Virbac (VIRP) Q1 2025 TU earnings summary

Executive summary

• First quarter 2025 revenue reached €375.2M, up 8.5% at actual rates and 4.9% at constant exchange rates and scope compared to Q1 2024.

• Growth was driven by both price increases (3.8 points) and volume (1.1 points), with strong performances in Europe, Latin America, and Asia.

• The Sasaeah acquisition in Japan contributed 4.6 percentage points to overall growth.

Financial highlights

• Revenue for Q1 2025: €375.2M, up 8.5% year-over-year at actual rates.

• Organic revenue growth at constant exchange rates and scope: +4.9%.

• Companion animal segment grew 5.6%; farm animal segment grew 4.2% at constant exchange rates and scope.

• Europe posted 8.3% growth at constant exchange rates, with notable gains in Italy, Spain, and Benelux.

• Latin America and Asia also delivered strong growth, while the Pacific region saw a decline.

Outlook and guidance

• 2025 revenue growth expected between 4% and 6% at constant exchange rates and scope.

• Sasaeah acquisition to add approximately 1 point of growth in 2025.

• Adjusted EBIT margin forecasted to remain around 16% at constant scope.

• R&D investments to increase by 0.3 points as a percentage of revenue in 2025.

• Cash position projected to improve by €80M in 2025, excluding further acquisitions.