Shots:
- Animal health companies remain fundamental to global veterinary care and modern food production, driving innovation across pharmaceuticals, vaccines, diagnostics, and digital technologies that support the health of both companion animals and livestock
- The sector continues to deliver robust, steady growth, fueled by rising pet ownership, increasing demand for safe and sustainable protein, and rapid advances in diagnostics, biologics, and cloud-based practice-management platforms. Valued at $62.89B in 2024, the global animal health market is projected to reach $112.33B by 2030, reflecting a strong 10.46% CAGR and underscoring the sector’s expanding global impact
- Zoetis leads the industry with $9.25B in 2024 revenue, followed by MSD Animal Health ($5.87B) and Boehringer Ingelheim Animal Health ($4.94B). Together, these leaders, and the companies that follow, are shaping a rapidly evolving sector defined by scientific breakthroughs, shifting market dynamics, and rising global demand. Explore the trends, innovations, and competitive forces redefining the landscape in PharmaShots’ Top 20 Animal Health Companies of 2025.
| Rank | Companies | Animal Health Revenue (2023 $M) | Animal Health Revenue (2024 $M) | Percent change (%) |
| 1 | Zoetis | 8,544 | 9,256 | 8.33 |
| 2 | MSD Animal Health | 5,625 | 5,877 | 4.48 |
| 3 | BI Animal Health | 5,213.60 | 4,946.37 | -5.12 |
| 4 | Elanco | 4,417 | 4,439 | 0.49 |
| 5 | IDEXX Laboratories | 3,474.01 | 3,696.10 | 6.39 |
| 6 | Ceva Santé Animale | 1,787.90 | 1,843.56 | 3.11 |
| 7 | Virbac | 1,376.13 | 1,455.48 | 5.76 |
| 8 | Phibro Animal Health | 950.14 | 1,216.03 | 27.98 |
| 9 | Vetoquinol | 584.15 | 561.6 | -3.86 |
| 10 | Norbrook | 302.98 | 275.17 | -9.17 |
| 11 | Neogen | 268.88 | 256.52 | -4.59 |
| 12 | SeQuent Scientific | 164.37 | 181.41 | 10.36 |
| 13 | KRKA | 126.41 | 140.47 | 11.12 |
| 14 | Orion | 114.66 | 133.52 | 16.44 |
| 15 | Eco Animal Health | 113.8 | 100.01 | -12.03 |
| 16 | Animalcare | 90 | 93.23 | 3.58 |
| 17 | Ouro Fino Saúde Animal | 51.5 | 54.65 | 6.11 |
| 18 | Alembic Pharmaceuticals | 42.24 | 50.28 | 19.03 |
| 19 | Nordhealth | 40.75 | 47.71 | 17.07 |
| 20 | Venkys | 37.2 | 39.67 | 6.63 |
20. Venkys
Revenue: $39.67M
Founded Year: 1976
Market Cap:
Total Employees: 5200
Headquarters: Maharashtra, India
Ticker: VENKEYS
Stock Exchange: NSE
- Venky’s, a part of the VH Group, is a diversified enterprise with operations spanning the poultry industry, processed foods, and vaccines and pharmaceuticals for both human and animal health
- Within its animal health portfolio, the company markets a range of therapeutic and nutritional solutions, including well-known products such as Hepawell and Upliv-Forte. In 2024, the animal health segment recorded 6.63% revenue growth over 2023, driven primarily by increased demand for its powder-based formulations
- The Q2 FY26 update reaffirmed the division’s steady performance and operational resilience, underscoring Venky’s sustained presence and competitiveness in the animal health marketplace.
19. Nordhealth
Revenue: $47.71M
Founded Year: 2001
Market Cap: $M
Total Employees: 400
Headquarters: Helsinki, Finland
Ticker: NORDH
Stock Exchange: FRA
- Nordhealth is a global healthcare software company specializing in cloud-based practice-management solutions tailored for veterinary clinics and therapy practices worldwide
- Its flagship veterinary platform, Provet Cloud, enables clinics to streamline workflows, enhance clinical efficiency, and improve the overall care experience. In 2024, Nordhealth delivered 17.07% year-over-year revenue growth, fueled by strong new customer acquisitions and expanding cross-selling opportunities across its product suite
- In Aug’25, the company introduced its Clinical AI add-on, marking a major step forward in intelligent veterinary workflow automation. By the end of Q3 2025, a total of 122 veterinarians had already subscribed as paying users, highlighting rapid early adoption and the growing demand for AI-powered clinical support tools.
