the expectations of all those, bothhealthcare professionals and patients, who every day choosehomeopathy as a treatment with the conviction that the joy ofsharing, inventing, advising, researching and constantly develo-ping is the real link between passion for homeopathy and thepermanent quest to create more effective medicines with cons-tant precision. Better than a philosophy or values, this pioneeringstate of mind, marrying boldness, innovation and professiona-lism, is the basis of Boiron’s identity and a distinctive sign, whichis illustrated daily by the actions of each employee in all of thegroup’s regional laboratories and subsidiaries.

8 BOIRON 2008

2 - Effective answers to today’s

flu stress serious pathologies

depression sleeping problemsallergies anxiety muscular pain

BOIRON 2008 9

pathologies

In the two studies conducted, using the same method (two

groups of 260 patients consulting two groups of 65 physicians) on acuterhinopharyngitis in children and on anxiety in adults, the total

cost is lower or the same, but above half as many sick days were observed with

homeopathy. For anxiety, the results show comparable effectiveness and

for rhinopharyngitis, homeopathy is found to be moreeffective medically, with fewer episodes

and complications. Furthermore, frequent administration of

antibiotics leads to additional costs and is likely to encou-

rage resistance phenomena to develop.

> Gérard DURU University Professor, Director of Research at CNRS,

health methodology and econometrics laboratory


BOIRON: RESEARCH HAS BEEN A PRIORITY FROM THE OUTSET

10 BOIRON 2008

HOMEOPATHIC MEDICINES PROVIDE AN EFFECTIVE,

RELIABLE AND ECONOMICAL SOLUTION TO TODAY’S

AFFLICTIONS AND ILLNESSES

A WEALTH OF QUALITIES

Homeopathic medicine stands out due to its wealth of naturalqualities that satisfy the desire of many patients to look afterthemselves and use alternative health treatments. Homeopathy offers a wide range of solutions. Famed for itsreliability and effectiveness, homeopathic medicines arealso free from toxins. Particularly suited for prevention andpracticality (various different formulations: granules, globules,pills, creams, syrups, drops, etc.), homeopathic medicinesprovide quality remedial treatments and have a wide range ofaction for a large number of afflictions, allergies and everydayillnesses. Coughs and flu symptoms, headaches and fevers,stress and nerves, fatigue and depression, anxiety and burnout,muscular and bone pain - the list gets longer as homeopathyprogresses.

Homeopathy can also be used for serious pathologies

Homeopathy has undeniably opened

up a new area of therapeutic treatment… It presents a

real opportunity to effectively respondto the questions asked when it comes to making thera-

peutic decisions: how can a patient be effectivelyand quickly treated without causing harm and preventing

the risk of relapse? It is a delicate balance… In my daily

practice, homeopathy enhances my viewpoint through

its concern for the individual as a whole, his pathologies

and his symptoms. It gives highly effective solutions

in 80% of cases in terms of both symptoms

and the patient’s condition, and every

day makes a contribution for more

serious pathologies, even if this vast

field is yet to be fully explored…

> Jacques BOULEThomeopathic physician and director of the Centre

d'Enseignement et de Développement de l'Homéopathie (A school of clinical homeopathy founded in 1972,

CEDH provides education in 17 countries, has partnership agreements in place with 15 universities worldwide and

has trained more than 20,000 professionals since it began).

BOIRON 2008 11


VETERINARY MEDICINE

A new ambition

Veterinary medicine has made use of homeopathic medicines for many years and it offers a particularly suitable field for experimentation. Major advantage: its effectiveness combined with an absence of residues of medicine in milkand meat. In order to face up to the challenges of public health and provide a quality serviceto veterinarians and pharmacists, Boiron Laboratories set up an animal health team in 2007. Dedicated to veterinarians workingmostly in a rural environments, the wide range of Boiron medicines is particularly suitable for large animals, particularly in mammal and reproduction pathologies.

A GROWING THERAPEUTIC FIELD

Contrary to popular belief, the field of homeopathic medicine is notrestricted to life’s everyday afflictions and mild complaints. Thus, it providessolutions to the innocuousness, particularly marked in sensitive persons, suchas young children (migraine, hyperactivity), pregnant women throughout theirpregnancy, and even sick people in surgery/anesthesia. Used more and more often, and with success, to improve health,quality of life and compliance of heavy treatments (cancer, hepatitisC, AIDS, etc.), homeopathic medicines undergo several clinical trials andtests. Even if a homeopathic medicine cannot claim to cure pathologies atthis stage, there is evidence that it actively helps the healing process.Indeed, by reducing the side effects of certain medicines, it is well knownfor encouraging compliance of treatments, thus significantly increasing thechances of recovery. In the case of breast cancer, which affects 33,000 women in Franceeach year, a clinical trial demonstrated that the Cocculine® specialty hadproven results for preventing the nausea and vomiting associated withchemotherapy. Another study conducted on 250 patients** receiving chemotherapy andsuffering from acute radiodermatitis (skin inflammation) demonstratedthat Calendula Ointment was more effective and easier to tolerate thantraditional ointments, which is encouraging for better compliance of theradiotherapy and greater chances of recovery. Recourse to homeopathy knows no bounds. Evidence: a study launched byan African medical center on homeopathic medicine limiting the side effectsof an antimalarial treatment given to pregnant women. Or even a pilot studyon the treatment of pruritis in patients with hepatitis C and treated with dualtherapy.*** Homeopathy can also be used for serious pathologies.

* Paoli Calmette Institute/Marseilles 2002

** Léon Bérard Center/Lyon

*** Hôtel-Dieu/Lyon Dr. Bordet and Dr. Masson

5,000patients

were monitored under pharmaco-epidemiological studies launched in 2007.

A total of

12 BOIRON 2008

Since 2005, Boiron Laboratories has dedicated unprecedented

efforts to research, which is a major priority in developing

tomorrow’s homeopathic medicine. With two main focuses:

to get a better understanding and prove the

pharmacological action mechanisms of infinitesimal dilutions,

by explaining the source of results experienced by millions of

patients and their physicians

and, on the other hand, todemonstrate the therapeutic

effectiveness and the

interest that homeopathicmedicines hold for public

health.

> Gilles CHAUFFERINDeputy Managing Director,

Research, Assessment and Corporate Affairs

A DEEPER UNDERSTANDING, BETTER ANALYSIS AND MORE PROGRESS

Homeopathy is an observational medicine, born from and developedthrough and with experimentation. To this end, research plays a major role inits development and has been seen by Boiron as a priority from the outset.Whether with regard to demonstrating the effectiveness of its medicines andtheir interest in public health, broadening its indications or even creating newspecialties. Experimental research into homeopathy has made enormous progressin the last 50 years: fundamental (physical), pharmacological, medical orpharmaco-epidemiological, research is split across numerous studies,tests, works and practical inquiries carried out by the Boiron Institute, whichaims to advance the field of knowledge in homeopathy. Combining both public (INSERM, CNRS) and private laboratories, bothresearch teams and academics and physicians, Boiron research benefitsfrom advances made in other disciplines (physics, biology) which, inexploring the infinitely small, opens up particularly favorable prospects forhomeopathy. Knowing how homeopathy “works”, discovering the secret andexploring the action mechanism of infinitesimal dilutions to be able tounderstand and explain the beneficial results experienced by millions ofpatients and physicians, remains an essential objective.

Homeopathy was born from experimentation

75pharmaco-epidemiological,

medical and clinical

studieshave been launched by Boiron

since 2005

PHARMACO-EPIDEMIOLOGICAL STUDIES 2007

Effective medicines, useful homeopathy

Objectifying the place of homeopathy in therapy strategies and demonstrating its interest in public health are the keys to its future legitimacy

and its adoption by Health Insurance systems. In 2007, Boiron launched pharmaco-epidemiological

studies involving more than 600 physicians and 5,000 patients within a large cross-disciplinary

inquiry and three cohort studies. This work is coordinated by a scientific

committee made up of specialists in the pathologiesin question, in conjunction with epidemiological,

pharmacological and biostatistical experts. The object is twofold: to analyze the use of

homeopathic medicines (How? By whom? For whichpatients? For which pathologies?)

and to demonstrate their effectiveness and their usein everyday medical practice as well as their

consequences on public health.

