Exceptional dynamics in the first half of 2024 for Virbac

Key Highlights:

  1. Organic revenue growth of +16.2% at constant exchange rates.
  2. Notable growth in all regions, with particularly strong growth in Latin America and North America.
  3. Strategic acquisition of Globion in India and Sasaeah in Japan, contributing to Virbac’s global growth.

Consolidated quarterly revenue

In the second quarter of 2024, Virbac’s consolidated revenue reached €357.4 million, up +21.8% at constant exchange rates compared to the previous year. After adjustment for the recent acquisitions of Globion and Sasaeah, organic growth remains robust at +13.1%.

In Europe, growth was +11.8%, driven by sales in the pet animal segments, particularly vaccines, petfood/petcare, and antiparasitic products. In the United States, growth was even more pronounced at +18.1%, due to strong demand for specialty products, particularly the dental range.

Latin America recorded the strongest growth at +20.0%, driven by the dynamism of Mexico, Central America, and Chile. Brazil, for its part, is back on the growth path. The India-Middle East-Africa (IMOA) region grew by +12.1%, mainly due to performance in India on bovine products. In Asia, growth reached +3.7%, supported by the Chinese pet animal market. The Pacific region returned to growth of +8.2% after a difficult first quarter, driven by increased demand for livestock products.

Consolidated cumulative revenue at the end of June

In the first half of the year, Virbac’s consolidated revenue amounted to €703.1 million, an increase of +15.2% compared to 2023. Excluding currency effects, this growth reached +16.2%. Recent acquisitions contributed +4.9 points, while organic growth was +11.3%, driven by increased volumes and prices.

The European region recorded growth of +12.3%, accounting for nearly half of the group’s organic growth, driven by strong demand for vaccines and pet care products. North America grew by +22.2%, benefiting from a favorable base effect and sustained demand for specialty products.

Latin America, with growth of +10.5%, benefited from excellent performance in Chile and Mexico. In IMOA, growth was +9.5%, mainly driven by India. In Asia, growth was +8.8%, with strong demand in China and Southeast Asia. The Pacific region, although slightly down for the half (-0.8%), is showing signs of recovery.

Outlook 2024

For the year 2024, Virbac anticipates revenue growth between 7% and 9% at constant exchange rates and scope, with an adjusted EBIT ratio around 16%. Recent acquisitions are expected to contribute +5.5 points of growth, bringing the expected total growth between 12.5% and 14.5%.

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