Vetoquinol: Net income up 22% in first half, activity driven by United States
In the first half of 2026, Vetoquinol returns to business growth, driven by its Essentials products and the American market. Behind limited published growth of +0.7%, the group shows improved profitability and strengthened financial structure, with net income up 22% and a net cash position of €223 million.
Revenue of €259 million, held back by €7.1 million foreign exchange impact
Vetoquinol reported revenue of €259.3 million as of June 30, 2026, up +3.4% at constant exchange rates and +0.7% in published figures. The difference between the two measures is explained by an unfavorable exchange impact of €7.1 million over the semester, while the complementary product range simplification program weighed €3.0 million on business activity. Excluding these two effects, activity grew by +4.8%. The second quarter showed sales of €134.3 million, up +5.7% in published figures and +7.2% at constant rates, following a first quarter of €125.0 million (-4.3% in published figures, -0.3% at constant rates). Essentials products, which now represent two-thirds of total sales, reached €169 million, advancing +3.7% at constant rates and +2.2% in published figures.
United States up 13.1%, growth driver
Business growth was particularly driven by the American market, the group's leading market, where sales advanced 13.1% in dollars over the semester and 5.7% in euros, to €55.8 million. In Europe, sales totaled €132.2 million, up +2.6% in published figures and +3.0% at constant rates. The Americas excluding the United States (€34.4 million) and the Asia-Pacific / Rest of world zone (€36.9 million) declined respectively by -0.8% and -4.2% at constant rates. By species, sales of companion animal products progressed 4.1% at constant rates, to €188 million, representing 72.6% of total sales. Products for livestock animals totaled €71 million, representing 27.4% of sales, up +1.9% at constant rates.
Net income at €30.5 million, up 22%
Gross margin stood at 77.1%, up compared to 75.8% in the first half of 2025. This progression is attributed to product mix, the growing share of Essentials and a rise in selling prices of over 2.5%, which more than offset the increase in external charges. EBIT before amortization of acquired assets reached €44.8 million, or 17.3% of sales compared to 16.2% a year earlier, up +7.2%. EBIT stood at €39.2 million (15.1% of sales), advancing +12.5%. Group net income reached €30.5 million, or 11.8% of sales, up 22% year-on-year. Cash generation reached €59 million, bringing the net cash position to €223 million as of June 30, 2026, up €17 million since the start of the fiscal year following dividend payments, working capital variations, investments and share buybacks. Shareholders' equity amounted to €609 million at the end of June 2026. The group indicates it is preparing several new product launches. The next publication, covering third quarter 2026 revenue, is scheduled for October 28, 2026.