BOIRON 2008 13


A GROWING EFFORT

Since 2005 when it joined forces with Dolisos, Boiron has put unprece-dented effort into research: more than 75 studies have been launchedin very varied pathological fields, investments multiplied by four and almost€6 million spent each year on research. An essential effort, although stillsmall, to design the homeopathic and Boiron Laboratories of tomorrow. Objective: to provide everyone with increasingly effective medicines for abroader range of pathologies. And to invent new medicines.

89%of users that Cocculine® works

* Ipsos/December 2003

Cocculine®, successful anti-nauseamedicineHalf of people suffering from travel sickness are not aware that there is a solution to help them.For the majority of others, Cocculine®, a complex homeopathic medicine (combining Cocculus, Nux Vomica, Petroleum,Tabacum) that is available in tablet or pellet form, has become an essential item to pack. It is particularly effective for preventing or treating nausea and vomiting associated with traveling.

The creation of a Masters in 2004 at the Sousse

Faculty of Medicine in Tunisia endorsed by the

Ministry of Higher Education constituted official reco-

gnition for homeopathy. Taken by 20 or so physicians

each year, the training, given by the CEDH,

involves a 220-hour course and 40 hours of research.

It is a real opportunity to develophomeopathy in hospitals and research through

the dissertations of students, and

a major advantage for meeting the

growing expectations of patients

and 700 prescribing physicians.

> Anis BAMRIMedical and Pharmaceutical Development Manager

of Boiron Tunisia

14 BOIRON 2008

3 - Homeopathy: at the heart of

world patients accessible

training treat cure culture diversity

BOIRON USA STAND AT PRI-MED, THE GP EXHIBITION IN NEW YORK, LOS ANGELES, CHICAGO AND PUERTO RICO

BOIRON 2008 15

tomorrow’s medicine?


ESPAGNEA total of 15% of Spaniards claim touse homeopathy: this growing interestin homeopathy is demonstrated by therapid development of the market(+10% in 2007), a growing number ofprescribers (approximately 6,500), in parti-cular pediatricians and gynecologists(mostly in health centers managed bySocial Security or private insurance).

THE NETHERLANDSIn this country, which is characterizedby a prevalent culture of self-medication(40% prescription following a consulta-tion compared with 90% in France) andprevention in health matters, homeopa-thy is rapidly increasing. Boiron has beenpresent for more than 15 years, mainlythrough six OTC specialties sold in the6,000 Dutch drugstores and, for the last 2years, in 1,700 pharmacies and 200 health& food stores.

4out

of10French people

use homeopathicmedicine*

* IPSOS study – May 2004

BULGARIAThe country with the highest ratio ofuse of non-proprietary homeopathicmedicines per inhabitant in the world andsecond for the use of Oscillococcinum®,Bulgaria is a country with a strong homeo-pathic culture.

ISRAELIn Israel, where there are 300 prescribersand 1,300 naturopaths, homeopathicmedicines that are certified kosher aredistributed by the large network of thecountry’s mutual pharmacies, and someOTC specialties are available in departmentstores.

MOROCCOWith almost 600 prescribers (mostlyGPs, pediatricians and gynecologists),homeopathy is on the rise. Evidence: theofficial recognition in 2007 of the RabatFaculty of Medicine and PharmacyUniversity Diploma, which will allow thedevelopment of homeopathy training andits distribution, both in hospitals and withcity-based physicians.

TUNISIAThe development of Boiron (+12.3% ofthe 2007 turnover), present for morethan 10 years, and the vitality of its training(100 pharmacists trained in 2007) illustratehomeopathy’s vast success and the deve-lopment of its recognition (1st UniversityMasters in homeopathy created in 2004 atthe Sousse Faculty).

POLYNESIATraditional and cultural users of homeopa-thy, the Polynesians are particularly appre-ciative of this therapy. Boiron medicinesare available in New Caledonia andTahiti as well as in the most remotepharmacies of the Marquesas Islands!

The benefits of arsenic Arsenic contamination of underground water poisons millions ofpeople across the world. Two studies conducted in India, one onpatients from three villages in Bengal* and the other on a widerpopulation, demonstrate that the action of Arsenicum album inhigh dilution (30 CH), a widely used homeopathic medicine,leads to a notable reduction in the rate of concentration ofarsenic in blood and urine and an improvement in cuta-neous symptoms, and causes a reduction in the rate ofanti-nuclear antibodies in naturally intoxicated patients.

* Khuda-Bukhsh A.R. and al, eCAM, october 2005** Belon P. and al, eCAM, january 2006

More than 200,000 physicians and 300 million patients trust homeopathy inalmost 100 countries worldwide. It has become a promising therapy forcontemporary medicine.

56%of Poles

maintain that homeopathy is an effective treatment

method** TNS OPOB survey - December 2006

16 BOIRON 2008

Homeopathy, a language

Christian BoironOpening speech of the Congress of the International Homeopathic Medical League - May 2008.

“Today I proposeusing a metaphor, that of

language. Homeopathy is a“country” within medicine, which,

like all countries, is defined both byits borders and by its language. Thewords of the homeopathic languageare homeopathic medicines: theyare defined, coded and regulated

in the majority of countriesthroughout the world.

There are many ofthese words, and even if

there are different ways of‘writing’ them and using them,

each one of which is in principlelegitimate, we at least have thegood fortune of using the samewords. Homeopathy is a language.Plural, diversified, but specific.”

BOIRON 2008 17


Medicine is one and indivisible

For a long time, homeopathy has sufferedfrom a simplified image-clichés and labels.Neither an ideology or dogma, nor an alternativeor complementary discipline, homeopathy is atherapeutic strategy that has both its ownpharmacopoeia and different medical practices,in turn corresponding to the diversity of theschools of thought existing throughout theworld.

But each doctor, whether a homeopath ornot, works, above all, in line with theHippocratic tradition: placing each patient inhis or her environmental, familial and profes-sional context; drawing on the most suitablepharmacological sources; and preserving thenecessary holistic approach to take accountof each patient on an individual basis.

My medical practice has been based on homeopathic medicine for

25 years with highly satisfactory results. It is vital that everyone is

free to learn about homeopathy and, in this sense, respect of the

different sensibilities is essential. Our main common challenge is in

the training of quality homeopathicphysicians and the provision of high-level educational training that

respects the different practices that is geared toward obtaining offi-

cial recognition for homeopathy. At a recent meeting of the main

French schools, we set ourselves the task of creating a common

first year of homeopathic training, followed by

2 years freely implemented by the schools and

concluding in a dissertation, within the frame-

work of a Masters-type course, validated by

the University.

> Antoine DEMONCEAUXGeneral practitioner, homeopath, consultation fellow at

the Reims CHU, course leader at the Reims Faculty of Medicine,member of the Société Savante of homeopathy,

Teaching Leader for the CEDH

In medicine, there are several schools of thoughts closely linked to

diversity of cultures and medical practices. In homeopathy it is the

same; there are several ways to use homeopathic medicines. I note

that Boiron’s desire today is not only to continue to

provide all the very high-quality medicines in the world of

homeopathy, but also to promote allthe reasonable schools ofthought that respect one another.

> Abdul Qadeer QAYOOMHomeopathic Physician (Pakistan)

Each day, homeopathic medicines arebecoming more effective, more reliable andmore useful. At the heart of this project and thisvocation is our increased determination toinvest in basic medical, clinical and pharmaco-epidemiological research.

A better understanding of the mechanismof pharmacological action of infinitesimaldilutions and an ongoing assessment of thetherapeutic action of our medicines will enablehomeopathic doctors worldwide to be unitedaround a common and pragmatic vision ofhomeopathy.

Accepting diversity and increasing knowledge

18 BOIRON 2008

Our Academy brings together 250 multi-disciplinary homeopaths

and is involved in the training of physicians and veterinarians within

the framework of a Masters at the Barcelona Faculty of Medicine,

as well as numerous clinical studies. We are motivated by

a strong conviction: pluralism of thoughtplays an important role in the rebirth ofhomeopathy. Whether in the schools of Bombay, in

Scholten in the Netherlands, or even exciting routes of investiga-

tion marked out during the Boiron Institute Congress in Lyon in

2006, their contribution is very rich and com-

plementary. Thanks to our expertise and, more

importantly, our ethics in our practices, each

one of us can make his or her contribution to

the development of homeopathy.

