Information on the target
The target company reported a consolidated revenue of €384 million for the first quarter of 2026, reflecting a robust growth rate of 7.7% at constant exchange rates and scope compared to the same period in 2025. The actual growth rate, however, was impacted by significant currency headwinds, resulting in a 2.2% increase. The company experienced balanced growth across its segments, with the companion animal segment growing by 9.9% and the farm animal segment by 8.4%. A notable contributor to this performance was the Supercharge platforms, which saw an increase of approximately 15% at constant exchange rates, excluding the Thyronorm acquisition.
The excellent performance in Q1 2026 was primarily driven by exceptional growth in North America, which recorded a 20.7% increase at constant exchange rates. The International region also showed solid expansion at 9.1%, while Europe maintained a positive momentum with a growth rate of 2.0%. The Thyronorm acquisition was a significant factor, contributing approximately one percentage point to the overall growth in the first quarter.
Industry overview in the target’s specific country
The veterinary pharmaceuticals industry in the target's country is experiencing a dynamic transformation, characterized by increasing demand for innovative animal health solutions. The growth is driven by rising pet ownership, heightened awareness of animal health, and the growing importance of preventive care. Additionally, the farm animal segment is benefiting from advancements in veterinary medicine and a focus on sustainable agricultural practices, which are essential for meeting the global food demand.
In North America, the market is particularly robust, with a significant shift towards specialized products and services that cater to both companion and farm animals. The integration of technology in veterinary practices, such as telemedicine and digital health records, is further enhancing service delivery and operational efficiency. This trend is expected to continue, fostering a competitive landscape that encourages innovation and investment.
Internationally, the veterinary industry is witnessing strong growth, especially in emerging markets where increasing disposable incomes and changing consumer preferences are driving demand for high-quality animal health products. The International region, including IMEA and Latin America, is experiencing double-digit growth rates, particularly in the farm animal and nutritional segments. However, challenges such as regulatory hurdles and competitive pressures in certain markets, like the Pacific region, require strategic navigation to maintain growth trajectories.
Overall, the veterinary pharmaceuticals industry is poised for sustained growth, supported by favorable market dynamics and a commitment to improving animal health o…