Developing and nurturing new and existing veterinary brands that deliver sustainable revenue with attractive margins
Key initiatives
Optimise the quality of the
portfolio; focus on smaller number
of bigger-selling, higher-margin
brands
Progress
3.8% increase in revenue in 2023,
benefiting from sales growth
generated by new products
Investment in sales and marketing
drives double-digit increase
in Daxocox uptake in owned
operations
Pursuing external opportunities
that enhance revenue and
profitability, expand geographic
reach and scale and strengthen the
pipeline through early and latestage
in-licensing
Key initiatives
Seek opportunities for geographic
expansion, in-licensing of lateand
early-stage products and
the acquisition of products and
businesses that generate value-creating
growth
Build commercial partnerships to
exploit growing global markets
Progress
Senior Executive Team (SET)
resources dedicated to pursuit
of business development
opportunities
Crystallisation of value from non-core
asset with £24.9m sale of
majority stake in Identicare Ltd
post year end
Leveraging science focus and
development capability to generate
innovative treatments that have
the potential to advance veterinary
practice
Key initiatives
Strengthen pipeline of
differentiated products through
partnerships, in-licensing and
acquisitions
Progress
VHH antibody research
collaboration with Orthros Medical
progressing well
Initially focused on canine
osteoarthritis, research scope now
extended to horses
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