March 14, 2018 / 5:52 PM / 3 months ago

Animal medicines group Virbac sees slow sales growth this year

March 14 (Reuters) - French veterinary pharmaceutical company Virbac expects a low-single-digit increase in revenue at constant exchange rates this year partly due to weakness in the U.S. market, it said on Wednesday.

The U.S. market weakness resulted in the company’s 2017 operating profit before depreciation of assets arising from acquisitions declining by 3 percent to 80.3 million euros ($99.38 million). Sales totalled 861.9 million euros down from 871.8 million in the previous year.

Virbac, which sells animal medicines in more than 100 countries, said a strong performance in Brazil, Mexico, Chile, China, and India was offset by weaker than expected activity recorded in the United States.

Virbac had cut its sales outlook for 2017 in September due to a downturn in its U.S. business, where distributors continued to run down stocks and not place new orders. ($1 = 0.8080 euros) (Reporting by Piotr Lipinski in Gdynia. Editing by Jane Merriman)

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