Business
Virbac : 2025 full-year results
Virbac : 2025 full-year
About this update from Virbac Sa
2025 full-year results & perspectives March 2026 First 6 months at Virbac & Strategic Execution Financial Performance & Guidance 2025 FULL-YEAR RESULTS & PERSPECTIVES Presenters Paul Martingell Chief executive officer Habib Ramdani Chief financial officer - Deputy CEO VIRBAC 2025 FULL-YEAR RESULTS & PERSPECTIVES I CEO's FIRST 6 MONTHS II STRATEGY EXECUTION & PERSPECTIVES III FINANCIAL RESULTS IV GUIDANCE & 2026 FINANCIAL CALENDAR V Q&A SESSION First 6 months at Virbac… VIRBAC 2025 FULL-YEAR RESULTS & PERSPECTIVES I CEO's FIRST 6 MONTHS II STRATEGY EXECUTION & PERSPECTIVES III FINANCIAL RESULTS IV GUIDANCE & 2026 FINANCIAL CALENDAR V Q&A SESSION 2025 Full Year Results Revenue €1 , 464.7M EBIT Adjusted 1 €234.4M Net Income €150.5M Operating cash 2 €289.1M 1 EBIT Adjusted (before amortizations) corresponds to "recurring operating income before amortization of assets arising from acquisitions". 2 Operating cash flow corresponds to the EBIT adjusted before amortizations of asset arising from acquisitions (€234.4 million) restated for depreciation & provisions (€56.4m - amortizations from acquisitions adjusted), non-cash items (€1.2m), impacts related to disposals (€1.1m) and other non-current income & expenses (-€4.1m). Solid 2025 performance in line with our strategy Continued strong financial performance & discipline Solid volume/mix and price driven revenue growth of 7.9% at CERS EBIT adjusted 1 margin of 16.0% despite temporary industrial challenges 2026 guidance: Revenue growth between 5.5% and 7.5% at CERS (incl. Thyronorm) and en EBIT Adjusted 1 margin of around 17%. Continuing investment for future Record-high investments in R&D (€115m) for innovation Record high CAPEX (€102m) , and Quality investments for future capacity, agility and customer service 2025 was a landmark year for business development, culminating in a record 9 technology licensing agreements. Executing our M&A strategy Thyronorm acquisition in Dec25 (~€27M annual in-market revenue) complements the existing portfolio and is expected to be accretive to sales and EBITDA margin from 2026 The integration process of Sasaeah (Apr24) is on track, while Mopsan (Dec24) is almost completed. Virbac outperformed the market by 0.8 ppt in 2025 Virbac revenues grew by a CAGR of 8.3% from FY21 to FY25 (including petfood sales) Note: the chart above is based on an internal estimate of the market growth and does not include petfood revenues. Our 'Growing Together' Strategy 2030 Our unique Virbac people & culture; driven by Purpose & Performance Focus on Priority Growth Drivers Build leading positions, in areas of high unmet need, with superior products & experiences 'Supercharge' platforms driving growth Innovation & Critical Capabilities Double-down on innovation (R&D + BD&L) Customer Obsessed, Omnichannel vet recommendation Customer Service Step-change through innovation & omnichannel Execute with Excellence Commercial Excellence Industrial Excellence Digital, Data & AI Transformation Partner of choice in Animal Health Fund our Growth Productivity Revenue Growth Management Smart Simplification Drive GM% to support R&D / A&P + Profit 'Supercharge' platforms driving the growth Reproduction The only alternative to surgical castration, avoiding animal mutilation and behavior change Today <1% of castrations are non-surgical Dental Still high unmet need and impact on pet/owner experience & Top5 reasons for Vet visits Virbac #1 Vet Recommended Brand Other 'supercharge' platforms : Therapeutic/Medical petfood An unmet market need for carnivorous diets offering true therapeutic and medical value Only pharma company with nutrition as part of holistic animal health Mobility, Ear, Endocrinology, Ruminants Continuous in-house R&D and technology licensing efforts R&D at Virbac €115.1M (vs. 108.7 in FY24) R&D expenses 777 dedicated people 6 main R&D centers Project pipeline for new products and geo-extensions ~ 40 Priority projects >€ 500M peak sales 1 ~ 100 Other projects ~ 60 Geo-extension projects 9 technology licensing deals