Vetoquinol (VETO) Q4 2024 TU earnings summary

Executive summary

• Annual sales reached €539 million in 2024, up 2.2% at constant exchange rates and 1.9% on a reported basis.

• Essential products drove growth, with sales of €328 million, up 4.6% and now representing 61% of total sales.

• All regions grew except the United States, which declined due to one-off distributor and supply issues.

• Companion animal products accounted for €378 million (70% of sales), up 2% at constant exchange rates.

• Farm animal product sales were €162 million, up 2.8% at constant exchange rates.

Financial highlights

• Q4 sales were €141 million, up 2.8% reported and 3.4% at constant exchange rates.

• Exchange rates negatively impacted annual sales by €1.9 million.

• Portfolio simplification reduced annual sales by about €8 million, or -1.5%.

• Essentials sales more than doubled since 2014, with an average annual growth over 8%.

Outlook and guidance

• Management reaffirms commitment to the Essentials-focused strategy for long-term profitable growth.

• Essentials expected to remain key growth and profitability drivers in 2025.