Last night, Virbac announced Q1 sales of €375.2m, up 8.5% y-o-y. LFL growth was 4.9%.
Stifel believes that this figure is bang in line with its expectations and shows organic growth of +4.9%, i.e. a slight acceleration from +4.1% in Q4 2024 and +3.4% in Q3 2024. Stifel confirms its buy recommendation on the stock, with the same target price of E390.
In his daily report, the analyst emphasizes that this growth rate is in line with the trajectory needed to reach the 2025 growth target (i.e. 4%-6% organic revenue growth).
Europe and Latin America are showing solid growth rates of around +8%, and the Group is off to a good start for the year, while the second half of the year should see a more favorable basis for comparison (the group achieved organic growth of +11% in H1 2024 and +4% in H2 2024), Stifel says.
On the negative side, the analyst notes that Australia is still in sharp decline (-15%), and that momentum is weak in the United States (+2.7%) and Asia (+3.9%).
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Virbac specializes in the research, production and marketing of veterinary medicines. Net sales break down by family of products as follows:
- pet medications (60.7%): pest control drugs, vaccines, antibiotics, anesthetics, anti-inflammatory drugs, mouth/dental care products, ophthalmologic and dermatological products intended for dogs, cats, horses, birds, rodents, etc. The group also offers foods and electronic identification chips;
- livestock medications (39.3%): pest control drugs and antibiotics intended for cattle, sheep, pigs, poultry, etc.
Net sales are distributed geographically as follows: Europe (41.6%), Latin America (15.2%), North America (13.6%), India/Africa/Middle East (12.2%), Eastern Asia (10.5%) and Pacific (6.9%).
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