> Manuel MATEU-RATERAHomeopathic physician,

President of the Academia Médico Homeopática in Barcelona

“We will support all homeopathyschools equally, whatever their dogmaor doctrines, on the condition that theyrespect the other schools and thatthey respect us as laboratories.”

Christian Boiron Opening speech of the Congress of theInternational Homeopathic Medical League- May 2008.

BOIRON 2008 19


Today, close to 200,000 physicians usehomeopathy worldwide. Homeopathy is notonly a constantly developing pharmacology,but also a medical practice that seeks eachday to draw comparisons in a courageous,transparent and scientific way, with the pro-gress of medicine as a whole. The currentsuccess of homeopathy rightly rests on itsability to meet-increasingly clearly andincreasingly effectively-the changing needsof the different global populations, confron-ted both with so-called “civilization” illnessesand with pathologies stemming from poverty,lack of hygiene and malnutrition.

In order to further strengthen its relevanceand credibility, homeopathy must be conti-nuously nourished, not only by pharmacolo-gical research that is developed by the lea-ding laboratories, but also by meetings, suchas that of Ostend 2008, enabling doctorsrepresenting different medical cultures anddifferent socio-political economic situationsto compare and go back to their roots inwhat English speakers call cross-fertilization.The theme chosen by the organizers of the2008 Ostend congress is one of the keys tothe future of homeopathy: it involves our abi-lity to assess both the effectiveness andusefulness of our medicines and the relevan-ce and performance of different homeopa-thic medical practices. It is, therefore, withgreat enthusiasm that we have responded tothe request of Dr. Michel Van Wassenhovenby accepting the role of principal partner ofthis congress.

Boiron, principal partner of the 63rd internationalcongress of homeopathic doctors

The title of the 63rd LMHI Congress, “Evidence based homeopathy”

echoes reality. Providing evidential proofs of the effectiveness

of its practices and the action mechanism of homeopathic medici-

nes is essential for the consolidation of homeopathy. Moreover, as

well as the use of statistics and double-blind studies, highly rele-

vant observational studies based on everyday practice, allow this

evidence to be provided: each physician can see in

his daily practice the link between the symptoms experienced by

the patient, the medicine prescribed and its effectiveness.

Providing all the evidence gathered from daily practices in their

diversity, is the challenge of the huge project carried out by the

Scientific Committee and the 246 proposed

communications. I was hoping that Boiron

would support us: I am, therefore, happy that

they are involved so passionately in this part-

nership as homeopathy must be more open to

be able to grow.

> Michel VAN WASSENHOVENHomeopathic physician, Secretary for Research of the

Liga Medicorum Homeopathica Internationalis, President of the Commission of Homeopathic Medicine Registration (Belgium)

and founding member of the European Committee for Homeopathy

20 BOIRON 2008

4- Medicines and expertise:

good practices requirement specialties

research solutions technology

regulation reliability

BOIRON 2008 21

an ongoing innovation

There is no risk: it is also because we put all our energy into producing particularly inno-

vative, effective medicines that comply with Best Manufacturing Practices that advances

are made in homeopathic medicine. If it

is more recognized, it is because it offers a very broad

range of therapeutic solutions for everyday

ailments and for serious pathologies. Therapeutic solutions

without toxicity that are economical, proven to be

effective and increasingly appreciated by patients, as well as

by physicians who wish to enhance their medical practice.

> Valérie POINSOTDeputy Managing Director,

responsible for Medical and Pharmaceutical Development


HAHNEMANNIAN DILUTION, HUNDRED-FOLD DILUTION DEVELOPED BY DR. HAHNEMANN, AN IMPORTANT STAGE IN THE MANUFACTURE OF HOMEOPATHICMEDICINE

NON-PROPRIETARY MEDICINES A WIDE RANGE OF MEDICINES AND FORMS

These medicines, available in varying dilutions, may be manufactured by all homeo-pathic drug companies that meet the marketing authorization requirements stipulatedby current legislation. Marketed under their scientific Latin name, they offer a very wide range of therapeuticindications and are available in many different forms: multi-dose tubes of granules,single-dose tubes of globules and liquid form (homeopathic mother tinctures, drops,dilutions).

PROPRIETARY SPECIALTY PRODUCTS

Medicines created and developed exclusively by Boiron Laboratories bring a variedarray of responses to a broad field of pathologies.Quite often these specialty products combine several active homeopathic ingredientsand are available in a wide range of pharmaceutical forms: essentially pills, balms andsyrups, but also gels, eye washes, drinkable single-doses, etc. These products are distributed under trade names (Oscillococcinum®, Sédatif PC®,Cocculine®, Stodal®, Camilia®, etc.) and they may be prescribed by doctors, recom-mended by pharmacists or purchased for self-medication.

22 BOIRON 2008

Two broad categories of medicine

1millionsingle-dose and multi-dose

tubes are produced each dayby Boiron Laboratories.

BOIRON 2008 23


24 BOIRON 2008

The ability to plan ahead with a medium-term vision in order to constantly adapt and

rationalize our production facilities and capacity while making significant investments.

To provide a high level of service and performanceto all our customers and subsidiaries, just as

we did in 2007, a year of strong sales growth - particularly at the

international level. The 2007 effort to bring our third French site

(Montrichard) into alignment with standards illustrates our desire

to guarantee the irreproachable quality of our medicines.

> Philippe GOURETPharmaceutical Director

BLENDING TRADITIONAL CRAFTSMANSHIP WITH CUTTING-EDGE TECHNOLOGIES

Boiron has acquired unique know-how in the field of manufacturing homeopathicmedicines during more than a half-century of experience and innovation. Becauseof its complexity, the production of homeopathic medicines is subject to very strictrules: all strains are selected, checked, and used in accordance with the rules setout in the Pharmacopoeia and Homeopathic Materia Medica. All medicines must comply with international pharmaceutical requirements(AFSSPS/French Agency for Sanitary Safety of Health Products, U.S. Food andDrug Administration, Pharmacopoeia, etc.).

AT THE HEART OF BEST PRACTICES: A HIGHLY RIGOROUSPROCESS

Drawing on the principle of similarity, homeopathic medicine leverages the thera-peutic effects of substances while mitigating their toxicity through the use of verysmall doses called “infinitesimal” measures. The pharmacological requirements forultra low doses are extremely strict at every step of production to ensure reliabilityand reproducibility. These steps include maceration of raw ingredients in water and alcohol, trituratingto enable the obtainment of a soluble mother tincture, dilution into infinitesimaldoses, agitation, and pulverization to the desired level of dilution in the chosen form(granules, globules, pills). The latter technique is made possible by Boiron’s exclu-sive triple impregnation procedure, which ensures even penetration of the dilutionwithin the final product. Working closely throughout the medicine production stages, qualified teams ofbotanists, pharmacists and chemists oversee strict compliance with good manu-facturing practices and adherence to highly rigorous procedures.

1,500 MINERAL AND CHEMICAL SUBSTANCES, 1,250 PLANT SPECIES AND 300 ANIMAL STRAINS SELECTED IN COMPLETE RESPECT FOR ECOSYSTEM HEALTH MAKE UP THE RAW MATERIALSFOR HOMEOPATHIC MEDICINES

From the selection of strains to impregnation: a highly controlled process

BOIRON 2008 25


BOTTLE-PACKS FOR EYE SOLUTIONS, TRANSLUCENT TUBES FOR NON-PROPRIETARY MEDICINES, NEW LINE OF MOTHER TINCTURES, EASIER-TO-READ PACKAGING... IT’S ALL PART OF BOIRON INNOVATION

CHANGING ENVIRONMENT ALL AROUND THE WORLD

As recognition of homeopathic medicine grows, the field is also becoming moreregulated. This dictates that we adapt to the continuously changing regulatorylandscape (European directives of 1992 and 2004 on medicines, redefinition of thelaws on marketing authorization, new registrations, etc.). In this regard, 2007 was avery rich year.

