# Animal Medicine Market

> Animal medicine market: USD 47.64 billion in 2025, growing 5.46% a year as pet itch and arthritis drugs lift spend per dog and cat and broiler flocks expand.

Publisher: Douglas Insights  
Author: Douglas Insights Research Desk  
Report code: DI-HC-10404  
Published: 2026-10-03  
Last updated: 2026-10-03  
Next review: Apr 2027  
Page: https://www.douglasinsights.com/animal-medicine-market/

## Key figures

| Measure | Value | How it is built |
| --- | --- | --- |
| Market size · 2025 | $47,643.2 Mn | 33.22 billion animals × USD 1.434 per animal = USD 47.64 billion |
| Forecast · 2035 | $81,061.9 Mn | Base case: 1.5% growth in animal numbers and 3.9% growth in spend per animal |
| Revenue CAGR · 2026-2035 | 5.46% | 1.015 × 1.039 - 1 |
| Volume · 2035 | 38.56 billion animals | 33.22 billion animals growing 1.5% a year |
| Leading segment | Parasiticides, 27.4% | USD 13.05 billion in 2025 |
| Fastest segment | Dermatology, pain and other therapeutics, 7.46% | Monoclonal antibodies and JAK inhibitors for dogs and cats |
| Fastest region | Asia Pacific, 7.52% | USD 10.20 billion to USD 21.05 billion |
| Market leader | Zoetis, 18.7% (estimate) | Douglas Insights estimate from 2025 filings; top three 42.0% |
| Event | FDA conditional approval, 30 Sep 2025 | Dectomax-CA1, first drug to prevent and treat New World screwworm in cattle |

## Key takeaways

- Animal medicine totals USD 47.64 billion in 2025: 33.22 billion animals at an average USD 1.434 of medicine each.
- Value reaches USD 81.06 billion by 2035, a 5.46% revenue CAGR from 1.5% animal growth and a 3.9% spend leg.
- Parasiticides lead with 27.4% of value; dermatology, pain and other therapeutics grow fastest at 7.46% a year.
- Asia Pacific grows 7.52% a year to USD 21.05 billion and overtakes Europe at USD 19.14 billion.
- Dogs and cats spend USD 26.01 per head against USD 0.19 per chicken, and take 52.4% of value.

USD 26.01 a year for each owned dog or cat against USD 0.19 for each chicken: that 140-fold gap is why pets, under 3% of the animals treated, take 52.4% of animal medicine spending. Animal medicine covers the pharmaceuticals, vaccines and medicated feed additives given to companion animals, horses and farm animals; diagnostics, devices and pet nutrition sit outside it. For 2025 the Animal Medicine market totals USD 47.64 billion, the product of 33.22 billion animals and an average USD 1.434 of medicine per animal per year. Douglas Insights projects USD 81.06 billion by 2035, a revenue CAGR of 5.46% split between 1.5% growth in animal numbers and 3.9% growth in spend per animal. The newest test of the industry came on 30 September 2025, when the US Food and Drug Administration [conditionally approved Dectomax-CA1](https://www.fda.gov/news-events/press-announcements/fda-conditionally-approves-first-drug-prevention-and-treatment-new-world-screwworm-infestations), a Zoetis doramectin injection, as the first drug to prevent and treat New World screwworm (NWS) in cattle. The study is part of the Douglas Insights [pharmaceuticals coverage](https://www.douglasinsights.com/industry/healthcare/pharmaceuticals/) and follows the published [research methodology](https://www.douglasinsights.com/research-methodology/).

