SA au capital de 13 336 506,43 euros R. C. S. Nanterre B 350 422 622 www.cegedim.com

PRESS RELEASE

Page 1

Quarterly Financial Information as of March 31, 2015
IFRS - Regulated Information - Not Audited

Cegedim: Significant improvement in profitability in Q1 2015

Revenue grew by 7.0%

EBIT before special items grew by 76.3%

FY 2015 outlook revised upward

Paris, May 27, 2015 - Cegedim, a technology and services company committed to innovation, posted consolidated first quarter 2015 revenues excluding activities held for sale of €121.3 million, up 7.0% on a reported basis and 4.9% like for like compared with the same period in 2014. EBIT from continuing activities before special items amounted to €8.2 million, up 76.3%. Thus, the EBIT margin from continuing activities before special items came to 6.8% in the first quarter of 2015, compared with 4.1% a year earlier.
Cegedim announced on April 1, 2015, that it had completed of the disposal of its CRM and Strategic Data division to IMS Health for a selling price of €396 million1. Consequently, its first quarter 2015 Financial Statements are reported in compliance with IFRS 5, which separates out non-current Assets Held for Sale.
Including activities held for sale, consolidated revenue came to €234.9 million in first quarter 2015, up 9.3% on a reported basis and 5.8% like for like compared with the same period a year earlier. EBIT before special items amounted to €16.7 million, up €14.4 million. Thus, the EBIT margin before special items came to 7.5% in Q1
2015, compared with 1.1% a year earlier.
Rating agency S&P upgraded its rating for Cegedim on April 13, 2015, to BB- with a positive outlook.
As of its first quarter 2015 earnings release, Cegedim is raising its growth rate outlook for consolidated EBIT from continuing activities before special items from 5.0% to 10.0%. This follows the upward revision to its revenue outlook on April 28, 2015.

• Simplified income statement

Q1 2015 Q1 2014 ∆

€m %

€m %

Revenue

121.3 100.0

113.4 100.0 +7.0%

EBITDA Depreciation

Operating income before special items

19.1 15.8 (10.9) ─

8.2 6.8

13.6 12.0 +40.6% (9.0) ─ +22.1%

4.7 4.1 +76.3%

Special items

Operating income

(2.9) ─

5.3 4.4

(0.6) ─ +365.9%

4.0 3.6 +32.3%

Cost of net financial debt

Tax expenses

Consolidated profit from continuing activities

(6.9) ─

(0.7) ─

(1.8) ─

(10.1) ─ (31.6)% (0.5) ─ +54.3%

(6.1) ─ n.m.

Net earnings from activities held for sale

1.8 ─

(2.8) ─ n.m.

Profit attributable to the owners of the parent

(0.0) ─

(9.0) ─ n.m.

1 This estimated amount is subject to joint review on the basis of the accounts at March 31, 2015, to be prepared within 90 business days.

PRESS RELEASE

Page 2

In the first quarter of 2015, revenues from continuing activities came to €121.3 million, up 4.9% on a like-for-like basis compared with the year-earlier period. Acquisitions had virtually no impact, and currencies had a positive impact of 2.1%, thus revenue increased by 7.0% on a reported basis. Group revenue including activities held for sale amounted to €223.0 million, up 9.3% on a reported basis and 5.8% like for like.
The like-for-like decline at the Healthcare Professionals division was more than offset by increases at the Health

Insurance, HR and e-services and Cegelease divisions.