signed in FY25 1 Estimated peak sales, non-risk adjusted basis Major new product launches in 2025 Farm Animals The first medicalized pet food designed to treat chronic kidney disease in cats. A medicated collar providing long-lasting protection against external parasites in dogs and cats Suigen cough Companion Animals Vikaly Prevexto Swine respiratory vaccine that provides robust protection against coughing and respiratory infections Intramar Intramammary treatment to combat clinical mastitis and protect udder health in dairy herds Trilotab Therapeutic solution for the treatment of the Cushing's syndrome (end of 2024) Ursolyx An innovative soft chew designed to combat muscle atrophy Multimin Boost Injectable trace mineral to boost immunity and reproductive performance in cattle and sheep during critical production phases Programmatic M&A: Scaling Our Impact M&A Targets focus Virbac-compatible, high margin assets that complement our portfolio and offer significant potential for geographic expansion Virbac power Strong balance sheet and the agility to move fast with a structured M&A Team Thyronorm Acquisition Perfect fit for Virbac: specialty product with differentiated liquid form Key geographies covered: the product is commercialized in Europe and USA Growing market: rising number of household cats and longer lifespan Accretive deal: on Sales and EBIT margin £100m transaction with €27m in market sales 4 strategic and actionable priorities Act for Animals Investing in responsible R&D and setting high standards for animal welfare . Act for People Fostering safety, equity diversity and inclusion to build a fulfilling and engaging work environment. Act for Society Ensuring business Ethics, responsible purchasing, volunteer and foundation programs. Act for Planet Minimizing our environmental footprint via progressive climate transition and resources optimization. Continued focus on Sustainable Value Creation Revenue Consistently outperforming the market growth rate Programmatic M&A To further support our 2030 strategic priorities & guidance Margin Commitment to 20% Adjusted EBIT margin by 2030 Cash Focus Operational & NWC efficiency to drive cash generation VIRBAC 2025 FULL-YEAR RESULTS & PERSPECTIVES I CEO's FIRST 6 MONTHS II STRATEGY EXECUTION & PERSPECTIVES III FINANCIAL RESULTS IV GUIDANCE & 2026 FINANCIAL CALENDAR V Q&A SESSION Key takeaways - FY25 financials €1464.7m in FY25 (vs €1397.4m in FY24) Revenue +8.7% @CER EBIT Adj. €234.4m in FY25 (vs €231.8m in FY24) 16,5% margin @CER (-0,1 ppt vs FY24) Net result €150.5m in FY25 (vs €145.8m FY24) 7.9% annual revenue growth at constant scope and rate Solid 2025 dynamic, across geographies 0.8% M&A contribution from Sasaeah acquisitions Robust 16.3% adjusted EBIT margin at constant scope and rate Strong FX impact Temporary industrial challenges Partially offset by improved operating expense to revenue ratio ● + 3.2% net result compared to 2024 Lower other non recurring expenses €3.5 million (vs €10.4 million in 2024) Partially offset by higher corporate income taxed (+4.8m) Other financial indicators Net cash flow generation of €188.0m in FY25 vs €206.0m in FY24. The decrease is mainly due FX impacts Capex at €102.1m in FY25 vs €80.4m in FY24 driven by ongoing major industrial investments Working capital requirements decreased by €6.7 million in FY25 driven by increasing efforts on our inventory levels Net debt stand at €172.8m as of Dec25 stable vs 2024 mainly impacted by Capex and the Thyronorm acquisition Strong revenue growth in all geographies to the exception of the Pacific Actual Revenue €1 , 465m growth @CERS 7.9% 1 EBIT(A): current operating profit before depreciation of assets arising from acquisitions III. FINANCIAL RESULTS AND GUIDANCE Strong FX headwinds in 2025 impacting revenues by €54.3m and EBIT Adjusted by €16.4M III. FINANCIAL RESULTS AND GUIDANCE Revenue split companion animals vs farm animals FY25 Revenue €1 , 465m Note: in € million in actual rate; in % at constant exchange rates and scope Attention : This is an excerpt of the original content. To continue reading it, access the original document here .