Vetoquinol: Revenue of €399 Million over Nine Months, Acceleration of +9.6% in the Third Quarter
Vetoquinol published on October 28, 2026 revenue of €399 million at the end of September, up 3.9% on a reported basis. The gap with growth at constant exchange rates, of 5.4%, stems in particular from a negative exchange rate effect of €6.1 million over the period.
The quarterly sequence changed profile during the year: after a decline of 0.3% at constant exchange rates in the first quarter, activity grew by 7.2% in the second, then by 9.6% in the third, driven by Essential products.
Third Quarter at €139.7 Million, Driven by Essentials
For the third quarter alone, the veterinary laboratory's revenue stood at €139.7 million, compared with €126.6 million a year earlier. This represents an increase of 10.4% on a reported basis and 9.6% at constant exchange rates, with the exchange rate having had a favorable impact of €1 million thanks to the United States and the Americas excluding the USA.
Essential products increased by 13.9% on a reported basis and 12.9% at constant exchange rates during the quarter. The company notes that this period benefited in particular from a favorable base effect linked to the third quarter of 2025.
By region, at constant exchange rates, Europe grew by 8%, the United States by 11% and Asia Pacific/rest of the world by 23%. The Americas excluding the USA declined by 1% over the period.
This quarter extends the progression undertaken in spring: the second quarter had stood at €134.3 million (+5.7% on a reported basis), following €125.0 million in the first quarter (-4.3% on a reported basis).
Exchange Rates and Streamlining of Product Lines Reduce Published Growth over Nine Months
In total, the gap between published growth and growth at constant exchange rates is explained by a negative exchange rate effect of €6.1 million. This has reduced revenue by €3.7 million since the start of the year, compared with €7.7 million at the end of September 2025.
Excluding streamlining and at comparable exchange rates, the increase reaches 6.6% over nine months. In the third quarter, the streamlining effect was limited to €0.6 million, which Vetoquinol presents as "in line with the normalization of the streamlining program".
The weight of Essentials in the portfolio continues to grow: these products generated €259 million in revenue and represent 64.9% of the laboratory's sales at the end of September 2026, compared with 63.6% a year earlier.
United States Leading, Europe and Asia-Pacific on Equal Footing
Over nine months, Europe remains the group's leading region with €197.8 million, up 4.6% at constant exchange rates. The United States shows the highest growth, with +12.4% at constant exchange rates and +8.2% on a reported basis, at €86.9 million.
Asia Pacific/rest of the world increased by 4.6% at constant exchange rates to €60.6 million, but declined by 0.2% on a reported basis. The Americas excluding the USA are slightly down 0.9% at constant exchange rates, at €53.7 million.
The group, which employed 2,526 people on June 30, 2026, will publish its full-year 2026 revenue on January 14, 2027, after the market close. At the end of September, the total stands at €399 million, compared with €384.2 million a year earlier, an increase of 5.4% at constant exchange rates.
