Top 20 Animal Health Companies of 2024

Shots:

The WHO’s One Health policy is driving innovation in animal health, emphasizing the intersection of human, animal, and environmental care
The global animal health market, valued at $62.4B in 2023, is expected to grow at a CAGR of 9%, reaching $114B by 2030
PharmaShots presents a comprehensive report on the Top 20 Animal Health Companies of 2024, led by Zoetis ($8.54B), MSD Animal Health ($5.62B), and Boehringer Ingelheim ($5.21B), based on their strong revenue performances

Rank	Companies	Revenue (2022 $M)	Revenue (2023 $M)	Percent change (%)
1	Zoetis	8,080	8,544	5.74
2	MSD Animal Health	5,550	5,625	1.35
3	Boehringer Ingelheim	4866.69	5,213.60	7.12
4	Elanco	4411	4417	0.13
5	Idexx	3181.4	3474.015	9.19
6	Virbac	1,298.07	1,376.24	6.02
7	Dechra	~866.141	~977.94	12.9
8	Neogen	~630.71	~922.2	46.21
9	Phibro Animal Health	633.78	674.82	6.47
10	Vetoquinol	576.44	583.826	1.28
11	Norbrook Laboratories	~250.86	~252.18	0.52
12	Ourofino Saude Animal	196.864	194.34	-1.28
13	Eco Animal Health	~101.92	~117.37	15.15
14	Krka	99.32	115	15.78
15	Orion	105.575	114.668	8.61
16	AnimalCare	86.33	94.71	9.7
17	Sequent Scientific	174.67	92.45	-47.07
18	Venkys	~35.04	~36.6	4.45
19	Hester Biosciences	30.09	33.24	10.46
20	ImmuCell	18.56	17.47	-5.87

Note: Columns 1 and 2 represent ranks and companies, while Columns 3, 4, and 5 showcase the total revenue of 2022, the total revenue of 2023, and the percentage change.

20. ImmuCell

Revenue: $17.47M

Founded Year: 1987

Market Cap:

Total Employees: ~100

Headquarters: Portland, United States

Stock Exchange: NASDAQ

ImmuCell is a biotech company focused on developing, manufacturing, and distributing products to enhance the health and productivity of dairy and beef cattle. The company operates in two business segments: Scours and Mastitis
ImmuCell's marketed products are Re-Tain and First Defense. In 2023, the company’s revenue declined by 5.87% vs. 2022, driven primarily by lower sales in the US
In Jun'23, ImmuCell reported the approval of a $3M debt facility with Gorham Savings Bank (GSB) and the Finance Authority of Maine (FAME)

19. Hester Biosciences

Revenue: $33.24M

Founded Year: 1987

Market Cap:

Total Employees: ~600

Headquarters: Gujrat, India

Stock Exchange: NSE

Hester Biosciences is an Indian animal health company focused on developing and manufacturing products for poultry healthcare, animal healthcare, and pet care globally
Hester makes products for companion and livestock animals, such as Fortify Diet Cat Cardio, 2XD3, and Aviboost. In 2023, Hester's revenue increased by 10.46% vs. 2022, driven by strong Q1 and Q2 performances
In Jan'23, Rajiv Gandhi, CEO & managing director of Hester Biosciences, was appointed Chairman of the FICCI Gujarat State Council

18. Venky

Revenue: ~$36.6M

Founded Year: 1976

Market Cap:

Total Employees: ~5,100

Headquarters: Pune, India

Stock Exchange: NSE

Venky is part of VH Group, focusing on the poultry industry, processed food, animal vaccines, and pharmaceuticals for both humans and animals
In animal health, Venky markets products such as Hepawell and Upliv-Forte. In 2023, Venky’s animal health segment revenue increased by 4.45% vs. 2022, mainly due to increased powder sales
In Jul'23, VH Group entered into a sponsorship agreement with Blackburn Rovers FC

17. Sequent Scientific

Revenue: $92.45M

Founded Year: 1985

Market Cap:

Total Employees: ~800

Headquarters: Maharashtra, India

Stock Exchange: NSE

Sequent Scientific is an animal health company catering to global needs with its APIs, finished dosage formulation, and analytical services
Sequent established Alivira Animal Health to focus on the global animal health sector. The company’s 2023 total revenue dropped by 47.07% vs. 2022 due to low performance
In 2023, Sequent Scientific filed 8 new registrations, including 5 in the USVMF market and 3 in the CEP market

16. AnimalCare

Revenue: $94.71M

Founded Year: 1988

Market Cap:

Total Employees: ~200

Headquarters: York, United Kingdom

Stock Exchange: NASDAQ

AnimalCare develops and commercializes therapeutic products and services for animal health
Its portfolio includes products such as Clevor and Daxocox. In 2023, AnimalCare’s revenue increased by 9.7% vs. 2022, driven by strong sales of Daxocox
In Mar'23, AnimalCare collaborated with Orthros Medical under Eurostars funding to advance VHH antibody R&D

15. Orion

Revenue: $114.66M

Founded Year: 1917

Market Cap:

Total Employees: ~3600

Headquarters: Florida, United States

Stock Exchange: NASDAQ

Orion is a global biopharma company focused on developing, manufacturing, and marketing generic and innovative pharmaceuticals across five business areas: innovative medicines, branded products, generics and consumer health, animal health, and fermion
Antisedan and Domitor are among the many animal health products that Orion markets. In 2023, Orion’s animal health revenue increased by 8.61% vs. 2022, driven in part by the acquisition of Inovet in June 2022
In Nov'23, the US FDA approved Orion Animal Health’s Bonqat (pregabalin oral solution).