18. Alembic Pharmaceuticals
Revenue: $50.28M
Founded Year: 1907
Market Cap: $M
Total Employees: 14,500
Headquarters: Gujarat, India
Ticker: APLLTD
Stock Exchange: NSE
- Alembic Pharmaceuticals is a leading Indian healthcare company engaged in the research, development, manufacturing, and marketing of a broad portfolio of generic medicines, specialty therapies, and APIs. The company operates across three core segments: acute therapies, specialty therapies, and animal health, reflecting a diversified and innovation-driven business model
- The animal health division offers a wide range of solutions for both pets and livestock, including platelet boosters (Althromb), antibiotics (Docmycin, Xceft), and nutritional supplements (Ascal Pet, Sharkoferrol). In 2024, the segment delivered 19.03% revenue growth over the previous fiscal year, underscoring strong market demand and the expanding relevance of its portfolio
- In Jan’25, Alembic Pharmaceuticals entered an exclusive strategic commercial partnership with Amlan International, aiming to introduce advanced poultry health innovations to Indian farmers and integrators. This collaboration marks a significant step in strengthening Alembic’s footprint in the country’s rapidly evolving poultry sector
17. Ouro Fino Saúde Animal
Revenue: $54.65M
Founded Year: 1987
Market Cap: $M
Total Employees: 1,100
Headquarters: São Paulo, Brazil
Ticker: OFSA3
Stock Exchange: BVMF
- Ourofino Saúde Animal is a veterinary health company dedicated to delivering innovative solutions across three core segments: production animals, companion animals, and international markets
- Its extensive portfolio spans vaccines, therapeutics, and wellness solutions for livestock, including cattle, swine, poultry, and horses, as well as for companion animals such as dogs and cats. Key brands like Fortemil and Maxicam continue to anchor its market presence. In 2024, the company recorded a 6.11% revenue increase versus the prior year, supported by broad-based growth across all operating segments
- International operations in Latin America, particularly Mexico and Colombia were standout contributors, achieving strong top-line expansion and robust profitability, with gross margins reaching the mid-60% range in 2025. This performance underscores Ourofino’s strengthening global footprint and operational momentum.
16. AnimalCare
Revenue: $93.23M
Founded Year: 1972
Market Cap: $M
Total Employees: 250
Headquarters: North Yorkshire, United Kingdom
Ticker: ANCR
Stock Exchange: LON
- AnimalCare is a veterinary healthcare company delivering a comprehensive portfolio of medicines, nutritional products, and wellness solutions that support the health, performance, and productivity of both livestock and companion animals
- Its diverse product range includes trusted brands such as Clevor and Daxocox. In 2024, the company achieved 3.58% revenue growth over 2023, driven by solid performance across all major product categories and continued market demand
- In a major strategic expansion, AnimalCare acquired Randlab, a leading Australian equine veterinary company, in a deal valued at approximately A$120M (≈£62.2M). The transaction, completed in early Jan’25, significantly strengthens AnimalCare’s presence in the global equine health market and enhances its international footprint.
15. ECO Animal Health
Revenue: $100.01M
Founded Year: 1972
Market Cap: $M
Total Employees: 200
Headquarters: London, United Kingdom
Ticker: EAH
Stock Exchange: LON
- ECO Animal Health is a research-driven animal health company committed to developing and commercializing differentiated generics and innovative therapeutic solutions for global livestock markets
- Its portfolio includes established products such as Aivlosin/Valosin and Ecomectin. In 2024, the company reported a 12.03% revenue decline compared to 2023, driven by softer demand across several key regions, including China, Japan, South & Southeast Asia, Latin America, and Europe
- In Oct’25, ECO achieved a major regulatory milestone with a positive EMA CVMP opinion for ECOVAXXIN MS, a next-generation poultry vaccine targeting Mycoplasma synoviae. The vaccine is slated for EU commercial launch in the second half of 2026, marking a significant step forward in the company’s innovation pipeline and long-term growth strategy.