EBITDA increased by €5.5 million to €19.1 million; the margin came to 15.8% at the end of March 2015 compared to 12.0% at the end of March 2014. This EBITDA trend was attributable to drops at the Healthcare professionals and Cegelease divisions being more than offset by EBITDA improvements at the Health Insurance, HR and e- services and at the Activities not allocated.
Special items at the end of March 2015 amounted to a charge of €1.5 million, compared with a charge of €0.6 million one year earlier.
The cost of financial debt decreased by €3.2 million, from €10.1 million for the first three months of 2014 to €6.9 million for the first three months of 2015. This decrease reflects the increase in income from cash and cash equivalents and in currency translation, partially offset by an increase in debt interest payments.
Tax expense increased slightly by €0.3 million, from a charge of €0.5 million at the end of March 2014 to a charge of €0.7 million at the end of March 2015. This relative stability mainly reflects stability in income taxes and a decrease of deferred taxes.
Consolidated net profit from continuing activities amounted to a loss of €1.8 million, compared with a €6.1 million loss a year earlier. This improvement in consolidated net loss reflected the trends in revenue, EBIT, special items, cost of net financial debt and tax expense based on the factors set out above.
The loss per share from continuing activities before special items was €0.0 at the end of March 2015, compared with a €0.4 loss at the end of March 2014.

Analysis of business trends by division

• Key figures by division

in €m

Health Insurance, HR and e-services

Healthcare Professionals

Cegelease

Activities not allocated

Total from continuing activities

Activities held for sale

IFRS 5 restatement

Total Cegedim


Revenue by division differs slightly from that published on April 28 owing to the restatement of revenues generated by continuing activities with activities held for sale.
The divisions Technology and Reconciliation have been renamed respectively Health Insurance, HR and e- services and Activities not allocated to reflect to the best the extent of their offerings.

• Health Insurance, HR and e-services

The division's first-quarter 2015 revenues came to €54.0 million, up 8.4% on a reported basis and 8.4% like for like. Currencies had virtually no impact, and there were no acquisitions or divestments.
The Health Insurance, HR and e-services division represented 44.5% of the Group's consolidated revenues from continuing activities, compared with 43.9% a year earlier.

PRESS RELEASE

Page 3

EBITDA came to €8.4 million, up €3.9 million. Thus, the margin came to 15.5% compared to 8.9% a year earlier.
EBIT before special items came to €4.5 million, up €3.6 million. Thus, the margin came to 8.3% compared to
1.8% a year earlier.
This increase was among other attributable to RNP, the specialist in window dressing for French pharmacists; the

Cegedim e-business electronic invoicing activity, and the Health Insurance activities.

• Healthcare Professionals

In the first quarter of 2015, the division's revenues amounted to €37.2 million, up 0.8% on a reported basis. The SoCall acquisition and currencies had positive impacts of respectively 0.1% and 6.3%. Like-for-like revenues were down 5.7% over the period.
The Healthcare Professionals division represented 30.7% of the Group's consolidated revenues from continuing activities, compared with 32.6% in the year-earlier period.
EBITDA came to €6.5 million, down €0.5 million. Thus, the margin came to 17.5% compared to 19.0% a year earlier.
EBIT before special items came to €3.7 million, down €0.9 million. Thus, the margin came to 9.9% compared to
12.3% a year earlier.
The decrease in EBITDA mainly reflects the impact of a temporary delay in billing UK physicians and the business environment for US physicians. This decrease was partially offset better profitability in the computerization of doctors in France and Spain, French and UK drug database operations and, lastly, the computerization of nurses and physical therapists in France.

• Cegelease

The division's first-quarter 2015 revenues came to €29.3 million, up 13.2% both on a reported basis and like for like. There were no acquisitions or divestments, and there was no currency impact.
The Cegelease division represented 24.1% of the Group's consolidated revenues from continuing activities, compared with 22.8% a year earlier.
EBITDA came to €3.8 million, down €0.1 million. Thus, the margin came to 12.8% compared to 15.2% a year earlier.
EBIT before special items came to €0.1 million, down €1.2 million. Thus, the margin came to 0.3% compared to
5.0% a year earlier.
This relative stability in EBITDA was mainly due to the increase in self-financed contracts. It should be noted that over the duration of the contract, self-financed contracts have a higher positive impact on margins than do resold contracts.

