Virbac : first quarter 2017 sales down, strongly impacted by stock effects in the distribution
(Thomson Reuters ONE) -
First quarter 2017 sales down, strongly impacted by stock effects in the
distribution in the United States
Public release - April 12(th), 2017
Virbac consolidated sales in the first quarter amounted to 199.7 M?, down -5.5%
compared to the same period in 2016, despite a favorable impact of the exchange
rates. At constant parities, the decrease would be of -8.3%, mainly due to the
sharp decline in activity at the beginning of the year in the United States and
to a lesser extent in Chile.
In the United States, activity was down in the first quarter by -41.6% (-43.5%
at constant exchange rates), this impact which was expected, is related to the
destocking by distributors of the products sold by the Group at the end of
2016, such as Iverhart Max. These products will have to be sold before the
restocking orders take momentum. Sentinel and the other ranges (dentals,
dermatologicals...) also declined in the first quarter, due to high orders from
distributors at the end of 2016, in anticipation of January 1(st) price
increases. In 2016, these increases had taken place on February 1(st).
It should be noted, however, that US sales of Virbac ex-distributors' products
to veterinary clinics were up 11% on average in the first quarter of 2017
compared to the first quarter of 2016, confirming the recovery of market shares
of Virbac products in clinics even if it is slower than expected.
In Chile, the aquaculture market remains disrupted as a result of the sanitary
crisis in 2016. First quarter activity declined due to the anticipated lower
sales of antibiotics, compared to a first quarter of 2016 that had remained
high. This decrease in antibiotics is partially offset by a rebound in sales of
injectable vaccines.
In Europe, where the turnover is practically stable, performances are mixed: the
United Kingdom, France, Poland, Benelux and Switzerland show good contributions,
although they do not compensate for the OTC activity (Over-the-counter).
Moreover the region is impacted by a problem of availability of dog vaccines
that should fade during the year.
In Latin America, the Group had a good start to the year. Activity increased by
+12.3% (+5.4% at constant exchange rates), thanks in particular to the
contribution of Mexico and Brazil, which also benefited from the appreciation of
the real. In the Asia-Pacific region, growth was again strong in emerging
countries, notably in China, Korea, South Africa and the Philippines. On the
other hand, Australia and New Zealand suffered from a slower start at the
beginning of the year, partially offset by a favorable impact of exchange rates.
In terms of species, sales in the companion animals segment declined by -14.9%
(-16.2% at constant exchange rates), mainly affected by the situation in the
United States, notably on the endectocides and internal parasiticides ranges ,
as well as by the temporary reduction of the production capacity of dog
vaccines.
In the food producing animals segment growth was +8.4%, of which +3.6% excluding
currency effects. The performance is mainly driven by the ruminant sector, which
is showing good growth in the parasiticides and antibiotics ranges.
Aquaculture is lagging behind in particular as a result of lower sales of
antibiotics.
Key figures
NET REVENUE
1(st) quarter 2017
199.7 M?
(_________)
TOTAL GROWTH
-5.5%
(_________)
GROWTH AT
CONSTANT EXCHANGE RATES
-8.3%
(_________)
GROWTH AT CONSTANT SCOPE
-8.3%
Of which :
COMPANION ANIMALS
-16.2%
FOOD PRODUCING ANIMALS
+3.6%
Virbac: irst quarter 2017 sales down, :
http://hugin.info/136717/R/2095818/792872.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Virbac via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 12.04.2017 - 17:46 Uhr
Sprache: Deutsch
News-ID 536109
Anzahl Zeichen: 4845
contact information:
Town:
Carros
Kategorie:
Business News
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