15 Sep. 2022 18:00
Third quarter sales of Essential products: €75 million
+26.0% at constant exchange rates
Vetoquinol CEO Matthieu Frechin said: “We have achieved a particularly strong third quarter, up compared to each of the first two quarters of the year. This sustained level of activity recorded over the first nine months of the 2021 financial year confirms our development dynamic initiated several months ago and the soundness of our positioning. This situation allows us to be confident and to confirm our objective of double-digit growth in our activity and in our current operating income for the current fiscal year.”
Revenues for the third quarter of 2021 amounted to €132 million, up 14.3% at constant exchange rates compared with the same period of the previous year. All territories reported sustained growth at constant exchange rates of +16.8%, +15.7% and +5.2% respectively for Europe, the Americas and Asia/Pacific. In the third quarter of 2021, sales of Essential products amounted to €75 million (+26% at constant exchange rates), driven by strong organic growth and the development of the Drontal® and Profender® anti-parasitic ranges acquired in August 2020.
The Vetoquinol laboratory recorded sales of €388 million for the first nine months of 2021, up 26.4% at constant exchange rates.
As of September 30, 2021, all of Vetoquinol's strategic territories were up at constant exchange rates: +30.5% in Europe, +27.0% in the Americas and +14.4% in Asia/Pacific.
The continued good sales momentum in the first nine months of FY 2021 was driven by the continued growth of Essential products, which rose by €60 million (+38% at constant exchange rates). Complementary products also grew by 14.4% at constant exchange rates over the same period. Essential products accounted for 56.1% of the laboratory's sales in the first nine months of 2021, compared with 50.8% for the same period in 2020.
Sales of companion animals products (€252 million) accounted for 65% of total laboratory sales, up 37.7% at constant exchange rates. Sales of livestock products amounted to €136 million, up 9.9% at constant exchange rates. All species outperformed their respective markets, enabling Vetoquinol to gain market share.
For the first nine months of 2021, foreign exchange impacts on Group sales were -5 M€ (-1.6%), linked to the decline of the Brazilian Real, the Indian Rupee and the US Dollar.
Covid-19 health situation as of October 14, 2021
Vetoquinol remains attentive and vigilant on the evolution of the health crisis and continues to protect the health and safety of its employees, while respecting all its commitments to its customers and stakeholders.
Vetoquinol continues to rely on a solid financial structure and cash flow generation. The revenues for the first nine months of the year 2021 have not been audited by the Statutory Auditors.