Animalcare: in the recovery room or more surgery needed?
This animal health business appeared to have a bright future when we covered it in an earlier research commentary. Unfortunately, the merger with an ambitious European animal healthcare business resulted in a host of problems and a material decline in the share price. With a new chief executive at the helm the future is thankfully looking brighter.
The sale of vaccines, medicines and medical devices for companion animals alone is a massive business, exceeding $8bn annually in 2018 with an additional $14bn in sales of vaccines and medicines for livestock. The sector is dominated by US listed Zoetis Inc, which was spun out of pharmaceutical giant Pfizer in 2012. Zoetis, which has a current market capitalisation of $60bn, has seen its share price rise threefold since its IPO and now trades at a heady…
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