£89.1m
↑ 20.0%Revenue
Built on three principles, focused on one sustainable future
Annual Report for the year ended
31 December 2025
A standout of the year was the strong performance by Randlab, the Australian Equine business we acquired in early 2025 ahead of our initial expectations.Read more on ‘CEO Statement’
Highlights
£17.7m
↑ 52.6%Continuing underlying EBITDA1
15.7p
↑ 44.0%Continuing underlying EPS1
£9.1m
↑ 0.6%Net debt1
1. Alternative Performance Measures (APMs) are reconciled to reported results in the Chief Financial Officer’s review and within the notes to the consolidated financial statements. APMs are calculated in line with the Group’s accounting policies and therefore may not be directly comparable with other companies.
2025 has been a strong year featuring significant revenue and EBITDA growth, while maintaining the Group’s highly cash-generative profile and strong balance sheet. With leverage at 0.7X EBITDA, this performance gives us the platform to accelerate our strategic priorities and deploy capital in a targeted, value-accretive way.Read more on ‘Financial Statement’
Maximising our dental franchise
A new channel for a new phase of growth
Having a retail channel enhances our organic growth pillar, adding a scalable mechanism to support brand uptake, deepen customer engagement and drive long-term performance. It complements our NPD and inorganic pillars by extending the commercial runway of both existing and future innovations.
New route to market
Capitalising on our existing rights
We already have the rights to all channels in Europe for Plaqtiv+ and global rights for Orozyme and other OTC products.
Maximising the opportunity
Growing our limited presence in a major market
Currently, our presence in retail pet channels is small, fragmented and does not maximise the opportunity. By expanding our focus, we increase the section of the non-prescription dental market we are targeting from 30%, currently, to the whole channel.
Lever for organic growth
Strengthening key brands
This will support the growth of our Dental franchise and provide an opportunity for brand halo across all market segments.
The time is right
For the business and the market
The multi-channel dental strategy is forecast to deliver significant revenue by 2030.
Our Strategy
Organic Growth
Developing and nurturing a high-quality portfolio diversified across species and geographies to deliver strong and resilient growth.
Inorganic Growth
Pursuing external opportunities that accelerate revenue growth with accretive margins, expanding geographic reach and scale, and strengthening the pipeline through late-stage in-licensing.
New Product Development
Building a balanced pipeline while increasing innovation that will generate a flow of new products that meet the needs of our dynamic markets is a key contributor to sustainable organic growth.
Organic Growth
Key initiatives
- Commercial focus on brands with the greatest opportunity for long-term growth and higher margins
- Continue to build capabilities in our commercial teams to drive effectiveness and focus on the needs of our customers
FY25 Progress
- Improved quality of portfolio, with own brands now 70% of the sales mix
- Double-digit growth in the Group’s flagship brands, with Daxocox growing by 23% and Plaqtiv+ growing by 42%
- Operational improvements made by the commercial team in how we take brands to market, as evident in the strong growth in Daxocox and Plaqtiv+ in Germany
Inorganic Growth
Key initiatives
-
Seek opportunities that deliver near-term revenue and EBITDA growth that also:
- Expand our geographic footprint
- Develop a high-quality product offering diversity across species
- Build scale in our existing markets
- Identify opportunities to build the pipeline for future, mid-stage products requiring minimal clinical and regulatory resource, which deliver revenue in excess of our largest current brands
FY25 Progress
- Acquired and successfully integrated of Randlab, providing opportunities for further expansion
- Acquired a 25% equity stake in InVetro, an Australian Companion Animal business, expanding the Group’s portfolio and presence in Asia-Pacific
New Product Development
Key initiatives
- Identify opportunities to build our existing portfolio through new indications and formulations
- Work with partners to access products that offer significant longer-term revenue opportunities through licensing and partnerships
FY25 Progress
- Continued to invest in building a balanced pipeline of new products
- Six major projects in the pipeline with estimated peak year sales (PYS) in excess of £15m each
- Took full ownership and control of the intellectual property of the VHH NGF antibody programme and related assets, supporting the expansion of the Group’s pain portfolio
- Entered into a license agreement with 272Bio to develop a novel biological treatment for a common equine skin condition, Sweet Itch
Market, Randlab and R&D Leadership Statement
Animalcare’s approach to integration has allowed Randlab to grow and thrive.Read more on ‘Randlab: The Gold Standard for acquisitions’
The programmes in our pipeline have been selected due to their strong fit with the Group’s strengths, expertise and commercial relationships across the Equine and Companion Animal markets.Read more on ‘Our transformative R&D programmes’
Animalcare is responding to market trends by increasing investment in innovation, especially in therapeutics for Companion Animals and EquineRead more on ‘Our Marketplace’