• Activities not allocated

The division's first-quarter 2015 revenues came to €0.8 million, relatively stable compared to the same period last year. Currencies had virtually no impact and there were no acquisitions or divestments.
The Activities not allocated represented 0.7% of the Group's consolidated revenues from continuing activities, about the same as a year earlier.
EBITDA came to a profit of €0.5 million, up €2.2 million. EBIT before special items was a virtually negligible loss, up €2.0 million.
This favorable EBITDA trend reflects cost-containment efforts.

PRESS RELEASE

Page 4

• Activities held for sale ("CRM and Strategic Data" division)

In the first quarter of 2015, the division's revenues came to €104.1 million, up 11.8% on a reported basis. Currencies had a positive impact of 5.0%. There were no acquisitions or divestments. Like-for-like revenues increased 6.8% over the period.
EBITDA came to €8.5 million, up €4.1 million. Thus, the margin came to 8.2% compared to 4.7% a year earlier.
EBIT before special items came to €8.5 million, up €10.9 million. Thus, the margin came to 8.2% compared to
(2.5)% a year earlier.
Assets held for sale amounted to €690.9 million at the end of March 2015. This represented 55.3% of total assets. Liabilities associated with assets held for sale amounted to €193.6 million at the end of March 2015. This
represented 15.5% of Total Liabilities & Shareholders' Equity.

Financial resources

The consolidated total balance sheet amounted to €1,249.8 million at March 31, 2015, an 8.8% increase over
December 31, 2014.
Goodwill on acquisition was €180.8 million at March 31, 2015, compared with €175.4 million at the end of 2014. This increase is chiefly attributable to the appreciation of some foreign currencies against the euro, mainly that of the US dollar and pound sterling, whose movements amounted to respectively €3.5 million and €2.2 million. Goodwill on acquisition represented 14.5% of the total balance sheet on March 31, 2015, compared to 15.3% in December 2014.
Cash and cash equivalents came to €18.8 million at March 31, 2015, down €25.2 million compared with December 31, 2014. This decline reflects the direct impact of interest payments on the bond maturing in 2020 and the reduced use of bank overdrafts.
Shareholders' equity increased by €88.8 million to €306.9 million at March 31, 2015, compared to €218.1 million at the end of 2014. This increase stems from the €81.8 million improvement in Group foreign exchange gains. Total shareholders' equity came to 19.0% of total assets at the end of December 2014, compared to 24.6% at the end of March 2015.
Net debt came to €519.5 million at the end of March 2015, up €15.3 million compared with the end of 2014. It should be noted that following the disposal of the CRM and Strategic Data division to IMS Health on April 1, 2015, pro forma net debt, adjusted for €396 million of proceeds, represents 37.5% of shareholders equity as of March
31, 2015.
Before the cost of net financial debt and taxes, operating cash flow was €24.3 million at the end of March 2015, an increase of €7.3 million compared with the end of December 2014.

1st quarter highlights

To the best of the company's knowledge, there were no events or changes during the period that would materially alter the Group's financial situation.

Significant post-closing transactions and events

• Disposal of the "CRM and Strategic Data" division to IMS Health

On April 1, 2015, Cegedim announced that it had completed the disposal of its CRM and Strategic Data division to IMS Health. The estimated selling price, determined in accordance with October 2014 agreements, amounts to €396 million. This estimated amount is subject to joint review on the basis of the accounts at March 31, 2015, to be prepared within 90 business days.

• S&P has upgraded Cegedim's rating to BB- with positive outlook

Following the announcement of the transaction, rating agency Standard and Poor's upgraded Cegedim's rating to
BB-, with positive outlook, on April 13, 2015.
Apart from the items cited above, to the best of the company's knowledge, there were no post-closing events or changes that would materially alter the Group's financial situation.

PRESS RELEASE

Page 5

Outlook

For 2015, Cegedim expects consolidated revenue from continuing activities to grow by 2.5%, like for like.
Cegedim is raising its growth rate outlook for consolidated EBIT from continuing activities before special items from 5.0% to 10.0%.
The Group does not anticipate any significant acquisitions for 2015 and does not disclose profit projections or estimates.

