Eco Animal Health - HY26: momentum accelerates
Eco Animal Health delivers a strong H1 FY26 performance. Revenue surged 19% YoY to £39.4m, ahead of guidance, with adjusted EBITDA up to £3.0m from £0.4m last year. Regional growth was impressive: North America +30% YoY and China & Japan +48% YoY.Gross margin improved to 49.6%, boosting cash from operations to £4.5m and a cash balance of £18.6m. Regulatory progress continues with the EMA granting a Positive Opinion for ECOVAXXIN®MS, paving the way for EU approval and commercial launch in H2 FY26.
With nine new products in development and strong demand for Aivlosin®, 2025 marks an inflection point for innovation and growth. FY26 outlook remains in line with market expectations. Our fair value is 136p/share.
Eco Animal Health Group is engaged in the manufacture and supply of animal health products. Co.'s activities were conducted through a network including both regional offices, (notably in Shanghai and Princeton) and overseas subsidiaries. Co.'s patented molecule, Aivlosin® is used for the treatment of pigs and poultry diseases and is prescribed under veterinary control for the short duration treatment of diagnosed diseases. Co.'s products also include Ecomectin, an endectocide that controls worms, ticks, lice and mange in grazing stock and pigs.
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