Outlook 2023-2024
Press release issued on December 19,
2023 before financial market opening at 8:30am CET
Given the strong rebound in revenue
observed in the third quarter and continuing into the fourth
quarter, a higher-than-expected margin on production
costs, and the confirmed postponement of certain expenses, in
particular R&D (increase in the ratio of R&D expenses to
revenue of only ~+0.5 points compared with 2022), 2023
revenue growth at constant exchange rates and scope is now expected
around 4%, while the ratio of "current operating income, before
depreciation of assets arising from acquisitions” to "revenue"
should now consolidate at around 15% at constant exchange
rates.
Finally, at constant exchange rates, our net
cash position at the end of December 2023 should improve by
approximately €50 million compared with the same position at the
end of December 2022, excluding acquisitions and the impact of the
share buyback plan.
For now, at constant exchange rates and
scope, our revenue growth for 2024 is expected between 4 and 6%,
while our forecasted ratio of "current operating income, before
depreciation of assets arising from acquisitions" (Ebit adjusted)
to "revenue" is expected around 15% at constant exchange
rates, taking into account a further deliberate
acceleration in our R&D investments relative to revenue since
the beginning of 2022, representing in 2024 ~+0.5 percentage points
versus 2023 and ~+2 percentage points versus 2021, as previously
announced.
We reaffirm our objective of achieving
an Ebit adjusted ratio of 20% by 2030, with a level of R&D
investment that we plan to gradually get back over the next few
years to the Group's normative and historical level.
Focusing on animal health, from the
beginningAt Virbac, we provide innovative solutions 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 enables to diagnose, prevent and treat the
majority of pathologies. Every day, we are committed to improving
animals’ quality of life and to shaping together the future of
animal health.
Virbac: Euronext Paris - subfund A - ISIN code:
FR0000031577/MNEMO: VIRPFinancial Affairs department: tel. +33 4 92
08 71 32 - email: finances@virbac.com - Website:
corporate.virbac.com
- Virbac_ Outlook_2023-2024
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