CONSOLIDATED FIGURES AT JUNE 30 In millions of euros

2021 2020 Change 2021/2020




+ 10.7%

Change at constant exchange rates

+ 14.0%

Change at constant exchange rates and perimeter 1 + 21.3%

Current operating income before depreciation of assets resulting from acquisitions 2



+ 23.2%

as a% of sales

as a% of sales at constant rates



Amortization of intangible assets from acquisitions 2.2 6.3

current operating income



+ 30.3%

Non-recurring expenses and income 0.0 5.4

Operating result



+ 39.8%

Current net income 3



+ 38.9%

Consolidated net income



+ 49.7%

Of which net income – Group share



Equity – Group share



+ 27.7%

Net debt 4




Operating cash flow before interest and taxes 5



+ 18.7%

1 The variation at constant exchange rates and perimeter corresponds to the organic growth in turnover, excluding exchange rate variations, calculated using the indicator for the year under review and the indicator for the previous year on the basis of identical exchange rates (the exchange rate used is that of the previous fiscal year), and excluding changes in scope, calculated using the indicator for the fiscal year in question on the basis of the consolidation scope of the previous fiscal year, and excluding sales of Sentinel, product sold on July 1, 2020, over the two financial years concerned. 2 Current operating income, before depreciation of assets resulting from acquisitions, reflects current income adjusted for the impact of the resulting impairment charges on intangible assets. acquisition operations. 3 Net income from ordinary activities correspond to the consolidated net income adjusted for non-current income and expenses (0 million euros), and current tax (0 million euros) .4 Net debt corresponds to current (75.1 million euros) and non-current (16.2 million euros) financial liabilities as well as a rental obligation related to application of IFRS 16 (38.5 million euros), less cash and cash equivalents (184.3 million euros) as published in the statement of financial position. 5 Cash flow operating income corresponds to operating income (103.1 million euros) restated for items having no impact on cash flow and for impacts related to disposals. The following items are adjusted: depreciation and impairment of assets (22.3 million euros), provisions for risks and charges (-1.4 million euros), provisions related to employee benefits (- 0.5 million euros) euros), and other expenses and income with no impact on cash (€ 0.4 million), and the impact of disposals (- € 0.2 million).

The accounts were audited by the statutory auditors and examined by the board of directors on September 14, 2021. The auditors’ report is in the process of being issued. The financial statements and a detailed presentation of the half-year results are available on the corporate website

Thanks to Virbac the teams’ constant commitment to animal health and the resilience of the sector, in the first half of the year we achieved sales of € 529.4mmillions, i.e. an increase of + 17.9% compared to 2020 excluding Sentinel (10.7% at actual scope). Excluding the unfavorable currency effect, sales increased by 21.3% excluding Sentinel (+ 14.0% at actual scope). All areas posted double-digit organic growth at the end of June, reflecting both the dynamics of the sector and the successful execution of our strategic plan. In Europe, sales increased by 18.4% at actual rates (+ 18.7% at constant exchange rates). In the Asia-Pacific zone, growth at real rates is + 23.5% (+ 26% at constant exchange rates). In the United States, first-half activity excluding Sentinel grew by 24.3% (+ 36.4% at constant exchange rates). In Latin America, excluding Chile, activity grew by 19.8% at real rates (+ 31.5% at constant exchange rates). Finally, in Chile, activity for the first half of the year was down -19.1% at real rates (-15.1% at constant rates). In terms of cash, the companion animal business grew by 24.4% at constant exchange rates excluding Sentinel (+ 8.7% at constant exchange rates and perimeter, and + 5.8% at constant exchange rates). and actual scope), driven mainly by the remarkable double single-digit growth of the specialty, internal antiparasitics, petfood, dermatology and dental ranges, and by the rebound of the dog and cat vaccines range compared to the first half of 2020, which had been impacted by our production disruption problems. It should be noted that sales of Itrafungol and Clomicalm, products acquired in March 2021, represented around 4 million euros in turnover over the period from March to June. The livestock segment also experienced strong growth, at + 17.7% at constant exchange rates (+ 14.2% at real exchange rates), mainly driven by the ruminants sector and the commodities sector. pigs and poultry, while the aquaculture sector was, as expected, significantly lower compared to the same period in 2020.

