Vetoquinol 2022 Half Year Results: Additional Information on the Group’s Strategy
23 Septembre 2022 - 06:00PM
Business Wire
Regulatory News:
Following the conference call organised on 15 September 2022 to
present its half-year results, Vetoquinol (Paris:VETO) would like
to provide some additional information on the strategy implemented
and its outlook.
The two previous strategic plans have enabled Vetoquinol to move
from being a laboratory mainly specialised in anti-infectives to a
multi-specialist with a targeted range of "Essential" products.
Between 2011 and 2021, this focus strategy has enabled the company
to increase the number of products with sales of over €5 million,
to almost double its turnover, and to increase its profitability by
more than 600 basis points, even reaching an EBITDA margin of 22.9%
in 2021, an exceptional year. "Ambition 2026" continues and
accentuates the changes brought about by the two previous plans by
focusing even more on the markets and products that are the most
promising for the Group.
This plan is based on three major axes. - To develop
international brands as a priority, focusing on three animal
species (dogs, cats and cattle), certain therapeutic segments and
the most important markets in which the laboratory is
established.
- Putting the customer at the heart of the offer
Vetoquinol focuses its offer from 6 therapeutic classes to 4
strategic segments (Antiparasitic, Mobility, Dermatology and Dairy
Cows), and adopts an organisation that allows for decentralised
decision-making closer to the customer.
- Valuing and strengthening cultural differences A
family-owned laboratory founded almost 90 years ago, Vetoquinol is
characterised by its long-term vision, the importance it places on
people and its commitment to corporate responsibility.
In terms of financial performance, this plan aims to achieve
average sales growth above the market average and a high level of
profitability, within an EBITDA margin corridor around 20%.
This corridor concept is necessary because the results of this
plan will be progressive and non-linear. The implementation of this
plan will result in an increase in R&D and marketing expenses
related to the launch of new global brands. A special effort will
also be made in Brazil to bring it in line with the Group's overall
performance. Investments will increase from the historical annual
average of €15 million to €25 million over the next three
years.
2022/2023, a necessary prudence
The global context and the particular situation of animal health
call for caution over the next 18 months. After two years of strong
activity, an indirect consequence of Covid-19 on the development of
pets, the growth of the business is returning to a more normal
rhythm. Over the medium term, animal health should gradually return
to its cruising speed.
More generally, animal health, like most other sectors, is
affected by the consequences of the Ukrainian crisis and high
inflation. A certain number of expenses should increase, including
personnel costs and energy costs as well as raw material costs. The
increase in energy prices should have a limited effect on the
laboratory's accounts given their weight. Due to the volatility of
the context, forecasts are difficult to make in this area and the
laboratory will not publish any.
A replay of the conference held on Thursday 15 September as well
as the supporting document are available in the investor section of
Vetoquinol's website.
Next update: Q3 2022 sales, October 12th, 2022 after
market close
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 pet (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
2,621 people as of June 30th, 2022.
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.
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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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