## Which animal medicine class leads: parasiticides, vaccines or anti-infectives?

Parasiticides lead animal medicine with 27.4% of 2025 value, USD 13.05 billion. Flea, tick and worm control is given monthly to pets and seasonally to cattle and sheep, so its dose counts outrun every other drug class.

| Product class | Share 2025 | Value 2025 | CAGR 2026-2035 | Value 2035 |
| --- | --- | --- | --- | --- |
| Parasiticides | 27.4% | USD 13.05 billion | 5.86% | USD 23.07 billion |
| Vaccines | 24.6% | USD 11.72 billion | 6.07% | USD 21.13 billion |
| Dermatology, pain and other therapeutics | 21.3% | USD 10.15 billion | 7.46% | USD 20.84 billion |
| Anti-infectives | 16.9% | USD 8.05 billion | 1.83% | USD 9.65 billion |
| Medicated feed additives | 9.8% | USD 4.67 billion | 3.31% | USD 6.47 billion |

Parasiticides keep first place to 2035 at USD 23.07 billion, held up by combination chews that kill fleas, ticks, heartworm larvae and roundworms in one monthly dose. Vaccines take 24.6%, or USD 11.72 billion, because poultry and swine flocks are vaccinated in their billions and every outbreak of avian influenza or African swine fever lifts booster programmes. Dermatology, pain and other therapeutics hold 21.3% and USD 10.15 billion: itch drugs, osteoarthritis antibodies, sedatives and oncology products sold almost entirely through clinics. Anti-infectives carry 16.9%, USD 8.05 billion, and grow just 1.83% a year as farm antibiotic volumes are pushed down by law. Medicated feed additives close the table at 9.8%, USD 4.67 billion, mostly anticoccidials and ionophores mixed into broiler and cattle rations.

Dermatology, pain and other therapeutics grow fastest at 7.46% a year, doubling to USD 20.84 billion, because monoclonal antibodies and Janus kinase (JAK) inhibitors have turned chronic itch and arthritis in dogs and cats into lifelong monthly prescriptions. HealthforAnimals puts the split of its members' 2024 sales at [28.1% vaccines, 24.7% parasiticides and 20.9% antimicrobials](https://healthforanimals.org/reports/economic-value-of-the-animal-health-sector/); our animal medicine shares differ because generic producers in China and India weigh more on parasiticides and anti-infectives. Drug-class detail for the prescription side is in the [Veterinary Pharmaceuticals Market](https://www.douglasinsights.com/veterinary-pharmaceuticals-market/) report.

## How do dogs, cats, cattle and broilers split the animal medicine bill?

Companion animals absorb 52.4% of animal medicine value, about USD 24.97 billion in 2025, even though owned dogs and cats number roughly 960 million against 27.2 billion chickens, 1.58 billion cattle and 964 million pigs.

Cattle rank second with 20.3% of value, near USD 9.67 billion, spread across vaccines, parasiticides and mastitis treatments. Swine take 10.1% and poultry 10.6% of spending. Sheep and goats, about 2.46 billion head, account for 3.7% of value and horses for 2.9%. Douglas Insights estimates the owned dog and cat population, while livestock head counts come from FAO-based figures that HealthforAnimals republishes. Pet supplements bought at retail are excluded; that adjacent spend is sized in the [Pet Nutritional Supplement Market](https://www.douglasinsights.com/pet-nutritional-supplement-market/) study.

Animal medicine for companion animals rises to 56.3% of value by 2035. Pets gain share.

## Why are broiler flocks and pet prescriptions behind animal medicine demand?

Animal numbers add 1.5 points a year to animal medicine revenue, and spend per animal adds 3.9 points. Broiler flocks supply 1.31 of the 1.5 volume points, while pet prescriptions supply the largest slice of the spend leg.

### Volume leg: 1.5 points from more animals

Poultry is the volume engine, contributing 1.31 points. Chickens are 81.9% of the 33.22 billion animals counted, and HealthforAnimals projects poultry meat consumption up 21% between 2025 and 2034, against 13% for beef and 5% for pork. Douglas Insights models the broiler and layer flock growing 1.6% a year, so each extra billion birds adds coccidiosis vaccine, anticoccidial and water-medication volume even at USD 0.19 per bird.

