Virbac SA
PAR:VIRP
Virbac SA
Founded in 1968 in the picturesque city of Carros near Nice, France, Virbac SA has grown to become a formidable player in the animal health industry. With its roots firmly planted in the niche of veterinary medicine, the company was established by Pierre-Richard Dick, a veterinarian himself, who sought to fill a gap in high-quality veterinary products. Today, Virbac stands as one of the largest independent veterinary pharmaceutical companies, with an extensive global presence spanning more than 100 countries. The company’s portfolio is diverse, encompassing products for both livestock and pets, including vaccines, antibiotics, and specialty diets designed to enhance animal health and welfare. By focusing on R&D and maintaining robust relationships with veterinary professionals, Virbac continually develops solutions that address the evolving needs of animal care.
Virbac’s business model revolves around an intricate balance of innovation and strategic market expansion. The company's revenue streams derive from its comprehensive range of products aimed at disease prevention and treatment, which serve various species such as cattle, swine, poultry, horses, cats, and dogs. By investing significantly in research and development, Virbac not only stays ahead in terms of product efficacy and safety but also navigates the regulatory landscapes across its operating regions. This drive to innovate is coupled with a meticulous marketing strategy that involves educating veterinary professionals and end-users, ensuring the optimal use of their products. As a result, Virbac successfully generates income through the direct sale of its products to veterinary clinics, distributors, and directly to pet owners, continually reinforcing its role as a trusted partner in animal health care globally.
Founded in 1968 in the picturesque city of Carros near Nice, France, Virbac SA has grown to become a formidable player in the animal health industry. With its roots firmly planted in the niche of veterinary medicine, the company was established by Pierre-Richard Dick, a veterinarian himself, who sought to fill a gap in high-quality veterinary products. Today, Virbac stands as one of the largest independent veterinary pharmaceutical companies, with an extensive global presence spanning more than 100 countries. The company’s portfolio is diverse, encompassing products for both livestock and pets, including vaccines, antibiotics, and specialty diets designed to enhance animal health and welfare. By focusing on R&D and maintaining robust relationships with veterinary professionals, Virbac continually develops solutions that address the evolving needs of animal care.
Virbac’s business model revolves around an intricate balance of innovation and strategic market expansion. The company's revenue streams derive from its comprehensive range of products aimed at disease prevention and treatment, which serve various species such as cattle, swine, poultry, horses, cats, and dogs. By investing significantly in research and development, Virbac not only stays ahead in terms of product efficacy and safety but also navigates the regulatory landscapes across its operating regions. This drive to innovate is coupled with a meticulous marketing strategy that involves educating veterinary professionals and end-users, ensuring the optimal use of their products. As a result, Virbac successfully generates income through the direct sale of its products to veterinary clinics, distributors, and directly to pet owners, continually reinforcing its role as a trusted partner in animal health care globally.
Strong Revenue Growth: Virbac reported 5.6% organic growth in the first half of 2025, with solid contributions from both pricing (about 3%) and volume (2%), and new product launches playing a significant role.
Profitability In Line With Guidance: EBIT adjusted was EUR 135 million (18.3% of revenue), slightly down versus last year due to temporary effects, but management reaffirmed confidence in reaching the full-year margin guidance.
Negative Foreign Exchange Impact: Exchange rates, especially in Latin America and the Chilean Peso, negatively affected both top and bottom lines, reducing EBIT margin by 0.7 percentage points.
CapEx Ramping Up: CapEx spending doubled compared to H1 2024, exceeding EUR 50 million, as part of planned industrial transformation projects, with full-year CapEx expected above EUR 100 million.
2025 Guidance Reaffirmed: The company confirmed its full-year outlook: 4–6% net revenue growth (5–7% including Sasaeah acquisition), approximately 16% EBITDA margin at constant exchange rates, and net debt evolution in line with plan.
M&A and Licensing Activity: No new acquisitions in H1, but licensing deals were strong (9 commercial, 3 technological), and M&A remains a core strategic focus.
Midterm Margin Target Maintained: Management reiterated the ambition to reach a 20% EBIT margin by 2030 and sees no current reason to change this goal.
