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Virbac (VIRP) investor relations material
Virbac Q4 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Full-year 2025 revenue reached €1,465m, up 7.9% at constant exchange rates and scope (CERS) versus 2024, and 4.8% at actual rates due to currency headwinds, especially in Latin America, IMEA, and Pacific.
Companion animal segment grew 10.9% and farm animal segment 6.1% at CERS, with strong volume/mix and price effects.
Notable regional growth: USA +14.7% at CERS, IMEA +9.5%, Latin America +7.5%, Europe +7.5%, and Far East Asia +3.3% (excluding Sasaeah).
Pacific region stable for the year but rebounded in Q4 2025 with +14% growth.
Strategic acquisition of Thyronorm, a specialty feline health product, expected to be accretive to sales and EBITDA margin from Year 1.
Financial highlights
Q4 2025 consolidated revenue was €362m, up 7.1% at CERS and 2.1% at actual rates compared to Q4 2024.
Full-year revenue growth at CERS was 7.9%, with actual rate growth at 4.8%.
Volume/mix effect contributed ~+5%, price increases ~+3%.
Sasaeah (Japan) and Mopsan acquisitions contributed +0.8 and +0.6 percentage points to growth, respectively.
Outlook and guidance
2026 revenue growth expected between 5.5% and 7.5% at constant rates and scope, including Thyronorm acquisition.
Adjusted recurring operating income (EBIT adjusted) expected around 17% of revenue at constant exchange rates.
US tariffs estimated to impact results by approximately $4 million annually, fully integrated into 2026 outlook.
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Frequently asked questions
French Animal Health
Virbac is a French veterinary pharmaceutical company with multinational operations. The company focuses on developing, producing, and marketing a wide range of drugs and vaccines to improve the health and well-being of pets and livestock. Their product portfolio covers various areas, including parasitology, dermatology, dental care, antibiotics, and nutrition for animals. It is headquartered in Carros, France, and its shares are traded on the XPAR.
From a Small Clinic to a Global Giant
What would go on to become a global company and one of the largest companies in worldwide animal health was started as a veterinary office in a mall in Nice, France. Its founders, veterinarians Pierre-Richard Dick and Max Rombi sold the office after a few years and started to focus solely on medications and drugs for pets. This is something that helped Virbac establish itself, as most other similar companies at the time focused on livestock. During the 1970s, the company expanded by opening subsidiaries in several countries, and Virbac of today is a truly global company. Today, the company produces products and medications for both companion animals and livestock, and a large majority of its revenue is generated outside of France. Some other large companies operating in the sector include Zoetis and Elanco.
Pet Health
Their portfolio includes a variety of pharmaceuticals, vaccines, and nutritional supplements designed for both dogs and cats. Key product categories encompass flea and tick control, dental care, dermatology, and kidney health, along with a broad spectrum of vaccines to prevent common infectious diseases. Additionally, Virbac provides nutritional supplements that support overall pet wellness, aimed at reducing issues like joint health and digestion.
Products for Livestock
Virbac's product range in the livestock sector encompasses a comprehensive array of health solutions, targeting cattle, sheep, pigs, and poultry. Their portfolio includes vaccines and parasiticides, essential in controlling internal and external parasites that can affect animal health and productivity. Virbac also produces products for reproductive health and nutrition.
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