Sheep and goats add 0.08 points as flocks in Africa, South Asia and the Middle East expand about 1.1% a year. Companion animals add 0.05 points from 1.7% annual growth in owned dogs and cats, which take the companion count from 960 million to about 1.14 billion by 2035. Cattle, swine and horses add the last 0.06 points at roughly 0.8% a year each, held back by land and feed costs that cap ruminant herds in Europe and North America. Brazil, India and sub-Saharan Africa supply most of the extra cattle. The four contributions sum to the 1.5% volume leg of animal medicine, and animal numbers reach 38.56 billion in 2035.

### Spend leg: 3.9 points from more medicine per animal

Pet therapeutics contribute 1.4 points. Zoetis reported companion animal revenue of [USD 6.59 billion in 2025, up 5%](https://www.sec.gov/Archives/edgar/data/1555280/000155528026000008/exhibit9912-31x25q4.htm), 69.5% of its sales, with parasiticides and the Apoquel and Cytopoint itch franchises leading. Elanco says its JAK inhibitor Zenrelia reached about 50% of US clinics by the end of 2025. Parasiticide premiumisation adds 0.9 points as owners trade single-pest products for broad-spectrum chews and long-acting injections.

Livestock biosecurity adds 0.8 points. The [conditional approval of Dectomax-CA1](https://www.fda.gov/news-events/press-announcements/fda-conditionally-approves-first-drug-prevention-and-treatment-new-world-screwworm-infestations) on 30 September 2025 shows the pattern: a pest outbreak creates an approved, prescription-only use for an existing molecule within months. List price increases supply the last 0.8 points; Virbac attributed about 3% of its 2025 organic growth to price and about 5% to volume and mix. Together the four spend contributions add to 3.9 points, lifting average animal medicine spend from USD 1.434 per animal in 2025 to USD 2.10 in 2035.

## What limits animal medicine growth as farm antibiotic volumes fall?

Three restraints remove 1.4 points of annual animal medicine growth in the slower case: 0.4 from antibiotic stewardship, 0.4 from generics and pet-owner budgets, and 0.6 from disease-driven herd losses.

Antibiotic stewardship takes 0.4 points off the spend leg. The US Center for Veterinary Medicine (CVM) reported on 5 December 2025 that [sales of medically important antimicrobials for food animals](https://www.fda.gov/animal-veterinary/cvm-updates/fda-releases-annual-summary-sales-and-distribution-antimicrobials-2024-use-food-producing-animals) rose 16% between 2023 and 2024 yet stayed 27% below the 2015 peak. Every point of that long decline is lost animal medicine revenue for anti-infective makers, which is why the class grows only 1.83% a year in the base case.

Generic erosion and household budgets remove another 0.4 points. Off-patent fipronil and macrocyclic lactone parasiticides let Chinese and Indian producers undercut brands on price, and Zoetis reported Librela and Solensia sales declining in 2025.

Herd and flock losses cut the volume leg by 0.6 points in the slower case. African swine fever, avian influenza and screwworm remove animals outright, and a culled flock buys no further animal medicine.

## How far have monoclonal antibodies and JAK inhibitors moved animal medicine bills for pets?

Douglas Insights calculates that monoclonal antibodies and JAK inhibitors account for about 1.4 of the 3.9 spend points, lifting companion animal medicine spend per pet from USD 26.01 in 2025 to USD 40.13 in 2035.

Monthly injectable antibodies for osteoarthritis pain and allergic itch move a dog from an occasional prescription to twelve clinic-administered doses a year. Merck Animal Health reported companion animal sales of [USD 2.46 billion in 2025](https://www.merck.com/wp-content/uploads/sites/124/2026/02/4Q25-Merck-Earnings-Announcement.pdf), up 2%, with BRAVECTO at USD 1.1 billion; its livestock line grew 13% to USD 3.90 billion. The pet half of animal medicine therefore grows 6.21% a year, against 4.66% for cattle and 3.92% for swine.

