Norbrook Holdings Limited Announces Resilient 2024 Profits and Strategic Growth Initiatives for Future Expansion

 

Newry, 3 December 2024: Norbrook Holdings Ltd today 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.

Global sales order intake in the second half of 2024 was up 16% compared to 2023, generating a Net Profit of £5.3 million for Norbrook, compared to the second half of 2023 (8% increase full year), which represents an increase of £1.4 million or 35.9% versus last year. 

Sales revenue reached £219 million, reflecting a year-on-year decrease of 6%. This was largely driven by the impact of foreign exchange gains and growth in 2023, which had been bolstered by the release of existing backorders. 

Norbrook’s sustained profit levels highlight resilience and support optimism for future profitability as revenues recover. Improvements in operational excellence and quality metrics, combined with cost reduction initiatives have seen overall improvements in efficiencies ensuring sustainable business success. The company grew year-on-year in Ireland, UK, and MENA, despite facing significant price pressures that created a challenging environment in the USA. 

2024 Overview

Revenue 

£219M, 

down 6% 

Capital Investment 

£11M

 

Net Profit 

£5.3M, 

up 35.9%

Andrea Iucci, Chief Executive Officer of Norbrook said, “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.”

LAUNCH OF FELANORM® (METHIMAZOLE) ORAL SOLUTION
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).


MANUFACTURING INVESTMENTS IN NORTHERN IRELAND AND KENYA
Norbrook 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. 

Norbrook 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.


REGIONAL LEADERSHIP APPOINTMENTS
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. All these leaders bring a wealth of international sales and marketing experience to Norbrook.

Reflecting on his first year as CEO, Iucci adds, “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.”

He adds, “I am particularly pleased that Norbrook is on track to achieve our first Environmental, Social, and Governance (ESG) certification in 2025 – 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.” 

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About Norbrook Holdings Ltd.
Norbrook Holdings Ltd. is the ultimate holding company for all Norbrook’s trading businesses. Norbrook is a leading global provider of veterinary pharmaceuticals enhancing the health of animals. Norbrook, headquartered in Newry, Northern Ireland, distributes products to over 100 countries, with operations in the UK and Ireland, Europe, US, Africa, Australia and New Zealand.