Virbac (VIRP) Q3 2024 TU earnings summary

Executive summary

• Consolidated revenue for Q3 2024 reached €339.2M, up 7.7% year-over-year; revenue for the first nine months totaled €1,042.1M, up 12.6%.

• Organic growth at constant exchange rates and scope was 8.6% for the nine-month period.

• Recent acquisitions (Globion in India, Sasaeah in Japan) contributed 5.4 growth points to revenue.

Financial highlights

• Q3 revenue: €339.2M (+7.7% reported, +9.9% constant FX, +3.4% organic).

• Nine-month revenue: €1,042.1M (+12.6% reported, +14.0% constant FX, +8.6% organic).

• Europe and North America posted double-digit growth at constant exchange rates and scope (+12.1% and +12.5%, respectively).

• Far East Asia revenue surged 61% at actual rates, 6.7% at constant FX and scope.

• Pacific region declined 8.6% at constant FX and scope.

Outlook and guidance

• 2024 revenue growth expected between 7% and 9% at constant exchange rates and scope.

• Adjusted EBIT ratio forecasted at around 16%.

• Recent acquisitions expected to add ~5.5 growth points to revenue and be slightly accretive to profitability.

• Total revenue growth at actual scope and FX projected between 12.5% and 14.5%.