14. Orion
Revenue: $133.52M
Founded Year: 1917
Market Cap:
Total Employees: 4,000
Headquarters: Espoo, Finland
Ticker: ORNBV
Stock Exchange: HEL
- Orion is a global biopharma company engaged in the development, manufacturing, and commercialization of both generic and innovative medicines across five key business areas: innovative medicines, branded products, generics & consumer health, animal health, and Fermion
- Within animal health, Orion markets a diverse range of products, including well-established brands such as Antisedan and Domitor. In 2024, the company’s animal health revenue grew by 16.44%, driven largely by the resumption and recovery of partner deliveries, which strengthened overall segment performance
- In Apr’25, Zoetis broadened its feline health portfolio in the US with the launch of Bonqat, introduced through an exclusive marketing and distribution partnership with Orion Corporation, further elevating the global reach of Orion’s animal health innovations.
13. Krka
Revenue: $140.47M
Founded Year: 1954
Market Cap:
Total Employees: 13,000
Headquarters: Novo Mesto, Slovenia
Ticker: KRK
Stock Exchange: WSE
- Krka is a globally recognized generic pharma player engaged in the development, manufacturing, marketing, and distribution of products across human health, animal health, and health resort & tourism services
- Its animal health portfolio spans both companion and livestock segments, featuring established products such as Amatib, Wormscreen, and Oxicid. In 2024, Krka’s animal health division delivered 11.12% revenue growth over 2023, supported by particularly strong performance in the Russian Federation, Spain, and Poland
- Continuing its momentum, the company launched a generic maropitant in 2025, expanding its companion animal portfolio with a key therapy indicated for the prevention and treatment of vomiting in dogs and cats.
12. Sequent Scientific
Revenue: $181.41M
Founded Year: 1985
Market Cap:
Total Employees: 1,200
Headquarters: Maharashtra, India
Ticker: SEQUENT
Stock Exchange: NSE
- Sequent Scientific is a globally oriented animal health company delivering a comprehensive range of APIs, finished dosage formulations, and analytical services to meet the evolving needs of the industry
- Through its dedicated subsidiary, Alivira Animal Health, Sequent has strengthened its position in the international animal health market, offering integrated capabilities across the value chain. In 2024, the company recorded a 10.36% increase in total revenue compared to 2023, driven by strong performance across both its formulations and API businesses, reflecting sustained demand and operational momentum
- In a significant strategic milestone, SeQuent Scientific completed its merger with Viyash Lifesciences in Sep’24, forming a more robust and integrated platform spanning animal health, API development, and advanced manufacturing capabilities. This consolidation strengthens SeQuent’s competitive position globally, enhances operational synergies, and accelerates its long-term growth trajectory.
11. Neogen
Revenue: $256.52M
Founded Year: 1982
Market Cap:
Total Employees: 3,000
Headquarters: Lansing, Michigan, United States
Ticker: NEOG
Stock Exchange: NASDAQ
- Neogen is a global player in food and animal safety, delivering a comprehensive suite of solutions and services to the food processing, animal protein, and agriculture sectors.
- Within its portfolio, the Animal Safety segment encompasses veterinary pharmaceuticals and diagnostic services, anchored by key products such as Uniprim. In 2024, the segment reported a 4.59% revenue decline versus the prior year, driven primarily by the strategic discontinuation of a product line, which tempered overall performance despite steady demand across core offerings.
- In Jan’25, Neogen introduced Igenity BCHF, a targeted genetic solution designed to help the industry proactively identify and reduce the risk of bovine congestive heart failure, strengthening its commitment to advanced animal health and herd management.
10. Norbrook Laboratories
Revenue: $275.17M
Founded Year: 1969
Market Cap: N/A
Total Employees: 2,000
Headquarters: Northern Ireland, United Kingdom
Ticker: N/A
Stock Exchange: N/A
- Norbrook Laboratories is a global veterinary pharmaceutical company committed to advancing animal health through the discovery, development, and commercialization of high-quality therapeutic solutions
- The company’s differentiated generics portfolio, featuring well-recognized products like Carprieve, Firox, and Selarid, continues to strengthen its position in key therapeutic categories. In 2024, Norbrook reported a 9.17% revenue decline compared to 2023, a shift primarily attributed to significant foreign exchange gains in the prior year and the exceptional growth recorded in 2023, which created a challenging year-over-year comparison
- Norbrook entered a new distribution partnership with The Veterinary Cooperative in the US to promote Felanorm, in Oct’25 and continued as sole Canadian distributor through Solvet.
