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In the first quarter of 2025, revenue recorded solid growth of +4.9% at constant exchange rates and scope
| KEY FIGURES | |||
| Revenue | Growth at constant exchange rates and scope1 | Growth at constant | Overall |
1growth at constant exchange rates and scope corresponds to organic growth of sales, excluding exchange rate variations, by calculating the indicator for the financial year in question and the indicator for the previous financial year on the basis of identical exchange rates (the exchange rate used is the previous financial year’s), and excluding change in scope, by calculating the indicator for the financial year in question on the basis of the scope of consolidation for the previous financial year
Quarterly consolidated revenue
In the first quarter, our revenue amounted to €375.2 million, up +8.5% at actual rates compared to the same period in 2024. After adjusting for the unfavorable impact of currency fluctuations, revenue growth for the period reached +9.5%. The integration of the company Sasaeah (acquisition in Japan closed in April 2024) contributed +4.6 percentage points to growth.
Thus, at constant exchange rates and scope, our revenue growth was +4.9%. This increase primarily benefited from a price contribution estimated at 3.8 percentage points of growth, followed to a lesser extent by a volume effect (1.1 point), which was more modest due in particular to a high base effect in the first quarter of 2024 (+6.4 percentage points of volume growth). All our areas showed solid performances with the exception of the Pacific. Activity in Europe recorded excellent growth of 8.3% at constant exchange rates, mainly due to the strong sales momentum in the companion animal sector (+7.4%). This performance was particularly marked in Italy (+17.4%), Spain (+14.4%), and Benelux (+21.6%), supported by the development of our ranges in dermatology, nutrition (petfood), parasiticides, and specialties (reproduction). Growth in Türkiye is partly attributable to the acquisition of Mopsan (our main distributor before integration), the restatement of which was not deemed significant. Furthermore, the farm animal segment experienced very strong growth (+14.4%), mainly in Western Europe (+52.6%), with a significant contribution from Germany following the winning of a bovine vaccine tender. Growth in the United States stood at +2.7% at constant exchange rates despite a temporary destocking effect observed this quarter among our distributors (approximately 3 percentage points of growth). This increase is mainly attributable to the performance of the companion animal segment, driven by our endectocide ranges, followed by dental and dermatological products. Latin America recorded strong business growth (+8.3% at constant exchange rates), mainly due to excellent performances observed in Mexico (+17.1%) and Colombia (+32.5%). This positive momentum is supported by demand for our petfood, parasiticides, vaccines and specialty products. These increases were partially offset by a decline in activity in Brazil (-7.0%) due to a timing shift of orders and in Chile (-4.5%) due to increased competition and price pressure in aquaculture. The Asia area closed the quarter with growth of 3.9% at constant exchange rates and scope, excluding the impact of the Sasaeah acquisition. This performance is mainly explained by the strong momentum observed in China (+9.0%) and Japan (+6.5%). The IMEA (India, Middle East & Africa) area benefited from notable growth (+5.6%), particularly in India (+5.5% at constant exchange rates) thanks to our range of nutritional products for cattle. The Pacific area, for its part, recorded a decrease in sales (-14.3% at constant exchange rates). Australia (-15.3%) was impacted by market conditions as well as a stock effect observed at one of our main distributors. New Zealand (-9.9%) was impacted by a decrease in sales of our bovine reproduction vaccines, the launch of which in 2024 had benefited from an effect related to the requirement for double doses.