Core Insights - Virbac achieved a strong 7.9% organic growth in 2025, reflecting the strength of its portfolio and operational model [1][5] - The companion animal segment drove performance with a notable 10.9% growth, supported by the launch of innovative products like Vikaly [2][5] - Strategic acquisitions, such as Thyronorm, are expected to enhance the company's offerings and contribute to future growth [3][11] Financial Performance - Full-year 2025 revenue reached €1,465 million, marking a 4.8% increase at actual rates and 7.9% at constant exchange rates and scope [5][8] - Q1 revenue was €375 million, Q2 was €363 million, Q3 was €364 million, and Q4 was €362 million, with Q4 showing a 7.1% growth at constant exchange rates [6][10] - Adjusted recurring operating income is projected to be around 17% for 2026, with revenue growth guidance set between 5.5% and 7.5% at constant rates and scope [16] Geographic Performance - North America saw a significant growth of 14.7% at constant exchange rates, driven by successful product launches and strong existing product performance [9][11] - Europe experienced a growth of 9.8% at constant exchange rates, primarily due to the farm animal segment's response to the bluetongue virus epidemic [9][11] - The IMEA region recorded a robust increase of 12.6% at constant exchange rates, led by strong performance in both farm and companion animal segments [9][11] Strategic Initiatives - The acquisition of Thyronorm, a product for treating feline hyperthyroidism, is expected to enhance Virbac's portfolio and contribute to revenue growth [11][12] - The company continues to focus on research and development investments to advance animal health solutions [3][11] - Virbac's strategy includes transitioning distribution in Europe from partners to direct management, enhancing control over its product offerings [12]