Virbac : Time has come to look beyond 2025
Looking beyond 2025, a transition year for margins, Virbac has clear visibility over 2026-27, with a host of operational drivers (US unit, pipeline of launches, M&A and industrial productivity gains) set to push EBIT up 8% per year in 2026-27e. We are maintaining our Outperform rating on the stock and raising our target price to € 409 from € 395, which suggests 18% upside potential.Virbac is an independent veterinary pharmaceutical laboratory. Co. develops and provides veterinarians and farmers with medicines and vaccines that improve the health of food producing animals. Co. markets a range of products designed for pets and livestock. It offers seven types of products for companion animals (Parasiticides, Immunology, Antibiotics/dermatology, Specialties, Equine, Specialized pet food and Other products), and four types of products for food producing animals (Bovine parasiticides, Bovine products (excluding parasiticides), Pig/poultry antibiotics and Other products). Co. markets its products in the ethical (veterinarian) and OTC markets.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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