This Week in Animal Health: Earnings Reports Dominate the News

***********************************
Brakke Consulting’s 
Animal Health News & Notes for May 8, 2026
Copyright © Brakke Consulting
Editor: Christine Merle DVM, MBA, CVPM 
************************************

IN THE NEWS:
Brakke Consulting
2026 Pet Medications Home Delivery Study
Tails of Talent: Branding Lessons to Win the Talent Game

Earning News
Cencora (MWI Animal Health)
Central Garden and Pet
Colgate-Palmolive (Hill’s Pet Nutrition)
Elanco
Freshpet
IDEXX Laboratories
Phibro
Zoetis
Zomedica

Company News
AniVC
Aurica Search Fund (SP)
Bimeda
dsm-firmenich (EMEA)
Digitalis Ventures
Farmland (NZ)
Gallant
General Mills
Golden Child
Hill’s Pet Nutrition
HomewardVet
Jaguar Health
Orion Corporation
Pet Flavors
PetMade
Phibro
Rigi Capital (SP)
Super’s Diana (SP)
Techion (NZ)
Travv
VAXA Technologies

Animal Health News
Global
United Kingdom
United States

************************************
Company Earnings Releases

• Cencorareported the second quarter of fiscal 2026 revenue of $78.4B, a 3.8% increase over prior year period.  MWI Animal Health which is part of the other segment and is now accounted for as “held for sale” but contributed towards at1% increase in that segment. (company press release)
  
• Central Garden and Petrecorded its second quarter of fiscal 2026 with Net sales greater than $1.5B for the first 6 months. At the close of the quarter, Central entered a new pet distribution business with Phillips Pet Food & Supplies. (company press release)
  
• Colgate Palmolive releasedits first quarter of 2026 results reflecting Net Sales increase of 8.4% versus prior year period. It’s Hill’s Pet Nutrition business contributed $280M in operating profit an 8% increase versus prior year period. (company press release)
  
• Elancoshared its first quarter of 2026 results with revenue of $1,371M reflecting a 15% growth (10% organic constant currency growth) over prior year period. Growth was driven by both Pet Health (12%) and Farm Animal (18%).  It also raised its Full Year guidance and innovation revenue targets. (company press release)
  
• Freshpetprovided its first quarter of 2026 results with a 13.1% increase in net sales to $297.6M versus prior year period. It also updated its guidance for full year with net sales growth in the range of 8%-11%. (company press release)
• IDEXXannounced its first quarter of 2026 results with revenue of $1,141M representing an increase of 11% organic growth versus prior year period. The growth was driven by the Companion Animal group led by its diagnostics recurring in-house VetLab (company press release)
  
• Phibro Animal Healthreported its third quarter fiscal 2026 results with Net sales of $383.5M, a 10% increase over prior year period. Sales were driven by Animal Heath to $291.2M, a 13% increase over prior year Full year fiscal 2026 guidance was updated to reflect a 14% growth. (company press release) 
• Zoetisannounced its first quarter of 2026 results with revenue of $2.3B reflecting a 3% growth over prior year period. A competitive market in the US companion animal product sales led to an 11% decrease with livestock sales growth of 7% unable to prevent an overall US segment 8% decrease in revenue over prior year period. (company press release)
  
• Zomedicareleased its first quarter of 2026 results with $8.8M, a 35% growth over prior year period. $2M of that revenue came from the Development Services business segment. (company press release) 

************************************
Brakke Consulting/Trone Research and Consulting
Pet Medications Home Delivery Study

Coming Early Fall 2026: Now Accepting Preorders

Online sales of pet medications are growing rapidly and today’s pet owners have more choices than ever when it comes to where they purchase. But in this evolving and highly competitive market, key questions remain: who is capturing this revenue, how veterinary clinics are adapting, and what drives pet owner decisions?

The 2026 Pet Medications Home Delivery Study, developed by Brakke Consulting and Trone Research & Consulting, delivers the answers. Building on more than a decade of research, this comprehensive study provides a data-driven view of the home delivery landscape from both veterinarian and pet owner perspectives.

Based on surveys of 400 U.S. veterinarians and 1,200 pet owners, the study offers statistically reliable insights into purchasing behavior, channel performance, and competitive pressures. It explores key trends such as subscription and auto-ship models, customer retention, compliance, and the growing influence of online retailers and new market entrants.

