VIRBAC: Revenue growth at end of September at +7.7% at comparable exchange rates and perimeter (+12.7% at actual rates
October 18 2022 - 11:45AM
VIRBAC: Revenue growth at end of September at +7.7% at comparable
exchange rates and perimeter (+12.7% at actual rates
KEY FIGURES |
AnnualNine months,
2022€921.2 million |
Growth at constant exchange rates and
scope 1+7.7% of which
companion animals +10.1%
food-producing animals +6.2% |
Growth at constant exchange
rates+7.7% |
Overall
change+12.7% |
1 Growth at constant exchange rates and scope
corresponds to organic growth of sales, 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
previous financial year’s), 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.
Quarterly consolidated
revenue
Our third-quarter revenue reached €304.9
million, or a steep +5.8% increase with respect to the same period
in 2021. At constant parities, the revenue growth was -0.2%, in a
context of anticipated slowing market growth, compared to a third
quarter 2021 that had been exceptional. Asia Pacific (+6.8% at
constant rates) and Africa/Middle East (+18.3% at constant rates)
regions are growing in the quarter due particularly to performance
in India, Australia and Turkey. All other areas are behind over the
period impacted by a high comparison base for the European area
(-1.8% at constant rates), and the United States (-6.6% at a
constant rate) which had experienced remarkable growth in the third
quarter of 2021 due to new product launches (Clomicalm, Itrafungol,
petfood iVet, Milbehart…). Lastly, Latin America (-6.8% at constant
exchange rates) is strongly impacted by Chile, which is down over
the quarter due to an unfavorable base effect, following the
rebound observed in the third quarter of 2021, as well as the
decline in sales of antibiotic and parasiticide products for
salmon, following the suspension by the Chilean maritime authority
of the marketing authorization for a parasiticide product in
distribution.
Cumulative consolidated
revenue at the end of SeptemberOur
revenue through to the end of September was €921.2 million,
compared with €817.7 million, representing an overall increase of
+12.7% compared with the same period in 2021. Adjusted for the
favorable impact of exchange rates, revenue shows growth of +7.7%.
This growth benefited, in part, from a favorable baseline effect
representing 0.5 point of growth in revenue, attributable to new
products acquired starting in the second quarter of 2021. All areas
are growing organically at the end of September, despite a slowdown
in the market. In Asia Pacific, the growth at real rates is +17.9%
(+12.1% at constant exchange rates), India and Australia continue
to derive growth from the area, thanks to products for cattle,
representing approximately 80% of the area’s growth. In Europe,
revenue grew by +4% at real rates (+3.5% at constant rates). The
main countries contributing to this performance are the United
Kingdom, France, Italy, Germany and Spain, carried by the strong
dynamism of the ranges for companion animals (in particular the
ranges of petfood, specialties, and the vaccines), which offset the
withdrawal of antibiotic ranges for food producing animals. In the
United States, business grew by +23.2% (+9.5% at constant exchange
rates). It benefited from strong sales of new products launched in
2021 (Clomicalm and Itrafungol) and those launched in early 2022
(petfood, and for the production animals segment,Tulissin), as well
as good performance on the dental and dermatology range. Finally,
in Latin America, business grew by +18.1% at actual rates (+6.8% at
constant exchange rates), thanks in particular to the contribution
of Mexico and Brazil, which offset the decline in Chile.
In terms of species, revenue in
the companion animal segment grew overall by +14.4% at real rates
(+10.1% at constant exchange rates), mainly driven by very good
double-digit growth in the petfood, specialty, and dental ranges.
The food producing animal segment also posted growth of +12.0% at
real rates (+6.2% at constant exchange rates), driven by the
ruminant sector (+11.2% at constant rates), which compensates for
the decline in the pig-poultry (-5.1% at constant rates) and
aquaculture (-10.8% at constant rates) segments compared to the
same period of 2021, and this mainly due to the decline in sales of
vaccines as well as the suspension of the marketing of the
aforementioned parasiticide product.
OutlookRevenue growth at constant
rates and perimeter is now expected to be in a range of between 6%
and 9%. The ratio of “current operating income before depreciation
of assets from acquisitions” to “revenue” should be in a range of
between 14% and 15% at constant exchange rates. Finally, our
deleveraging should be around 30 million € excluding
dividends, at constant scope and exchange rates.
CONSOLIDATED FIGURESNon-audited figures in millions of euros |
2022 |
2021 |
Growth |
Growth at constant exchange rates 1 |
Growth at constant exchange rates and scope 1 |
First quarter revenue |
318.1 |
266.5 |
+19.3% |
+16.2% |
+16.2% |
Second-quarter revenue |
298.3 |
262.9 |
+13.5% |
+7.8% |
+7.8% |
Third-quarter revenue |
304.9 |
288.2 |
+5.8% |
-0.2% |
-0.2% |
Revenue at the end of September |
921.2 |
817.7 |
+12.7% |
+7.7% |
+7.7% |
A lifelong commitment to animal
healthAt Virbac, we provide innovative solutions to
veterinarians, farmers and animal owners in more than 100 countries
around the world. Covering more than 50 species, our range of
products and services enables us to diagnose, prevent and treat the
majority of pathologies. Every day, we are committed to improving
the quality of life of animals and to shaping the future of animal
health together.
Virbac: Euronext Paris - subfund A –ISIN code:
FR0000031577 / MNEMO: VIRPFinancial Affairs Department: tel. 04 92
08 71 32 - email: finances@virbac.com - Website:
corporate.virbac.com
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