Vetoquinol SA

Earnings Release • Oct 22, 2015

SEPTEMBER 2015 YEAR-TO-DATE SALES UP 8.7% TO €251.8 MILLION

Vetoquinol sales for the first nine months of 2015 rose 8.7% to €251.8 million, boosted by a positive currency impact of €13.7 million. Organic growth for the same period came to 0.7%.

Reported sales of reference products rose 10.6% to €119.1

	million for the first nine months; growth at constant exchange
	rates amounted to 5.7%. Reference products accounted for
KEY FIGURES	47.3% of September year-to-date sales, up from 46.5% in 2014.
	Reported sales of pet products were up 11%, while livestock sales rose 6.3%. This growth was driven by reference products,
Reference product	up 8.8% in the pet segment and up 13.8% for livestock.
sales for the first 9	Vetoquinol recorded strong performances in the Americas and
months of 2015	Asia with growth of 24.9% and 14.4% respectively.
€119.1 million
	Third quarter sales growth amounted to 2.9%, primarily driven
	by the Americas and Asia Pacific region and boosted by a 3.7%
Up	positive currency impact, partly offset by a 0.8% decrease in
10.6%	organic growth. Group sales declined in Europe (down 2.5%) as a
	result of measures to control the use of antibiotics, in an
	attempt to curb the development of bacterial resistance to

In Brazil, the Group continues to refocus its business on reference products and streamline the local product offering.

antibiotics.

Two reference product launches underway

After its mid-September announcement of the launch of UpCard© , an innovative new drug for treating heart failure in dogs, Vetoquinol continued to roll out new reference products by launching Permacyl© in 15 European countries.

Permacyl© is prescribed as a treatment for mastitis in dairy cows. This launch is part of the Group's strategy to consolidate its position as a preferred partner in the dairy farming sector. Vetoquinol CEO Matthieu Frechin explained: "The Group is pursuing the course set by its strategic plan: focusing its efforts on rolling out reference products in its main territories. Our portfolio continues to expand with the addition of products and services that provide vets, pet owners and breeders with cutting edge animal healthcare solutions."

The Group's financial position remained strong at September 30, 2015, and the Group remains confident in the business outlook for 2015.

Sales (€m)	2015	2014	Change (reported data)	Change at constant exchange rates	Change at constant exchange rates and consolidation scope
Q1	81.3	73.2	+11.0%	+4.8%	-2.7%
Q2	85.9	76.1	+12.8%	+4.7%	+5.6%
Q3	84.6	82.2	+2.9%	-0.7%	-0.8%
Aggregate 9-month sales	251.8	231.6	+8.7%	+2.8%	+0.7%

Next update: 2015 full-year sales, January 21, 2016 (after market close)

About Vetoquinol

Vetoquinol is a leading global player in the animal health sector serving both the livestock (cattle and pigs) and pet (dogs and cats) markets.

An independent pure player, Vetoquinol designs, develops and sells veterinary drugs and non-medicinal products in Europe, the Americas and the Asia Pacific region.

Since its foundation in 1933, Vetoquinol has pursued a strategy combining innovation with geographical diversification. The Group's hybrid growth is driven by the reinforcement of its product portfolio coupled with acquisitions in high potential growth markets. Vetoquinol employs 2,024 people. Vetoquinol has been listed on NYSE Euronext Paris since 2006 (symbol: VETO).

For further information, go to: www.vetoquinol.com.

For any information, contact: VETOQUINOL KEIMA COMMUNICATION Investor Relations Marie-Josée Aubry-Rota Tel: +33 (0)3 84 62 59 88 relations.investisseurs@vetoquinol.com

Investor & Media Relations Emmanuel Dovergne Tel: +33 (0)1 56 43 44 63 emmanuel.dovergne@keima.fr