Key insights include:

• Pet owner preferences and purchasing drivers
• How clinics are protecting revenue and adapting to online competition
• Where prescription sales are being retained, or lost
• The impact of telemedicine and evolving service models
• Benchmark comparisons to track market evolution

The final deliverable is a comprehensive 100+ page PowerPoint report with expert analysis and actionable recommendations to support marketing, product development, and growth strategies.

Priced at $19,000, the study includes a one-hour consultation with a senior TRC consultant. Orders placed by May 15 (with payment by June 15) receive a $1,000 discount, with an additional $500 discount for previous purchasers.

For more information about the Pet Medications Home Delivery Study, please contact, Doug Barton at dbarton@troneresearch.com. To order, click here.

************************************
Company News Releases

• Hill’s Pet Nutrition released its first World of the Kitten Report, an evidence-based guide for veterinary teams and pet parents. (company press release)
• General Millsannounced the promotion of Dana McNabb to Chief Operating Officer.  She will add responsibility for all operating segments, adding to her current roles in leading North America Retail and North America Pet. (company press release)
• Phibro Animal Healthlaunched a companywide sustainable solutions platform including the launch of Verratain Verified Sustainable Solutions, a product line being launched through a strategic partnership with VAXA Technologies, a low carbon, high value microalgae feed material that enables supply chain decarbonization. (company press release)
• The FDA announced the approval of Tessie (tasiprimidine oral solution) for the treatment of noise aversion and separation anxiety in dogs. The product was sponsored by Orion Corporationbased in Finland. (gov)
• Gallant announced it has been granted eligibility for expanded conditional approval by the FDA-CVM for canine osteoarthritis (OA) stem cell therapy targeting 2028 as a conditional approval date. They also announced positive results from a pilot clinical study with the therapy. (company press release)
• Bimeda announced the availability in the US of Gastrobim (omeprazole) for equine gastric ulcer treatment.(company press release)
• Pet Flavors announced the appointment of Dr. Loic Le Hir de Fallois, PhD as Interim Chief Executive Officer. (com)
• Jaguar Health announced the planned launch of Neonorm Dog, a plant-based, non-prescription product to support normal stool formation, gut hydration and bowel health. (company press release)
• HomewardVet, a mobile veterinary service franchise, ceased operations on April 30. (vin.com)
• PetMade launched a line of veterinarian-approved cardiovascular support supplements for dogs. (com)
• Golden Child, a fresh food system, launched its fresh food formulas developed by a board-certified veterinary nutritionist and a chef. (com)
• Travv, an AI driven veterinary diagnostic platform that integrates radiology information systems, imaging and laboratory management tools, received $1.6M in seed funding from Digitalis Venturesand AniVC. (com)
• EMEA- A diagnostic service for poultry producers, SciTell Microbiome Analytics, was launched by dsm-firmenichAnimal Nutrition and Health for Europe, Middle East and Asia. (com)
• NZ-Farmland signed an exclusive strategic partnership withTechnion, a developer of animal diagnostic platform, to provide its customers with independent animal health disease intelligence. (co.nz)
• SP- Rigi Capitaland co-investment Aurica Search Fund have acquired Super’s Diana, a developer, manufacturer and commercializes livestock medicines and supplements in over 30 countries. (capital-riesgo.es)

*********************************************
Animal Health Stock Price Tracker

*********************************************
Brakke Consulting
Tails of Talent: Branding Lessons to Win the Talent Game

Webinar Dates & Times:
June 2nd | 11:00 AM – 12:00 PM
June 4th | 2:00 PM – 3:00 PM
** All dates are EST **

In today’s competitive animal health industry, attracting top talent goes beyond job postings—it starts with how your organization is perceived.

In animal health, the war for talent isn’t won with job postings; it’s won with perception. It starts with how the market sees you. Join us for an insight-rich session that shows why companies with strong, trusted brands consistently attract better candidates, shorten time-to-hire, and boost long-term retention. Using fresh data and real examples from across the industry, our seasoned experts will walk you through how to evaluate your organization’s brand reputation and elevate it to the level top talent seeks out. Instead of chasing candidates, learn how to position your company as the place they want to be.

Presented by: 

• Jeff Santosuosso – Executive Recruiter – Brakke Consulting
• Jake Yarbrough – Group Director – Schaefer Advertising

This session is a valuable opportunity to rethink your recruitment strategy and position your company as a destination for top talent.

We look forward to seeing you there and helping you win the talent game.

Click here to register, this session is a high-value investment in the future of your recruitment strategy.

Please email Amanda McDavid or call 336-396-3916 for assistance with registering.

