Sales 3rd quarter 2023

Q3 Sales: €136m (+5.1% at constant exchange rates)
Q3 Essentials Sales: €81m (+12.2% at constant exchange rates)

Matthieu Frechin, Chairman and CEO of Vetoquinol, commented: "Our sales in Q3 2023 were marked by a dynamic activity and stronger negative currency impacts than in the first half. In a global animal health market still driven by prices, we are pursuing the launches and ramp-up of our new Essentials, the drivers of our long-term strategy."

The Vetoquinol Group posted sales of €136 million in Q3 2023, up +1.3% on a reported basis and +5.1% at constant exchange rates. Over the same period, Vetoquinol recorded a negative currency impact of -€5 million, linked to the Americas and Asia Pacific/Rest of World territories.

Sales of Essential products totaled €81 million, up +9% on a reported basis and +12.2% at constant exchange rates. This dynamic performance was driven by the development of the existing portfolio and the ongoing launches of Felpreva®, an antiparasitic solution for cats in Europe, and Simplera®, a drug indicated for the treatment of otitis in dogs, in the United States. Sales of Essentials products accounted for 60% of Vetoquinol’s sales in Q3 2023, compared with 56% for the same period in 2022.

At constant exchange rates, the strategic territories of the Americas and Europe grew by +13.7% and +4.3% respectively; the Asia-Pacific/Rest of the World territory was down by -10.5%, mainly related to the distributor business.

Sales of companion animals products (€96 million) rose by +7.3% at constant exchange rates, representing 70.6% of the Group’s total sales. Sales of farm animals products came to €40 million, stable at constant exchange rates.

At the end of September 2023, Vetoquinol sales totaled €392 million, down -3.2% on a reported basis and -1.4% at constant exchange rates. Foreign exchange had a negative impact of -€7 million (-1.8%). Essential products accounted for 59% of Group sales, up +3.3% at constant exchange rates.

The Group cash position at the end of September 2023 remains solid.

Sales for the first 9 months of 2023 have not been audited by the Statutory Auditors.

Next update: Annual Sales 2023, January 24th, 2024 after market close

ANNEX

ALTERNATIVE PERFORMANCE INDICATORS
Vetoquinol Group management considers that these indicators, which are not defined by IFRS, provide additional information that is relevant for shareholders seeking to analyze underlying trends and Group performance and financial position. They are used by management for performance analysis.

Essentials products: The products referred to as “Essentials” comprise veterinary drugs and non-medical products sold by the Vetoquinol Group. They are existing or potential market-leading products designed to meet the daily requirements of vets in the companion animal or livestock sector. They are intended for sale worldwide and their scale effect improves their economic performance.

Constant exchange rates: Application of the previous period’s exchange rates to the current financial year, all other things remaining equal.

Like-for-like (LFL) growth: Year-on-year sales growth in terms of volume and/or price at constant consolidation scope and exchange rates.

Press release