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Virbac (VIRP) investor relations material

Virbac Q1 2026 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q1 2026 TU earnings summary16 Apr, 2026

Executive summary

  • Q1 2026 revenue reached €384 million, up 7.7% at constant exchange rates and scope (CERS) compared to Q1 2025, and up 2.2% at actual rates due to currency headwinds.

  • Growth was balanced across both companion animal (+9.9%) and farm animal (+8.4%) segments, with Supercharge platforms (excluding Thyronorm) growing around 15% at CERS.

  • Exceptional growth in North America (+20.7% at CERS), solid expansion in International (+9.1%), and sustained momentum in Europe (+2.0%).

  • Thyronorm acquisition contributed approximately 1 percentage point to overall growth.

Financial highlights

  • Revenue for Q1 2026: €384 million, up 7.7% at CERS and 2.2% at actual rates year-over-year.

  • Volume/mix effect contributed ~6% to growth, with price increases adding ~2%.

  • Adjusted recurring operating income expected around 17% of revenue for 2026.

Outlook and guidance

  • 2026 guidance unchanged: revenue growth expected between 5.5% and 7.5% at constant rates and scope.

  • Adjusted recurring operating income (EBIT adjusted) to revenue ratio expected around 17%.

  • Cash generation for 2026 projected at ~€80 million, with Capex spending around €125 million.

  • Thyronorm acquisition included in organic perimeter, contributing ~1pt to revenue growth and ~0.5pt to EBIT adjusted.

Explain North America inventory impact on growth
Countering Australia competitive pressure
France and Benelux back-orders recovery outlook
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Q2 2026 TU20 Jul, 2026
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