Virbac shares rise on H1 results outperforming market

Virbac SA

16/09/2024 09:01

** Shares in Virbac  VIRB.PA  rise 6.8% after the French
veterinarian pharmaceutical company released H1 results with an
increase in income and confirmed its FY guidance
    ** The company published H1 adjusted current operating
income of 150.4 million euros ($167.20 million) compared with
109.9 million euros a year ago
    ** Midcap analysts say this increase, above their estimates,
reflects gross margin improvement due to the normalisation of
the market, adding the positive volume effect allows better
absorption of fixed costs, and the price effect
    ** The company also confirmed its FY guidance with a revenue
growth between 7% and 9% and an adjusted current operating
income around 16%
    ** "Virbac should continue to outperform its benchmark
market following the Group's repositioning on growth
sub-segments", Midcap says in a note
    ** It adds the company will also be driven by optimised life
cycle, ongoing capacity investments, ramp-up of R&D from 2022
and the acquisitions of Globion & Sasaeah
    ** Shares in Virbac are on track for their best day since
December 19, 2023
    
    


($1 = 0.8995 euros)

 (Reporting by Mathias de Rozario)
 ((mathias.derozario@thomsonreuters.com))