Virbac: in the first half of 2025, revenue recorded solid growth of +5.6% at constant exchange rates and scope of consolidation

Quarterly consolidated revenue
Our second-quarter revenue reached €363.1 million, marking a +6.4% increase at constant exchange rates and scope compared to the same period in 2024. This strong quarterly performance demonstrates the resilience of our organic growth, observed across all our geographical regions. Europe showed a +5.8% increase at constant exchange rates, driven by almost all our regions. This success is notably due to the contribution of the companion animal segment (+8.0%), and more specifically petfood, with strong growth in Türkiye, partly attributable to the acquisition of Mopsan. Our specialty ranges also contributed to this favorable trend thanks to the launch of a new product for the treatment of hyperadrenocorticism (Cushing's syndrome), and the performance of our reproduction and osteoarthritis ranges. Finally, petcare also supported the performance with our range for the treatment of external otitis. These contributions helped offset a relative decline in vaccine sales, following a record year in 2024 for this segment. The farm animal segment remained relatively stable due to continued increases in bovine vaccine sales linked to a tender win, and the contribution of our nutritional and antiparasitic ranges for cattle. In the United States, our subsidiary recorded a clear increase of +9.2% at constant exchange rates and scope. This performance was driven by the success of our specialty products, the launch of a new product for muscle function, and our osteoarthritis range for dogs, all reinforced by our dental and dermatology products for companion animals. Latin America also closed the quarter with strong growth of +8.1% at constant exchange rates and scope, split between companion animals (+6.8%) and farm animals (+11.5%). Growth was particularly notable in Mexico, Brazil, and Colombia, supported by a very dynamic market. This performance was partially offset by a decrease in our aquaculture activities in Chile, notably due to competitive pressure on one of our antiparasitic products. The IMEA (India, Middle East, and Africa) region recorded the strongest growth in the second quarter with +11.0% at constant exchange rates and scope, primarily in the livestock segment. This progression was driven by India, which showed an increase of +7.3%, followed by a remarkable performance from the MEA region (+80.1%), supported by the launch of new products and the development of activities in North Africa and aquaculture in Ghana. The Far East Asia region saw a slight increase (+1.2%) at constant exchange rates compared to the second quarter of 2024. This improvement was driven by Thailand (+12.6%) and Japan (+13.2% excluding Sasaeah), but offset by a decline in Vietnam (-22.1%) following a swine fever outbreak. Finally, the Pacific region closed the quarter with a decline of -1.8% at constant exchange rates and scope. This decrease is attributable to a reduction in Australia (-7.7%). However, we are seeing a gradual normalization of climatic conditions and inventory levels at distributors. This decline in Australia was partially offset by a solid performance in New Zealand (+23.8%), driven by antibiotics for cattle and a resurgent market.