Annual Revenue 2023 €1,246.9 million | Growth at constant exchange rates and scope1 +4.9% of which companion animals +3.5% farm animals +6.7% | Growth at constant exchange rates +4.9% | Overall change +2.5% |
1growth at constant exchange rates and scope corresponds to organic growth of revenue, 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 one from the previous financial year), 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. It should be noted that the impact on revenue growth resulting from the integration of
Quarterly consolidated revenue
Our fourth-quarter revenue amounted €321.7 million, up +9.1% compared to the same period in 2022. Adjusted for the unfavorable impact of exchange rates, our revenue reached a record level of €329 million, in strong progression by +11.5%. It should be noted that this increase includes a +0.9% impact related to the integration of Globion (
This remarkable performance in the last quarter of 2023 is reflected in both our business segments. Thanks to the momentum of our petfood, specialties, dental and dermatology ranges, which achieved double-digit growth, the companion animal segment grew by +10.9% at constant rates. On the farm animal segment, we achieved growth of +12.5% at constant rates, all our ranges by species recorded significant progressions, particularly in the aquaculture and ruminant segments.
Annual consolidated revenue
At the end of
In terms of species, despite a drop in sales on dog and cat vaccine range (which was out of stock throughout the year) and a decline in parasiticides, the companion animal segment grew by +3.5% at constant rates, driven by the performance of our petfood, specialties and dermatology ranges. The farm animal segment posted a more pronounced growth of +6.7% at constant rates, driven by both ruminants (+7.8% at constant rates) and pigs (+13.1% at constant rates).
Outlook
In line with our press release dated
For the year 2024, we confirm our revenue growth target between 4% and 6% at constant rates and scope, as well as a ratio of "current operating income before amortization of assets resulting from acquisitions” (Ebit adjusted) to “revenue” around 15% at constant exchange rates. As announced in our previous communications, this level of profitability takes into account a deliberate further acceleration in our R&D investments, representing almost +0.5 points as a percentage of revenue compared with 2023.
We reaffirm our ambition to achieve an Ebit adjusted ratio of 20% by 2030: in this respect, we plan over the next few years to gradually restore our R&D investments to the Group's normative and historical level, with a ratio of R&D investments to revenue around 2.0 percentage points below 2024 level.
CONSOLIDATED FIGURES Non-audited figures in millions of euros | 2023 | 2022 | Growth | Growth at constant exchange rates 1 | Growth at constant exchange rates and scope 1 |
First quarter revenue | 314.8 | 318.0 | -1.0% | -1.3% | -1.3% |
Second-quarter revenue | 295.7 | 298.3 | -0.9% | +2.1% | +2.1% |
Third-quarter revenue | 314.8 | 304.9 | +3.3% | +7.8% | +7.8% |
Fourth-quarter revenue | 321.7 | 295.0 | +9.1% | +11.5% | +10.6% |
Annual Revenue | 1 246.9 | 1 216.2 | +2.5% | +4.9% | +4.6% |
1growth at constant exchange rates and scope corresponds to organic growth of revenue, 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 one from the previous financial year), 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. It should be noted that the impact on revenue growth resulting from the integration of
A lifelong commitment to animal health
At 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 us to 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: Euronext Paris - subfund A - ISIN code: FR0000031577/MNEMO: VIRP
Financial Affairs department: tel. +33 4 92 08 71 32 - email: finances@virbac.com - Website: corporate.virbac.com
Attachment
- Virbac_Q4 Sales_2023
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