Virbac Raises Full-Year Revenue Expectations After Posting €1.168 Billion at Nine Months
Animal health company Virbac reported a consolidated revenue of €1.168 billion for the first nine months of the year, representing a 7.9% increase at constant exchange rates and scope compared to the same period in the previous year, according to corporate disclosures published on corporate.virbac.com and zonebourse.com. At real exchange rates, revenue grew by 5.9%, restrained by unfavorable currency impacts. Driven by this performance, chief executive officer Paul Martingell stated that the company is targeting the upper end of its initial full-year revenue growth range of 5.5% to 7.5% at constant rates, alongside an adjusted operating profit margin of approximately 17%.
Third-Quarter Revenue Acceleration Reaches €400 Million
For the third quarter alone, Virbac generated €400 million in revenue, marking an 8.8% acceleration in comparable data as reported by investir.lesechos.fr. At actual exchange rates, quarterly growth reached 9.8%, supported by favorable currency movements. TP Icap Midcap analyst Sarah Thirion described the growth as both sustained and qualitative, noting that it was driven in part by volumes rather than purely price adjustments, which indicates solid underlying demand. Thirion reiterated an outright buy recommendation on the stock, raising her price target from €412 to €415.
Segment and Regional Performance Across Global Operations
Growth remained balanced across both major business segments through September, with companion animals expanding by 8.8% and food-producing animals growing by 7.0%. The company’s specialized growth initiatives, designated as Supercharge platforms and excluding Thyronorm, posted an approximate 11% increase at constant exchange rates. Geographic contributions remained strong across all operating regions, with Europe delivering 7.2% growth, North America achieving 9.9%, and international markets contributing 7.9%.
Volume Expansion Outpaces Price Adjustments
The nine-month performance stemmed from a distinct operational mix, featuring a volume and mix effect of approximately 6%, complemented by a price increase of about 2%. The acquisition of Thyronorm contributed 1.3 percentage points to total global growth over the first three quarters. Management said this integration shows its programmatic merger and acquisition strategy is reinforcing its market position in endocrinology.
Frequently Asked Questions About Virbac’s Financial Update
What specific growth range did Virbac confirm for the full year 2026?
Virbac confirmed it is targeting the upper end of its initial full-year revenue growth range of 5.5% to 7.5% at constant exchange rates and perimeter.
How much did the Thyronorm acquisition contribute to total growth?
The acquisition of Thyronorm contributed 1.3 percentage points to the company’s global growth rate for the first nine months of the year.
What price target did TP Icap Midcap set for the stock?
Analyst Sarah Thirion at TP Icap Midcap reiterated a buy recommendation and raised her price target on the stock from €412 to €415.
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