- In France, where controlling health expenses is still the order of the day,Boiron lobbied against the tax on medicines (0.50 euro per box of medicines) thattook effect on Jan. 1, 2008, which amounts to a virtual reversal of governmentreimbursement for homeopathic medicinal products. This measure is as unfair asit is counterproductive because it risks promoting the prescription of conventionalproducts, which are increasingly expensive! This incomprehensible move comeson top of the price freeze dating back to 1998, the transition from 65% to 35%reimbursement of homeopathic medicines in 2004 and of compound magisterialpreparations in 2007. And yet homeopathic medicines – which, on average, costfive times less than other reimbursable pharmaceutical products – demonstrateeach day that they are an asset to the public healthcare system. Alongside otherplayers in the health sector, Boiron has been proposing since 2004 a “Contractof Progress for Homeopathic Medicine,” which notably floats the ideas of autho-rizing prescriptions in hospitals and promoting research by restoring value to theprice of homeopathic medicines.

- In Europe and everywhere around the world where Boiron is present, thesedevelopments force each subsidiary to adapt to new regulations, and sometimeseven to prepare applications for approval (e.g., in 2007 in Brazil). Examples in2007 include the re-approval of the marketing authorization for several OTC spe-cialties, particularly in the Czech Republic; the introduction of a new nomenclatu-re in Switzerland; in Romania, the Law of May 1, 2007, including homeopathicmedicine in the field of complementary medicine; and the renewal of filings for theentire Boiron line in Poland and for certain OTC specialties in Belgium, etc. Furthermore, the creation of national legislation by some countries (United ArabEmirates in 2001, Brazil in 2006) quite often amounts to an opportunity to accessthe domestic market.

A changing regulatory landscape, growing recognition

THE MONTRICHARD SITE SPECIALIZES IN LIQUID PRODUCTS

26 BOIRON 2008

Homeopathic medicine is a fact of society. A growing number of doctors and patientsare seeking access to effective, affordable, non-toxic medicines, and they want tochoose between different treatments and/or reconcile their simultaneous use. They arebetter informed, conscious of the need to limit health spending, and eager to form theirown opinions. Large numbers of these consumers aspire to take better control of theirown health.

And, in fact, the development of homeopathic medicine has been largely attributed tothe desire to prevent illness and the need to care for one’s body in new ways in a lessexpensive fashion.

Homeopathic medicine fulfills these goals because it meets the needs of public health,offering, among other things, a very advantageous cost/effectiveness ratio. Self-medi-cation, the topic of a parliamentary report in France in 2006, can, thus, be an opportu-nity to make a commitment to greater patient empowerment and prevention, therebyhelping to better control health spending by government agencies. That is, provided thatit is strictly regulated and that each patient is educated and clearly informed.

While non-proprietary medicines – with no therapeutic indications – do not lend them-selves to self-medication, Boiron family medication specialties are effective first-line the-rapeutic solutions to treat many of the aches, allergies and illnesses of everyday life.

Seeking to provide answers that are compatible with the realities of our time, Boiron hasanticipated certain changes in the medicine landscape, such as the 2008 introductionin France of open access to some family medication specialties in pharmacies and thedistribution of homeopathic medicines via channels other than pharmacies in Europe(presaged by Italy, since 2005, Romania and the Netherlands). These are all changesthat may cement the growth of the homeopathic medicine sector.

Boiron, a responsible actor for public health

“RESPONSIBLE SELF-MEDICATION FOR INDIVIDUALS CONSISTS OF

TREATING THEIR ILLNESSES WITH LEGAL MEDICINES SOLD

WITHOUT A PRESCRIPTION THAT ARE SAFE AND EFFECTIVE

UNDER THE CONDITIONS OF USE INDICATED.”

WORLD HEALTH ORGANIZATION - 2000

BOIRON 2008 27


28 BOIRON 2008

5- Boundless passion

sharing commitment fulfillment creativity

dialogue values growing together

pleasure openness listening

BOIRON 2008 29

The year 2007 made it possible to enter a new era: the era of a multi-national group where we

work in symbiosis on all major projects in a framework of confidence and decentralization. The

promises born of the merger with Dolisos were kept and we remain committed to alwaysseeking out better ways to reconcile economic needs with humanones within Boiron's strategy. The economically challenging years of 2005 and 2006 made

it possible to promote high-quality dialogues in a reassured climate. The desire toshare the fruits of the group’s performance has concretely

translated into a return to employee shareholding and profit-sha-

ring, the development of savings tools, and the preparation of a new

agreement on retirement plans. This mutual trust was also demons-

trated by open exchanges within the Employee Committee and a

constructive dialogue characterized by respect

for one another.

> Robert BEROUDAssistant Deputy Managing Director for Human Resources


CULTIVATING THE UNIQUENESS OF A MULTI-NATIONALGROUP THAT EMPLOYS NEARLY 4,000 ASSOCIATESUNITED BY A PLAN, A PHILOSOPHY, MANAGEMENTPRACTICES AND COMMON VALUES

30 BOIRON 2008

4,000associates

23 subsidiaries abroad, 5 production sites and medicines

distributed in more than 80 countries: this is the face

of the Boiron Group

A MULTI-NATIONAL GROUP, A NEW FACE

After 2 years of rebuilding and thanks to the willingness of all employees towork together better, the new face of the Boiron Group is starting to takeshape and it’s not just a man’s world: two out of three employees arewomen! Increasingly open to the world, the Boiron universe is growing withboundless passion! Thanks to strong growth in Boiron Russia (developmentin three new regions) and a profound change in growth strategies in France,Italy, Belgium and, notably, Poland, 2007 was a prolific year. Boiron, a multi-national group employing nearly 4,000 associates (of whichmore than 35% work outside France), posted significant growth in itsbusiness and a considerable rise in productivity. What’s more, theseresults have made it possible to recommence profit-sharing for ouremployees. As a guarantor of its growth and an important asset to thegroup, Boiron’s international dimension constitutes a veritable challenge tobe met: achieving a harmonious balance between the subsidiary autonomyand cohesion within a group that is united by shared values and projects.

FINDING THE BEST COMBINATION OF ECONOMIC PERFORMANCE AND PERSONAL FULFILLMENT

Since the beginning, Boiron has been focused on a constant goal: findingthe best combination of economic performance, which is critical to ourgrowth, and the personal fulfillment of each employee, which is crucial to ourwell-being. We are motivated by an observation: the company is a place formutual sharing and its success is the fruit of the daily passion and commit-ment of its associates. Wanting to share the wealth of the group’s perfor-mance in a very direct way, in France, Boiron created several tools(employee savings plan, shareholding, etc.) and signed company-wideagreements formalizing employee participation in company results beginningin 1979. This initiative is still relevant: the goal now is to gradually extendthese benefits to subsidiaries, such as Poland (2007) and Spain (2007).

A pioneer in human resource policy, Boiron also stands out for a richtradition of social dialogue within various bodies, combining a robustculture of personnel participation, volunteerism, listening andexchange at all levels of the company. Coproduction has, thus, becomethe “trademark” of all internal projects; it is a reflection of our managerialpractices founded on trust, creativity and a sense of initiative. Some 30company-wide agreements punctuate the life of the group and in 2007,preliminary work began on a new retirement plan. Reorganization of the pace of work, integration of disabled persons,attention to workplace conditions, promotion of artistic creation and supportfor personal projects: these are all areas in which Boiron has been a leaderfor quite some time.

Laying the foundation for the development of

Boiron Spain with 170 particularly passionate

employees requires real teamwork!Built on the values of autonomy and trust, wereally bring these principles to life

each day with a sense of initiative, listening, and

the joy of working together. Two agreements

signed in 2007 perfectly reflect this dedication to

sharing: the possibility for each associate toconvert his profit-sharing into

Boiron stock and the creation of a Social and

Cultural Committee that serves as a real “melting

pot.” This open participatory initiative is designed

to plan the traditional end-of-year “Fiesta” as

well as various other in-house events. Moreover,

a major training effort has been made to develop

the skills and bilingual capa-

city of all employees to facili-

tate relations within the

group... always sharing!

