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Annual sales: €539 million (up 2.2% at constant exchange rates and up 1.9%. on a reported basis)
Annual sales of Essential products: €328 million (up 4.6% at constant exchange rates and on a reported basis)
LURE, France, January 30, 2025--(BUSINESS WIRE)--Regulatory News:
Matthieu Frechin, Chairman and CEO of Vetoquinol (Paris:VETO), commented: "All our activities and territories are growing, with the exception of the United States for one-off reasons. We are on track to deliver long-term profitable growth. We owe this to our focus strategy and the power of our "Essentials" model, which has delivered average annual growth of over 8% for the past 10 years. We will continue to pursue this strategy in 2025."
Vetoquinol's sales for FY 2024 came to €539 million, up 1.9 % on a reported basis and 2.2% at constant exchange rates.
Exchange rates had a negative impact of -€1.9 million.
Sales for the 4th quarter totaled €141 million, up 2.8% on a reported basis and up 3.4% at constant exchange rates, driven by sustained growth in Europe, and in the Americas including the United States.
The simplification of the portfolio of complementary products had a negative impact on annual sales of around -€8 million for the year, or around -1.5% of sales.
Sales of Essential products totaled €328 million, up 4.6 % on a reported basis and at constant exchange rates. These products, the key drivers of the Group's strategy, confirmed their solid growth momentum. However, this figure does not reflect their real performance given the unavailability in the 1st half-year of one of the main Essentials product ranges in the United States, which had an impact of around -1.5% on Essentials growth in 2024. Since the launch of this strategy in 2014, Essentials sales have more than doubled from €151 million in 2014 to €328 million in 2024, representing an average annual growth of over 8%. They now account for 61% of Group sales. In addition to their growth profile, these products are more profitable than complementary products.
Geographically, growth was reported in Europe (+5.1%), Asia Pacific/Rest of World (+4.1%) and the Americas excluding the United States (+3.1%).
In Europe, the Group's largest market accounting for nearly 50% of sales, turned in a solid performance, driven by Essential products and the ongoing launch of Felpreva®.
The United States were down 6.9% at constant exchange rates. Two factors explain this trend. First, the market was disrupted by short-term arbitrages by local distributors at the end of the first half. Second, sales were affected by the unavailability of one of the main Essential product ranges in the 1st half of the year, due to a subcontracting problem. A solution was found, but due to the intense competition in this market, the return to normal happened gradually through the end of the year. The drop in business recorded in 2024 is therefore a one-off and does not call into question the strategic importance of the United States for the Group. Over the long term, it will remain the Group's 1st market, notably because of the potential it offers for the development of Essentials, which currently account for just over 40% of sales in the United States.