Virbac Sa · EURONEXT:VIRP
Virbac Sa — FY2024 Earnings Presentation
32 slides from Virbac Sa's earnings presentation, Mar 14, 2025
Slide 1: 2024 results & perspectives
2024 results & perspectives March 14, 2025 Shaping the future of animal health
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements with respect to Virbac’s profitability and financial condition, business operations, projects and outlook. Although Virbac’s management believes that such forward-looking statements are based on reasonable assumptions, as made as of th
Slide 3: 2024 full-year financial highlights agenda
2024 full-year financial highlights Habib Ramdani CFO and interim CEO Strategy execution & perspectives 2025 financial calendar Q&A session 2024 FULL-YEAR RESULTS & PERSPECTIVES
Slide 4: 2024 Full-Year Financials – Summary (1/3)
2024 FULL-YEAR FINANCIALS – SUMMARY (1/3) FY24 net sales FY24 Ebit adjusted1 €1,397 million €232 million Strong revenue growth of +13.6% at constant exchange Ebit adjusted¹ increased by +€44m (+23%) enabling a rates driven by: strong 16.6% Ebit adjusted¹ margin (16.0 @ constant scope) and essentiall
Slide 5: 2024 Full-Year Financials – Summary (2/3)
2024 FULL-YEAR FINANCIALS – SUMMARY (2/3) 1 EBITA: current operating profit before depreciation of assets arising from acquisitions. 5
Slide 6: 2024 Full-Year Financials – Summary (3/3)
2024 FULL-YEAR FINANCIALS – SUMMARY (3/3) HY24 net result Focus €145 million Cash Net result on the rise reaching €145.3 million at actual Net debt situation of €168.5 million compared to net rates (versus €121.3 million in 2023). cash situation of -€52.4 million as of December 2023, mainly attribut
Slide 7: Consolidated Sales
CONSOLIDATED SALES € million Growth At CER2 & scope +7.5% 1 2 scope impacts arising from acquisitions: Globion in India and Sasaeah in Japan 7 at constant exchange rates
Slide 8: Virbac's performance is in line with the market
VIRBAC’S PERFORMANCE IS IN LINE WITH THE MARKET with 7.4% in Q3’24 compared to 7.3% market growth (w/o petfood) Source: internal estimates at constant exchange rates using Q3 2023 FX rates as reference (petfood not reported in Virbac 8
Slide 9: Sales evolution by region
SALES EVOLUTION BY REGION € million 1 2 RoW: Rest of the world 9 at constant exchange rates
Slide 10: Focus geographies
FOCUS GEOGRAPHIES USA GERMANY 2024 full year performance: +10% @constant rate 2024 full year performance: +11% @constant rate Double digit performance of extended sales: prioritisation and Double digit growth of extended sales: fast adaptation to the focus on execution and channel strategy to drive
Slide 11: Sales growth by region
SALES GROWTH BY REGION € million €m -- At constant exchange rates Europe FY24 revenue €1 416 €561.4 million +10.0% +13.6% North America €181.7 +10.2% €150.8 +82.6% Far East Asia India, Middle East & Africa €183.9 Latin America +15.1% Pacific €229.4 +7.4% €108.8 -5.9% 11
Slide 12: Sales by segment
SALES BY SEGMENT € million €m -- At actual rates 1 contract manufacturing 12
Slide 13: Sales growth by segment - Companion animals
SALES GROWTH BY SEGMENT - COMPANION ANIMALS € million €m -- At constant exchange rates and scope COMPANION ANIMALS +10.8% GROWTH +10.0% At CER¹ At actual rates 1 at constant exchange rates 13
Slide 14: Sales growth by segment - Farm animals
SALES GROWTH BY SEGMENT - FARM ANIMALS € million €m -- At constant exchange rates and scope FARM ANIMALS +2.4% GROWTH +0.8% At CER¹ At actual rates 1 at constant exchange rates 14
Slide 15: Sales breakdown by region & segment
SALES BREAKDOWN BY REGION & SEGMENT €m - At constant exchange rates and scope Other Business Legend: 🡻/🡻%: 2024 growth at constant exchange rates and scope. 1Australia, New Zealand, Japan, Korea - 2contract manufacturing 15
Slide 16: Condensed profit & loss statement
CONDENSED PROFIT & LOSS STATEMENT figures may not add due to rounding 16
Slide 17: Ebit adjusted evolution