> Emile DEVEYManaging Director, Boiron Spain

2007: Boiron continuesto grow

Homéoplasmine®, the “crème de la crème” of pomades An undeniable success in 2007 (more than 2 million units sold) and new T.V. spots for Homéoplasmine®, a Boiron product that is well known to parents… and theirchildren! And with good reason. This pomade-containingplant extracts (Calendula and Spicebush) is especiallyeffective at soothing skin irritations. It is a medicine cabinet must-have.

BOIRON 2008 31


DIVERSITY, MOBILITY, AUTONOMY

Striking the right balance between autonomous decision-making by eachsubsidiary, which is essential to meet the specific needs of the local context,and the pooling of resources and projects, the Boiron model is foundedon an organization that favors synergies and transverse collaboration.Furthermore, the Boiron group encourages its associates to embark on theadventure of expatriation and, more generally, promotes professional mobility,a key factor for personal enrichment and motivation.

SUSTAINED TRAINING EFFORT

Because professional effectiveness and personal fulfillment are closely linked,the group is committed to offering all employees opportunities for mobilityand career development by enhancing their skills through training andcoaching. The guiding principles at Boiron remain professionalization andskills development for everyone because they are critical to the company’sprogress. Eager to empower each employee to advance in their professionalpath, Boiron France continues to support a robust training program: morethan 1 million euros planned in 2008 and a total of 2,644 persons trained in2007, resulting in 36,000 hours of training.

MORE EXCHANGE AND INTERNAL COMMUNICATION

Getting to know one another better to share more, exchanging informationto cooperate, opening up, discussing... communication is one of the keysto a flexible, responsive organization. It is a crucial link between thevarious sites and subsidiaries. The internal communication system,which relies on true participation from everyone, was overhauled in 2007.More specifically, we saw the debuts of the newly formatted “Plein Tube,” anin-house magazine for information and exchange; the redesigned Intranetsite with new dialogue functions; an internal newsletter; and an electronicnews tool. This communication initiative is also illustrated by the large numberof events and spaces devoted to exchanges and individual expression(team meetings, monthly information meetings, working groups, etc.). Not tomention all the moments of warmth and enjoyment!

Professionalizationat every stage

32 BOIRON 2008

6-A simple, direct relationship

prescription inform educate

support pharmacy dialogue

meet train

BOIRON 2008 33

with healthcare professionals

More and more patients are setting out to find effective, natural, non-toxic medicines that

have no iatrogenic effect. This is a fundamental movement that is gaining ground and it is

a major opportunity for homeopathic medicines: homeopathy perfectly

meets their needs, and open access to homeopathic products starting in

2008 will add another dimension to this category by encouraging more people to discover

this treatment approach through the various specialties. At the same time, it will

give pharmacists a chance to play up their roleas advisors. This is a chance not to be missed, as, in the

medium term, pharmacies will be facing new challenges. These may

include a pharmacist’s ability to write prescriptions, official recognition

of the pharmacist as an advisor, or the sale of medicines outside of

pharmacies.

> François ROUXLicensed Retail Pharmacist,

Instructor at the Homeopathy Training Center


BEGINNING IN 2008, CERTAIN HOMEOPATHIC PRODUCTSWILL BE OPENLY ACCESSIBLE IN PHARMACIES IN FRANCE, THUSENHANCING THE PHARMACIST’SROLE AS A SOURCE OF ADVICE

34 BOIRON 2008

WHETHER THEY ARE GENERAL PRACTITIONERS

OR SPECIALISTS, WORKING IN HOSPITALS

OR PRIVATE PRACTICE, AN INCREASING NUMBER

OF DOCTORS ARE PRESCRIBING HOMEOPATHIC

MEDICINES

LISTENING EACH AND EVERY DAY

Ever more doctors are making the effort to learn about homeopathic medicines so they can incor-porate them into their everyday work. For more than 20 years, the medical development objectiveof Boiron has been to create the right conditions so that others can discover homeopathyand enrich the discipline. Efforts such as medical exams, education of hospital staffs, trainingprograms, access to better information about homeopathic medicines, and the organization ofseminars and conferences make it possible to better inform, train and support practitioners.Whether educating pediatricians in Spain, doctors working in health clinics in Poland, plasticsurgeons in the United States, or even obstetrics/gynecology teams in France, Boiron is there tosupport practitioners every day.

COUNSELING, CLOSELY HEWING TO NEEDS

To better meet the wide range of needs, Boiron now has four specialized networks to work withdoctors, practitioners and pharmacists around the world. A total of 360 representatives work in thefollowing functions: Medical Representatives, Family Health Visitors, Medical DevelopmentConsultants, and Pharmaceutical Development Consultants. They ensure that the cultural, econo-mic and regulatory context in each country is taken into account. Their goal? Creating a specialrelationship and offering real advice based on listening and dialogue to facilitate the prescription ofhomeopathic medicines. To provide a more thorough response to doctors seeking to receive moreintensive training in homeopathic medicine, in 2007 Boiron introduced the concepts ofMedical Development Consultant and Expert Medical Representative (France, Italy,Poland, Spain). In parallel, coaching sessions brought together employees from our subsidiariesso that all the networks could begin employing a common vocabulary and shared working methodsto improve the advice dispensed. In the same spirit, Boiron Spain initiated an “e-learning” trainingprogram for doctors that allows them to obtain a university diploma in the framework of mandatorycontinuing education...with greater flexibility in their studies!

25,000doctors

in France prescribe homeopathic medicines

to their patients

Doctors: growing interest in homeopathic treatments

BOIRON 2008 35


DEVELOPING QUALITY HOMEOPATHIC TRAINING

Education is really taking off in the field of homeopathic medicine.Training quality homeopathic doctors is critical. There are various optionsfor students or doctors who wish to study homeopathic medicine. Thereare common post-graduate training programs administered by privateand public institutions that confer a university diploma in nine universitiesin France (including the Schools of Medicine in Nantes and Strasbourgsince 2007).

Another potential avenue are the Continuing Medical Training curriculaadministered by the CEDH and some ten other schools (including theSociété Médicale de Biothérapie) that all belong to the FFSH (FrenchFederation of Homeopathic Societies). The more government agen-cies and universities recognize training programs, the greater themomentum becomes at schools both in France and abroad (suchas in Romania, where 200 doctors were trained in 2007). Through itspresence at numerous conferences and seminars, Boiron lends itsactive support to this movement to spread homeopathic learning andknowledge with the greatest sense of openness.

The key is to make each practitioner want to discover

homeopathic medicine, forge a relationshipof trust by supporting them in their personal deve-

lopment and be a partner that is attentive to their

needs, their specialization and what makes their prac-

tice unique. What gives me the greatest satisfaction?

Seeing a doctor become morefulfilled by incorporating homeopathic medicine

into his thought process and diagnosis and giving

him the chance to enhance his daily practicewith in-depth training, short

“Discovery” sessions that are real-

ly practical and concrete or simply

better knowledge of homeopathic

medicine and its properties.

> Malgorzata HERVOUETMedical Representative

CERTIFICATION FOR THE MEDICAL REPRESENTATIVES NETWORK

A quality label

The deployment in France of a certification system for the Boiron medical representatives network required

more than 100 associates and was a massive undertaking. The goal was to meet a legal requirement and achieve

compliance with the reference guidelines from France’s High Authority on Health (adherence to regulations

and ethical restrictions, quality of training of medical representative, traceability of their activities).

After a white audit in December 2007, the networkshould be certified by June 30, 2008. This quality label

is the concrete result of the significant efforts mobilized to ensure the ongoing training and

professionalization of Boiron's medical representatives.

Created in 2007, this new position of Medical

Development Consultant allows me to workwith doctors who have chosen to

receive training in homeopathic medicine by

offering them true “à la carte” service. I am a

guide, monitoring their training program, helping

them obtain knowledge, providing them with

meaningful advice throughout

their education, giving them real working

objectives, etc. Homeopathic medicine consi-

derably enhances their practice by giving them

previously unavailable solutions.

This coaching role is founded on listening and

dialogue. It is very enriching because we esta-

blish relationships over time

and because training quality

homeopathic practitioners is

a thrilling challenge — there

is still so much to do!

