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The Q3 sales exceeded the consensus expectations and the healthy growth was supported by both segments. Consequently, the management revised its full-year sales and profitability guidance upwards to which the market’s reaction was ebullient with the share price ending the day 11% higher. Overall, the promising long-term prospects for the animal healthcare market, along with the firm’s strong R&D focus and robust balance sheet, support our positive stance on Virbac.
Companies: Virbac (VIRP:EPA)Virbac SA (VIRP:PAR)
AlphaValue
Virbac’s H1 23 profits exceeded the markets’ expectations, though sales figures had already been reported in July 2023. Besides the slowdown in the animal healthcare market, limitations in production capacity and the June 2023 cyber-attack, higher R&D expenses weighed on profitability. Still, the 2023 guidance remained unchanged. Notwithstanding the near-term profitability pain, the firm’s focus on R&D acceleration and capacity expansion, along with a strong balance sheet, should help it capital
The Q2 23 sales matched the consensus expectations, with both the Companion Animals and Farm Animal segments witnessing modest growth as, apart from slowing markets, the quarter was impacted by bigger-than-expected production constraints and a cyber-attack. Nonetheless, these issues are transitory in nature and should not have much bearing on the promising long-term prospects for both segments which, in addition to the firm’s strong balance sheet, underpin our positive recommendation on Virbac.
A weaker start to 2023 shouldn’t be a concern and, given that the full-year guidance has been maintained, Virbac should be able to compensate in the subsequent quarters. Both its segments are well positioned to achieve healthy medium-to-long term growth, which should find impetus from the ongoing R&D investment and Chinese expansion plans. Moreover, Dechra’s (the firm’s peer) potential takeover at a high premium to its undisturbed valuation bodes well for Virbac’s ongoing re-rating.
Q4 22 sales exceeded expectations and both segments contributed healthily, with CA being the dominant growth engine. FPA however was somewhat restrained by external factors. While the 2022 margin is now expected to come in at the upper-end of the guidance, the soft 2023 outlook was maintained. Overall, the Q4 and full-year sales performance was better than that of French peer Vetoquinol. Looking beyond the current macroeconomic uncertainties, we remain confident of Virbac’s long-term business fu
Virbac’s Q3 sales were impacted by tough comps in the companion animals (CA) segment and an adverse regulatory event in the food producing animals segment. While geopolitical uncertainties and rising inflation are near-term risks, which probably also influenced the moderation in the 2022 guidance, the underlying potential of the focus markets remains intact. And despite the firm’s smaller scale vis-à-vis competitors, a net cash position implies that there’s ample room to withstand operational ch
Virbac is a French firm specialising in animal healthcare markets. Robust R&D, better growth and margin profile of the CA segment, long-term focus on pet care and vaccines (strong potential areas), expansion plans in promising US and Chinese markets, and strong/sacrosanct growth drivers for the overall AH market support the firm’s investment case. While ongoing market challenges can pose near-term (margin) challenges, the underlying balance sheet cushion is a comforting/valuable positioning. Hen
Research Tree provides access to ongoing research coverage, media content and regulatory news on Virbac SA. We currently have 0 research reports from 4 professional analysts.
Creo Medical’s FY23 results recapped strategic, regulatory and operational wins for its core electrosurgical device suite, including Speedboat’s approval for upper gastrointestinal (GI) procedures in Europe and launch of Speedboat UltraSlim. With MicroBlate and SpydrBlade nearing commercial launch and increased traction with partners Intuitive Surgical and CMR Surgical, we anticipate the product uptake curve to steepen in the medium term. FY23 was a solid year with 13.4% y-o-y revenue growth and
Companies: Creo Medical Group Plc
Edison
Shield is a commercial-stage pharma company delivering specialty products that address patients’ unmet medical needs, with an initial focus on iron deficiency (ID). Since its US launch in July 2021, Shield and its partner, Viatris, have increased physician awareness of the differentiating characteristics of Accrufer® as an oral ID drug, in order to ramp up prescriptions (Rxs) and generate sales traction. Positive Rx momentum in 2022 and 2023, is expected to accelerate in 2024 and 2025 with the r
Companies: Shield Therapeutics Plc
Hardman & Co
As previously disclosed, Diaceutics delivered revenue of £23.7m for FY23, up 22% YoY (+19% in constant currency) and ended the year with £16.7m in cash and net cash. The reported net loss of £1.7m was in line with our forecast. This was the first year of executing the accelerated growth strategy which was reflected in the growth in revenue, the transition to a higher proportion of recurring revenue driven by adoption of the enhanced DXRX platform while an expanded and reorganised marketing struc
Companies: Diaceutics Plc
Capital Access Group
New management has revitalised Avon. First half earnings were positive across-the-board and slightly ahead of our expectations.
