Virbac Reports 7.9% Organic Revenue Growth to €1.17 Billion in 9M of 2026

CARROS, France | 19 October 2026 — French animal health company Virbac reported consolidated revenue of €1.168 billion for the nine months ended September 2026, an increase of 7.9% at constant exchange rates and scope (CERS) compared with the corresponding period in 2025. Revenue growth at actual exchange rates was 5.9%, reflecting currency headwinds.

A copy of Virbac Press Release can be accessed here – virbac-press-release-q3-26-revenues

The performance was supported by growth across both major business segments, with companion animal revenue increasing 8.8% and farm animal revenue rising 7.0% on a constant-exchange-rate-and-scope basis. Virbac also reported approximately 11% growth across its key “Supercharge” platforms, excluding Thyronorm, its endocrinology product acquired through an acquisition.

Following the strong first-nine-month performance, the company reaffirmed its 2026 outlook and said it was targeting the upper end of its original full-year revenue growth range of 5.5%–7.5% at CERS. Adjusted recurring operating income margin is expected to reach approximately 17% at CERS.

Chief Executive Officer Paul Martingell attributed the performance to the company’s global footprint, commercial execution, expansion of priority growth platforms and continued integration of Thyronorm.

Q3 growth accelerates to 8.8% organically

Virbac’s third-quarter revenue reached €400 million, up from €364 million in Q3 2025. This represented 8.8% growth at constant exchange rates and scope, while growth at actual rates was 9.8%.

The quarter followed organic growth of 7.7% in Q1 and 7.2% in Q2, indicating an acceleration in the reported constant-scope growth rate during Q3.

Virbac revenue performance: 2026 versus 2025

Source: Virbac’s unaudited consolidated revenue release dated 19 October 2026. Figures may not sum precisely due to rounding.

The company reported a favourable volume-and-mix contribution of approximately 6%, supplemented by price increases of around 2%. Thyronorm contributed approximately 1.3 percentage points to total year-to-date growth, according to the announcement. Virbac includes the acquisition within its constant-scope reporting perimeter because of its limited materiality under the company’s reporting methodology.

Regional performance: North America leads year-to-date growth

All three reporting regions recorded positive organic growth in the first nine months of 2026. North America posted the strongest year-to-date growth rate, while International generated the largest share of reported revenue.

Europe: companion animal products and cattle vaccines support growth

European revenue increased 7.2% at CERS in the first nine months. Companion animal sales rose 7.4%, supported by petfood, dental care, ear care and endocrinology products. Farm animal revenue grew 6.2%, driven by cattle vaccines and nutritional products.

Q3 growth strengthened to 8.7%. The companion animal segment expanded 7.9%, while farm animal revenue grew 12.9%. Virbac attributed the latter performance partly to strong demand for cattle vaccines amid bluetongue virus (BTV) outbreaks. The United Kingdom and Spain were major contributors, with Turkey also delivering strong growth.

North America: underlying momentum alongside operational recovery

North American revenue grew 9.9% at CERS year to date and 9.5% in Q3. Virbac said quarterly performance benefited from the resumption in July of production under a key toll-manufacturing contract that had been temporarily suspended for regulatory reasons.

The companion animal business grew 2.4% in Q3, supported by mobility products and the continued ramp-up of Thyronorm. The company estimated that underlying Q3 organic growth would have been around 17% after adjusting for distributor-level inventory destocking.

For the year to date, Virbac reported underlying organic growth of approximately 8% after adjusting for distributor inventory movements, rising to around 12% when the impact of farm animal supply constraints was also excluded. These are company-provided adjusted estimates rather than reported headline growth rates.

International: India, Middle East and Africa deliver double-digit expansion

International revenue rose 7.9% at CERS in the first nine months, reaching €535 million. Within the region, India, the Middle East and Africa (IMEA) grew 15.9%, while Latin America advanced 8.3%.

Demand for cattle nutritionals and vaccines supported farm animal performance, while companion animal growth benefited from petfood, dermatology and vaccines. Far East Asia recorded 2.2% year-to-date growth, with positive contributions from Japan and China.

In Q3, IMEA growth accelerated to 17.8%, while the Pacific region expanded 15.6% as Australia returned to growth. Virbac cited sales of cattle antimicrobials and nutritionals, together with sheep and goat products, as contributors to the Pacific region’s quarterly recovery.

Latin America grew 4.4% in Q3. Far East Asia was broadly flat for the quarter, as growth in China was offset by supply shortages and competitive pressure in swine vaccines. Despite strong growth in New Zealand and Australia’s Q3 recovery, the Pacific region remained slightly down year to date.

Supercharge platforms remain central to growth strategy

Virbac’s priority “Supercharge” platforms are designed to concentrate investment and commercial execution on product categories the company considers important growth drivers. These span petfood, reproduction, dental care, mobility, ear care, endocrinology and ruminant health.

The approximately 11% growth reported across these platforms, excluding Thyronorm, points to continued momentum in several companion animal and farm animal categories. The company’s results also illustrate the contribution of established product ranges alongside acquired brands and demand linked to livestock disease-management needs.

For the animal health industry, the regional mix is notable: companion animal products continue to provide a broad base of growth, while cattle vaccines and nutritional products are contributing meaningfully in selected markets. However, Virbac’s results do not establish that these trends apply uniformly across the industry.

2026 outlook: upper end of revenue growth range targeted

Virbac maintained its full-year guidance and said its first-nine-month performance positioned it to target the upper end of the original 5.5%–7.5% revenue growth range at CERS.

Adjusted recurring operating income refers to recurring operating income before amortisation of assets arising from acquisitions, as defined by Virbac.

The company also said the Thyronorm acquisition was expected to contribute approximately one percentage point to full-year revenue growth and around 0.5 percentage points to adjusted operating income under its guidance assumptions.

Virbac stated that countries directly exposed to the evolving Middle East geopolitical situation account for less than 0.5% of its global revenue. It said supply-chain disruption remained limited and manageable under its existing stock policy, while energy costs and inflation continued to be monitored. The company did not anticipate a material impact requiring a revision of its outlook at the time of the announcement.

Industry implications: broad-based growth, with execution and supply remaining important

Virbac’s nine-month results highlight three commercial themes for the global animal health market.

First, growth is being generated across multiple product categories and regions, rather than relying on a single geography or segment. Second, portfolio execution and acquisitions remain important growth levers, with the Supercharge platforms and Thyronorm contributing to performance. Third, operational factors can materially affect reported growth: currency movements reduced growth at actual exchange rates, while manufacturing interruptions, product supply constraints and distributor inventory changes influenced regional comparisons.

For competitors, distributors and investors, the distinction between reported growth and management-adjusted underlying performance is important. The headline figures remain the most comparable basis for tracking the company’s performance; adjusted estimates help explain specific operational effects but should not be treated as equivalent to reported revenue growth.

Virbac’s next results will show whether the Q3 acceleration can be sustained through the final quarter and whether the company converts its strong sales performance into the targeted operating margin and cash generation.