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Virbac — Earnings Release 2011
Oct 18, 2011
1753_iss_2011-10-18_d5215a80-6a54-47ef-b2b6-66ef9d3a1c5c.pdf
Earnings Release
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CONTINUATION OF THE GROWTH TREND IN THE THIRD QUARTER
Public release – October 18 th , 2011
Virbac consolidated sales in the third quarter reached 161.0 M€, a +4.5% change compared to the same period of 2010. Sales increased by +6.7% excluding exchange rates impacts and +6.0% at constant scope. This positive evolution is similar to the performance recorded in the second quarter, in spite of the high comparison basis set by the strong same quarters of last year.
After Portugal last May, CaniLeish®, the new Virbac vaccine against canine Leishmaniosis, has been successfully launched in France end of September.
Regionally, Latin America, Asia and Pacific markets have continued to enjoy double digit growth, driven in particular by Brazil, Mexico, India, Australia and South Africa; Europe has also been performing well and in line with the trend observed in the first half. Only the US have experienced a decline this quarter, essentially due to inventory build-ups by distributors in the third quarter 2010.
With total year-to-date sales of 475.5 M€ compared to 438.1 M€ last year, the business trend remains steady with a total increase of +8.5% globally. It is slightly higher (+9.1%) at constant exchange rates. Excluding the impact of recent acquisitions (in Colombia as from early 2011 and in Australia partly in 2010), organic growth accounts for +8.1% for this nine months period.
Regarding market segments by species, year-to-date the companion animals segment records a +6.7% organic growth with a good performance in all product ranges; the food producing animals segment, driven by the dynamics in emerging markets, remains a significant growth contributor with an organic growth of +13.2%, mostly in product categories for bovine (+14.5%) but also to a lesser extent in the industrial sector (swine and poultry: + 7.7%).
2011 NET SALES Nine months 475.5 M€ TOTAL GROWTH + 8.5% GROWTH AT CONSTANT EXCHANGE RATES +9.1% GROWTH AT CONSTANT SCOPE +8.1% COMPANION ANIMALS + 6.7% FOOD PRODUCING ANIMALS + 13.2%