VIRBAC Announces Third Quarter 2025 Sales

Core Insights - The company reported a consolidated revenue of €1,102.4 million for the first half of 2025, reflecting a growth of +5.8% overall and +9.2% at constant exchange rates [1][6] - The growth in revenue is driven by the companion animal segment, which increased by +11.3%, and the farm animal segment, which grew by +6.1% [1][9] - The company has upgraded its full-year revenue guidance, now expecting growth between 5.5% and 7.5% at constant rates and scope [4][10] Revenue Performance - The third-quarter consolidated revenue reached €364.1 million, showing a strong growth of +12.5% at constant exchange rates and scope compared to the same period in 2024 [3] - Revenue growth in Europe was +6.1%, primarily driven by the companion animal segment, which grew by +9.2% [3][7] - North America experienced exceptional growth of +48.5% at constant exchange rates, largely due to a restocking effect on dental products [3][8] Regional Analysis - Latin America recorded strong growth of +11.1%, supported by both companion animals (+14.2%) and farm animals (+17.0%) [3][8] - The IMEA zone (India, Middle East, and Africa) showed sustained growth of +9.7%, predominantly in the farm animal segment [3][5] - East Asia experienced growth of +6.2%, driven by Japan, while China faced a decline of -2.6% due to challenges in the farm animal segment [5][8] Product Segment Performance - The companion animal business grew by +11.3%, driven by strong sales in dental, dermatology, petfood, and specialty products [9] - The farm animal segment showed growth of +6.1%, mainly from the ruminant segment with vaccines and nutritional products [9] - The integration of the acquired company Sasaeah contributed +1.4 percentage points to overall growth [6][10] Financial Outlook - The adjusted recurring operating income is expected to be around 16% for the year [4][10] - The company anticipates a moderate impact from potential increases in customs tariffs in the United States, with an estimated direct impact of around US$4 million for the full year [11][12] - Cash position is expected to improve by approximately €80 million in 2025, excluding any potential acquisitions [10]