Vetoquinol

Annual Sales 2023: €529 Million

Regulatory News:

Matthieu Frechin, Chairman and CEO of Vetoquinol (Paris:VETO), said: "In an animal health market with flat volumes, our 2023 sales reflect our company’s resilience and agility. Sales were driven by the strong performance of our Essentials products in the second half of the year; their sustained growth has enabled us to continue to improve our product mix and increase the efficiency of our operations. We are therefore actively pursuing the implementation of our strategy, and in particular our ambitious program of innovation, registration and launch of Essentials products."

Vetoquinol recorded sales of €529 million, stable at constant exchange rates and down -1.9% on a reported basis.
Foreign exchange had a negative impact of €10 million, linked to the Americas and Asia-Pacific/Rest of World territories. Rationalization of the non-Essentials product portfolio had a negative impact of around €10 million on sales for the year. The good level of sales in the 2nd half of 2023, up +4.5% at constant exchange rates, offset a first half disrupted by cyclical factors, notably the impact of the ERP changeover in the second quarter.

At the end of December 2023, sales of Essentials products totalled €313 million, up +4.5% at constant exchange rates and +2.9% on a reported basis.
The second half of the year was particularly dynamic, with organic growth of +10% for Essentials products, which benefited notably from the strong performance of the launches of Felpreva, a parasiticide product for cats in Europe, and Simplera, a drug indicated for the treatment of otitis in dogs in the United States.
By the end of December 2023, sales of Essentials products accounted for more than 59% of the Group’s sales, compared with 56% for the same period in 2022.

Over the full 12 months of 2023 and at constant exchange rates, the Americas strategic territory grew by +5.1% (vs. +2.3% in H1 2023). Europe's territory was stable at -0.3% (vs. -5.5% in H1 2023), while Asia Pacific/Rest of World was down -10.0% (vs. -16.3% in H1 2023), mainly due to the distributor business.

Sales of products for companion animals (€372m) rose by +3.6% at constant exchange rates (vs. -0.4% in H1 2023) and accounted for 70.2% of the Vetoquinol’s total sales; these rose by +7.5% in the 2^nd half. Sales of farm animal products came to €157m, down -7.6% at constant exchange rates (vs. -13.8% in H1 2023); these sales were down slightly by -1.7% in the 2^nd half.