Virbac (VIRP) Q3 2026 TU earnings summary

Executive summary

• YTD September revenue reached €1,168m, up 7.9% at constant exchange rates and scope (CERS); Q3 revenue was €400m, up 8.8% CERS.

• Growth was balanced across Companion Animal and Farm Animal, supported by Supercharge platforms and positive performance across all three regions.

Financial highlights

• YTD September revenue increased 5.9% at actual rates, versus 7.9% CERS, reflecting currency headwinds.

• Q3 revenue rose 9.8% at actual rates and 8.8% CERS; Q1 and Q2 CERS growth was 7.7% and 7.2%, respectively.

• YTD growth included a 1.3 percentage-point contribution from the Thyronorm acquisition; Supercharge platforms excluding Thyronorm grew around 11% CERS.

• YTD volume/mix contributed ~6% and price increases ~2%.

Outlook and guidance

• FY2026 revenue growth guidance remains 5.5%–7.5% at constant rates and scope; strong nine-month performance supports targeting the upper end.

• Adjusted recurring operating income margin is expected around 17% CERS; Thyronorm is expected to contribute ~0.5 percentage points to adjusted EBIT for the full year.

• Thyronorm is included in the 2026 organic perimeter due to its low materiality; its full-year revenue contribution is expected to be ~1 percentage point of growth.