## How much do vets and farmers pay per animal for animal medicine?

Buyers pay an average USD 1.434 of animal medicine per animal per year in 2025. The range runs from USD 0.19 per chicken to USD 26.01 per dog or cat, and the blended figure reaches USD 2.10 by 2035.

Douglas Insights puts realised per-head bands at USD 0.19 for poultry, USD 0.72 for sheep and goats, USD 4.99 for swine, USD 6.12 for cattle, USD 23.03 for horses and USD 26.01 for dogs and cats. Our price model puts a broiler vaccine dose at a few US cents, a cattle vaccine dose at about USD 1 to USD 4, and a monthly canine parasiticide chew at roughly USD 15 to USD 30 in a US clinic.

Farm animal medicine is bought on cost per kilogram of meat or litre of milk, so integrators tender vaccines and feed additives every season. Pet medicine is bought on the vet's recommendation, which is why the clinic channel sustains annual list price increases of 3% to 5%.

## Which companies win animal medicine sales, from Zoetis to Phibro?

The top three suppliers hold 42.0% of 2025 animal medicine value on Douglas Insights estimates, led by Zoetis at an 18.7% share.

| Company | Position built on | Share 2025 (Douglas Insights estimate) | Value 2025 |
| --- | --- | --- | --- |
| Zoetis | Simparica, Apoquel, Cytopoint, cattle vaccines | 18.7% | USD 8.90 billion |
| Merck Animal Health | BRAVECTO, livestock vaccines | 11.8% | USD 5.62 billion |
| Boehringer Ingelheim Animal Health | NexGard, swine and poultry vaccines | 11.5% | USD 5.48 billion |
| Elanco | Credelio, Zenrelia, Experior | 9.5% | USD 4.51 billion |
| Virbac | Companion and aquaculture products, emerging markets | 3.5% | USD 1.65 billion |
| Phibro Animal Health | Medicated feed additives and poultry vaccines | 1.6% | USD 780.0 million |

Zoetis leads on [USD 9.35 billion of companion and livestock revenue in 2025](https://www.sec.gov/Archives/edgar/data/1555280/000155528026000008/exhibit9912-31x25q4.htm); our estimate strips out diagnostics to leave about USD 8.90 billion of animal medicine. Merck Animal Health ranks second at an 11.8% share, built on BRAVECTO and livestock biologicals; Boehringer Ingelheim follows at 11.5% on NexGard, which the company says grew 8.5% to EUR 1.4 billion. Elanco holds 9.5%: it reported USD 4.72 billion of 2025 revenue and more than USD 200 million from its Experior cattle feed additive. Virbac takes a 3.5% share on EUR 1.47 billion of sales, and Ceva Santé Animale, privately held, competes in poultry and swine vaccines.

Phibro Animal Health shows how medicated feed additives change hands. Its fiscal 2025 [results](https://www.sec.gov/Archives/edgar/data/1069899/000155837025011778/pahc-20250827xex99d1.htm) credit the Zoetis medicated feed additive portfolio, acquired in 2024, with USD 208.2 million of extra revenue, taking its medicated feed additives line to USD 646.4 million. Feed-additive alternatives that cut emissions are covered in the [Livestock Methane Reduction Feed Additives Market](https://www.douglasinsights.com/livestock-methane-reduction-feed-additives-market/) report.

