VIRBAC

Annual revenue growth of +4.9% thanks to record fourth-quarter activity at +11.5%

KEY FIGURES
Annual Revenue 2023   €1,246.9 million	Growth at constant exchange rates and scope1   +4.9% of which companion animals +3.5% farm animals +6.7%	Growth at constant exchange rates   +4.9%	Overall change   +2.5%

¹growth at constant exchange rates and scope corresponds to organic growth of revenue, excluding exchange rate variations, by calculating the indicator for the financial year in question and the indicator for the previous financial year on the basis of identical exchange rates (the exchange rate used is the one from the previous financial year), and excluding change 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. It should be noted that the impact on revenue growth resulting from the integration of GS Partners (acquisition of our distributor in the Czech Republic closed in May) and Globion (acquisition in India closed in November), representing only 0.3 points of growth, is considered non-material and therefore consolidation scope was not restated.

Quarterly consolidated revenue
Our fourth-quarter revenue amounted €321.7 million, up +9.1% compared to the same period in 2022. Adjusted for the unfavorable impact of exchange rates, our revenue reached a record level of €329 million, in strong progression by +11.5%. It should be noted that this increase includes a +0.9% impact related to the integration of Globion (India), which acquisition was finalized in November, such impact has not been restated for materiality reasons. This growth reflects the Group's sustained business momentum, driven by the outstanding commitment of our teams around the world. All geographies contributed to this momentum, with Europe and Latin America accounting for almost 75% of overall organic growth achieved during the quarter. In Europe, growth of +11.6% at constant rates was mainly driven by the performance of the United Kingdom (+20.7% at constant rates), fuelled by strong growth in our dog and cat parasiticides products, and Northern Europe (+8.1% at constant rates), as well as by the double-digit growth in our petfood range, particularly in Turkey and France. Latin America closed the quarter with a growth of +24.0% at constant rates, thanks to the remarkable performance of Brazil (+35.6% at constant rates), where our companion animal products are on the rise, and the contribution of Mexico and Central American countries (+19% at constant rates), whereas Chile (+24.9% at constant rates) benefited from a rebound linked to strong demand for a parasiticide product for salmon. North America was also up by +14.7%, benefiting from strong sales momentum in our companion animal ranges, particularly dermatology products. Asia/Pacific region grew by +2.3% at constant rates, with contrasting trends over the quarter. India (+13.7% at constant rates) and South-East Asia (+8.8% at constant rates) compensated for the drop in revenue observed on the one hand in Australia (-18.1% at constant rates), where 2023 had been so far marked by a very favorable agricultural context (climate, prices and herd stock increases), and on the other hand in China (-16.4% at constant rates) due to a base effect subsequent to a very good last quarter in 2022.