Reflecting on his first year, Norbrook Holdings CEO reports a resilient 2024 with profits and strategic growth initiatives for future expansion
Norbrook Holdings Ltd has announced its results for financial year 2024, which show an increase in the global sales order intake and an increase in net profit, despite a slight decline in revenues
Norbrook Holdings Ltd, a leading veterinary pharmaceuticals group based in Northern Ireland, has reported a positive financial performance for the fiscal year 2024, with an increase in global sales order intake and a notable rise in net profit, despite a slight decline in overall revenue.
The Newry company’s global sales order intake in the second half of 2024 rose by 16% compared to the same period in 2023. This growth contributed to a net profit of £5.3 million, marking an increase of £1.4 million or 35.9% over the second half of 2023. The company’s full-year net profit showed an 8% improvement, reflecting a strong recovery and operational resilience.
However, sales revenue for the year reached £219 million, representing a 6% decrease year-on-year. Norbrook attributed this decline primarily to the impact of foreign exchange gains and growth in 2023, which had been bolstered by the release of existing backorders.
Despite the revenue drop, Norbrook's strong profit performance underscores the company's ability to maintain profitability amidst a challenging global economic environment. The company cited improvements in operational efficiencies, quality metrics, and successful cost reduction initiatives as key factors contributing to its resilient financial performance.
Regionally, Norbrook saw growth across Ireland, the UK, and the Middle East and North Africa (MENA) markets. However, the company noted significant price pressures in the United States, which created a more challenging environment for its operations there.
In a statement, Norbrook’s CEO, Andrea Iucci, emphasized the company’s continued focus on growth and innovation: “In 2024, we turned around our global order intake growth, launched an Endocrinology Companion Animal product in the USA and a Large Animal Diagnostic product in the UK, started our first ESG certification, and published our first CSR report.
"Building on Norbrook’s strong foundation in quality, safety, and operations, we are now focused on commercial growth. Our new five-year plan is centred on strategic growth initiatives, including a 50% increase in R&D investment to expand our differentiated product pipeline and a refined commercial strategy to extend market reach.”
Recently Norbrook launched Felanorm® (methimazole) Oral Solution in the USA, a revolutionary liquid treatment for hyperthyroidism in cats, and the first product of its kind to be approved by the Federal Drug Administration (FDA).
In Northern Ireland Norbrook also opened a newly upgraded sterile injectable manufacturing suite, home to products critical in the treatment and prevention of infections in livestock and pets. This project represents a £1.3 million investment and ensures compliance with the most up to date EU guidelines for the manufacture of sterile medicinal products.
Meanwhile the firm also invested £2.5 million in a state-of-the-art facility in Kenya, designed with high-spec, World Health Organization (WHO)-compliant infrastructure. This cutting-edge facility will be pivotal in producing antiparasitic and anti-infective products tailored for the dairy and livestock industries. By enhancing animal health, the aim is to significantly improve food quality and safety in the region, addressing critical needs for both livestock and consumer health.
During the year, Norbrook has made a significant investment in developing its commercial organization with the appointment of Brian Hopkins, a seasoned leader in the Animal Health industry, as US vice president of regional sales and marketing, Ned Flaxman, regional head for Great Britain and Andrea De Marchis as regional head for Europe, LATAM and Asia.
Reflecting on his first year as CEO, Iucci added: “We can already see clear signs of improvements as a result of the measures we are putting in place. I am proud of Norbrook’s progress and confident that, with our dedicated and skilled employees, we are well-positioned to achieve our goals for the year ahead.
“I am particularly pleased that Norbrook is on track to achieve our first Environmental, Social, and Governance (ESG) certification – a journey that aligns well with our values. Today, we also published our Corporate Social Responsibility (CSR) report, highlighting our commitment to making a positive impact in the communities where we operate.”