## Where does animal medicine spending grow fastest: North America, Europe or Asia Pacific?

North America leads animal medicine with USD 17.77 billion in 2025, 37.3% of value, because US pet owners spend the most per animal; Asia Pacific grows fastest at 7.52% a year.

| Region | 2025 | 2026 | 2035 | CAGR 2026-2035 |
| --- | --- | --- | --- | --- |
| North America | USD 17.77 billion | USD 18.60 billion | USD 28.10 billion | 4.69% |
| Europe | USD 12.77 billion | USD 13.30 billion | USD 19.14 billion | 4.13% |
| Asia Pacific | USD 10.20 billion | USD 10.96 billion | USD 21.05 billion | 7.52% |
| Latin America | USD 4.53 billion | USD 4.82 billion | USD 8.52 billion | 6.53% |
| Middle East | USD 1.29 billion | USD 1.36 billion | USD 2.24 billion | 5.71% |
| Africa | USD 1.10 billion | USD 1.16 billion | USD 2.01 billion | 6.23% |
| Global | USD 47.64 billion | USD 50.24 billion | USD 81.06 billion | 5.46% |

Asia Pacific rises from USD 10.20 billion to USD 21.05 billion and overtakes Europe before 2035, because China and Southeast Asia hold the largest pig and poultry herds and urban pet ownership is climbing from a low base. North America grows 4.69% to USD 28.10 billion; Zoetis alone booked USD 5.10 billion of US revenue in 2025. Europe grows 4.13%, the slowest pace, to USD 19.14 billion as antibiotic rules shrink anti-infective volumes. Latin America reaches USD 8.52 billion at 6.53%, led by Brazilian cattle and broiler exports. The Middle East adds up to USD 2.24 billion at 5.71%. Africa is the wildcard: USD 1.10 billion of animal medicine in 2025, but its small-ruminant flocks and screwworm and tick pressure lift it 6.23% a year to USD 2.01 billion.

## How do Regulation (EU) 2019/6 and US prescription rules shape animal medicine sales?

[Regulation (EU) 2019/6](https://eur-lex.europa.eu/eli/reg/2019/6/oj) has applied since 28 January 2022 and bans routine preventive antibiotic use in groups of animals across the EU. Douglas Insights therefore holds European anti-infective animal medicine growth below 1% a year.

The regulation on veterinary medicinal products replaced the old directive, simplified marketing authorisation and limited metaphylaxis to cases where infection risk is high. It also feeds the European Medicines Agency's [surveillance of veterinary antimicrobial sales and use](https://www.ema.europa.eu/en/veterinary-regulatory-overview/antimicrobial-resistance-veterinary-medicine/european-sales-use-antimicrobials-veterinary-medicine-esuavet-annual-surveillance-reports), which began mandatory annual reporting for cattle, pigs and poultry in 2024 and extends to companion animals by 2030. In the United States, medically important antimicrobials for food animals now require a veterinarian's order, which shifts animal medicine volume from feed stores to clinics.

Conditional approval is the other lever. The US pathway lets a sponsor sell for up to five years while completing efficacy data, the route the FDA used for screwworm.

## What if screwworm and swine fever spread: where does animal medicine land in 2035?

In the base case animal medicine reaches USD 81.06 billion in 2035 on 1.5% volume growth and a 3.9% spend leg. The slower case stops at USD 70.71 billion; the faster case reaches USD 91.06 billion.

| Case | Volume leg | Spend leg | 2035 value |
| --- | --- | --- | --- |
| Slower | 0.9% | 3.1% | USD 70.71 billion |
| Base | 1.5% | 3.9% | USD 81.06 billion |
| Faster | 2.0% | 4.6% | USD 91.06 billion |

The slower case assumes African swine fever and avian influenza keep culling herds while generic parasiticides take share, leaving animal medicine USD 10.35 billion below base. The faster case assumes screwworm spreads north from Central America and more conditional approvals follow the 30 September 2025 Dectomax-CA1 decision, adding USD 10.00 billion. One extra point of annual volume growth lifts 2035 to USD 89.41 billion, USD 8.35 billion above base. Published forecasts run from about 2.7% to 9.9% a year; our 5.46% sits just below the 6.3% midpoint of that span.

