Virbac : Virbac : Sales growth of 11.5% in 2012

               Virbac : Virbac : Sales growth of 11.5% in 2012

Public release - January 17th, 2013                        2012 NET SALES
Virbac consolidated sales in the fourth quarter                694.8M€
amounted to 166.4 M€, a +12.8% change compared to the
same period of 2011. Growth reached +7.9% at constant
perimeter and exchange rates. Trends in the different
markets outside Europe have been quite similar to the
previous quarter, with growth staying very strong in
the US and remaining at a good level in Latin America
and Asia. Business evolution in Europe has been more
moderate and contrasted, with a slight reduction in
Northern Europe in sluggish markets, while sales in
France benefited from a good rebound after the decrease
in the third quarter due to the new commercial policy        TOTAL GROWTH
aiming at a better split, over time, of deliveries to           +11.5%
the wholesalers.
Sales of Centrovet, leader of the market in Chile in
which Virbac acquired a majority stake last November,
have been consolidated as from December and amounted to
4.3 M€.

With total 2012 sales of 694.8 M€ compared to 623.1 M€
last year, Virbac records a +11.5% total growth. This
very good performance has been primarily generated
through organic growth, which reached +8.1%. It has       GROWTH AT CONSTANT
been increased, on one side, by a significant exchange      EXCHANGE RATES
rate impact -around 2.7 points- due to the weakening of         +8.8%
the Euro, and on the other side by external growth,
with the impact of acquisitions -Stockguard in New
Zealand and Centrovet in Chile- amounting to 8.7 M€ and
more than compensating for the divestment of Virbac's
business in specialized channels in Europe.

From a regional perspective, the Group's performance
comes from:
- the very high level of growth in the US, primarily
driven by Iverhart, which also benefited from the         GROWTH AT CONSTANT
temporary closure of a competitor's manufacturing site.         SCOPE
The launch of new products, in particular in                    +8.1%
dermatology, and the expansion of all ranges (dentals,
endocrinology, parasiticides) also contributed to the
- the very positive performance recorded in Southern
Europe despite the economic environment, thanks to the
launch of CaniLeish, a canine leishmaniosis vaccine;
- the strong development in emerging markets as well as
in Japan.
Conversely, business has been weak in France and in
Northern Europe due to low market trends, as well as in       Of which :
Australia and South Africa after a strong growth in       COMPANION ANIMALS
2011.                                                          +10.1%

Business by species reflect such geographic trends. At
constant exchange rates and perimeter the companion
animals segment enjoyed a strong growth, + 10.1%,
driven primarily by sales of Iverhart in the US,
CaniLeish in Southern Europe and more generally by a    FOOD PRODUCING ANIMALS
good evolution of the other product ranges. Sales in            +5.5%
the food producing animals segment increased by +5.5%,
with a strong growth in emerging countries, in
particular Brazil and India; meanwhile, such increase
has been partially offset by a slight decrease in
certain regions: in Europe due to a poor market
environment; in Australia, where the level of activity
had been very high in 2011 and competition is
increasing in the major segment of parasiticides; in
South Africa due to less favourable weather conditions.

                                                           Evolution Evolution
Consolidated                                                  at        at
numbers     2012  2011     %    constant  constant
Unaudited - in million Euros                       change  exchange  scope and
                                                             rates   exchange
Net sales - 1st quarter                176.4 159.9 +10.3%    +8.8%     +8.6%
Net sales - 2ndquarter                 173.0 154.6 +11.9%    +9.1%     +9.8%
Net sales - 3d quarter                 179.0 161.0 +11.2%    +6.8%     +6.1%
Net sales - 4th quarter                166.4 147.5 +12.8%   +10.7%     +7.9%
Net sales - year-to-date               694.8 623.1 +11.5%    +8.8%     +8.1%

Virbac : sales growth of 11.5% in 2012


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Source: Virbac via Thomson Reuters ONE
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