(Boursier.com) — Against the trend, Boiron soared 8.4% to 39.4 euros in the first Parisian exchanges. The homeopathic medicine specialist reported a 2021 turnover down 11.4%, following the delisting of homeopathy on January 1 in France, and the absence of winter pathologies in the first quarter. , attributable to the context of the global health crisis. This decline was contained thanks to sales of new products which amounted to around 50 ME, a significant part of which came from sales of COVID tests, mainly in France and Belgium. In the fourth quarter alone, revenues increased by 2.9%.
Given the increase in sales in the fourth quarter, the annual operating profit for 2021 is estimated to be higher than that published in 2020, which was 38.2 ME.
As part of their external growth and business development strategy, Laboratoires Boiron also announced the signing of an agreement to acquire a 70% majority stake in ABBI, a start-up specializing in in individualized and made-to-measure cosmetics. An operation of 1.75 million euros, to which may be added an additional price depending on the performance of the ABBI company.
Given a lesser reimbursement effect, good margin levels in 2021e, savings expected from the Reorganization Plan (decrease in Opex in 2022 of 20-25 ME after 20 ME in 2021), Oddo BHF is raising its earnings estimates and goes from ‘neutral’ to ‘outperformance’ on the stock which integrates its Top Pick List. The objective is raised from 44 to 47 euros.
SocGen, for its part, raised its recommendation on the stock to ‘buy’, targeting 45 euros.
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