Virbac Posts Strong 2025 Growth on Companion Animal Demand

Event summary

Virbac reported €1.465B in 2025 revenue, up +7.9% at constant exchange rates and scope (CERS), with companion animal sales growing +10.9% and farm animal +6.1%.
Strong regional performance in the USA (+14.7%), IMEA (+9.5%), Latin America (+7.5%), and Europe (+7.5%), offset by currency headwinds, particularly in Latin America.
Acquired Thyronorm for ~€15M annual revenue to expand feline health portfolio, expected to be accretive from Year 1.

The big picture

Virbac's strong 2025 performance reflects a broader industry shift toward companion animal care, driven by rising pet ownership and demand for specialized products. The acquisition of Thyronorm aligns with strategic M&A efforts to bolster its feline health offerings, positioning the company to capitalize on an aging cat population. However, currency headwinds and regional volatility remain key challenges.

What we're watching

Companion Animal Momentum: Whether Virbac can sustain double-digit growth in companion animal sales amid increasing competition.
Regional Dynamics: The pace at which emerging markets like IMEA and Latin America contribute to revenue, despite currency volatility.
Integration Success: How effectively Virbac integrates Thyronorm into its portfolio and transitions distribution in Europe from partners to direct control.