Vetoquinol: Q1 2022 Sales: €135M
13 Avril 2022 - 5:45PM
Business Wire
(UP 5.5% AS REPORTED, UP 2.2% AT CONSTANT EXCHANGE RATES)
Q1 2022 ESSENTIALS SALES: €77M (UP 8.1% AS REPORTED, UP
5.5 AT CONSTANT EXCHANGE RATES)
Regulatory News:
Vetoquinol (Paris:VETO):
Matthieu Frechin, CEO of Vetoquinol, said: "This first
quarter of 2022, marked by an inflationary context, higher
production costs and a geopolitical and health environment that is
still uncertain, prompts us to remain prudent. We are continuing to
deploy our strategy by focusing on an international portfolio of
essential products, illustrated by the launch in Europe of
Felpreva®, a highly innovative parasiticide product for cats."
Vetoquinol recorded sales of €135 million for the first three
months of fiscal year 2022, up 5.5% on a reported basis and up 2.2%
at constant exchange rates.
The momentum of the Essential products portfolio, the driving
force behind Vetoquinol's strategy, continues to support business
at the end of March 2022. Essential products amounted to €77
million, up 8.1% on a reported basis. They accounted for 57.0% of
the laboratory's sales in the first three months of fiscal 2022
(55.6% at end-March 2021).
At the end of March 2022, the laboratory recorded positive
foreign exchange impacts of €4.3 million (+3.3%), mainly related to
the appreciation of the USD and the Canadian Dollar compared to the
first quarter of 2021.
Q1 2022 revenues were marked by contrasting activity in the
strategic territories. The Americas (€45m) and Asia/Pacific (€22m)
grew by 16.8% and 12.6% respectively on a reported basis; Europe
(€68m) posted a decline of 2.7% on a reported basis.
Sales of companion animal products (€89 million) accounted for
more than 66% of total sales, up 6.9% on a reported basis. Sales of
farm animal products amounted to €46 million, up 2.9% on a reported
basis and slightly down 0.4% at constant exchange rates.
Russian-Ukrainian conflict and health situation Since
February 2022, the war in Ukraine is an event that has
repercussions on the world economy. At this stage of the conflict,
Vetoquinol is not directly exposed for the following reasons:
- The laboratory has no direct presence (subsidiary, branch,
plant, workforce) in either of these two countries.
- Sales in Russia and Ukraine represent less than 1% of Group
sales.
- Net trade receivables are less than 1% of total
receivables.
- The proportion of our purchases from these two countries is
negligible.
However, the consequences of the economic tensions resulting
from this conflict expose Vetoquinol to the risk of inflation in
the cost of raw materials, energy and logistics.
Vetoquinol is also pursuing a rigorous management of the health
situation linked to Covid-19 in order to guarantee the safety and
health of its employees, while aiming to develop its industrial
activity, projects and the quality of service provided to its
customers.
Vetoquinol's financial structure as of March 31, 2022 continues
to be strengthened by sustained cash flow generation. The sales
data for the first quarter have not been audited by the Statutory
Auditors.
Next update: General Meeting of Shareholders, May 19,
2022
ABOUT VETOQUINOL Vetoquinol is a leading global animal health
company that supplies drugs and non-medicinal products for the farm
animals (cattle and pigs) and pets (dogs and cats) markets. As an
independent pure player, Vetoquinol designs, develops and sells
veterinary drugs and non-medicinal products in Europe, the Americas
and the Asia Pacific region. Since its foundation in 1933,
Vetoquinol has pursued a strategy combining innovation with
geographical diversification. The Group’s hybrid growth is driven
by the reinforcement of its product portfolio coupled with
acquisitions in high potential growth markets. Vetoquinol employed
2,546 people as of December 31th, 2021. Vetoquinol has been listed
on Euronext Paris since 2006 (symbol: VETO). The Vetoquinol share
is eligible for the French PEA and PEA-PME personal equity
plans.
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 farm animals 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.
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VETOQUINOL
Investor Relations Fanny Toillon Tel.: +33 (0)3 84
62 59 88 relations.investisseurs@vetoquinol.com
KEIMA COMMUNICATION
Investor & Media Relations Emmanuel Dovergne
Tel.: +33 (0) 1 56 43 44 63 emmanuel.dovergne@keima.fr
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