Mittwoch, 19.01.2022 17:45 von GlobeNewswire | Aufrufe: 378

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

Revenue 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

+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 revenue
Our 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.


Virbac SA Realtime-Chart

As 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.

Non-audited figures
in millions of euros
2021 2020 Growth Growth
at constant exchange rates 1
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 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

Financial Affairs Department: tel. 04 92 08 71 32 - email: - Website:


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