VIRBAC

Building on the momentum of the second half of 2023, strong first-quarter revenue growth of +10.8% at constant exchange rates - Seite 2

In terms of species, the companion animal segment posted strong growth of +16.2% at constant exchange rates and scope, driven by the good momentum of our dental, dermatology, petfood and specialty product ranges, while our dog/cat vaccine range returned to growth following increase in our production capacity. The farm animal segment recorded growth of +1.2% at constant exchange rates and scope (+4.1% at constant exchange rates), mainly thanks to Aquaculture (+44.4% at constant exchange rates) and products for pig and poultry species, linked to the acquisition of Globion. These increases offset the slight temporary decrease in the ruminant segment (-3.4% at constant exchange rates).

2024 Outlook
In 2024, at constant exchange rates and scope, we expect a growth in revenue estimated at this stage to be between 4% and 6% as well as a ratio of “current operating income before depreciation of assets resulting from acquisitions” (Ebit adjusted) to “revenue” around 15%. In addition, the contribution to 2024 revenue growth resulting from recent acquisitions (Globion in India, closed in November 2023, and Sasaeah in Japan, closed in April 2024) is estimated at around +5 points. Lastly, excluding acquisitions, our cash position is expected to improve by €30 million, given the acceleration of our efforts in R&D and considering expected investments over the period, estimated to be around €100 million.

Attachment

• Virbac_ CA Q1_2024_EN