Virbac

2019 annual revenue shows strong growth of +6.6% at constant exchange rates

2019 annual revenue shows strong growth of +6.6% at constant exchange rates

KEY FIGURES
Revenue in 2019 Provisional   €938.2 million	Total growth   +8.0%	Growth at constant exchange rates   +6.6%	Growth at constant exchange rates and scope 1   +6.6%  of which companion animals +9.5% production animals +2.4%

¹ Growth at constant exchange rates and scope represents the organic growth in sales excluding variations in exchange rates obtained by calculating the indicator for both the current and previous year on the basis of identical exchange rates (the exchange rate is the same one used for the previous year), and excluding changes in scope by calculating the indicator for the current year on the basis of the scope for the previous year.

Quarterly consolidated revenue

Group revenue for the fourth quarter reached €240.9 million, an increase of +2.7% at actual exchange rates and +1.6% excluding the positive impact of exchange rates. This represents the Group’s ninth consecutive quarter of growth at constant rates. Growth for the quarter was led predominantly by Europe and Latin America, which benefited from the positive impact of sustained business in France, Northern Europe, Brazil and Mexico. The United States was below last year in ex-Virbac sales in the quarter, however, following exceptionally high growth in the third quarter. Sales in the Asia Pacific region declined in the last quarter of 2019 compared to the same period in 2018, primarily due to the setbacks in Australia caused by weather conditions and fires. Finally, in terms of product ranges, growth was mainly led by products of the companion animal segment such as petfood, specialty products, and the dental range, which achieved double-digit growth. However, products for bovines and aquaculture also contributed to the quarter's performance.

Cumulative annual revenue
Revenue rose to €938.2 million compared to €868.9 million for the same period in 2018, representing an overall increase of +8.0%. Adjusted for the positive impact of exchange rates, particularly the American dollar, the Mexican peso and the Indian rupee, revenue showed growth of +6.6%.

All regions contributed to sustained growth in 2019 compared to the same period in 2018. In the United States, the business grew by +18.8% at actual exchange rates (+13.6% at constant exchange rates), bolstered by a significant base effect noted at the end of June, related to inventory reductions of Sentinel in distribution during the first half of 2018, which had affected ex-Virbac sales. Excluding this stock effect, ex-Virbac sales in the United States grew by around 7% (Sentinel decline compensated by the buoyancy of the dental, antibiotic and specialty ranges).