Financial calendar

The Group will hold a conference call on May 27, 2015, at 6:15 pm in English (Paris time). The call will be hosted by Jan Eryk Umiastowski, Cegedim Chief Investment Officer and Head of Investor Relations.
A presentation of Cegedim Q1 2015 Results will also be available on the website:
http://www.cegedim.com/finance/documentation/Pages/presentations.aspx

Contact numbers: France: +33 1 70 77 09 44

US : +1 866 907 5928
UK and others: +44 (0)20 3367 9453

No Access code required

July 28, 2015 (after the stock market closes)

• Q2 2015 Revenue announcement

September 28, 2015 (after the stock market closes)

• H1 2015 Results announcement

September 29, 2015

• SFAF meeting

October 27, 2015 (after the stock market closes)

• Q3 2015 Revenue announcement

November 26, 2015 (after the stock market closes)

• Q3 2015 Results announcement

Additional Information

Complete financial information and a presentation on Cegedim's first quarter earnings are available on our website: www.cegedim.com/finance.
This information is also available on Cegedim IR, the Group's financial communications app for smartphones and iOS and Android tablets. To download the app, visit: http://www.cegedim.fr/finance/profil/Pages/CegedimIR.aspx.

PRESS RELEASE

Page 6

Appendices

• Q1 2015 Consolidated financial statement

Assets

In thousands of euros

03/31/2015

12/31/2014

Goodwill on acquisition

180,828,

175,389,

Development costs

18,160,

12,059,

Other intangible fixed assets

89,781,

92,979,

Intangible fixed assets

107,941,

105,038,

Land

389,

389,

Buildings

3,551,

3,637,

Other Property, plants and equipment

16,587,

16,006,

Construction work in progress

1,198,

697,

Tangible fixed assets

21,726,

20,727,

Equity investments

979,

704,

Loans

2,618,

2,684,

Other long-term investments

7,344,

8,834,

Long-term investments - excluding equity shares in equity

method companies

10,941,

12,222,

Equity shares in equity method companies

9,261,

8,819,

Government - Deferred tax

12,058,

10,625,

Accounts receivable: Long-term portion

14,671,

15,162,

Other receivables: Long-term portion

1,684,

1,812,

Non-current assets

359,110,

349,793,

Services in progress

0,

0,

Goods

8,974,

8,563,

Advances and deposits received on orders

978,

77,

Accounts receivable: Short-term portion

129,280,

127,264,

Other receivables: Short-term portion

25,907,

21,931,

Cash equivalents

0,

2,416,

Cash

18,825,

41,619,

Prepaid expenses

15,861,

12,708,

Current assets

199,825,

214,579,

Assets of activities held for sale

690,890,

584,857,

Total assets

1,249,825

1,149,229

PRESS RELEASE

Page 7

Liabilities

In thousands of euros

03/31/2015

12/31/2014

Share capital

13,337,

13,337,

Issue premium

182,955,

182,955,

Group reserves

(39,726),

157,808,

Group exchange reserves

(238),

(238),

Group exchange gains/losses

150,445,

63,815,

Group earnings

(44),

(199,757),

Shareholders' equity, Group share

306,728,

217,921,

Minority interests (reserves)

133,

118,

Minority interests (earnings)

(8),

24,

Minority interests

125,

142,

Shareholders' equity

306,853,

218,063,

Long-term financial liabilities

476,418,

476,024,

Long-term financial instruments

7,599,

8,094,

Deferred tax liabilities

8,043,

7,620,

Non-current provisions

19,772,

18,680,

Other non-current liabilities

1,253,

1,123,

Non-current liabilities

513,085,

511,541,

Short-term financial liabilities

61,864,

72,192,

Short-term financial instruments

8,

8,

Accounts payable and related accounts

46,611,

47,166,

Tax and social liabilities

69,201,

69,188,

Provisions

2,598,

2,615,

Other current liabilities

55,987,

47,808,

Current liabilities

236,267,

238,976,

Liabilities of activities held for sale

193,619,

180,649,

Total liabilities

1,249,825,

1,149,229,

PRESS RELEASE

Page 8

Income statement

In thousands of euros

03/31/2015

03/12/2014

Revenue

121,309

113,370

Other operating activities revenue

,

Purchases used

(22,487)