09. Vetoquinol
Revenue: $561.4M
Founded Year: 1933
Market Cap:
Total Employees: 2,500
Headquarters: Lure, France
Ticker: VETO
Stock Exchange: EPA
- Vetoquinol is a global animal health company with a strong footprint across the US, Europe, and Asia-Pacific, delivering both medicinal and non-medicinal solutions for veterinarians, farmers, and pet owners
- Its diverse portfolio spans companion animals, livestock, equine health, and biosecurity, featuring well-recognized products such as Cerumene, Felpreva, and MAP-5. In 2024, Vetoquinol reported a 3.84% decline in overall revenue compared to 2023. While the company achieved growth in euros, the performance translated into a decline in US dollars due to unfavorable currency exchange rates, a reminder of the macroeconomic pressures shaping global animal health markets
- In Nov’24, Vaxinano and Vetoquinol entered into an exclusive licensing agreement to advance its leading canine leishmaniasis vaccine candidate, which leverages Vaxinano’s proprietary nanoparticle technology.
08. Phibro Animal Health
Revenue: $1216.03M
Founded Year: 1946
Market Cap:
Total Employees: 2,500
Headquarters: New Jersey, United States
Ticker: PAHC
Stock Exchange: NASDAQ
- Phibro Animal Health is a diversified animal health company that develops, manufactures, and markets a broad portfolio of solutions for food animals, companion animals, and livestock
- Its product lineup features established brands such as Bloat Guard, ChlorMax, and Vistore, supporting health, nutrition, and disease prevention across species. In 2024, Phibro reported an impressive 27.98% revenue surge, primarily fueled by the integration and strong performance of the medicated feed additive (MFA) portfolio acquired from Zoetis in late 2024. This strategic expansion significantly strengthened Phibro’s position in the global animal nutrition and health market
07. Virbac
Revenue: $1,455.48M
Founded Year: 1968
Market Cap: $B
Total Employees: 6,400
Headquarters: Provence-Alpes-Côte d’Azur, France
Ticker: VIRP
Stock Exchange: EPA
- Virbac is a global animal health company delivering innovative, science-driven solutions for veterinarians, farmers, and pet owners, helping diagnose, prevent, and treat a wide spectrum of animal health conditions
- The company’s robust portfolio spans dermatology, parasitology, nutrition, and therapeutics, featuring flagship products such as AYRADIA, BIOMOX, ALLERDERM, and several category-leading brands. In 2024, Virbac recorded an impressive 5.76% revenue growth, fueled by strong organic performance and strategic acquisitions, including Globion and Sasaeah, which expanded its footprint and strengthened its capabilities across fast-growing markets. This momentum underscores Virbac’s commitment to advancing animal health through innovation, portfolio expansion, and targeted global growth
06. Ceva Santé Animale
Revenue: $1843.56M
Founded Year: 1999
Market Cap: N/A
Total Employees: 7000
Headquarters: NouvelleAquitaine, France
Ticker: N/A
Stock Exchange: N/A
- Ceva Santé Animale is a global leader in animal health, dedicated to advancing vaccines, pharmaceuticals, and welfare-focused solutions for livestock, poultry, and companion animals
- The company delivers a broad portfolio spanning preventive care, therapeutics, and animal welfare products, serving pets, ruminants, poultry, and swine. Flagship brands such as Feliway and Adaptil continue to anchor its strong presence in the companion animal market. In 2024, Ceva reported a 3.11% year-over-year revenue increase, reflecting steady global demand and the company’s continued commitment to innovation and animal well-being
- In Jul’25, the company opened its new global headquarters in Libourne, establishing it as a strategic hub for future growth, vaccine innovation, and One-Health-aligned R&D initiatives.
