Virbac

very strong growth in revenue in the first quarter of 2021 at +22.6% at comparable exchange rates and scope (+12.3% at constant rates), driven by very solid performance in all areas

 

KEY FIGURES
Revenue 1st quarter 2021   €266.5 million	Growth at constant exchange rates and scope 1   +22.6% of which companion animals +25.1% food-producing animals +19.2%	Growth at constant exchange rates   +12.3%	Total growth   +7.6% +17.5% excl. Sentinel

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, and by excluding sales of Sentinel for the two financial years in question.

Quarterly consolidated revenue
Our revenue in the first quarter amounted to €266.5 million, with a substantial increase of +17.5% excluding Sentinel (+7.6% in real terms) compared to the same period in 2020, despite an unfavorable base effect linked to advance purchases recorded in the first quarter of 2020 before the various lockdowns. At constant exchange rates and scope, growth was +22.6%, driven by the dynamism of the animal health market (increase in visits to veterinarians), except for Chile, and the successful execution of our strategy in all geographical areas. Our actual performance was significantly impacted by the impairment of certain currencies, particularly the US dollar, the Indian rupee, the Brazilian real and finally, the Mexican peso.

Our growth in the first quarter was driven mainly by the performance of Asia-Pacific, Europe and the United States (excluding Sentinel). In Asia-Pacific, real-rate growth is +29.3% (+32.8% at constant exchange rates). India continues to drive growth in the area, accounting for more than half of it; Australia, China, Thailand and Vietnam also contribute to strong area growth. In Europe, revenue grew +12.4% at real rates (+13.0% at constant rates). The main contributors to this performance were France, Italy, Spain, Benelux and the area’s Export and OTC activities, driven by strong momentum in the companion animal ranges (in particular specialty ranges, internal parasiticides and petfood) as well as products for ruminants. In the United States, first-quarter activity excluding Sentinel showed a marked increase of +67.9% (+84.7% at constant exchange rates). It benefited from sustained sales across all ranges, with a rebound in the dental range in particular, which had been severely impacted at the same time last year by the health situation, which led to a drop in clinic visits. It should also be noted that this range benefited, in addition to sales in clinics, from strong growth in online sales. Specialty products, dermatology and recently launched products (Senergy and Stelfonta) are also supporting American growth. In Latin America, excluding Chile, the Group had an excellent start to the year. Activity grew by +9.8% at real rates (+30.2% at constant exchange rates), due in particular to contributions by Brazil and Mexico. Finally, in Chile, activity in the first quarter is down, as anticipated, by -20.7% at real rates (-15.9% at constant rates), due to the drop in salmon smolts placed in the water last year following the health crisis and the closure of restaurants.