14. Krka

Revenue: $115M

Founded Year: 1954

Market Cap:

Total Employees: ~11,800

Headquarters: Novo Mesto, Slovenia

Stock Exchange: WSE

Krka is a globally known generic pharmaceutical company that develops, manufactures, markets, and sells human health products, animal health products, and health resort & tourist services
Krka’s animal health pharmaceuticals for companion and livestock animals include Amatib, Wormscreen, and Oxicid, among others. The company’s 2023 animal health segment revenue increased by 15.78% vs. 2022, driven by higher sales in Q1, Q2, and Q3
In Sep'23, Krka received gold and silver innovation awards from the Slovenian Chamber of Commerce and Industry

13. ECO Animal Health

Revenue: ~$117.37M

Founded Year: 1995

Market Cap:

Total Employees: ~200

Headquarters: Southgate, England

Stock Exchange: LON

ECO Animal Health is a research-based animal health company focused on developing and marketing differentiated generics and innovative solutions
ECO's marketed products include Aivlosin/Valosin and Ecomectin. In 2023, ECO’s revenue increased by 15.15% vs. 2022, supported by higher sales in North America
In Oct'23, ECO Animal Health received a new label claim from the US FDA for Aivlosin Water Soluble Granules in pigs

12. Ourofino Saude Animal

Revenue: $194.34M

Founded Year: 1987

Market Cap:

Total Employees: ~1,000

Headquarters: Sao Paulo, Brazil

Stock Exchange: BVMF

Ourofino Saude Animal focuses on developing veterinary solutions for animal health. The company operates in three business segments: production animals, companion animals, and international operations
Ourofino’s production and companion animals business segment produces products such as Vegacid+, Sincroforte, and more. In 2023, the company’s overall revenue declined by 1.28% vs. 2022, attributed to low beef prices in Asia and China due to high supply
In 2023, Ourofino expanded its business into two new territories: the Dominican Republic and Chile

11. Norbrook Laboratories

Revenue: ~$252.18M

Founded Year: 1969

Market Cap:

Total Employees: ~5000

Headquarters: Newry, United Kingdom

Stock Exchange: N/A

Norbrook Laboratories is a global veterinary pharmaceutical company focused on discovering, developing, and commercializing therapeutic products to improve the lives of animals
Norbrook's product category of differentiated generics includes products such as Carprieve, Firox, and Selarid. In 2023, the company’s overall revenue increased by 0.52% vs. 2022, driven by organic growth in Ireland, the UK, the Middle East, and North America
In 2023, Norbrook launched Tauramox (moxidectin), an injectable solution for cattle in the US

10. Vetoquinol

Revenue: $583.82M

Founded Year: 1933

Market Cap:

Total Employees: ~2,500

Headquarters: Lure, France

Stock Exchange: EPA

Vetoquinol is an animal health company that develops and distributes medicinal and non-medicinal products with a global presence in the US, Europe, and Asia-Pacific regions
Vetoquinol commercializes products for companion animals, livestock, equine, and biosecurity, including Cerumene, Felpreva, MAP-5, and more. In 2023, Vetoquinol’s overall revenue increased by 1.28% vs. 2022, driven by the strong performance of Felpreva
In Feb'23, Vetoquinol launched its new product LyGoferrin, a natural infection barrier for birds

09. Phibro Animal Health

Revenue: $674.82M

Founded Year: 1946

Market Cap:

Total Employees: ~1,900

Headquarters: New Jersey, United States

Stock Exchange: NASDAQ

Phibro Animal Health develops, manufactures, and markets a diverse range of products for food, companion, and livestock animals
Phibro produces products for companion animals and livestock such as Bloat Guard, ChlorMax, and Vistore. In 2023, Phibro’s revenue rose by 6.47% vs. 2022 due to increased demand for its products
In 2023, Phibro launched Phi-Shield autogenous vaccines targeting bacterial or viral diseases in poultry, swine, and aquaculture in Brazil

08. Neogen

Revenue: ~$922.2M

Founded Year: 1982

Market Cap:

Total Employees: ~2,900

Headquarters: Michigan, United States

Stock Exchange: NASDAQ

Neogen is a global food and animal safety company offering a wide range of solutions and services for the food processing, animal protein, and agriculture industries
Neogen's animal safety segment provides veterinary pharmaceuticals and diagnostic services, including Uniprim and more. In 2023, Neogen’s animal safety segment revenue increased by 46.21% vs. 2022, driven by high international market sales
In Dec'23, Neogen collaborated with the Cat Fanciers’ Association (CFA) to advance feline DNA testing

