Boiron in first half 2026: stable revenue, but operating income declines by 8.2 M€
Boiron closed its half-year accounts on June 30, 2026 on September 17, 2026. Revenue remains virtually stable at constant exchange rates, but operating profitability contracts due to the combined effect of a lower gross margin rate and increased promotional costs.
Operating income stands at 7,509 K€, down 36,161 K€ year-on-year, despite the period including a gain from the sale of a facility.
Revenue virtually stable at constant exchange rates, gross margin at 72.1%
The group's revenue stands at 244,901 K€, down 0.3% at constant exchange rates. At current exchange rates, the decline reaches 2.2%, with the exchange rate effect at -1.9%.
Cost of goods sold increases by 2,465 K€, or 3.8%, bringing the gross margin rate to 72.1% of revenue, compared to 73.7% in the first half of 2025. The group attributes this change notably to the adverse impact of exchange rates.
Preparation and distribution costs decrease by 1,913 K€, or 4.6%, with the decline in personnel expenses in France (linked to the reorganization initiated in 2025) being partially offset by increased costs in Asia and the United States.
Operating income at 3.1% of revenue, net income at 4,910 K€
Promotional costs increase by 3,197 K€, or 3.9%, primarily due to increased advertising spending in France, Asia and the United States.
Other operating income and expenses generate net income of 1,682 K€, compared to 249 K€ in the first half of 2025, a variation of 1,433 K€ which is explained notably by the gain from the sale of the Antibes facility (Sophia Antipolis).
Operating income stands at 7,509 K€, or 3.1% of revenue, down 8,164 K€ compared to the previous year. Net income stands at 4,910 K€, down 6,454 K€.
Year-end dependent on seasonal pathologies and new products
For the full year 2026, Boiron indicates that the change in the group's sales and profitability will depend on the level of seasonal pathologies in the various countries, the launch of new products and the evolution of the global geopolitical situation.
The group clarified that the half-year accounts were subject to a limited review by the Statutory Auditors. The next publication of 2026 annual revenue and results is scheduled for April 8, 2027, at market close.
