Vetoquinol: down after sales update

(CercleFinance.com) - Vetoquinol is down nearly 4% after announcing sales of 133.
7 million euros for the first quarter of 2024, down 4% year-on-year according to Stifel, including 83.4 million for essential products.

"Business is not comparable with the previous year, given the overstocking effect at our customers in the first quarter of 2023, linked to the anticipation of the implementation of the new ERP in April 2023", the animal health group nevertheless states.

Stifel is nevertheless reducing its EPS estimates by 8% for 2024 and 7% for 2025, to reflect higher purchasing and personnel costs. Stifel remains 'Hold' on the stock, while lowering its target price from ?104 to ?95.

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