Virbac climbs after Q1 sales above expectations
PARIS, April 19 (Reuters) – Virbac floated on the Paris Stock Exchange on Tuesday after the publication of solid first-quarter sales that enabled the animal health specialist to raise its growth target for the full year .
The action gained 7.34% to 373 euros around 08:40 GMT, taking the lead in the SBF 120 index, itself down 0.51%.
The group reported on Thursday a turnover in the first quarter up 16.2% at constant exchange rates, to 318.0 million euros, driven by “a very good performance in the companion animal segment “.
Despite uncertainties for the coming months and the expected normalization of the market, Virbac raises the upper end of the range of its annual turnover growth target, expected between 5% and 10% against 5% and 8% previously.
Midcap, which speaks of an “excellent” first quarter in its note, raises its recommendation to “buy”.
Portzamparc evokes a “start on the hats of wheels” which contrasts with the cautious message of the group in mid-March and raises its annual forecast for growth in turnover to 8.5% at constant parities against 7%.
“Organic growth (in Q1) is clearly above our expectations and the top line recorded a positive foreign exchange impact of around 8 million euros,” adds the broker, which raises its recommendation to “buy” against “strengthen”, with a target price still at 410.50 euros. (Laetitia Volga, edited by Nicolas Delame)