> Béatrice NOAILHACMedical Development Consultant

36 BOIRON 2008

Pharmacists: partners in

homoeopathic advice

Founded by two pharmacists, the Boiron Group maintains relationshipscharacterized by close proximity and underpinned for the last 75 years bytrust, daily contact with pharmacy teams, a common culture and sharedcommitments. With a day-to-day presence, Boiron strives to provide skilledadvice, a high-quality service and optimum deliveries across theboard, thus facilitating the dispensing of homoeopathic medicines andcompliance with prescriptions. As major participants in the healthcare sys-tem, pharmacists play a broader role by acting as partners in homoeopathicadvice, encouraging a responsible stance in patients, and tailoring treat-ments to individuals, thus contributing to the growth of homoeopathy.

PROMOTE, TRAIN, ASSIST

In order to provide pharmacists with advice fostering an improved knowledgeof homoeopathic medicines, Boiron decided in 2007 to strengthen itspromotional teams and create a fourth network (in France and Italy) ofMedical Development Advisers. These will work alongside thePharmaceutical Development Advisers, Family Health Visitors (dedicated topromoting Boiron specialties) and Medical Representatives. The goal is toprovide an “expert” response to pharmacists who want to broadentheir knowledge of homoeopathy through training. Constantly liaisingwith pharmacists, 200 contacts offer a wide range of training (self-medicationtraining, evening classes or university courses, specific programs for industrygroups, visits to Boiron Laboratories) and participate in numerous pharmacistevents and congresses.

RESPONDING TO MAJOR CHANGES IN THE ROLE OFPHARMACIES

With major developments underway in France (reimbursement cuts and per-sonal contributions to medicine costs, general sale of certain specialtiesfrom 2008, new expectations from patients and, in the near future, a broa-dening of pharmacists’ prescription abilities, recognition of their role as pres-cribers and the potential inclusion of distribution channels other than phar-macies, etc.), accompanied by an increase in self-medication, Boironundertook several significant projects in 2007. These included the cer-tification of its medical representatives network, preparations for the generalsale of certain specialties, which involved all departments of the Group, thelaunch of numerous promotional exercises and new T.V. campaigns(Oscillococcinum®, Stodal®, Homéoplasmine®, Cocculine®) and a completereview of the tinctures range in particular. 85%

of patients in France buy

self-medication products www.officines.boiron.frPharmacists now have their own section on www.boiron.fr, which,together with www.boiron.com, receives a total of nearly 1 million hits a year. Following the redesign of the Medical Space in 2006,

the Pharmacies Space was given a fresh look in 2007. The site is now more attractive, containing a wider array of content andinvaluable advice specifically for dispensing chemists and pharmacists.

With more than 10,000 pharmacies registered and 6,000 pharmaciessigned up to the Boiron Newsletter, the Web site is now particularly

popular and has received twice as many visits in 2007 (more than 2,500 each month).

Log on and take a look.

BOIRON 2008 37


38 BOIRON 2008

7- A solid growth, a clear project: opportunities for

growth multinational

investment results strategy

sustainability organization

THE DOMINANT THEME OF 2007 WAS GROWTH IN BOIRON SPECIALTIES, PARTICULARLY OSCILLOCOCCINUM®, AND THE ACCELERATION OF INTERNATIONAL EXPANSION

BOIRON 2008 39

future development


With strong growth in our specialties worldwide, successfully completed studies of

our organization and the expansion of our production capacities, 2007 was a year

of growth in both activity and productivity. It also confirmed the soundness of ourstrategy. Thanks to a committed policy of investments until

2010, the Boiron Group is gaining the means for contending with ambitiousgrowth, seizing expansion opportunities and, above all,

adapting to a rapidly changing environment. This stra-

tegy resolutely aims to consolidate our

business as a pioneering homoeopathic company and

enable harmonious development of the

Group.

> Bruno JOËTDeputy Managing Director,

Head Pharmacist

2007

40 BOIRON 2008

growth that opens upopportunities

1

GrowthSUCCESSFUL EXPANSION, PROMISING RESULTS

Thanks to growth in the sales of the Boiron Group (€434.2 million,up 8.9% in 2007) and its profitability, 2007 was a year of consolidationand magnification of strategic choices, focusing on the promotion of certainfamily medication specialties (up 18.1% in 2007, 40% of the Group’s sales)and international expansion (up 16% in 2007). These relevant choices wereshored up by promising results, with success in some specialties (improvedsales of Oscillococcinum® in France and Russia particularly, 46.8% growthfor Camilia®, launched in Italy this year) and significant growth in certainsubsidiaries (Russia, Italy, Romania and Poland especially).

OrganizationDEVISING THE HOMEOPATHIC COMPANY OF TOMORROW

The key issue in 2007 was, more than ever before, to adapt the Boironorganization to the challenges posed by its growth, increase synergiesbetween subsidiaries and continue to offer optimum quality of service. Thistrend took shape in the launch of a new organizational structure in Paris,including the grouping of functions (orders, customers, staging) and thecreation of a voluntary night team for the manufacture of Oscillococcinum®

to contend with major production peaks. The same approach was taken tothe territorial review of the sales and distribution network in France, with afocus on proximity and coherence (37 establishments), the new operationalorganization of certain subsidiaries (Italy, Russia, Belgium, the Indian Oceanand Poland, in particular) and the specialization of its five production sites.The ultimate aim was always the same: to devise the homoeopathiccompany of tomorrow.

FutureAN AMBITIOUS INVESTMENT STRATEGY

In 2007, the Boiron Group’s investments totaled €18.5 million, up14.7% compared with 2006. For several years, the Group has been committed to an ambitious investmentpolicy aimed at both adapting its plant machinery to new pharmaceuticalstandards and anticipating an increase in its production to meet growthrequirements (Russia, Italy, France, Poland and Romania, particularly).

Over the 2007-2008 period: - The construction of a new production building in Messimy, combined with

a new packaging line, following the introduction of the outsourcing ofDolisos specialties.

- The continued upgrading of our information system and the acquisition ofnew Assisted Production Management software.

- The completion of a new administrative building and the extension of ourstorage warehouses in Messimy.

- Internationally: In Belgium, the restructuring of the administrative head officein Brussels and the creation of a new head office at our Boiron-Canadasubsidiary.

2

3

1) THE MONTRICHARD SITE (FRANCE) IS DEVOTED TO THE MANUFACTURE OF LIQUID FORMULATIONS

2) MANUFACTURE OF HOMEOPATHIC MEDICINES FROM MINERAL STRAINS

3) WEIGHT OF GRANULES PRIOR TO IMPREGNATION

HorizonADAPTING TO A CHANGING ENVIRONMENT

2007 provided an opportunity to continue major adaptation efforts (includingsignificant IT investments), which will extend into 2008 and feature in-depthreflection on distribution in particular. These efforts are gradually leading toa review of all the company's functions with the aim of anticipatingrapid developments in its environment. These include changes in publichealth systems, the general sale of certain specialties in French pharmaciesfrom 2008, growth in the self-medication market and the emergence of newdistribution channels in Europe.

InternationalSTEADY GROWTH

Thinking globally, ensuring productivity at global sites... Thanks to constantexpansion over the last 20 years and a rising proportion of turnover generatedinternationally (41.1% in 2007, up 16%), Boiron’s ambitions match its statureas a growing multinational Group and a benchmark homoeopathic companyworldwide. Boiron’s homoeopathic medicines are sold in more than 80 countriesthrough distribution structures adapted to local contexts (15 full-servicesubsidiaries and eight promotion subsidiaries).The philosophy is always the same: to secure a long-term presencewherever homoeopathy can provide an essential contribution topublic health. This involves retaining the same level of requirements, inboth the quality of medicines and service, and patiently laying the ground-work. Proof of this is in the launch of three specialties on the Brazilian marketin 2008 and 2009, the rapid growth of Boiron Russia, a return to growth atBoiron Italy, and favorable prospects in Romania and Poland, in particular.Boiron is continuing to post steady and dynamic growth.

