Earnings Release • Jul 20, 2022
Earnings Release
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Lure July 20th, 2022
Matthieu Frechin, Chief Executive Officer of Vetoquinol, said: "In a global animal health market that is normalising after two years of exceptional growth, our laboratory is continuing to expand, driven by our strategy of focusing on our Essential products and on the most promising territories. Our recent launches, combined with a large-scale marketing plan, offer us solid prospects. As a result, we expect to continue to grow at a sustained pace, outpacing the market in Essentials, while remaining opportunistic in terms of external growth. "
Q2 2022 sales amounted to €136m, up +6.7% on a reported basis and up +1.8% on a like-for-like basis compared to the same period last year, with 2 favourable characteristics:
Over the first half of the year, Vetoquinol recorded sales of €271m, up 6.1% on a reported basis and 2.0% on a like-for-like basis. The laboratory recorded a positive currency impact of €11m (+4.1%), mainly due to the appreciation of the US dollar against the euro.
At 30 June 2022, all strategic territories grew on a reported basis, +0.9% in Europe, +12.9% in the Americas and +9.3% in Asia/Pacific, and on a like-forlike basis, +0.4% in Europe, +2.7% in the Americas and +5.4% in Asia/Pacific.
The performance of the first six months of 2022 is the result of the continued growth of Essential products, the driving force of the laboratory's strategy, which grew by 9.8% on a reported basis and 6.8% on a like-for-like basis. They represent 56.8% of the laboratory's sales in the first half of 2022, compared with 54.9% in the first half of 2021.
Sales of companion animal products (€183m) accounted for 67.5% of total sales, up 9.8% on a reported basis and 5.7% on a like-for-like basis. Sales to farm animals amounted to € 88 million, down 0.8% on a reported basis and
FOR MORE INFORMATION, CONTACT:
VETOQUINOL
Investor Relations Fanny Toillon Tel.: +33 (0)3 84 62 59 88 [email protected]
Investor & Media Relations Emmanuel Dovergne Tel.: +33 (0) 1 56 43 44 63 [email protected]
VETOQUINOL Magny-Vernois 70200 Lure - France www.vetoquinol.com
down 5.1% on a like-for-like basis, in line with the dynamics observed in each of these market segments (source: Vetoquinol).
Vetoquinol is not directly present in Ukraine and Russia, but remains exposed to the consequences of the economic tensions of this conflict and in particular to the sharp increases in the cost of certain raw materials, energy and logistics.
The laboratory also remains attentive and vigilant to the evolution of the health crisis in the countries where it sells its products and purchases goods and services. It continues to do its utmost to guarantee the health and safety of its employees, while respecting its commitments to its customers and stakeholders.
The sales for the first 6 months of 2022 are being reviewed by the Statutory Auditors.
Next publication: Half-Yearly Results 2022, September 15th, 2022 after stock exchange closing
Vetoquinol is a leading global animal health company that supplies drugs and nonmedicinal products for the farm animals (cattle and pigs) and companion animals (dogs and cats) markets.
As 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 employed 2,621 people as of June 30th, 2022.
Vetoquinol has been listed on Euronext Paris since 2006 (symbol: VETO). The Vetoquinol share is eligible for the French PEA and PEA-PME personal equity plans.
VETOQUINOL Magny-Vernois 70200 Lure - France
www.vetoquinol.com
| €m | 2022 | 2021 | Change (reported data) |
Change (constant exchange rates) |
|---|---|---|---|---|
| Q1 Sales | 135 | 128 | +5.5% | +2.2% |
| Q2 Sales | 136 | 127 | +6.7% | +1.8% |
| First semester Sales |
271 | 255 | +6.1% | +2.0% |
Vetoquinol Group management considers that these indicators, which are not defined by IFRS, provide additional information that is relevant for shareholders seeking to analyze underlying trends and Group performance and financial position. They are used by management for performance analysis.
Essentials products: The products referred to as "Essentials" comprise veterinary drugs and non-medical products sold by the Vetoquinol Group. They are existing or potential market-leading products designed to meet the daily requirements of vets in the companion animal or livestock sector. They are intended for sale worldwide and their scale effect improves their economic performance.
Constant exchange rates: Application of the previous period's exchange rates to the current financial year, all other things remaining equal.
Like-for-like (LFL) growth: Year-on-year sales growth in terms of volume and/or price at constant consolidation scope and exchange rates.
VETOQUINOL Magny-Vernois 70200 Lure - France
www.vetoquinol.com
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