2022 Annual report

THE COLLECTIVE COMMITMENT AT THE HEART OF OUR TRANSFORMATION

The year 2022 brought our purpose back to the center of the debate, that is to say, our commitment to all live better together on Earth.

SÉBASTIEN HURON,
CHIEF EXECUTIVE OFFICER, VIRBAC GROUP

Download the annual report

PDF Format  

SALES SPLIT BY GEOGRAPHICAL AREA
A pivotal year preparing the future
A pivotal year preparing the future
HABIB RAMDANI,
chief financial officer
Group

What should we remember about this year 2022?
After an exceptional year in 2021, the animal health market saw its growth slow down considerably in 2022. Despite a less buoyant environment, we have managed to achieve a remarkable performance with growth close to 10%. 

How do you explain these results?
We anticipated this slowdown and focused on our key products and markets with a targeted geographic expansion strategy. With the exception of Chile, all the subsidiaries in our top 10 contributed to these good results, with growth of over 20% in Australia and Brazil. 

Anticipating to manage economic risks? 
Yes, even though no one had foreseen the war in Ukraine and the generalized inflation it caused. Countering its deleterious effects on our costs and therefore our results required constant mobilization of our teams. Our ability to increase our prices, optimize our product offering, negotiate with our partners, as well as ensure a strict control of expenses, enabled us to slightly increase our current operating income before R&D.  

Any other highlights this year?
We have increased our R&D investments in order to develop a rich and promising project portfolio over the long term. This represents an increase in our R&D expenditure of more than 20% (about 1 point as a ratio to sales). We have also continued to deploy our Capex investment plan in order to modernize our industrial facilities to increase our production capacity competitively and digitalize some of our key processes.

What is the roadmap for 2023?
All these factors, together with a sharp increase in working capital requirements, have weighed on our ability to generate cash in 2022. Despite this, our cash position remains positive and our financial structure particularly sound. This allows us to continue to plan the development of our activities and future acquisitions with confidence. 

Key figures

(in € million)

at constant exchange rates and scope (in %)

(in € million)
*restated: IFRIC decision (SaaS mode)

(in € million)
*restated: IFRIC decision (SaaS mode)

(in € million)
*restated: IFRIC decision (SaaS mode)

(in € million)
*restated: IFRIC decision (SaaS mode)

(in € million)
*restated: IFRIC decision (SaaS mode)

(in € million)
*restated: IFRIC decision (SaaS mode)

Havrileck_Bertrand-1.jpgEXPLORE NEW HORIZONS TO BETTER CARE OF ANIMALS

At Virbac, we have always geared our R&D teams' efforts toward applied research and development, with one single objective: advancing the health of animals with those who care for them every day. Read more

BERTRAND HAVRILECK,
head of Corporate R&D Biologicals & Pharmaceuticals

Biologicals

Opening of our new R&D center in Taiwan

Read more

Male cats

An alternative to surgical castration is now possible

Read more

Dog mobility

A food supplement for healthy joints

Read more

Bistuer_Marc-1.jpgINDUSTRIAL TRANSFORMATION:
EVEN MORE PERFORMANCE AND AGILITY

Making our health solutions increasingly accessible to caregivers around the world thanks to a reliable and efficient industrial tool: this is what we believe is the essence of working for animal health. Read more

MARC BISTUER,
head of Global Industrial Operations & Corporate Quality Assurance

Biology

New aseptic filling line dedicated to liquid vaccines

Read more

Fighting leptospirosis

New infrastructures to meet global needs

Read more

Industry of tomorrow

Transforming our operations in North America

Read more

Pollet_Nathalie-1.jpgCLOSEST TO THOSE WHO TAKE CARE OF ANIMALS EVERY DAY

At Virbac, we know how essential the personal relationship connecting us with veterinarians, farmers and animal owners around the world is, to understand their expectations and respond to the major challenges of animal health. Read more

NATHALIE POLLET,
Global Marketing & Market Development director

Bovine health

Our scientific expertise honored at the WBC 2022

Read more

Parasites

An innovative approach to protecting pets in China

Read more

Urinary health

Wet food to fight against stones and cystitis in cats

Read more

Cortella_Franscesca-1.jpgA UNIQUE HUMAN ADVENTURE IN THE SERVICE OF ANIMAL HEALTH

In a company where the quality of the relationship is paramount, we bring together women and men from different cultures and generations, all united by the same commitment to the health of animals. Read more

FRANCESCA CORTELLA,
head of Corporate Human Resources

Great Place To Work

Our best practices honored internationally

Read more

Learning

A constantly enriched training platform

Read more

Code of conduct

Optimized commitments to meet the challenges of tomorrow

Read more

Sustainable development

Company culture, economic and social responsibility, citizenship, environment: for more than 50 years, Virbac has been taking a long-term view.

Financial reports

Quarterly information, half-yearly and annual reports…