## Douglas Exclusive: the per-head animal medicine spend register

The per-head spend register is a Douglas Insights model built from 33 inputs: 6 species head counts, 6 head-growth rates, 6 species value shares, 6 species growth rates and 9 company species disclosures.

| Species | Head 2025 | Share of value 2025 | Spend per head 2025 | Spend per head 2035 |
| --- | --- | --- | --- | --- |
| Dogs and cats | 960 million | 52.4% | USD 26.01 | USD 40.13 |
| Horses | 60 million | 2.9% | USD 23.03 | USD 29.88 |
| Cattle | 1.58 billion | 20.3% | USD 6.12 | USD 8.91 |
| Swine | 964 million | 10.1% | USD 4.99 | USD 6.77 |
| Sheep and goats | 2.46 billion | 3.7% | USD 0.72 | USD 1.03 |
| Chickens | 27.2 billion | 10.6% | USD 0.19 | USD 0.27 |

The register divides each species' animal medicine value by its head count, then grows both legs to 2035. Dogs and cats spend 140 times as much per head as chickens in 2025, and the gap widens to about 151 times by 2035 because pet spend per head rises 4.4% a year against 3.6% for poultry.

The finding: animal medicine revenue follows spend per head, not head count. Chickens supply 87.4% of new animals to 2035 yet only 10.2% of added value, while dogs and cats supply 3.3% of new animals and 61.8% of new revenue. Any supplier without a pet prescription franchise is selling into the slow half of the market.

## How we built the animal medicine total from 33.22 billion head of livestock and pets?

The 2025 arithmetic reads 33,224,000,000 animals × USD 1.434 per animal = USD 47,643,216,000, rounded to USD 47.64 billion; the dataset carries that exact figure.

Coverage spans 6 regions, 42 countries, 6 species groups and 5 product classes. The model uses 186 data points: head counts, company species splits, product-class shares, price bands and 5 published growth rates. Growth is 1.015 × 1.039 - 1 = 5.46%.

Three cross-checks follow. HealthforAnimals reports USD 38.6 billion of 2024 revenue for its top 20 companies, 85.4% of our USD 45.18 billion backcast for 2024, leaving the rest for generic makers. The six named companies sum to USD 26.94 billion, 56.5% of value. Product-class 2035 values sum to USD 81.16 billion, within 0.12% of the headline.

## Market by segment

| Segment | Share | Value |
| --- | --- | --- |
| Parasiticides | 27.4% | $13,054.2 Mn |
| Vaccines | 24.6% | $11,720.2 Mn |
| Dermatology, pain and other therapeutics | 21.3% | $10,148.0 Mn |
| Anti-infectives | 16.9% | $8,051.7 Mn |
| Medicated feed additives | 9.8% | $4,669.0 Mn |

## Market by region (USD million)

| Region | 2025 | 2026 | 2035 | CAGR 2026-2035 |
| --- | --- | --- | --- | --- |
| Global | 47,643.2 | 50,243.8 | 81,061.9 | 5.46% |
| North America | 17,770.9 | 18,604.4 | 28,103.6 | 4.69% |
| Europe | 12,768.4 | 13,295.7 | 19,137.9 | 4.13% |
| Asia Pacific | 10,195.6 | 10,962.3 | 21,052.6 | 7.52% |
| Latin America | 4,526.1 | 4,821.7 | 8,520.1 | 6.53% |
| Middle East | 1,286.4 | 1,359.9 | 2,241.5 | 5.71% |
| Africa | 1,095.8 | 1,164.1 | 2,006.2 | 6.23% |

## Dataset

| Series | Value | Unit |
| --- | --- | --- |
| Market size 2025 | 47,643.2 | USD million |
| Market size 2035 | 81,061.9 | USD million |
| Revenue CAGR 2026-2035 | 5.46 | percent |
| Volume CAGR 2026-2035 | 1.5 | percent |
| Spend per animal CAGR 2026-2035 | 3.9 | percent |

## Frequently asked questions

### How much medicine does one dog or cat consume in value compared with a chicken?

USD 26.01 per dog or cat in 2025 against USD 0.19 per chicken, a 140-fold gap in the Douglas Insights per-head spend register.

