¹growth at constant exchange rates and scope corresponds to organic growth of sales, excluding exchange rate variations, by calculating the indicator for the financial year in question and the indicator for the previous financial year on the basis of identical exchange rates (the exchange rate used is the previous financial year’s), and excluding change in scope, by calculating the indicator for the financial year in question on the basis of the scope of consolidation for the previous financial year

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.