(20,668)

External expenses

(30,861)

(31,449)

Taxes

(2,302)

(2,554)

Payroll costs

(46,460)

(43,965)

Allocations to and reversals of provisions

(599)

(761)

Change in inventories of products in progress and finished products

0

0

Other operating income and expenses

543

(360)

EBITDA

19,143

13,613

Depreciation expenses

(10,942)

(8,963)

Operating income from recurring operations

6,826

4,651

Depreciation of goodwill

,

Non-recurrent income and expenses

(1,482)

(613)

Other exceptional operating income and expenses

(1,482)

(613)

Operating income

5,344

4,038

Income from cash and cash equivalents

983

153

Gross cost of financial debt

(10,054)

(9,314)

Other financial income and expenses

2,174

(918)

Cost of net financial debt

(6,897)

(10,079)

Income taxes

(883)

(933)

Deferred taxes

149

457

Total taxes

(734)

(476)

Share of profit (loss) for the period of equity method companies

442

392

Net profit (loss) for the period from continuing activities

(1,844)

(6,125)

Net profit (loss) for the period from discontinued activities

1,794

(2,837)

Consolidated profit (loss) for the period

(51)

(8,962)

Group share (A)

(44)

(8,971)

Minority interests

(7)

8

Average number of shares excluding treasury stock (B)

13,965,725

13,942,008

Current earnings per share from continuing activities

0.0

(0.4)

Net earnings per share (in euros) (A/B)

0.0

(0.6)

Diluting instruments

None

None

Diluted earnings per share (in euros)

0.0

(0.6)

PRESS RELEASE

Page 9

Consolidated cash flow statement

In thousands of euros

03/31/2015

03/31/2014

Consolidated profit (loss) for the period

(52)

(8,963)

Share of earnings from equity method companies

(485)

(434)

Depreciation and provisions (1)

11,788

15,841

Capital gains or losses on disposals

372

108

Cash flow after cost of net financial debt and taxes

11,623

6,553

Cost of net financial debt.

8,224

9,908

Tax expenses

4,444

515

Operating cash flow before cost of net financial debt and taxes

24,291

16,975

Tax paid

(6,605)

(5,981)

Change in working capital requirements for operations: requirement

,

,

Change in working capital requirements for operations: surplus

13,340

17,415

Cash flow generated from operating activities after tax paid and

change in working capital requirements (A)

31,026

28,409

Of which net cash flows from operating activities of discontinued

activities

9,232

3,363

Acquisitions of intangible assets

(14,215)

(12,955)

Acquisitions of tangible assets

(6,409)

(5,441)

Acquisitions of long-term investments

(262)

(359)

Disposals of tangible and intangible assets

173

140

Disposals of long-term investments

0

0

Impact of changes in consolidation scope

0

(317)

Dividends received from equity method companies

12

16

Net cash flows generated by investment operations (B)

(20,701)

(18,917)

Of which net cash flows connected to investment operations of

discontinued activities

(5,018)

(899)

Dividends paid to parent company shareholders

0

0

Dividends paid to the minority interests of consolidated companies

0

0

Capital increase through cash contribution

0

0

Loans issued

0

0

Loans repaid

(64)

(162)

Interest paid on loans

(17,524)

(16,953)

Other financial income and expenses paid or received

726

(1,002)

Net cash flows generated by financing operations (C)

(16,862)

(18,117)

Of which net cash flows related to financing operations of

discontinued activities

(836)

198

Change In Cash without impact of change in foreign currency exchange rates (A + B + C)

(6,537)

(8,625)

Impact of changes in foreign currency exchange rates

2,984

(508)

Change in cash

(3,553)

(9,133)

