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 ....