Current operating income before amortization of assets resulting from acquisitions amounted to 105.3 million euros, up sharply compared to the first half of 2020 (85.5 million euros). This improvement in performance is mainly due to the exceptional growth in our turnover, driven by very good performance in all areas and good market dynamics. It is partially offset by a rebound in our commercial and R&D spending because the first half of 2020 was marked by a significant drop in spending linked to the Covid-19 situation (delay and postponement of R&D projects, postponement of seminars, conferences , events, stopping travel in many countries, reducing marketing expenses, etc.). It should also be noted that this half-year result benefits from the recognition of exceptional items in the amount of 6.6 million euros (4 million euros in compensation for the continuation of R&D projects acquired in the 1st quarter of 2021 from Elanco, € 1 million additional margin on the Clomicalm and Itrafungol products which benefited from zero cost of sales in connection with the acquisition, and € 1.6 million in the form of reversal of a provision for litigation, which has now become useless). All of these elements represent a positive impact of 1.2 percentage points on the ratio of “current operating income, before amortization of assets resulting from acquisitions” to “sales” for the period.

Net income from ordinary activities (consolidated net income adjusted for non-current income and expenses and non-current taxes) amounted to 74.4 million euros, up 38.9% compared to the first half of 2020. This very strong improvement in our net income can be explained by the reasons mentioned above, in particular the very strong growth of our activity and effective control of our costs, despite the rebound observed in the first half of 2021. It should be noted that our financial result corresponds to a charge of 1.6 million euros, down sharply compared to the first half of 2020 ( of 8.7 million euros). This is explained by the decrease in the cost of net debt of 3.0 million euros resulting from the repayment of our bank financing following the sale of the Sentinel range, and by the improvement in the foreign exchange result due to the relative stability of the Chilean peso against the euro and the US dollar over the first half of 2021 compared to the same period in 2020.

Net profit – Group share reached 72.7 million euros, up sharply compared to the first half of the previous year (47.2 million euros), driven by operational performance and the factors mentioned above.

Financial side, our net debt amounted to – € 54.5 million at the end of June 2021, against – € 63.4 million at the end of December 2020. This relative stability of the net debt over the first six months of the year is explained primarily by the cyclical nature of our cash generation model; cash generation occurring more in the second half of the year. This situation was exacerbated over the period by increased investments, a higher working capital requirement in the first half of 2021 due to the strong growth in our turnover, and finally the payment of dividends for the 2020 results. .

OutlookThe excellent performance of the animal health market and our performance over the past period have led us to revise our annual outlook upwards.

We are currently anticipating like-for-like sales growth (excluding the impact of the Sentinel divestiture) of 14% to 17% (or 11% to 14% at constant exchange rates and perimeter), and a “profit and loss” ratio. operating current before depreciation of assets resulting from acquisitions ”on“ sales ”of approximately 16% at constant exchange rates. As a reminder, we estimate that the impact of the products acquired from Elanco (Clomicalm and Itrafungol), and from iVet (petfood US) could represent around 1.5 points of sales growth. We also anticipate an unfavorable impact of exchange rates on sales of around € 13 million linked to currency depreciation. Debt relief is expected to be around 60 million euros over the year at constant exchange rates.

So far, the health crisis has not had too negative an impact on the animal health sector, but, as explained above, we have put in place a set of measures and daily monitoring to prevent and limit its potential impact. In addition, our global presence in terms of geographic areas and species, our highly diversified product portfolio, our varied distribution channels, the great responsiveness and adaptability of our teams, and the strength of our financial situation are essential assets for face the consequences of this pandemic. However, we remain vigilant in the face of new developments in the coming months and are well placed to deal with them.


We will be holding an analysts meeting on Thursday, September 16, 2021 at 2:30 p.m. (Paris time – CEST) at the Auditorium l’Edouard VII Business Center, 23 square Edouard VII – 75 009 Paris (France).

Participants can arrive 15 minutes before the start of the meeting. Access to the meeting will be subject to presentation of the health pass.

You can also attend the meeting using the webcast (audio + slides) available through the link below.

Information for pparticipants:

Webcast access link:

This access link is available on the website, section “financial press releases”. This link allows participants to access the live and / or archived version of the webcast.

You can ask your questions via chat (text) directly during the webcast or after watching the replay to the following email address: [email protected]

Focus on animal health from the startAt Virbac, we provide innovative solutions to veterinarians, breeders and animal owners in more than 100 countries around the world. Covering more than 50 species, our range of products and services make it possible to diagnose, prevent and treat the majority of pathologies. Every day, we are committed to improving the quality of life for animals and together shaping the future of animal health.

Virbac: NYSE Euronext – compartment A – ISIN code: FR00000031577 / MNEMO: VIRP Financial Affairs Department: tel. 04 92 08 71 32 – email: [email protected] – Website:

  • Virbac_ Half-year results 2021

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