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VIRBAC: Building on the momentum of the second half of 2023, strong first-quarter revenue growth of +10.8% at constant exchange rates | ||||||||||
By: GlobeNewswire - 16 Apr 2024 | Back to overview list |
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1growth 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 All our regions posted solid performances, led by Europe, where revenue rose by +12.5% at constant exchange rates, thanks primarily to strong sales momentum in the companion animal segment in Central and Eastern Europe countries (+34.9% at constant exchange rates), with notable performances in Turkey, Poland and the Czech Republic. In Northern Europe (+23.8% at constant exchange rates), the UK and Ireland benefited from new product launches to record strong sales growth in the farm animal segment. Double-digit growth in Spain contributed to Southern Europe’s trend (+8.8% at constant exchange rates), while France (+7.9% at constant exchange rates) continued to benefit from increased demand for our petfood range. Our subsidiary in the United States (+28.4% at constant exchange rates) achieved the Group's strongest growth, benefiting both from growth in our companion animal ranges, especially dental and mobility products; and from a favorable basis of comparison, as the start of 2023 was marked by distributors' destocking effect. Latin America’s countries (+1.4% at constant exchange rates) posted a more mixed performance: following on the momentum initiated in the second half of 2023, driven by demand for aquaculture parasiticides, strong growth in Chile (+28.5% at constant exchange rates) offset the temporary downturn in the ruminant segment in Brazil, while sales in Mexico and Central America remained stable (+0.8% at constant exchange rates). Lastly, the Asia/Pacific region closed the quarter with growth of +5.5% at constant exchange rates, driven mainly by India (+18.1% at constant exchange rates) and Southeast Asia’s countries (+15.6% at constant exchange rates), counterbalancing the downtrend in Australia and New Zealand (-7.8% and -11.5% respectively at constant exchange rates), both penalized by an unfavorable basis for comparison, the first part of 2023 having been marked by a very favorable agricultural context (climate, prices and herd stock increases) as well as sales linked to deferred orders. In terms of species, the companion animal segment posted strong growth of +16.2% at constant exchange rates and scope, driven by the good momentum of our dental, dermatology, petfood and specialty product ranges, while our dog/cat vaccine range returned to growth following increase in our production capacity. The farm animal segment recorded growth of +1.2% at constant exchange rates and scope (+4.1% at constant exchange rates), mainly thanks to Aquaculture (+44.4% at constant exchange rates) and products for pig and poultry species, linked to the acquisition of Globion. These increases offset the slight temporary decrease in the ruminant segment (-3.4% at constant exchange rates). 2024 Outlook Attachment |
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