07. Dechra

Revenue: ~$977.94M

Founded Year: 1997

Market Cap:

Total Employees: ~2,500

Headquarters: Northwich, Cheshire

Stock Exchange: N/A

Dechra Pharmaceuticals develops, manufactures, and commercializes products for companion animals
Dechra's broad portfolio includes products such as Zenalpha, Zycosan, and Atopivet. In 2023, Dechra’s revenue increased by 12.9% vs. 2022, supported by strong sales in the European market
In Oct'23, Dechra, in collaboration with NOMV (Not One More Vet), launched courses for veterinary professionals to address fatigue management

06. Virbac

Revenue: $1,376.24M

Founded Year: 1968

Market Cap:

Total Employees: ~5,500

Headquarters: Provence-Alpes-Côte d'Azur, France

Stock Exchange: EPA

Virbac is an animal health company that provides innovative solutions for veterinarians, farmers, and animal owners, offering products and services to diagnose, prevent, and treat animal health disorders
Virbac's product portfolio includes a wide range of animal health products such as AYRADIA, BIOMOX, ALLERDERM, and more. In 2023, Virbac’s overall revenue rose by 6.02% vs. 2022, driven by high product demand
In May'23, Virbac acquired its distributor in the Czech Republic and Slovakia.

05. Idexx

Revenue: $3,474.01M

Founded Year: 1983

Market Cap:

Total Employees: 11,000

Headquarters: Maine, United States

Stock Exchange: NASDAQ

Idexx is a multinational healthcare company focused on developing, manufacturing, and distributing products and services for companion and livestock animals, water testing, and human medical point-of-care and laboratory diagnostics
Idexx’s animal segment provides veterinary diagnostic products, reference laboratory diagnostic and consulting services, and health monitoring products. The ruminant and swine tests are among the services the company offers. In 2023, the company's revenue increased by 9.19% vs. 2022, primarily due to higher demand for Idexx VetLab consumables
In Nov'23, Idexx expanded the SNAP Platform with the Leish 4Dx Test to aid veterinarians worldwide in diagnosing vector-borne diseases.

04. Elanco

Revenue: $4,417M

Founded Year: 1954

Market Cap:

Total Employees: ~9,600

Headquarters: Indiana, United States

Stock Exchange: NYSE

Elanco is an international animal healthcare company that develops and commercializes products for the prevention and treatment of diseases in farm animals and pets
Elanco primarily produces products for species including dogs, cats, cattle, poultry, swine, sheep, and aqua, such as Agita 10 WG and Baytril 100. In 2023, Elanco’s total revenue increased by 0.13% vs. 2022, driven by higher sales of new products
In May'23, Elanco’s Varenzin-CA1 received the US FDA’s conditional approval for treating nonregenerative anemia in cats with chronic kidney disease.

03. Boehringer Ingelheim (BI)

Revenue: $5,213.6M

Founded Year: 1885

Market Cap:

Total Employees: 53,500

Headquarters: Rhein, Germany

Stock Exchange: N/A

Boehringer Ingelheim is a research-driven multinational private pharmaceutical company that discovers, develops, and manufactures innovative healthcare products. The company operates in three business segments: Human Pharma, Animal Health, and Biopharma Contract Manufacturing
BI’s portfolio includes products for pets, horses, and livestock such as Avinew and Bovela. In 2023, the animal health segment revenue increased by 7.12% vs. 2022, primarily driven by higher sales of NexGard
In Aug'23, BI’s Senvelgo received US FDA approval as an oral liquid medication for cats

02. MSD Animal Health

Revenue: $5,625M

Founded Year: 1891

Market Cap:

Total Employees: 72,000

Headquarters: New Jersey, United States

Stock Exchange: NYSE

MSD Animal Health (Merck & Co. in US) is a multinational biopharma company focused on developing innovative health solutions through prescription medicines. MSD divides its business into pharmaceutical and animal health segments
MSD discovers, develops, manufactures, and markets a wide range of veterinary pharmaceutical and vaccine products for pets, horses, and livestock species such as Caninsulin and Nobivac DHPPi. In 2023, MSD’s animal health segment revenue increased by 1.35% vs. 2022 due to increased demand for poultry and swine products
In Jan'23, MSD Animal Health’s Bravecto received the US FDA’s approval to treat Asian long-horned ticks in dogs.

01. Zoetis

Revenue: $8,544M

Founded Year: 1952

Market Cap:

Total Employees: 14,100

Headquarters: New Jersey, United States

Stock Exchange: NYSE

Zoetis discovers, develops, manufactures, and commercializes medicines, diagnostic products, services, and healthcare technologies for animals
Zoetis' product portfolio includes a wide range of products such as Alfaxan Multidose, Apoquel, and Alphatrak. In 2023, Zoetis' revenue increased by 5.74% vs. 2022, driven primarily by higher sales in the parasiticides category
In May'23, Zoetis’ Librela (bedinvetmab) received the US FDA’s approval for controlling osteoarthritis pain in dogs.

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