Animal Health News & Notes for May 3, 2024

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Brakke Consulting’s
Animal Health News & Notes for May 3, 2024
Copyright © Brakke Consulting
Editor: Lynn Fondon DVM MBA
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IN THE NEWS:
Brakke Consulting News
Animal Health Jobs

Earnings News
Hill’s
IDEXX
Swedencare
Vetoquinol
Zoetis

Other News
Agolin
Alltech
Bionet America
Edgard & Cooper
Elanco
Felix Pharmaceutical
General Mills
The Nutriment Company
Phibro
Poseidon Animal Health
Veterinary Management Groups
VetStem
Voff
Warburton Technologies
Zoetis

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K-STATE OLATHE
Professional Development and Academic Webinars

The Science of Communication: Setting Yourself Up for Success | May 22, 1:30 to 4:30 p.m.

Come learn about animal health and communication with Haley Larson, Ph.D., who is a teaching assistant professor of animal health at Kansas State University’s Olathe campus. Register today!

You may also visit our website to view our complete list of upcoming events.

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EARNINGS NEWS RELEASES

• Zoetis reported its financial results for the first quarter of 2024. Revenue was $2.2 billion, an increase of 10% compared with the first quarter of 2023. Net income was $599 million, an increase of 9%. Revenue in the U.S. segment was $1.2 billion, an increase of 16%. (company press release)
• Vetoquinol Group reported results for the first quarter of 2024. Sales were EUR 134 million ($143 million); sales in the USA were EUR 28.5 million ($30.5 million). The company reported that current quarter data was not comparable with the first quarter of the previous year because of an overstocking effect in Q1 2023; however, sales were down 4% year-over-year. (yahoo.com, marketscreener)
• IDEXX Laboratories reported results for the first quarter of 2024. Revenues were $964 million, an increase of 7% as reported and organic. Net income attributable to stockholders was $235.6 million, an increase of 10%. Companion Animal Group revenue was $889 million, an increase of 7%. (company press release)
• Colgate-Palmolive Company reported results for first quarter 2024. Sales for Hill’s Pet Nutrition were $1.10 billion, an increase of 4%. Segment operating profit was $199 million, an increase of 9%. (company press release)
• Swedencare reported results for the first quarter of 2024. Net revenue was SEK 597.4 million ($54.7M), a 14% year-over-year increase (+12% organic growth). Profit after tax was SEK 30.1 million ($2.7M), compared to SEK 17.2 million in the first quarter of 2023. (Globalpets)

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Animal Health Jobs

With today’s tight competition for top animal health talent, you need every advantage to attract the best people. There’s a reason Animal Health Jobs is the premier job board for the animal health and animal nutrition industry. With our tiered packages, you choose the level of service that’s right for your company. We accept roles across animal health, in marketing, business development, communications, technical services, sales, R&D and more.

We accept roles across animal health, in marketing, business development, communications, technical services, sales, R&D and more. Whether you need a cat, dog, horse, pig, cow or poultry person, you’ll find the best ones here.

If you need top talent, there’s no time to wait. Register your company or call us at 1-252-203-0033.

