VIRBAC : Oddo raises its target after a business update
January 19, 2023 at 03:36 am EST
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Oddo BHF has reaffirmed its 'outperform' rating on Virbac, and raised its target price from 250 to 293 euros, following the animal health group's publication of better-than-expected full-year sales.
"Virbac benefited from orders from distributors, in anticipation of the list price increases effective January 1, 2023. All in all, sales are slightly above the guidance of +9.6%, against a guidance of +6% and 9% at constant exchange rates", says the analyst.
"Given the advance on the 2022 guidance, we can deduce that the guided operating margin of between 14% and 15% will be achieved. The consensus may well revise its ROC 2022 estimate by 3/4%', adds Oddo, which is raising its projections.
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Virbac specializes in the research, production and marketing of veterinary medicines. The activity is organized around 2 product families:
- pet medications: pest control drugs, vaccines, antibiotics, anesthetics, anti-inflammatory drugs, mouth/dental care products, ophthalmologic and dermatological products intended for dogs, cats, horses, birds, rodents, etc. The group also offers foods and electronic identification chips;
- livestock medications: pest control drugs and antibiotics intended for cattle, sheep, pigs, poultry, etc.
Net sales are distributed geographically as follows: France (15.4%), Europe (26.2%), Latin America (17.1%), Asia (16.4%), North America (13.2%), Pacific (9.3%), Africa and Middle East (2.4%).
VIRBAC 
