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Brakke Consulting’s
Animal Health News & Notes for March 22, 2024
Copyright © Brakke Consulting
Editor: Lynn Fondon DVM MBA
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IN THE NEWS:
Brakke Consulting News
2024 Pain Management Products report
Earnings News
Amazon
Chewy
General Mills
Krka
Other News
CattleEye
Dechra
Digitail
FabFitFun
Farmsee
Fujifilm Vet Systems
GEA
Independence Pet Holdings
Merck
Munters
Nulo Pet Foods
Petco
Pets Best
PupBox
Stripe
Synchrony
VolitionRx
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Brakke Consulting
2024 PAIN MANAGEMENT PRODUCTS FOR DOGS AND CATS
ORDER BY APRIL 12 FOR EARLY-ORDER DISCOUNT
Is your company up-to-date on the latest trends in this important category? New, innovative products like LIBRELA and SOLENSIA are changing the pain management paradigm.
Brakke Consulting’s annual report on Pain Management Products for Dogs and Cats includes such valuable information as:
– estimates of US sales and prices of leading products
– review of new and upcoming pain management products, including monoclonal antibody products SOLENSIA and LIBRELA
– discussion of the use of cannabinoids in veterinary pain management
– 2024 survey of 300 small animal veterinarians regarding use of pain management products
Pain Management Products for Dogs and Cats 2024 can be purchased for $7,995 if ordered by April 12, 2024, and $8,995 thereafter. The report will be completed in May. Questions about the study can be answered by project manager Lynn Fondon, DVM, MBA at info@brakkeconsulting.com.
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EARNINGS NEWS RELEASES
- Chewy, Inc. announced financial results for the fiscal year 2023 ended January 28, 2024. Net sales were $11.15 billion, an increase of 10% year over year. Net income was $39.6 million compared to net income of $49.9 million in the prior year. (company press release)
- General Mills, Inc. reported results for its fiscal 2024 third quarter ended February 25, 2024. Third-quarter net sales for the Pet segment were down 3% to $624 million. (company press release)
- Krka reported results for the full year 2023. Revenue was EUR 1.81 billion ($1.96 billion), up 5% from FY 2022. Net income was EUR 313.9 million ($341 million), down 14% from FY 2022. (st)
- Amazon reported results for the full year 2023. U.S. pet product sales were $18.2 billion, up 25% from the prior year. Amazon’s private label brand of pet supplies were $207 million, up 43%. (Globalpets)
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KC Animal Health Corridor
Animal Health Summit
2024 Emerging Company Applications due by April 1
The KC Animal Health Corridor is now accepting applications from early-stage companies to present at the 19th annual Animal Health Summit, held in Kansas City on August 26-27, 2024.
The 19th annual Summit is one of the only opportunities in the world for early-stage companies in the animal health and nutrition sectors to present their vision, business plan and technology to potential investors.
The selection committee will consider companies that meet the following criteria:
– Seeking $500,000 – $20 million in funding, or strategic partnerships to advance a company’s technology
– Revenue projections of $20 million within 5-7 years
Applications are due by April 1. To apply to present as an emerging company, visit the Animal Health Summit application page .
For more information, contact Kimberly Young at young@thinkkc.com
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COMPANY NEWS RELEASES
- The FDA announced it has approved Dechra‘s DuOtic (terbinafine and betamethasone acetate otic gel) for the treatment of otitis externa in dogs, associated with susceptible strains of yeast (Malassezia pachydermatis). DuOtic is the first FDA-approved animal drug intended to treat yeast-only otitis externa in dogs. (FDA)
- Nulo Pet Foods launched a collection of shelf-stable products described as “cold-pressed” pet food. The diets employ a raw ingredient chilling system and low and slow smokehouse-style cooking that targets temperatures of approximately 140 degrees for less than eight hours. All of the diets use fresh meat sources of protein and no rendered meat meals or chicken fat. (Pet Product News)
- Independence Pet Holdings announced it has acquired Pets Best Insurance Services from its parent company, Synchrony. Financial terms were not disclosed. (Globalpets)
- Practice management software developer Digitail announced it has partnered with payment processor Stripe to launch Digitail Secure Payments. (Todays Veterinary Business)
- Women’s shopping club FabFitFun announced it is acquiring Petco’s PupBox business, a monthly subscription box designed for a dog’s specific needs at each stage of life. Financial terms were not disclosed. (Pet Product News)
- ISRAEL Farmsee Ltd announced that Merck Animal Health has participated in FarmSee’s A round and has entered into a long-term agreement to integrate FarmSee’s AI-based weighing technology into its global offerings for swine producers. Munters also participated in the A round fund. (prnewswire)
- JAPAN VolitionRx Limited announced a supply agreement with Fujifilm Vet Systems Ltd to launch the Nu.Q Vet Cancer Test to veterinarians in Japan. (company press release)