### What is spent worldwide on animal medicines in 2025?

USD 47.64 billion, from 33.22 billion animals at an average USD 1.434 of medicine per animal per year.

### What will animal medicines be worth in 2035?

USD 81.06 billion in the base case, a 5.46% revenue CAGR from 1.5% growth in animal numbers and 3.9% growth in spend per animal.

### Why do anti-infectives lag other animal medicines?

1.83% a year is the anti-infective growth rate, because Regulation (EU) 2019/6 and US prescription rules cut routine farm antibiotic use.

### Which drug class gains most from pet itch and arthritis treatment?

7.46% a year for dermatology, pain and other therapeutics, doubling to USD 20.84 billion by 2035 on monoclonal antibodies and JAK inhibitors.

### Will Asia Pacific overtake Europe in animal medicine sales?

7.52% annual growth takes Asia Pacific from USD 10.20 billion to USD 21.05 billion by 2035, ahead of Europe at USD 19.14 billion.

### What did the FDA approve for New World screwworm?

30 September 2025: conditional approval of Zoetis' Dectomax-CA1, a doramectin injection, the first drug to prevent and treat screwworm in cattle.

### How concentrated is animal medicine supply?

42.0% of 2025 value sits with Zoetis, Merck Animal Health and Boehringer Ingelheim on Douglas Insights estimates; Zoetis leads with 18.7%.

## Sources

- [US Food and Drug Administration, FDA conditionally approves first drug for prevention and treatment of New World screwworm](https://www.fda.gov/news-events/press-announcements/fda-conditionally-approves-first-drug-prevention-and-treatment-new-world-screwworm-infestations)
- [HealthforAnimals, Economic Value of the Animal Health Sector](https://healthforanimals.org/reports/economic-value-of-the-animal-health-sector/)
- [EUR-Lex, Publications Office of the EU, Regulation (EU) 2019/6 on veterinary medicinal products](https://eur-lex.europa.eu/eli/reg/2019/6/oj)
- [US FDA Center for Veterinary Medicine, Summary of antimicrobials sold for food-producing animals, 2024](https://www.fda.gov/animal-veterinary/cvm-updates/fda-releases-annual-summary-sales-and-distribution-antimicrobials-2024-use-food-producing-animals)
- [Zoetis via SEC EDGAR, Zoetis fourth quarter and full year 2025 results (Form 8-K)](https://www.sec.gov/Archives/edgar/data/1555280/000155528026000008/exhibit9912-31x25q4.htm)
- [Merck and Co., Merck fourth quarter and full year 2025 earnings](https://www.merck.com/wp-content/uploads/sites/124/2026/02/4Q25-Merck-Earnings-Announcement.pdf)
- [Elanco, Elanco fourth quarter and full year 2025 results](https://elanco.com/us/newsroom/press-releases/elanco-animal-health-reports-fourth-quarter-2025-results)
- [Phibro Animal Health via SEC EDGAR, Phibro fiscal 2025 results (Form 8-K)](https://www.sec.gov/Archives/edgar/data/1069899/000155837025011778/pahc-20250827xex99d1.htm)
- [Virbac, Virbac 2025 annual revenue](https://corporate.virbac.com/home/news-media/financial-public-releases/pagecontent/tous-les-communiques-financiers/2025-fourth-quarter-consolidated-sales.html)
- [European Medicines Agency, ESUAvet annual surveillance reports](https://www.ema.europa.eu/en/veterinary-regulatory-overview/antimicrobial-resistance-veterinary-medicine/european-sales-use-antimicrobials-veterinary-medicine-esuavet-annual-surveillance-reports)

## How to cite

Douglas Insights, "Animal Medicine Market", DI-HC-10404, updated 2026-10-03, https://www.douglasinsights.com/animal-medicine-market/