VIRBAC: Exceptional growth in annual revenue of +18.4% at
comparable exchange rates and scope (+14.9% at constant rates and
real scope), driven by remarkable performance in a very buoyant
market
KEY FIGURES |
AnnualRevenue
2021€1064.1
million |
Growth at constant exchange rates and
scope 1+18.4% including
companion animals
+21.5%
food producing animals
+13.4% |
Growth adjusted at constant exchange
rates+14.9% |
Overall
change+13.9%+17.4%
excl. Sentinel |
1 Change at constant exchange rates and scope
corresponds to organic growth of sales, excluding exchange rate
variations, by 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, by
calculating the indicator for the financial year in question on the
basis of the scope of consolidation for the previous financial
year, and excluding sales of Sentinel, a product that was sold on
July 1, 2020, over the first two half-years in question.
Quarterly consolidated
revenueOur fourth-quarter revenue reached €246.4 million,
or a steep 11.8% increase with respect to the same period in 2020.
At constant exchange rates, growth was +10.1%, mainly driven by the
remarkable performance of Europe, Latin America, which benefited in
particular from Chile’s rebound over the quarter, and the United
States. In Europe, the majority of the quarter's growth was driven
by France, Germany, Benelux and the area’s export activity, which
achieved very good sales in the companion animal segment (specialty
products including Suprelorin, vaccines, dermatology), as well as
in the bovine products range. Only the United Kingdom was down due
to an unfavorable baseline effect compared to the same period in
2020, which had benefited from a Brexit-related anticipation of
purchases. Latin America was buoyed by Mexico's performance in the
vaccine, petfood and bovine products range, and Chile’s in
antibiotics for salmon. The United States posted very strong growth
over the quarter, particularly in the specialty ranges, dermatology
and contributions from recently-launched products (Clomicalm,
Itrafungol, iVet petfood, etc.), which account for more than half
of the quarter's growth. Lastly, in Asia-Pacific, growth was driven
by our performance in Japan, China, Vietnam and South Korea, which
offset the downturn in India and Australia over the period,
negatively affected by an unfavorable baseline effect compared to
2020.
Annual cumulative consolidated
revenueOur annual revenue was €1064.1 million, compared
with €934.2 million, representing an overall increase of 17.4%
excluding Sentinel (+13.9% at real scope) compared with the same
period in 2020. Excluding the unfavorable impact of exchange rates,
revenue rose by 18.4% excluding Sentinel (+14.9% at real
scope).
All areas had double-digit organic growth for
the year, reflecting both the sector’s momentum and the very
successful execution of our strategic plan, thanks to the ongoing
commitment of our teams. In Europe, revenue grew by 16.3% at real
rates (+16.1% at constant rates). All countries in the area, except
Portugal, showed double-digit annual growth. The main contributors
to this performance were France, Export activities, the United
Kingdom, Germany, Benelux, Italy and Spain, driven by strong
momentum in the companion animal ranges (particularly the specialty
ranges, petfood, and the rebound in vaccines). In Asia-Pacific,
real-rate growth was up 14.9% (+14.7% at constant exchange rates),
India continues to drive the area’s growth, accounting for over
half; Australia, New Zealand, South Africa, Vietnam, and China also
contributed to the area’s very strong growth. In the United States,
business excluding Sentinel grew by 34.6% (+41.2% at constant
exchange rates). It benefited from sustained sales across all
product lines, including specialty products, the dental and
dermatology ranges, recently launched products (Clomicalm, Senergy,
Itrafungol and Stelfonta) and, lastly, the manufacturing of the
Sentinel Spectrum for Merck. In Latin America, apart from Chile,
business grew by 20.7% at real rates (+24.2% at constant exchange
rates), thanks in particular to contributions from Brazil and
Mexico. Lastly, in Chile, the good second-half performance allowed
us to show organic growth over the year (-0.4% at real rates and
+2.6% at constant rates).
In terms of
species, the companion animal
business grew by 12.6% overall at real exchange rates and scope
(+21.5% at constant exchange rates and excluding Sentinel),
essentially driven by the remarkable double-digit growth of the
specialty ranges (including Clomicalm, Movoflex, Stelfonta),
petfood, parasiticides, dermatology, 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 March 2021, and the US petfood
range iVet, acquired in July 2021, represented approximately €14
million in sales (or 1.6 percentage points of revenue growth) over
the period. The food producing animals segment also posted
significant growth of 12.8% at real exchange rates (+13.4% at
constant rates), thanks to the ruminant sector (+16.9% at constant
rates), swine-poultry products (+4.8% at constant rates), and the
rebound in the aquaculture sector, which posted growth thanks to
its performance in the second half (+5.5% at constant rates), when
compared to the same period in 2020.
OutlookAs anticipated and in line
with our marketing plan, the ratio of “current operating profit
before depreciation of assets arising from acquisitions” to
“revenue” should benefit from the favorable impact of the activity
over the past year, and should be around 16% at constant exchange
rates. Furthermore, debt relief should be around €60 million for
the year at constant scope and exchange rates.
As we continue to execute our strategic plan,
and in a more normalized market, we anticipate in 2022 a growth in
revenue at constant rates and scope of between 5% and 8%. While the
ratio of “current operating income, before depreciation of assets
arising from acquisitions” to “revenue”, as previously announced,
should consolidate around 15% at constant exchange rates (with a
deliberate overinvestment in R&D of around 1 percentage point
of revenue compared to 2021).
Overall, the global pandemic has not had an
overly negative impact on the animal health sector to date, but we
continue to face significant logistical and supply constraints with
regard to certain intermediaries, and more recently, the impact of
inflation on our costs.
CONSOLIDATED FIGURESNon-audited figures in millions of euros |
2021 |
2020 |
Growth |
Growth at constant exchange rates 1 |
Growth at constant exchange rates and scope 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% |
Fourth-quarter revenue |
246.4 |
220.3 |
+11.8% |
+10.1% |
+10.1% |
Annual revenue |
1064.1 |
934.2 |
+13.9% |
+14.9% |
+18.4% |
Revenue excluding Sentinel |
1056.4 |
899.5 |
+17.4% |
+18.4% |
+18.4% |
A lifelong commitment to animal
healthAt 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
Financial Affairs Department: tel. 04 92 08 71
32 - email: finances@virbac.com - Website: corporate.virbac.com
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