VIRBAC

Annual revenue growth of +4.9% thanks to record fourth-quarter activity at +11.5% - Seite 2

This remarkable performance in the last quarter of 2023 is reflected in both our business segments. Thanks to the momentum of our petfood, specialties, dental and dermatology ranges, which achieved double-digit growth, the companion animal segment grew by +10.9% at constant rates. On the farm animal segment, we achieved growth of +12.5% at constant rates, all our ranges by species recorded significant progressions, particularly in the aquaculture and ruminant segments.

Annual consolidated revenue
At the end of December 2023, our annual revenue amounted €1,246.9 million compared with €1,216.2 million, representing an overall change of +2.5% compared with the same period in 2022, and a +4.9% growth at constant exchange rates. 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) is only 0.3 points. Excluding these two acquisitions, growth at constant rates would have been +4.6%. Against a backdrop of normalizing market growth, this performance demonstrates the resilience of our business model, which was significantly challenged by two intrinsic and unfavorable one-off effects during the year. As a reminder, these were a temporary limitation of our production capacities for companion animal vaccines, and a cyber attack on June 19 which forced us to shut down plants for several weeks. Europe (+5.8% at constant rates) and Asia/Pacific (+4.0% at constant rates) remain the main areas driving our organic growth momentum over the year. Growth in Europe was mainly driven by France (+6.9% at constant rates), Northern Europe and Southern Europe (respectively +4.0% and +4.9% at constant rates), as well as by Turkey, where business volume more than doubled compared with 2022. In Asia/Pacific, the main contributors were India (+6.1% at constant rates), followed by Australia and New Zealand (respectively +4.9% and +6.7% at constant rates), offsetting the drop observed in China (-10.8% at constant rates), while business in Southeast Asia remained stable. In Latin America (+4.9% at constant rates), we observed very good growth dynamics in all our subsidiaries, with the exception of Chile which, despite a rebound in the second semester, continues to be penalized by the sharp slowdown in our aquaculture business observed in the first semester, particularly in antibiotics and vaccines. Our revenue in the United States rose by +3.5% at constant rates, despite a year-long distributors’ destocking effect.