- IRELAND GEA announced it has acquired Irish software company CattleEye CattleEye’s artificial intelligence system is aimed at improving animal health and welfare within dairy operations. Financial details of the transaction remain confidential. (DairyNews)
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ANIMAL HEALTH STOCK PRICE TRACKER
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ANIMAL HEALTH NEWS
- US – AVIAN INFLUENZA The Minnesota Board of Animal Health (MBAH) announced that highly pathogenic avian influenza (HPAI) has been detected in a baby goat that lived on a farm where an outbreak had recently been detected in poultry. The announcement marks the first US detection in livestock. The goats were tested after the farmer noticed unusual deaths in newborn goats, which followed culling of poultry as part of the response to the February outbreak. The goats and the poultry shared the same space, as well as the same water source. (umn.edu)
- BRAZIL – TRANSGENIC RESEARCH Researchers from the University of Illinois Urbana-Champaign and the Universidade de São Paulo have developed the first transgenic cow capable of producing human insulin in milk. A segment of human DNA coding for proinsulin – the protein precursor of the active form of insulin – was inserted into cell nuclei of 10 cow embryos, from which one transgenic calf was born. The human DNA was targeted for expression in mammary tissue only. The proof-of-concept study was published in Biotechnology Journal. (Feedstuffs)
- US – FELINE HEALTH The American Association of Feline Practitioners (AAFP) announced two Position Statements: the Responsible Breeding in Feline Medicine Position Statement; and the Indoor/Outdoor Lifestyle Position Statement. (association press release)
- US – AI FOR PET HEALTH The Cornell Feline Health Center (CFHC) in the College of Veterinary Medicine recently launched CatGPT to help connect cat owners with credible, science-based information in a novel way. Users can ask the chatbot questions about their cats, get to the answers quickly and ask follow-up questions. CatGPT can even play games. CatGPT is available in OpenAI’s ChatGPT app store; for now, access requires a subscription to ChatGPT Plus. (university press release)
- US – VETERINARY TRAINING Kansas State University’s Technology Development Institute, or TDI, and the College of Veterinary Medicine have partnered to develop 3D-printed animal eyes for ophthalmology training for veterinary students. The institute created golf ball-sized eyes based on photographic images captured by the ophthalmologists at the College of Veterinary Medicine, which are used to allow the students to practice using real equipment to perform direct and indirect fundoscopy exams. Once the students’ foundational skills are established, they have the knowledge they need when met with the added challenge of a live patient. (com)
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BRAKKE CONSULTING VIEWPOINT
Finding value in your distribution partner – full circle
A few weeks ago, we reported on the decision of Elanco to restructure their operations, with a shift in resources from farm animal to pet health operations. As part of this restructuring a reduction of 420 jobs is envisioned.
Less than two years ago, a similar shift occurred at Boehringer Ingelheim Animal Health.
These changes in focus from leading veterinary pharmaceutical manufacturers, may result in several possible opportunities for companies serving the markets, where focus and resources are being removed.
One direct result is loss of voice to the ultimate user of the product.
Enter the livestock distributor partner.
Distribution in the livestock segment has had to navigate major challenges during the past decade, from major manufacturers going direct to end consumer, the pandemic and the entry of an array of generic products, putting pressure on margins.
How did they manage to survive, and in many cases, thrive during this period? By changing with the times and doing some basic things really well. Distribution companies expanded through increased footprint by acquiring historic competitors, improving sales force efficacy and starting or significantly expanding private label offerings. This strategy, did in some cases set them up as a competitor to a manufacturer.
We are now entering a period where livestock distribution partners will be required to get product to the end customer again. The livestock product manufacturers who provide a successful business proposition to their distribution partner, may yet be the group to grow and be successful, especially when the cattle and swine cycles improve.
Lourens Havenga
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YOUR VIEW
Last week, we asked you about your thoughts about whether we should keep Daylight Savings Time. 60% of you said no, 31% said yes, and 8% said your brain is still foggy from the time change last week.
This week
This week, let’s think about how vet practices view animal health companies and their sales representatives. Brakke’s 2023 Sales Force Effectiveness Study evaluated 15 manufacturers and 5 distributors that call on companion animal practices.
In general, who do you think received higher ratings from their customers: manufacturers or distributors?
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