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COMPANY NEWS RELEASES

• Zoetis and Phibro Animal Health Corporation have announced that they have entered into a definitive agreement where Phibro Animal Health will acquire Zoetis’ medicated feed additive (MFA) product portfolio, certain water soluble products and related assets for $350 million. The acquired product portfolio, which generated approximately $400 million in revenue in 2023, is comprised of more than 37 product lines that are sold in approximately 80 countries and includes six manufacturing sites. (company press release)
• Alltech announced that it will serve as the primary importer and distributor of Agolin products in the United States and Canada, after acquiring a majority interest in Agolin SA in May 2023. (Feedstuffs)
• The FDA announced it has made a risk-based decision based on its review of safety and quality data and information and does not expect the developer of VetStem‘s PrecisePRP Canine (canine leucoreduced allogeneic pooled freeze-dried platelet-rich plasma for intra-articular injection) to submit an application for approval prior to marketing. The FDA concluded that VetStem properly identified and appropriately mitigated the potential risks associated with the product, and has no additional safety concerns. PrecisePRP Canine is the first animal cell, tissue, and cell- and tissue-based product (ACTP) intended for intra-articular use to undergo FDA review and receive this determination. (FDA)
• The FDA announced the approval of Felix Pharmaceutical‘s generic carprofen injectable for use in dogs. (FDA)
• The FDA announced the approval of Warburton Technologies‘ Multimin 90 (zinc, copper, manganese, and selenium) for use in cattle. (FDA)
• Australian company Poseidon Animal Health announced it has expanded its footprint in the equine healthcare industry to the US market. Currently marketed in the UAE, Europe and Asia, Poseidon Animal Health specializes in manufacturing animal digestive health supplements for dogs and horses. (com.au)
• Bionet America announced the launch of Brio XVet Multiparameter Monitors for use in veterinary surgery to monitor patient vitals. (company press release)
• Veterinary Management Groups (VMG) announced the launch of an Economic Dashboard designed to provide data-driven insights into the economic health of the veterinary industry. The Economic Dashboard offers a user-friendly interface that presents key macroeconomic trends on inflation and expenditure in veterinary services. A key feature of the new dashboard is the VMG Veterinary Economic Barometer, a comprehensive measure of the overall health of the veterinary economy based on a monthly survey of VMG members’ sentiments across several market indicators. (com)
• EU Elanco Animal Health introduced VitaVet, a platform dedicated to offering support to the veterinary community by providing useful tips aimed at improving both the professional and personal well-being of veterinarians. The VitaVet initiative is part of Vetnia, a program aimed at promoting the importance of the veterinary profession, enhancing the knowledge and health of professionals, supporting the growth of veterinary clinics, and providing effective solutions for patient care. (news)
• EU General Mills announced it has completed the acquisition of Edgard & Cooper, one of Europe’s leading independent premium pet food brands. Edgard & Cooper’s estimated 2023 retail sales were more than EUR 100 million ($107 million) across 13 markets. Financial terms were not disclosed. (company press release)
• SWEDEN Sweden-based pet food manufacturer Voff has rebranded to The Nutriment Company. The Nutriment Company owns 10 brands in the raw pet food, air-dried snacks and natural supplements sectors. (Globalpets)

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ANIMAL HEALTH STOCK PRICE TRACKER

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ANIMAL HEALTH NEWS

• US – GENE EDITING The FDA and USDA announced a Memorandum of Understanding to clarify roles and responsibilities for the regulation of intentional genomic alterations (IGAs) in animals. The two documents released – final Guidance for Industry (GFI) #187A, “Heritable Intentional Genomic Alterations in Animals: Risk-Based Approach,” and draft revised GFI #187B, “Heritable Intentional Genomic Alterations in Animals: The Approval Process” – are intended to help industry understand the existing statutory and regulatory requirements as they apply to IGAs in animals and to inform the public about the FDA’s process for regulating them. (FDA)
• US – VFD GUIDANCE The FDA finalized Guidance for Industry (GFI) #120: Veterinary Feed Directive Regulation Questions and Answers to assist stakeholders involved with veterinary feed directives (VFDs) – veterinarians, VFD feed distributors (medicated feed mills, feed retailers) and clients (owners or other caretakers of the animals) – in complying with the Veterinary Feed Directive (VFD) final rule that published in 2015. (FDA)
• US – PRRS Iowa State University scientists and collaborators at several other universities have launched a web-based tool called the SDRS BLAST Tool (BLAST stands for Basic Local Alignment Search Tool) that allows veterinarians, producers and other users to compare genetic sequences of PRRSV with those in the Swine Disease Reporting System. The BLAST Tool has the flexibility to be adapted to receive sequences from other pathogens like African Swine Fever (ASF) which is a transboundary animal disease. (com)

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BRAKKE CONSULTING VIEWPOINT
Brakke Consulting’s recent Pet Medicines Home Delivery Study revealed one-quarter of vet clinics in the US don’t have an online store offering home delivery service for pet medicines.  The belief for these clinics seems to be that online store sales equate to less profit for the clinic.  Not so fast.

Traditional inventory management entails significant overheads including storage, handling, dispensing costs, expiration risks, administrative time, and theft coverage. All of this must be factored into the mix. However, these costs are often not mentioned when talking about margins for products sold in-clinic vs. products sold through the online store and drop-shipped from a distributor or home delivery provider.

By partnering with distributors for direct-to-client shipments and leveraging the convenience of home delivery service, veterinary clinics can reduce expenses and offer pet owners more a personalized service. This model not only reduces financial burdens but also enhances operational efficiency, freeing up valuable time for core veterinary services.  More importantly, nearly all pet owners say home delivery significantly improves compliance for pet medicines.

By offering pet owners the options of buying products in the clinic and through the online store, veterinary clinics can capitalize on giving pet owners the medicines they need while walking out the door and help capture the inevitable replenishment purchases while they’re at home.  If you need help with home delivery strategies, we can help.

Richard Hayworth

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YOUR VIEW
Last week we asked if you are working under a non-compete agreement. 37% of you said yes, and 63% said no.

This week

When making summer travel plans, what will you do with your pet(s)?