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.