EBIT ADJUSTED¹ EVOLUTION Ebit adjusted1 before R&D ratio to revenue € €m million 2023 2024@CER4 23.0% 24.5% 1 Ebit adjusted: current operating profit before depreciation of assets arising from acquisitions 2 RoW: Rest of the world 3 RDL: Research, development & licensing 4 at constant exchange rates
Slide 18: Cash flow evolution
CASH FLOW EVOLUTION € million 18
Slide 19: Free cash flow evolution
FREE CASH FLOW EVOLUTION € million 2023.12 2024.12 1 working capital requirements 19 figures may not add due to rounding
Slide 20: Net debt evolution
NET DEBT EVOLUTION € million Closing net debt at constant rate & scope - €139.8m (- 87.4m€ vs Dec 2023) 1 working capital requirements 2 3 Sasaeh, Mopsan, tranche 2 Globion and earn-out payment due on Centrovet 20 includes non cash IFRS 16 variations (+ €15.6m), non cash derivatives (+€ 3.6m) and no
Slide 21: Condensed balance sheet analysis
CONDENSED BALANCE SHEET ANALYSIS 2022.12 2023.12 2024.12 Net debt/shareholder’s equity, Group share -9.5% -5.8% 16.2% Net debt/net cash flow -0.5 -0.3 0.8 Net debt/operating cash flow -0.3 -0.2 0.6 21
Slide 22: Shareholding structure as of December 31, 2024
SHAREHOLDING STRUCTURE AS OF DECEMBER 31, 2024 22
Slide 23: Strategy execution & perspectives
2024 half-year financial highlights Strategy execution & perspectives Habib Ramdani CFO and interim CEO 2025 financial calendar Q&A session 2024 FULL-YEAR RESULTS & PERSPECTIVES
Slide 24: Vision 2030 - Clear roadmap
VISION 2030 - CLEAR ROADMAP ● Corporate culture and purpose Teams ● ● HSE & CSR Great Place to Work ● Compliance & ethics Innovation Acquisition Competitiveness Portfolio ● R&D acceleration and ● Programmatic M&A and ● Industrial strategy and “Busters” programs dynamic licensing competitiveness Targ
Slide 25: Illustration of progresses in 2024
ILLUSTRATION OF PROGRESSES IN 2024 Movoflex cat, Trilotab, HPM with therapeutic claim, Product launches Swine vaccines (FR, DE, Mx, BR)... over 90% of 2024 milestones achieved, 4 ongoing Progress on our R&D projects approval process in the EU Biology, petfood facility, French logistic center, Indust
Slide 26: M&A integration - status update
M&A INTEGRATION - STATUS UPDATE GLOBION SASAEAH MOPSAN Integration process finalized Integration process very well advanced Integration process ongoing ● Organisation fully integrated as of January ● Japan new ExCom and integration ● Acquired in Dec24, the integration process 2024 governance set-up
Slide 27: Estimated sales potential of main R&D projects
ESTIMATED SALES POTENTIAL1 OF MAIN R&D PROJECTS (March, 2024) Launch Companion Animals M€ Food Producing Animals M€ Year • Parasiticide • Parasiticides 2025 • Petfood / Pet care 47 • Anti-infectives 15 • Parasiticide • Specialties • Parasiticides 2026 • Petfood / Pet care 44 • Anti-infectives 30 • P
Slide 28: 2025 Outlook - Guidance
2025 OUTLOOK - GUIDANCE Guidance 2025 Net revenue growth at constant rates & scope2 +4% to +6% Ebita¹ ratio to revenue at constant rates & scope2 ~16% Net debt evolution3 ~+ €80m Sasaeah acquisition to add 1pt of net revenue growth and to be neutral on the Ebita ratio 1 Ebita: current operating prof
Slide 29: 2025 financial calendar
2024 half-year financial highlights Strategy execution & perspectives 2025 financial calendar Q&A session 2024 FULL-YEAR RESULTS & PERSPECTIVES
Slide 30: 2025 Financial calendar – upcoming events
2025 FINANCIAL CALENDAR – UPCOMING EVENTS April 15, 2025* Q1 sales June 19, 2025 Annual shareholders’ meeting July 16, 2025* Q2-H1 sales September 12, 2025* Half-year financial results - Press release September 15, 2025 SFAF meeting – 1st half 2025 financial & strategic information October 16, 2025*
Slide 31: 2024 half-year financial highlights
2024 half-year financial highlights Strategy execution & perspectives 2024 financial calendar Q&A session 2024 HALF-YEAR RESULTS & PERSPECTIVES
Slide 32: Shaping the future of animal health
Shaping the future of animal health