Virbac: 7.4% growth in first half 2026, targets confirmed at upper end of range
Virbac published its first-half results on September 17, 2026, after market close.
The veterinary laboratory based in Carros is displaying organic growth of 7.4% and confirms its annual targets, now positioning itself at the upper end of its growth range. The publication comes after several weeks of stock decline, which had lost more than 10% in early September.
Revenue of 768 million euros, driven by both segments
Consolidated revenue for the first half of 2026 stands at 768 million euros, up 7.4% at constant exchange rates and scope compared to the first half of 2025. At actual exchange rates, growth comes in at 4.0%, due to unfavorable currency effects.
The increase stems from both segments: companion animals (+10.0%) and livestock (+6.7%). It is based on a volume/mix effect of approximately +5.4%, supplemented by price increases of approximately +2%. The "Supercharge" platforms (excluding Thyronorm) grew by approximately 12% at constant exchange rates, driven by the Mobility and Ruminants product lines.
The integration of Thyronorm strengthened the Supercharge Endocrinology platform, contributing 3.7 percentage points to the growth of Supercharge platforms.
Adjusted EBIT margin at 18.8% and net result up 5.9%
Current operating result before amortizations stands at 144.2 million euros in the first half of 2026, compared to 135.0 million euros a year earlier. The adjusted EBIT ratio to revenue reaches 18.8%, compared to 18.3% in the first half of 2025, an improvement of 0.5 points.
This change is explained by an increase in gross margin (+1 point) and a decrease in R&D expenses as a percentage of revenue (+0.8 point), partially offset by the increase in other operating expenses (-1.3 point), linked to seasonality effects between the two halves.
Consolidated net result stands at 87.1 million euros, up 5.9%. Net debt as of June 30, 2026 amounts to 196 million euros, compared to 173 million euros at December 31, 2025, a variation attributed by the group to the usual seasonality of working capital requirements (79.8 million euros). Investments for the half-year totaled 57.3 million euros, primarily related to industrial transformation.
2026 targets confirmed at upper end of range
Virbac has confirmed its 2026 annual targets and now aims for the upper end of its revenue growth range, between 5.5% and 7.5% at constant rates and scope. The adjusted current operating result margin is expected to be around 17% at constant rates and scope.
Cash generation remains expected at approximately 80 million euros, including investments of approximately 125 million euros. The acquisition of Thyronorm, integrated into the organic scope for 2026, contributes approximately +1 point to revenue growth and approximately +0.5 point to adjusted EBIT for the year.
The group also indicated that revenue realized in countries directly exposed to the Middle East situation represents less than 0.5% of its total revenue. Virbac also announced the appointment of Dr. Éline Maldepuech as Censor of the Board of Directors effective September 17, 2026.
