Annual Revenue 2021 €1064.1 million | Growth at constant exchange rates and scope 1 +18.4% including companion animals +21.5% food producing animals +13.4% | Growth adjusted at constant exchange rates +14.9% | Overall change +13.9% +17.4% excl. Sentinel |
1 Change at constant exchange rates and scope corresponds to organic growth of sales, excluding exchange rate variations, by calculating the indicator for the financial year in question and the indicator for the previous financial year on the basis of identical exchange rates (the exchange rate used is the previous financial year’s), and excluding change in scope, by calculating the indicator for the financial year in question on the basis of the scope of consolidation for the previous financial year, and excluding sales of Sentinel, a product that was sold on
Quarterly consolidated revenue
Our fourth-quarter revenue reached €246.4 million, or a steep 11.8% increase with respect to the same period in 2020. At constant exchange rates, growth was +10.1%, mainly driven by the remarkable performance of
Annual cumulative consolidated revenue
Our annual revenue was €1064.1 million, compared with €934.2 million, representing an overall increase of 17.4% excluding Sentinel (+13.9% at real scope) compared with the same period in 2020. Excluding the unfavorable impact of exchange rates, revenue rose by 18.4% excluding Sentinel (+14.9% at real scope).
All areas had double-digit organic growth for the year, reflecting both the sector’s momentum and the very successful execution of our strategic plan, thanks to the ongoing commitment of our teams. In
In terms of species, the companion animal business grew by 12.6% overall at real exchange rates and scope (+21.5% at constant exchange rates and excluding Sentinel), essentially driven by the remarkable double-digit growth of the specialty ranges (including Clomicalm, Movoflex, Stelfonta), petfood, parasiticides, dermatology, dental products, and by the rebound of the vaccine range for dogs and cats, compared with the same period in 2020. It should be noted that Clomicalm and Itrafungol, which were acquired in
Outlook
As anticipated and in line with our marketing plan, the ratio of “current operating profit before depreciation of assets arising from acquisitions” to “revenue” should benefit from the favorable impact of the activity over the past year, and should be around 16% at constant exchange rates. Furthermore, debt relief should be around €60 million for the year at constant scope and exchange rates.
As we continue to execute our strategic plan, and in a more normalized market, we anticipate in 2022 a growth in revenue at constant rates and scope of between 5% and 8%. While the ratio of “current operating income, before depreciation of assets arising from acquisitions” to “revenue”, as previously announced, should consolidate around 15% at constant exchange rates (with a deliberate overinvestment in R&D of around 1 percentage point of revenue compared to 2021).
Overall, the global pandemic has not had an overly negative impact on the animal health sector to date, but we continue to face significant logistical and supply constraints with regard to certain intermediaries, and more recently, the impact of inflation on our costs.
CONSOLIDATED FIGURES Non-audited figures in millions of euros | 2021 | 2020 | Growth | Growth at constant exchange rates 1 | Growth at constant exchange rates and scope 1 |
First-quarter revenue | 266.5 | 247.7 | +7.6% | +12.3% | +22.6% |
Second-quarter revenue | 262.9 | 230.6 | +14.0% | +15.8% | +20.0% |
Third-quarter revenue | 288.2 | 235.6 | +22.4% | +21.0% | +21.0% |
Fourth-quarter revenue | 246.4 | 220.3 | +11.8% | +10.1% | +10.1% |
Annual revenue | 1064.1 | 934.2 | +13.9% | +14.9% | +18.4% |
Revenue excluding Sentinel | 1056.4 | 899.5 | +17.4% | +18.4% | +18.4% |
A lifelong commitment to animal health
At Virbac, we make innovative solutions available to veterinarians, farmers and animal owners in more than 100 countries around the world. Covering more than 50 species, our range of products and services can diagnose, prevent and treat the majority of pathologies. Every day, we are committed to improving the quality of life of animals and to shaping the future of animal health together.
Virbac: NYSE Euronext - compartment A – ISIN code: FR0000031577 / MNEMO: VIRP
Attachment
- Virbac_Sales_Q4_2021
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