We look forward to helping you win the talent game

***********************************
Animal Health News

• US- NATIONAL PET WEEK- The American Veterinary Medical Association observed National Pet Week from May 3- May 9,2026 with this year’s theme “Happiness is a Healthy Pet”. (com)
• US- HEART HEALTH CERTIFICATE- The Feline Veterinary Medical Association announced the launch of its Heart Health Certificate, an education program for veterinarians to improve cardiac care for cats. (association press release)
• US-VETERINARY DECISION-MAKING- A survey studypublished in the Journal of the American Veterinary Medical Association outlines the factors including client financial constraints, that influence treatment recommendations surrounding canine atopic dermatitis. (com)
• US-PSEUDORABIES- The USDA confirmed the presence of Pseudorabies in a small commercial swine facility in Iowa. Traceback indicated it came from affected boards from an outdoor facility in Texas. This is the first known case of pseudorabies in commercial swine since 2004. (government press release)
• US- HEALTHCARE CAREER PATHWAYS- An admissions articulation agreement between Midwestern University and Bradley University will provide guaranteed admissions interview opportunities for qualified Bradley applicants at Midwestern University’s graduate and professional programs including veterinary medicine. (edu)
• US- AI VETERINARY RADIOLOGY- A pilot studypublished in the AVMA Journal of Veterinary Medicine showing deficiencies in interpretation has led to discussions amongst researchers and platforms. (vin.com)
• GLOBAL- HANTAVIRUS- A cruise ship that departed Argentina making several multi-country stops has been linked with several cases of hantavirus. The World Health Organization is monitoring and assessing global risk. (int)
• UK- CANINE PERIODONTAL DISEASE- A new risk assessment model that uses predictive technology to predict dogs which are at high risk for periodontal disease was recently publishedfrom the scientists at the Waltham Petcare Science Institute. (press release)

************************************
Brakke Consulting Viewpoint

In the last several decades, the financial performance of the major animal health companies has been driven by the companion animal market segment. Will we join Marty McFly and go Back to the Future where the livestock segment is the driver of performance? It seems that this is the case for 1Q26 as Merck, Elanco and Zoetis all posted strong livestock growth rates.  

In 2025, for the first time in many years, the livestock segment grew faster than the companion animal segments in the largest animal health companies. Merck and Elanco both reported that in 1Q26, their livestock segments grew +8% and +13% respectively (adjusted for currency), double the rates of growth for their companion animal businesses. Zoetis also just reported 1Q26 results with livestock posting a growth rate of +12% (adjusted for currency and divestitures) while its companion animal segment declined. This, even though in January 2026, the size of the U.S. cattle herd hit a 75-year low of 86 million head. A report from Piper Sandler mentioned that in 2025, the number of beef cows dropped to the lowest levels since 1961. The 2025 calf numbers declined 2% and cattle on feed dropped 3%, indicating that an expansion in the cattle herd isn’t likely before 2028 if at all. Where is the growth coming from with these declining numbers?  

Well, it must be coming from producers seeing the value in utilizing preventative treatments such as vaccines, medical feed additives and premium nutritional specialty products to protect the health of their valuable investments. In addition, international markets are strong and growing, especially in Latin America and Asia. Beyond preventative treatments, the investment in and use of technological solutions to manage herd health is taking hold. Those companies with strong global livestock product lines should see strength as the year progresses. Let’s see if Doc Brown’s Delorean with its flux capacitor, will continue the travels for the rest of 2026. If 1Q26 is any indication, that seems to be the case.  

Randy Freides
************************************
Your View

Last week, we asked you how you have personally participated in investing in animal health innovation as angel investors, investing in individual animal health companies, larger corporations with animal health divisions, or the Pet Care ETF. 16% of the respondents didn’t personally manage their investments; the remaining respondents invested in different ways.  35% invested in 1 way with 55% of that being an angel investor. 26% invested in 2 ways with 73% investing in both individual and larger corporations. Lastly, 23% invested heavily in 3 ways with 83% being angel investors in addition to individual and larger corporations. 

This week ,building on Randy Freides’s viewpoint, look into your crystal ball on the future of the animal health business. In the past, companion animal and livestock/poultry seemed to diverge- one capturing a growing share of R&D and growing faster. Now livestock is outpacing companion animal and offsetting slower companion results. What does this mean long term—could a split be ahead? Our question this week: in five years, will large animal health companies with both segments divest one? Will the business split up?