Vetoquinol (VETO) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 sales totaled €130.6 million, down 2.3% year-over-year on a reported basis.

• Essential products sales reached €85 million, up 1.8% at constant exchange rates, now representing 65% of total sales.

• Sales growth was strong in Asia-Pacific/Rest of World (+15.4% at constant rates), while the USA saw a sharp decline (-16.5% at constant rates).

• Companion animal product sales were stable at €94 million; farm animal product sales declined 7% to €37 million.

Financial highlights

• Group sales: €130.6 million in Q1 2025 vs. €133.6 million in Q1 2024 (-2.3% reported, -2.1% constant rates).

• Europe sales: €68.9 million (-2.4% at constant rates); Americas excl. USA: €17.3 million (+5.2% at constant rates).

• USA sales: €24.5 million, down 13.8% reported and 16.5% at constant rates.

• Asia-Pacific/Rest of World: €19.8 million, up 14.7% reported and 15.4% at constant rates.

Outlook and guidance

• Essential products expected to remain a growth driver, especially outside the USA.

• Rationalization of non-critical complementary ranges to continue, impacting farm animal product sales.