Revenue growth and margin expansion
Virbac reported organic revenue growth of 7.4% for the first half of 2026, with an adjusted EBIT margin of 18.8%. Both business segments contributed: companion animal revenue rose 10.0% and farm animal revenue increased 6.7%. The company's Supercharge platforms, excluding Thyronorm, grew by approximately 12% at constant exchange rates and scope. Volume and mix added about 5.4 percentage points, while price increases contributed roughly 2 percentage points. The operating margin improved by 0.5 percentage points compared with the first half of 2025, driven by a favorable mix effect on gross margin, partially offset by higher operating expenses due to first-half/second-half phasing effects.[S1]
Net income, debt and guidance
Consolidated net income rose 5.9% to €87.1 million. As of June 2026, net debt reached €196 million, compared with €173 million at the close of December 2025, a change the company linked primarily to the normal seasonal pattern of working capital requirements. Virbac reaffirmed its 2026 guidance at the top of the range: the solid first-half results leave the group positioned to aim for the upper end of its original 5.5% to 7.5% revenue growth range at constant exchange rates and scope, together with an adjusted recurring operating income margin of roughly 17% at constant exchange rates and scope.[S1]
CEO statement and strategic outlook
Paul Martingell, Chief Executive Officer, described the first half as strong, highlighting the 7.4% organic growth and 18.8% operating margin as evidence of the teams' ability to turn their commitment to animal health into tangible value. He noted that the performance reflects the scaling power of the Supercharge platforms and the seamless integration of Thyronorm. Martingell added that, guided by the Growing Together 2030 strategy, the company is fully on track to achieve its full-year guidance.[S1]