Opening cash

99,715

54,227

Closing cash

96,162

45,093

PRESS RELEASE

Page 10

• Glossary

Reconciliation: this division encompasses the activities the Group performs as the parent company of a listed entity, as well as the support it provides to the three operating divisions. EPS: Earnings Per Share is a specific financial indicator defined by the Group as the net profit (loss) for the period divided by the weighted average of the number of shares in circulation. Operating expenses: defined as purchases used, external expenses and payroll costs. Revenue at constant exchange rate: when changes in revenue at constant exchange rate are referred to, it means that the impact of exchange rate fluctuations has been excluded. The term "at constant exchange rate" covers the fluctuation resulting from applying the exchange rates for the preceding period to the current fiscal year, all other factors remaining equal. Revenue on a like-for-like basis: the effect of changes in scope is corrected by restating the sales for the previous period as follows:

• by removing the portion of sales originating in the entity or

the rights acquired for a period identical to the period during which they were held to the current period;

• similarly, when an entity is transferred, the sales for the portion in question in the previous period are eliminated.

Life-for-like data: at constant scope and exchange rates. Internal growth: internal growth covers growth resulting from the development of an existing contract, particularly due to an increase in rates and/or the volumes distributed or processed, new contracts, acquisitions of assets allocated to a contract or a specific project. External growth: external growth covers acquisitions during the current fiscal year, as well as those which have had a partial impact on the previous fiscal year, net of sales of entities and/or assets. EBIT: Earnings Before Interest and Taxes. EBIT corresponds to net revenue minus operating expenses (such as salaries, social charges, materials, energy, research, services, external services, advertising, etc.). It is the operating income for the Cegedim Group. EBIT from recurring operations: this is EBIT restated to take account of non-current items, such as losses on tangible and intangible assets, restructuring, etc. It corresponds to the operating income from recurring operations for the Cegedim Group. EBITDA: Earnings before interest, taxes, depreciation and amortization. EBITDA is the term used when amortization or depreciation and revaluations are not taken into account. "D" stands for depreciation of tangible assets (such as buildings, machines or vehicles), while "A" stands for amortization of intangible assets (such as patents, licenses and goodwill). EBITDA is restated to take account of non-current items, such as losses on tangible and intangible assets, restructuring, etc. It corresponds to the gross operating earnings from recurring operations for the Cegedim Group. Net Financial Debt: this represents the Company's net debt (non- current and current financial debt, bank loans, debt restated at amortized cost and interest on loans) net of cash and cash equivalents and excluding revaluation of debt derivatives. Free cash flow: free cash flow is cash generated, net of the cash part of the following items: (i) changes in working capital requirements, (ii) transactions on equity (changes in capital, dividends paid and received), (iii) capital expenditure net of transfers, (iv) net financial interest paid and (v) taxes paid. Operating margin: defined as the ratio of EBIT/revenue. Operating margin from recurring operations: defined as the ratio of EBIT from recurring operations/revenue. Net cash: defined as cash and cash equivalent minus overdraft.

About Cegedim : Founded in 1969, Cegedim is a technology and services company committed to innovation. Cegedim supplies services, technological tools, specialized software, data flow management services and databases. Its offerings are targeted notably at healthcare professionals, healthcare industries, life science companies, and health insurance companies. Cegedim employs almost 3,500 people in 11 countries and generated revenue from continuing activities of €494 million in 2014. Cegedim SA is listed in Paris (EURONEXT: CGM).

To learn more, please visit: www.cegedim.com

And follow Cegedim on Twitter: @CegedimGroup

Contacts : Aude BALLEYDIER

Cegedim

Media Relations

Tel.: +33 (0)1 49 09 68 81 aude.balleydier@cegedim.fr

Jan Eryk UMIASTOWSKI

Cegedim

Chief investment Officer

Investor Relations

Tel.: +33 (0)1 49 09 33 36 investor.relations@cegedim.fr

Guillaume DE CHAMISSO

PRPA Agency

Press Relations

Tel.: +33 (0)1 77 35 60 99 guillaume.dechamisso@prpa.fr

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