Revenue Year-to-date €817.7 million | At constant exchange rates and scope1 +21.2% including companion animals +24.3% food producing animals +15.0% | Growth adjusted at constant exchange rates +16.4% | Overall change +14.5% +19.3% excl. Sentinel |
1 Change at constant exchange rates and scope corresponds to organic growth of sales, excluding exchange rate variations, calculating the indicator for the financial year in question and the indicator for the previous financial year on the basis of identical exchange rates (the exchange rate used is the previous financial year’s), and excluding change in scope, calculating the indicator for the financial year in question on the basis of the scope of consolidation for the previous year, and excluding sales of Sentinel, a product that was sold on
Quarterly consolidated revenue
Our third-quarter revenue reached €288.2 million, or a steep 22.4% increase with respect to the same period in 2020. At constant exchange rates, growth was +21%, mainly driven by the remarkable performance of
Cumulative consolidated revenue at the end of September
Our revenue through to the end of September was €817.7 million, compared with €713.9 million, representing an overall increase of 19.3% excluding Sentinel (+14.5% at real scope) compared with the same period in 2020. Excluding the unfavorable impact of exchange rates, revenue rose by 21.2% excluding Sentinel (+16.4% at real scope).
All areas had double-digit organic growth at the end of September, reflecting both the sector’s momentum and the very successful execution of our strategic plan—thanks largely to the ongoing commitment of our teams. In
In terms of species, the companion animal business grew by 24.3% overall at constant exchange rates excluding Sentinel (+12.0% at real exchange rates and scope), essentially driven by the remarkable double-digit growth of the specialty ranges (including Clomicalm, Movoflex, Stelfonta), petfood, parasiticides, dermatology and dental products, and by the rebound of the vaccine range for dogs and cats, compared with the same period in 2020. It should be noted that Clomicalm and Itrafungol, which were acquired in
Outlook
We are now anticipating like-for-like revenue growth (excluding the impact of the Sentinel sale) of 16% to 18% (or 13% to 15% at constant exchange rates and real scope), and a ratio of “current operating profit before depreciation of assets arising from acquisitions” over “revenue” of around 16% at constant exchange rates. For the record, we estimate that the impact of products acquired from Elanco (Clomicalm and Itrafungol) and from iVet (US petfood) could represent approximately 1.5 percentage points of revenue growth. We also anticipate an unfavorable impact of exchange rates on revenue of approximately €10 million associated with currency depreciation. Debt relief should be around €60 million for the year at constant scope and exchange rates.
So far, the health crisis has not had an overly negative impact on the animal health sector, but, as explained in our previous releases, we have implemented a set of measures and day-to-day monitoring to prevent and limit its potential impact. In addition, our overall presence in terms of geographical areas and species, our highly diversified product portfolio, our varied distribution channels, the high responsiveness and adaptability of our teams, and the robustness of our financial situation are key assets to face the consequences of this pandemic. However, we are remaining vigilant to changes in logistics and sourcing costs in the coming months and are well placed to address them.
CONSOLIDATED FIGURES Non-audited figures in millions of euros | 2021 | 2020 | Growth | Growth at constant exchange rates 1 | Growth at constant exchange rates and scope of consolidation 1 |
First-quarter revenue | 266.5 | 247.7 | +7.6% | +12.3% | +22.6% |
Second-quarter revenue | 262.9 | 230.6 | +14.0% | +15.8% | +20.0% |
Third-quarter revenue | 288.2 | 235.6 | +22.4% | +21.0% | +21.0% |
Revenue at the end of September | 817.7 | 713.9 | +14.5% | +16.4% | +21.2% |
Revenue excluding Sentinel | 810.1 | 678.8 | +19.3% | +21.2% | +21.2% |
A lifelong commitment to animal health
At Virbac, we make innovative solutions available to veterinarians, farmers and animal owners in more than 100 countries around the world. Covering more than 50 species, our range of products and services can diagnose, prevent and treat the majority of pathologies. Every day, we are committed to improving the quality of life of animals and to shaping the future of animal health together.
Virbac: NYSE Euronext - compartment A – ISIN code: FR0000031577 / MNEMO: VIRP
Attachment
- Virbac_ Q3_2021 Sales
© OMX, source