Virbac falls as Q3 marks 'weakest quarter of the year'

Virbac SA

18/10/2024 08:43

** Shares in Virbac  VIRB.PA  fall about 8%, set for worst
day in about 15 months, after the company's sales for Q3 came-in
below expectations
    ** The French producer of drugs and food for animals Q3
sales of 339.2 million euros ($367.76 million), up 9.9% at
constant exchange rates, come in below Portzamparc's and Midcap
Partners' expectations of respectively +12.9% and +10.8%
    ** Virbac flags Q3 performance was penalized by an
unfavourable base effect, a decline in the U.S. due to a
destocking effect and a 25% drop in the Pacific region due to an
unfavourable economic situation in Australia
    ** Jefferies says Q3 is the weakest quarter of the year in
both absolute terms as well as y/y growth, flagging the heavy
underperformance in the U.S.
    ** The stock sits at the bottom of SBF120 index  .SBF120 

($1 = 0.9223 euros)

 (Reporting by Clement Martinot)
 ((Clement.Martinot@thomsonreuters.com;))