Revenue Year-to-date €713.9 million | Total growth +2.4% (+3.3% excl. Sentinel) | Growth at constant exchange rates +5.6% | Growth at constant exchange rates and scope 1 +6.8% including companion animals +3.6% (+6.1% excluding Sentinel) food-producing animals +8.2% |
1 Growth at constant exchange rates and scope is the organic growth of sales, excluding the impact of exchange rate changes, by calculating the indicator for the financial year in question and that for the previous financial year on the basis of identical exchange rates (the exchange rate used is that in effect for the previous financial year), and excluding the impact of changes 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, and by excluding sales of Sentinel for the two financial years in question.
Quarterly consolidated revenue
Revenue reached €235.6 million in the third quarter, an increase of +0.9% compared to the same period in 2019. At constant exchange rates, the third quarter registered a solid performance of +6.8% (+11.1% excluding Sentinel), as the strong depreciation of certain currencies, particularly the Brazilian real, Mexican peso, South African rand and the rupee, weighed heavily on performance.
Excluding the impact of the divestment of Sentinel in
Cumulative consolidated revenue at the end of September
Over the first half of the year as a whole, revenue amounted to €713.9 million compared to €697.3 million for the same period in 2019, representing an overall increase of +2.4% (+3.3% excluding Sentinel). Revenue increased by +5.6% (+6.8% excluding Sentinel) excluding the unfavorable impact of exchange rates.
This very good third quarter performance reinforces the growth observed in the first half of the year, reflecting the resilience of the sector, and the constant mobilization of Virbac teams. These have allowed us to achieve growth in all regions (excluding the impact of the divestment of Sentinel), despite vaccine shortages.
In terms of species, the companion animals business grew generally by +2.2% at actual rates (+3.6% at constant rates and +6.1% excluding Sentinel), essentially driven by growth in the specialty, pet food, dermatology and hygiene ranges, which compensated for the withdrawal of the vaccines and antibiotics ranges. The food-producing animals segment also recorded strong growth of +2.5% (+8.2% at constant rates), driven by the ruminant sector (+11.2% at constant rates) and the industrial farming sector (+3.0% at constant rates), while aquaculture fell slightly (-0.3% at constant rates) compared to the same period in 2019.
Outlook
The animal health sector has demonstrated strong resilience in recent months, which helped to limit the impact on our business at the end of September, and leads us to raise our outlook for the year. We are now anticipating revenue that might range between 0% and 3% for the year 2020 at actual scope (after the disposal of Sentinel) and at constant rates. Furthermore, we anticipate an unfavorable exchange rate impact on revenue of approximately €30 million related to the sharp depreciation of currencies in the
Finally, the early July divestment of the Sentinel brands (for which we will continue to manufacture the Sentinel Spectrum formulation at our US site in Bridgeton), is expected to result in revenue decrease of approximately
From a financial standpoint, the divestment of Sentinel for a total of
CONSOLIDATED DATA Unaudited figures - in millions of euros | 2020 | 2019 | Growth | Growth at constant exchange rates1 | Growth at constant exchange rates and scope1 |
Revenue for 1st quarter | 247.7 | 217.5 | +13.9% | +14.3% | +14.3% |
Revenue for 2nd quarter | 230.6 | 246.2 | -6.4% | -3.3% | -3.3% |
Revenue for 3rd quarter | 235.6 | 233.5 | +0.9% | +6.8% | +11.1% |
Revenue at the end of September | 713.9 | 697.3 | +2.4% | +5,6% | +6.8% |
Revenue excluding Sentinel | 676.6 | 654.8 | +3.3% | +6.8% | +6.8% |
2EBITA: Current operating profit before depreciations of assets arising from acquisitions.
A lifelong commitment to animal health
Virbac offers veterinarians, farmers and pet owners in more than 100 countries a practical range of products and services for diagnosing, preventing and treating the majority of diseases while improving quality of life for animals. With these innovative solutions covering more than 50 species, Virbac contributes day after day to shaping the future of animal health.
Virbac : NYSE Euronext - compartiment A - code ISIN : FR0000031577 / MNEMO : VIRP
Direction financière : tél. +33 4 92 08 71 32 - finances@virbac.com - corporate.virbac.com
Attachment
- Virbac Sales Q3_2020
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