(BFM Stock Exchange) – The veterinary laboratory has unveiled half -yearly accounts lower than expectations, engaged by exceptional elements and an unfavorable basic effect. Virbac, however, maintained its forecasts for the entire year 2025.

In mid-July, Virbac had reassured the market by announcing an acceleration of its organic growth in the second quarter, thanks to the launch of new products.

On the whole of the first half, the veterinary laboratory had thus announced a turnover of 738.3 million euros, an increase of 5% over one year in published data.

Virbac’s half -yearly point of semi -annual activity therefore augur a good realization on the operational level. Two months later, the company unveiled the rest of its financial performance as its first half of which were tainted by calendar effects and punctual elements.

The current operating profit before damping of assets from acquisitions therefore amounts to 135 million euros, with withdrawal of 10.3% compared to the first half of the previous year. This is much less than the expectations of ODDO BHF housed at 157 million euros.

The current operating income ratio before damping of assets from acquisitions (adjusted ebit margin), flexes 310 base points (3.1 percentage points) to 18.3%, compared to 21.4% a year earlier.

Exceptional elements that blur reading

Virbac attributes this degradation of its mainly gross margin “to cyclical factors” which include a higher level of stock destruction than last year and a temporary production stop for a group antigen for maintenance of installations.

The company adds that these elements “hide an underlying performance of its selling prices and production costs […] online with [ses] expectations “.

A little lower in the accounts, the net profit share of the virbac group fell 13% over a year, reaching 82.4 million euros against 94.9 million euros a year earlier, and expectations listened to 92 million euros for the design office.

“The disappointment on the current operating result is not so important as that, because the lack of indication brought by the company on semi -annual bases sometimes causes differences in forecasts on the semesters, without calling into question the annual (provisional volatility not negligible in the first semester)”, wishes to relativize Oddo BHF, which recalls that Virbac has despite everything confirmed its prospects for the whole of the year 2025.

2025 perspectives renewed

The group is still counting on growth in its turnover of 4 to 6% at constant exchange rate and perimeter, to which will be added the contribution of Sasaeah, an actor of Japanese animal health bought last year.

The contribution of this acquisition is estimated at an additional growth point in 2025. In parallel, Virbac estimates that the adjusted operating margin level should consolidate this year at that of 2024, around 16%. The group also expects its cash position to improve 80 million euros in 2025 excluding any acquisitions.

Regarding American customs duties, Virbac provides moderate impact on the possible increase in customs tariffs in the United States. “About two thirds of our American turnover in 2025 and almost 80% by the end of 2026 (due to current industrial projects) should be generated by our local production in the United States,” explains the French group.

For Oddo BHF, the maintenance of annual forecasts therefore induces a current operating profit in the second semester around 100 million euros, a corresponding margin of 13.3%, which “seems to him”.

“The base of comparison was high and the consensus had failed it. The result of the first semester 2025 could not be radiant. But the good news is that the basic effects will fade and give way to a dynamic and a momentum carried by the launches, a good discipline cash and optionally by acquisitions”, abounds the financial intermediary which remains to be outperformance with a course of course maintained at 395 euros.

On the Paris Stock Exchange, Virbac’s publication is sanctioned. The title of the veterinary laboratory drops another 4.4%, the highest drop in SBF 120 around 2:40 p.m.

The semi -annual copy published by Virbac is all the more freshly welcomed since its Vetoquinol competitor had led by more than 11% at the end of last week, in reaction to the announcement of half -yearly results recurring positive elements, especially on the side of profitability.