Companies: Avon Protection PLC
Zeus Capital
Companies: IXI GETB ONC CLX
Cavendish
TheraCryf is a clinical stage drug development company focused on commercialising its proprietary formulation of sulforaphane, SFX-01, and two novel drug candidates acquired in the recent Chronos transaction. The primary targets for SFX-01 are cancer and neurodevelopmental disorders while TheraCryf's new orexin and DAT programmes, extend the company's reach into neuropsychiatric drugs, currently a very active area for acquisitions and partnering. Potential target markets total in the billions of
Companies: TheraCryf PLC
Companies: Oxford BioDynamics PLC
Shore Capital
The root-and branch strategic review that was undertaken by the new management team in 2023 has seen Oncimmune emerge as a new company, in our view. With the disposal of the EarlyCDT-Lung business to Freenome in May 2023, the company now has a single vision of using its precision medicine, autoantibody detection platform to work alongside biopharma and CRO partners, helping them discover new drug targets and biomarker strategies, making the clinical trial process more efficient through appropria
Companies: Oncimmune Holdings Plc
The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (
Companies: TXG ETXPF NDVA TSVT BCOW Z29 TXG NCYT GNS SUN AMS OMG APH EKF EAH IMM AGL DEMG AGY TSTL IPO GDR TRX HVO CTEC OXB DEST VLG IXI VAL INDV AGR AVCT BAI 123F IMCR BCOW
Arecor’s lead compound AT278, a unique ultra-rapid and ultra-concentrated insulin, has successfully shown superiority to benchmark fast-acting or concentrated insulins in a Phase I study in Type II diabetes (T2D). This follows a similarly positive outcome in a previous Phase I study in Type I diabetics (T1D). Demonstrating AT278’s clinical efficacy in difficult-to-treat overweight/obese T2D patients confirms the validity of the formulation, shows its profile is attractive for T2D patients with h
Companies: Arecor Therapeutics PLC
Trinity Delta
Economic and industrial data has started the second quarter on slightly weaker grounds than Q1 as Manufacturing PMI in the UK, Eurozone and US all reported April indexes below March levels. Cracks seem to be appearing as recent drops in new orders and rising input costs are quickly dampening confidence. Inflation did, however, fall MoM across the board with the exception of the US, where volatile energy prices caused a modest MoM increase in the inflation rate.
Companies: TAND AVON RCDO TRI SYM ABDP KETL
Evidence of a stabilisation in business activity with the early signs of a recovery emerged in the recent the year-end trading update (30.04.24) and in management commentary at an investor presentation (16.05.24) at Fusion Antibodies plc. The update suggests revenue of £599k was recorded in the H2 FY24, in line with expectations set at the time of the last fundraising. This represents a ~10% rise over H1’s £541k, although this is still well down on the comparative period. However, revenue in the
Companies: Fusion Antibodies Plc
Allenby Capital
Avon Protection’s capital markets day highlighted its continued focus on medium-term margin expansion (targeting operating margin of 14–16%), concentrating on its core business of respirators and head protection. The unwinding of the armour business, alongside the consolidation of Team Wendy (acquired in H220) should enable Avon to benefit from rising global defence spending. Its strong relationship with the US DoD, and organic growth opportunities with recurring revenue from necessary product r
21st May 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: ITF announced: 7th May: Time To ACT plc, an engineering business focused on technology for the energy transition sector, has announced its intention to seek Admission to t
Companies: CTL BEG WJG IXI SHOE CCS ONC KIBO CLX
Hybridan
Companies: IGP RUA BOOM
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