BOIRON 2008 41


Conducted at a brisk pace between April and

November 2007, the reorganization of Boiron’s

three Paris establishments (Pantin, Levallois and

Ivry), aimed at optimizing the service provided to

the region’s 3,675 pharmacies, was a worthy,

pioneering and stimulating projectachieved through the passion ofnearly 400 highly driven staffmembers. With the creation of a new esta-

blishment in Pantin, the complete redistribution

of activities (orders, customers, staging) and the

new method for delivering compounded pro-

ducts, each internal workgroup proved through

its involvement in this excel-

lent challenge that it is possi-

ble to adapt while retaining

momentum in a changing

regulatory environment.

> Vincent MORAULTBoiron Regional Director

2008the year

ambitions become a reality

Brazil IN THE STARTING BLOCKS

As a year of preparation for the launch of threespecialties on the Brazilian market, 2007saw Boiron Brazil, a subsidiary created in 2006,submits registration applications to Anvisar tolaunch its Web site, www.boiron.com.br,and participates in numerous events, doctorand pharmacist congresses, and MichèleBoiron conferences in Belo Horizonte, SaoPaulo and Rio de Janeiro, where Boiron’smedicines will be distributed.

NEWS2007

42 BOIRON 2008

8 - Boiron direct subsidiaries

FranceSHARING IS THE NAME OF THE GAME

Led by Thierry Boiron, the management andvarious departments of the company, 360people, totaling all staff in the four medicaland pharmaceutical development networks,met for 2 days of fruitful discussions at anAugust 2007 seminar. The goal was tocreate synergies between these networksand share experiences in the name of prog-ress.

Success for Boiron specialties(Camilia® in Italy, Oscillococcinum®

in Italy and Russia particularly,Homéoptic® in Poland),

optimization of structures (Italy, Belgium),

outstanding advertising campaigns

(Italy, Switzerland, Hungary, Russia,the U.S. and France),

preparation for the forthcominglaunch of specialties

(Brazil particularly),

just a few of the 2007 eventsfrom the world of Boiron…

Bulgaria400 DOCTORS IN ALBENA

From June 1-3, 2007, the shores of theBlack Sea in Albena was the setting for 400Bulgarian doctors to further their knowledgeat a homoeopathy conference. The eventprovided a special opportunity for dialogue.

RussiaUNITED AGAINST FLU

At the initiative of Boiron Russia, a conferenceon the risks of the flu epidemic and possi-ble solutions was held on Nov. 15, 2007,

in Moscow in the presence of represen-tatives of the G.N. Gabrichevsky

Research Institute of Epidemiologyand Microbiology, the Russian Red

Cross, the WHO and BoironLaboratories. In response to the

threat of a major flu epidemic –which every year affectsan average of 35 million

Russians – the participantssupported the idea of launching a

major welfare program for the widesp-read prevention of flu and upper respiratorytract infections.

BOIRON 2008 43


United StatesAPPEARANCE AT PRI-MED

Following the participation of Boiron USA inPri-Med (general practitioner conferencesin New York, Los Angeles, Chicago andPuerto Rico that provided information tomore than 5,000 doctors in 2007), 130doctors decided to participate in trainingprovided by the CEDH (Center for theEducation and Development of ClinicalHomeopathy). This is a sign of growingawareness of homoeopathy in the U.S.

RomaniaSIBIU, THE EUROPEAN CAPITAL OF HOMEOPATHY

A quick look at the news: Boiron Romaniachose Sibiu, the European capital of culture2007 and a city where homoeopathy pioneerHahnemann stayed from 1777 to 1779,to hold the “National HomoeopathyConference 2007” from June 29 to July 1in partnership with the National Society ofFamily Medicine and Homéopathes SansFrontières. This provided an opportunity forthe 200 doctors attending to broaden theirknowledge of homoeopathic treatments.

ItalyTHE RENAISSANCE

2007 saw recovery in activity for BoironItaly, fresh growth of 9.2% in sales being themain feature. Key events included the com-pletion of the new organization (now threeestablishments), the creation of an ExpertMedical Representatives network, the launchof two institutional campaigns on homoeopa-thy and confirmation of the success ofOscillococcinum® in 30 single doses and theeyewash Euphralia®, as well as the launch ofCamilia® in the spring.

44 BOIRON 2008

FRANCEHEAD OFFICE20 rue de la Libération69110 SAINTE-FOY-LÈS-LYONTel. +33 (0) 4 72 16 40 00Fax +33 (0) 4 78 59 69 16www.boiron.fr

SITE DE MESSIMY2, av. de l'Ouest Lyonnais69510 MESSIMYTel. +33 (0) 4 78 45 61 00Fax +33 (0) 4 78 45 61 02

SITE DE MONTREVAIN (HERBAXT) 1, rue Edouard Buffard77144 MONTREVAINTel. +33 (0) 1 60 42 40 40Fax +33 (0) 1 60 43 94 63

SITE DE MONTRICHARDLa Tonnarderie - BP 8941400 MONTRICHARDTel. +33 (0) 2 54 71 15 00Fax +33 (0) 2 54 32 18 11

CANADABOIRON CANADA, INC.816, Boulevard Guimond LONGUEUIL (Québec) J4G 1T5 Tel. +1 (450) 442 20 66 Fax +1 (450) 442 30 [email protected]

UNITED STATESBOIRON BORNEMAN, INC.6 Campus Boulevard Building ANEWTOWN SQUARE,PA 19073 Tel. +1 (610) 325 74 64 Fax +1 (610) 325 74 [email protected]

BOIRON BORNEMAN, INC.4145 Guardian St SIMI VALLEY, CA 93063 Tel. +1 (805) 582 90 91 Fax +1 (805) 582 90 94

CARIBBEANBOIRON CARAIBESLe Verger - Rue Case NègresPlace d'Armes97232 LE LAMENTINTel. +33 (0) 596 30 01 62Fax +33 (0) 596 30 01 [email protected]

BRAZILBOIRON MEDICAMENTOSHOMEOPÁTICOS LTDARua Joaquim Floriano,1120 - 40 Andar, conj. 41 ITAIM BIBISP 04534 - 004 SAO PAULOTel. +55 11 37 07 58 58Fax +55 11 30 78 84 29www.boiron.com.br

BELGIUMLABORATOIRES UNDA 118, avenue Jules-Bordet1140 BRUXELLES Tel. +32 (2) 726 79 70Fax +32 (2) 726 74 [email protected]

SPAINBOIRON SOCIEDAD IBERICA DEHOMEOPATIA Av. Valdelaparra n° 27 Parque Empresarial NEISA NORTEE3N4 28108 ALCOBENDAS (MADRID) Tel. +34 (91) 484 04 38Fax +34 (91) 661 24 [email protected]

ITALYLABORATOIRES BOIRON SRLDirezione e Amministrazione Via Cassanese 100 20090 SEGRATE(MILANO) Tel. +39 (02) 26 990 1 Fax +39 (02) 26 990 333 [email protected] www.boiron.it

SWITZERLANDBOIRON SARoute de la Galaise 32Case postale 169CH - 1228 - PLAN-LES-OUATESTel. +41 22 884 14 14Fax +41 22 794 12 76

BULGARIABOIRON Quartier Losenets, Yujen ParcBat. 28, esc. 1, App. 6 et 3SOFIA 1407Tel. +359 (2) 963 20 91

+359 (2) 963 09 06 Fax +359 (2) 963 45 00 [email protected]

HUNGARYBOIRON HUNGARIA Kft.Ady Endre út 8.1024 BUDAPEST Tel. +36 1 365 1430

+36 1 365 1431 Fax +36 1 209 0793 [email protected] www.boiron.hu

POLANDBOIRON sp. z.o.o.Ul. Raszynska 1305-500 PIASECZNOTel. +48 22 70 26 670 Fax +48 22 70 26 [email protected]

CZECH REPUBLICBOIRON Cz s.r.oIBC - POBREZNI 3186 00 - PRAHA 8Tel. +420 2 24 83 550 90Fax +420 2 22 32 65 [email protected] www.boiron.cz

ROMANIABOIRON RORue Dr. Carol DavillaNo 40, Etage 1, Sector 5BUCAREST Tel. +40 21 410 05 46Fax +40 21 410 20 24

SLOVAKIABOIRON SK s.r.oTOMASIKOVA 2982 101 - BRATISLAVATel. +421 2 49 102 214 Fax +421 2 44 640 [email protected]