05. Idexx Laboratories
Revenue: $3,696.1M
Founded Year: 1983
Market Cap: $B
Total Employees: 11,000
Headquarters: Maine, United States
Ticker: IDXX
Stock Exchange: NASDAQ
- IDEXX Laboratories stands as a global leader in veterinary diagnostics, delivering cutting-edge products and services that support companion animals, livestock, water quality testing, and human health settings
- Its animal health portfolio spans advanced diagnostic instruments, reference laboratory services, consulting, and health-monitoring tools tailored for clinics and farms worldwide. In 2024, IDEXX posted an impressive 6.39% revenue increase, powered primarily by the exceptional performance of its Companion Animal Group (CAG), reinforcing IDEXX’s position at the forefront of next-generation veterinary diagnostics
- In Dec’25, IDEXX launched Cancer Dx Panel featuring an affordable early-detection test for canine lymphoma.
04. Elanco Animal Health
Revenue: $4439M
Founded Year: 1954
Market Cap: $B
Total Employees: 9,300
Headquarters: Indiana, United States
Ticker: ELAN
Stock Exchange: NYSE
- Elanco is a leading global animal health company dedicated to advancing the well-being of farm animals and pets through innovative, science-backed products
- The company’s broad portfolio supports a wide range of species ranging from dogs and cats to cattle, poultry, swine, sheep, and even aquatic animals with notable brands such as Agita 10 WG and Baytril 100. In 2024, Elanco delivered a modest yet meaningful 0.49% revenue increase, driven by steady momentum across its Pet Products portfolio, a clear reflection of the company’s sharpened commitment to companion animal health and its resilience in a competitive market
- In Nov’25, Elanco’s Credelio CAT (Lotilaner) received the US FDA’s EUA against new world screwworm in cats.
03. Boehringer Ingelheim (BI)
Revenue: $4946.37M
Founded Year: 1885
Market Cap: N/A
Total Employees: 54,000
Headquarters: Rhein, Germany
Ticker: N/A
Stock Exchange: N/A
- A global, research-driven pharmaceutical leader, BI is recognized for pioneering innovative healthcare solutions across Human Pharma, Animal Health, and Biopharma Contract Manufacturing, delivering impact through science, technology, and a commitment to improving lives worldwide
- In the animal health segment, BI offers a strong portfolio for pets, horses, and livestock, featuring leading brands such as Avinew and Bovela. In 2024, BI faced a 5.12% decline in animal health revenue versus FY23. While the business saw growth in euros, currency headwinds impacted overall performance. Despite this, BI continues to invest in innovation and expand its global footprint, reinforcing its position as a trusted partner in animal health worldwide
02. MSD Animal Health (Merck & Co.)
Revenue: $5,877M
Founded Year: 1891
Market Cap: $B
Total Employees: 74,000
Headquarters: New Jersey, United States
Ticker: MRK
Stock Exchange: NYSE
- MSD Animal Health (known as Merck Animal Health in the US) is a leading global provider of veterinary pharmaceuticals, vaccines, and digital health solutions designed to improve the wellbeing of both companion animals and livestock
- Its broad portfolio spans preventive and therapeutic offerings for pets, horses, and food-producing animals, featuring cornerstone brands such as Caninsulin and Nobivac DHPPi. In 2024, MSD Animal Health delivered 4.48% year-over-year growth, fueled by strong pricing momentum and consistent demand across both its Livestock and Companion Animal businesses. The performance underscores the company’s continued leadership in animal health innovation and its ability to meet evolving industry needs with high-value, science-driven solutions
01. Zoetis
Revenue: $9,256M
Founded Year: 1952
Market Cap: $B
Total Employees: 14,000
Headquarters: New Jersey, United States
Ticker: ZTS
Stock Exchange: NYSE
- Zoetis stands as a global leader in animal health, delivering a broad spectrum of medicines, vaccines, diagnostics, and technology solutions for both livestock and companion animals
- Its diversified portfolio comprises products such as Alfaxan Multidose, Apoquel, and AlphaTRAK, which continue to drive strong commercial momentum. In 2024, Zoetis reported a robust 8.33% revenue growth, driven by disciplined pricing strategies, sustained demand across key markets, and exceptional performance in dermatology and recently launched innovations
- In Decmber 2025, Zoetis’ Portela (Relfovetmab) received the Health Canada approval for Osteoarthritis pain relief in cats.
Sources:
- Annual reports
- SEC Filings
- Press releases
- Company websites
Currency Conversion: Oanda (£1 – $1.25, €1 – $1.04, kr.1 – 0.13, CHF 1 – 1.1; Dec 31, 2024)
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