Virbac (VIRP) Q2 2026 TU earnings summary

Executive summary

• Achieved first-half 2026 revenue of €768m, up 7.4% at constant exchange rates and scope (CERS) compared to H1 2025, with 4.0% growth at actual rates due to currency headwinds.

• Growth was balanced across companion animal (+10.0%) and farm animal (+6.7%) segments, driven by Supercharge platforms and the Thyronorm acquisition.

• Double-digit growth in North America and solid performances in Europe (+6.5% at CERS) and International regions (+7.5% at CERS).

Financial highlights

• Q2 2026 revenue reached €384m, up 7.2% at CERS year-over-year; H1 revenue totaled €768m, up 7.4% at CERS.

• Volume/mix effect contributed ~+5.4% and price increases ~+2% to overall growth.

• Thyronorm acquisition added 1.4 percentage points to H1 growth.

Outlook and guidance

• 2026 guidance confirmed at the upper end: targeting 5.5% to 7.5% revenue growth at CERS and adjusted recurring operating income margin of ~17%.

• Cash generation expected at approximately €80m, with Capex spending around €125m.

• No material impact anticipated from inflation or geopolitical risks; supply chain disruptions remain limited.