Key Highlights:
- Organic revenue growth of +16.2% at constant exchange rates.
- Notable growth in all regions, with particularly strong growth in Latin America and North America.
- 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%.
More information on Virbac website
Health Nice Côte d’Azur
- Exceptional dynamics in the first half of 2024 for Virbac
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- Virbac finalizes acquisition of minority stake in Globion, Indian poultry vaccine specialist.
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