Virbac - Annual targets again slightly exceeded
Organic sales growth of almost 11% in Q4, ahead of our forecastsAll regions up on a like-for-like basis, particularly Latin AmericaFull-year organic growth (+4.6%) above guidance, despite having been revised upwards twice2023 and 2024 guidance confirmedFollowing the stock's excellent performance, we are upgrading our rating to Add (vs. Buy), with a target price raised to €360/share (vs. €335 previously).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.
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