RUSSIAOOO BOIRON Derbenevskaya Oulitza, 1BAT. 3, entrance 17a115114 MOSCOWTel. +7 495 956 08 10Fax +7 495 956 08 [email protected]

TUNISIABOIRON TUNISIE1, rue du Laurier Cité Taieb M'hiriEl Aouina - TUNIS 2045Tel. +216 70 727 161Fax +216 70 727 [email protected]

MOROCCOBOIRON MAROC97, rue de NormandieMaarif - CASABLANCATel. +212 22 23 60 00Fax +212 22 23 29 [email protected]

INDIAN OCEANBOIRON OCEAN INDIEN16 rue Albert Lougnon97490 SAINT CLOTILDETel. +33 (0) 262 29 70 00Fax +33 (0) 262 29 94 61

www.boiron.com

BOIRON 2008 45


46 BOIRON 2008

Shareholders and stock market informations

BREAKDOWN OF THE SHAREHOLDING

As at Dec. 31, 2007, the company’s capital is sharedbetween the BOIRON Family Group (48.67%), thePierre FABRE Group (15.13%), BOIRON employees(3.83%), the public (31.84%) and treasury stock held bythe Company (0.53%). The free float is broken down as follows: - institutional investors: 24.2% - individual shareholders: 7.7%

KEY DATES

June 1987 The BOIRON share joins the Lyon Stock Exchange’s Second Market.

June 1992 Issuance of a convertible bond loan of €22.93 million. November 1994 The BOIRON share is admitted to the SBF 250 index.

June 1996 Early repayment of the convertible bond loan.May 1999 Launch of a share buyback program.

November 2000 End of the share buyback program launched in May 1999.December 2001 The BOIRON share joins the NextPrime segment

of EURONEXT Paris. July 2003 Nominal value of the share is split in four,

reducing it from €4 to €1. May 2004 Launch of a new share buyback program (COB approval

no. 04-385) enables the purchase of up to 10% of shares comprising the share capital.

July 2005 Issuance, for former DOLISOS shareholders, of 3,334,286 new shares listed on the stock exchange on July 5, 2005. Share capital rises from 18,672,000 shares to 22,006,286.

May 2006 Launch of a new share buyback program enabling the purchase of up to 5% of shares comprising the share capital.

May 2007 Launch of a new share buyback program enabling the purchase of up to 10% of shares comprising the share capital.

SODEVA 30.57%

SHB 9.29%

Pierre FABRE Group15.13%

Employees + Investment Fund 3.83%

BOIRON Family Group

48.67%(voting rights:

61.50%)

8.81%

Shares held by members of the BOIRON

Family Group

Other shareholders 31.84%

Treasury stock 0.53%

Shares held by members of the BOIRON Family Group: 11.32% Voting rights held by SODEVA: 37.76% Voting rights held by SHB: 12.29%

BOIRON 2008 47


STOCK EXCHANGE INFORMATION

ISIN code: FR0000061129 (BOI)

Reuters: BOIR.PA

Bloomberg: BOI FP

Share listed on the “EUROLIST” of EURONEXT Paris and included in theNextPrime segment

Share included in the CAC Mid 100, CAC Mid & Small 190, SBF 250 and I.A.S.(Indice Actionnarait Salarié) indices

Establishment in charge of managing shares: BNP PARIBAS Securities

Market making agreement: SG Securities

BOIRON uses all available means toprovide a regular information to all of itsindividual and institutional shareholdersand make a detailed information availableto them.

News and financial informations concer-ning the BOIRON Group are available atwww.boiron.com

Information notes are published byanalyst firms that regularly follow theshare, including: CA CHEVREUX, CM-CIC Securities,FORTIS Securities, GILBERT DUPONT,ODDO MIDCAP, SOCIETE GENERALEAsset Management.

By-laws, financial statements, reports,minutes of General Meetings and alldocuments made available to sharehol-ders can be viewed at the Company’shead office at:

BOIRON 20 rue de la Libération 69110 SAINTE-FOY-LES-LYON FRANCE

DIRECTOR OF FINANCIAL INFORMATION

Philippe MONTANT, Finance and Administration Director

BOIRON - 20 rue de la Libération - 69110 Sainte-Foy-lès-Lyon - FranceTel.: +33/(0)4 72 16 40 00 - Fax: +33/(0)4 78 59 69 16e-mail: [email protected]

Jan. 29, 2008 Sales at Dec. 31, 2007

March 12, 2008 Income at Dec. 31, 2007

March 13, 2008 SFAF meeting(1)

April 22, 2008 Sales and quarterly financial information at March 31, 2008

May 15, 2008 General Meeting

Aug. 29, 2008 Sales and quarterly financial information at June 30, 2008

Sept. 1, 2008 SFAF meeting(1)

Oct. 24, 2008 Sales and quarterly financial information at Sept. 30, 2008

(1) SFAF: French Society of Financial Analysts

All press releases are circulated after the markets close

PROJECTED SCHEDULE FOR PRESS RELEASES

SHAREHOLDER INFORMATION

BOIRON SHARES

BOIRON shares ended 2007 at €18.38, up 4.4% compared to their perfor-mance of €18.30 on Jan. 1, 2007 (opening price). BOIRON shares reachedtheir highest price during trading on July 13, 2007, at €25.00 and their lowestduring trading on Oct. 2, 2007, at €16.55. Over the year, transactions totaled 3,489,936 shares, an average of 13,686 pertrading session. Compared to 2006, the number of shares traded in 2007 rose24.3% and represents 15.9% of the Company’s capital.

KEY FIGURES

France and others: 268.98

Europe excluding France: 133.12

North America: 32.20

20072004 2005 2006

CHANGE IN SALES in millions of euros (data restated under IFRS)

In 2007, the Group’s sales grew by 8.9%. International growthwas 16%.

BREAKDOWN OF SALES BY GEOGRAPHICALAREAin millions of euros

Sales generated by the Group outside of Metropolitan Francetotaled €178.60 million, or 41.1% of consolidated sales.

290.63

BREAKDOWN OF SALES BY PRODUCTCATEGORY

Sales of specialties are up 18.1% and now represent 40% oftotal sales. The rise in sales of non-proprietary homoeopathicmedicines is 3.8%.

BOIRON specialties40.0%

Non-proprietary homeopathic medicines59.7%

0.3%Other products

104.84

SIMPLIFIED STATEMENT OF INCOMEin millions of euros

Consolidated sales

International sales

2006 2007 Change

Sales 398.67 434.29 8.9%

Current operating income 26.60 43.74 64.4%

Fixed expenses and income / taxes and other items (16.36 ) (16.61) - 1.5%

Net income (Group share) 10.24 27.13 164.9%

361.65

144.74

48 BOIRON 2008

398.67

153.96

434.29

178.60

BOIRON 2007

2005 2006 20072004

INVESTMENTS AND CASH FLOWin millions of euros

Cash flow

Gross investments

20072004 2005 2006

CHANGE IN EARNINGS PER SHAREin euros - adjusted figures

Earnings per share are determined after deductingthe number of treasury stocks held by the companyover the year.

62.04

48.05

37.33

22.90

48.00

20.27

11.10*

20.66

0.47

1.11

0.81

1.25

SIMPLIFIED BALANCE SHEET in millions of euros

ASSETS LIABILITIES

249.61 Shareholders’ equity (Group share)

0.34 Minority interests

62.16 Non-current liabilities

116.28 Current liabilities

Non current assets 226.79

Current assets 201.60

BOIRON 2008 49

200720062004 2005

CHANGE IN DIVIDEND PER SHAREin euros (excluding tax credits) - adjusted figures

Dividends are up 83.33%. The payout rate totals 44.0% of consolidated net income.

0.550.52

0.30

0.37

* Excluding changes in consolidated subsidiaries

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20 rue de la Libération,69110 Sainte-Foy-lès-Lyon, FranceTel.: +33 (0) 4 72 16 40 00 Fax: +33 (0) 4 78 59 69 16Limited liability company with capital of 21,947,566 euros

Lyon Commercial Register no. 967 504 697

w w w . b o i r o n . c o m

IMP.

135N

CONPANY_Brochure_2008

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