18 Jan. 2023
H1 2022 Sales: €271m, up 6.1%
+2.0% on a like-for-like basis
H1 2022 Essentials Sales: €154m, up 9.8%
+6.8% on a like-for-like basis
Matthieu Frechin, Chief Executive Officer of Vetoquinol, said:
"In a global animal health market that is normalising after two years of exceptional growth, our laboratory is continuing to expand, driven by our strategy of focusing on our Essential products and on the most promising territories. Our recent launches, combined with a large-scale marketing plan, offer us solid prospects. As a result, we expect to continue to grow at a sustained pace, outpacing the market in Essentials, while remaining opportunistic in terms of external growth. "
Q2 2022 sales amounted to €136m, up +6.7% on a reported basis and up +1.8% on a like-for-like basis compared to the same period last year, with 2 favourable characteristics:
• Geographic balance: all strategic territories posted consistent growth on a reported basis of +5.0% in Europe, +9.5% in the Americas and +6.2% in Asia/Pacific.
• Strategic consistency: in the second quarter of 2022, sales of Essential products reached €77m (up 11.5% on a reported basis), driven by strong organic growth and in particular the launches of Felpreva®, Imoxi® and Phovia®.
Over the first half of the year, Vetoquinol recorded sales of €271m, up 6.1% on a reported basis and 2.0% on a like-for-like basis. The laboratory recorded a positive currency impact of €11m (+4.1%), mainly due to the appreciation of the US dollar against the euro.
At 30 June 2022, all strategic territories grew on a reported basis, +0.9% in Europe, +12.9% in the Americas and +9.3% in Asia/Pacific, and on a like-for-like basis, +0.4% in Europe, +2.7% in the Americas and +5.4% in Asia/Pacific.
The performance of the first six months of 2022 is the result of the continued growth of Essential products, the driving force of the laboratory's strategy, which grew by 9.8% on a reported basis and 6.8% on a like-for-like basis. They represent 56.8% of the laboratory's sales in the first half of 2022, compared with 54.9% in the first half of 2021.
Sales of companion animal products (€183m) accounted for 67.5% of total sales, up 9.8% on a reported basis and 5.7% on a like-for-like basis. Sales to farm animals amounted to € 88 million, down 0.8% on a reported basis and down 5.1% on a like-for-like basis, in line with the dynamics observed in each of these market segments (source: Vetoquinol).
Russian-Ukrainian conflict and health situation
Vetoquinol is not directly present in Ukraine and Russia, but remains exposed to the consequences of the economic tensions of this conflict and in particular to the sharp increases in the cost of certain raw materials, energy and logistics.
The laboratory also remains attentive and vigilant to the evolution of the health crisis in the countries where it sells its products and purchases goods and services. It continues to do its utmost to guarantee the health and safety of its employees, while respecting its commitments to its customers and stakeholders.
The sales for the first 6 months of 2022 are being reviewed by the Statutory Auditors.