Virbac

Revenue grew by +4.3% at constant exchange rates in the second quarter of 2018

Key figures
Net revenue 1st half 2018- Provisional   €429.7 million	Total growth   -1.8%	Growth at constant exchange rates1   +3.8%	Growth at constant scope1   +3.8% of which companion animals +5.0% (+8.5% excl. USA) food producing animals +3.6%

¹ Growth at constant exchange rates and scope is the organic growth of sales, excluding the impact of exchange rate changes, by calculating the indicator for the financial year in question and that for the previous financial year on the basis of identical exchange rates (the exchange rate used is that in effect for the previous financial year), and excluding the impact of changes in scope, by calculating the indicator for the financial year in question on the basis of the scope of consolidation for the previous financial year.

 

Quarterly consolidated revenue

Group revenue reached €236.2 million in the second quarter, slightly below when compared to the same period in 2017 (-0.7% at real rates). At comparable exchange rates, second-quarter revenue continued to grow as it did in the first quarter, showing growth of +4.3%. This growth reflects solid performance, given the very high basis of comparison last year (recognition of the proceeds of a licensing agreement amounting to €2.9 million in the second quarter of 2017). The principle contributors to this growth are emerging countries, particularly India and Brazil, as well as other geographic areas such as the United Kingdom and the United States, where ex-distributor sales were very strong this quarter, at +16% compared to 2017, with a rebound in Sentinel sales related to the timing of first-quarter promotions. These results offset weaker activity in Southern European countries, affected by leishmaniosis vaccine competition. To note that in terms of ranges, growth is driven by income from products of the companion animal segment, such as specialty products, internal parasiticides (with the introduction of the Iverhart Max Soft Chew at the end of the quarter), and the dental range. Furthermore, products for cattle (food supplements and vaccines) are growing strongly, offsetting slowing aquaculture sales.