Quarterly consolidated revenue
First-quarter revenue amounted to €345.7 million, up +9.8% at actual exchange rates compared to the same period in 2023. Adjusted for the unfavorable impact arising from exchange rate fluctuations, revenue growth for the period reached +10.8%. The integration of Globion (acquisition in India closed in November 2023) contributed to growth by +1.1 points. Excluding acquisitions and at constant exchange rates, our revenue growth was +9.7%. Buoyed by stronger momentum in the animal health market, this remarkable progression was driven firstly by an estimated ~6.4 points growth contribution from volumes, and to a lesser extent, by a more modest price effect, due in particular to the slowdown in inflation. 

All our regions posted solid performances, led by Europe, where revenue rose by +12.5% at constant exchange rates, thanks primarily to strong sales momentum in the companion animal segment in Central and Eastern Europe countries (+34.9% at constant exchange rates), with notable performances in Turkey, Poland and the Czech Republic. In Northern Europe (+23.8% at constant exchange rates), the UK and Ireland benefited from new product launches to record strong sales growth in the farm animal segment. Double-digit growth in Spain contributed to Southern Europe’s trend (+8.8% at constant exchange rates), while France (+7.9% at constant exchange rates) continued to benefit from increased demand for our petfood range. Our subsidiary in the United States (+28.4% at constant exchange rates) achieved the Group's strongest growth, benefiting both from growth in our companion animal ranges, especially dental and mobility products; and from a favorable basis of comparison, as the start of 2023 was marked by distributors' destocking effect. Latin America’s countries (+1.4% at constant exchange rates) posted a more mixed performance: following on the momentum initiated in the second half of 2023, driven by demand for aquaculture parasiticides, strong growth in Chile (+28.5% at constant exchange rates) offset the temporary downturn in the ruminant segment in Brazil, while sales in Mexico and Central America remained stable (+0.8% at constant exchange rates). Lastly, the Asia/Pacific region closed the quarter with growth of +5.5% at constant exchange rates, driven mainly by India (+18.1% at constant exchange rates) and Southeast Asia’s countries (+15.6% at constant exchange rates), counterbalancing the downtrend in Australia and New Zealand (-7.8% and -11.5% respectively at constant exchange rates), both penalized by an unfavorable basis for comparison, the first part of 2023 having been marked by a very favorable agricultural context (climate, prices and herd stock increases) as well as sales linked to deferred orders. 

In terms of species, the companion animal segment posted strong growth of +16.2% at constant exchange rates and scope, driven by the good momentum of our dental, dermatology, petfood and specialty product ranges, while our dog/cat vaccine range returned to growth following increase in our production capacity. The farm animal segment recorded growth of +1.2% at constant exchange rates and scope (+4.1% at constant exchange rates), mainly thanks to Aquaculture (+44.4% at constant exchange rates) and products for pig and poultry species, linked to the acquisition of Globion. These increases offset the slight temporary decrease in the ruminant segment (-3.4% at constant exchange rates).

2024 Outlook
In 2024, at constant exchange rates and scope, we expect a growth in revenue estimated at this stage to be between 4% and 6% as well as a ratio of “current operating income before depreciation of assets resulting from acquisitions” (Ebit adjusted) to “revenue” around 15%. In addition, the contribution to 2024 revenue growth resulting from recent acquisitions (Globion in India, closed in November 2023, and Sasaeah in Japan, closed in April 2024) is estimated at around +5 points. Lastly, excluding acquisitions, our cash position is expected to improve by €30 million, given the acceleration of our efforts in R&D and considering expected investments over the period, estimated to be around €100 million.

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