Animal health companies report resilient Q2 and H1 results despite market pressures

New product launches, dermatology, pet nutrition and operational efficiencies supported growth across several of the industry’s largest animal health companies. GlobalPETS analyses the latest earnings results from five key players.

Elanco 

Indiana-based animal health company Elanco reported a 12% year-over-year (YoY) increase in pet health revenue for the second quarter of 2026, reaching $718 million (€618M). On an organic constant currency basis, segment revenue grew 11%, driven by a 9% increase in volume and a 2% price expansion. 

“We saw strong contributions from both price and volume, as consumer demand for our basket of innovation drove market share gains and stabilized our base business,” says President and CEO Jeff Simmons. 

Its newest dermatology product for the treatment of pruritus associated with allergic dermatitis was the company’s largest contributor to global growth. 

The company said the product expanded into approximately 18,000 U.S. clinics and reached up to a 40% market share in key European markets. 

Across the group, Elanco generated revenue of $1.368 billion (€1.18B) in Q2 2026, up 10% year over year on a reported basis and 8% on an organic constant currency basis. 

The company raised its full-year 2026 revenue guidance to between $5.09 billion and $5.14 billion (€4.38B–€4.42B) and increased its annual innovation revenue target to $1.25 billion (€1.08B).

ADM

The Animal Nutrition segment of US food processing company ADM generated an operating profit of $33 million (€28M) for the second quarter of 2026, representing a 50% increase from the $22 million (€19M) reported in the same period of 2025. 

The growth was driven by strategic initiatives and improved operational efficiency across the business. 

The company also said it benefited from strategic portfolio actions implemented during 2025. 

Globally, ADM reported net earnings of $908 million (€782M) in Q2 2026 and raised its full-year 2026 adjusted EPS guidance to between $5.15 (€4.44) and $5.60 (€4.83) per share, up from the previous range of $4.15 (€3.58) to $4.70 (€4.05) per share.

Virbac

French animal health company Virbac reported 10% year-over-year (YoY) growth in its companion animal segment during the first half (H1) of 2026, helping the company generate revenue of €768 million ($879M). 

Revenue increased 7.4% at constant exchange rates and scope (CERS) and 4% at actual exchange rates, which the company said were impacted by currency headwinds. Europe, Virbac’s second-largest market, accounted for 40% of sales and generated €314 million ($359M) in revenue, up 6.5%, supported by the companion animal business. 

“Growth was mainly driven by the companion animal segment (7.2% at CER), primarily fueled by our pet food and endocrinology ranges following the Thyronorm acquisition,” the company says. 

The pet portfolio also recorded double-digit growth in the international segment, which includes IMEA (India, Middle East and Africa) and Latin America. Performance was driven by strong demand for pet food, dental care and vaccine products. 

During the first half of the year, the international segment generated €351 million ($401M) in revenue, accounting for 46% of total sales. North America accounted for 13.4% of total revenue, with sales of €103 million ($118M). It recorded the strongest regional growth, increasing 10.1% at constant exchange rates (CER). 

In Q2, the company’s “supercharge categories”—mobility, dental care and ear care—performed particularly well. This helped drive 9.1% growth in the companion animal segment, offsetting lower sales in the farm animal business, which were impacted by supply challenges. 

Although the company maintained its full-year guidance of 5.5% to 7.5% revenue growth at CERS, Virbac said its “strong first-half momentum positions us to target the upper end.”

Pet Service Holding

Dutch pet care firm Pet Service Holding (PSH) registered an 8% increase in revenue during the first half of 2026, which totaled €7.4 million ($8.5M). 

“The Group’s optimized product range, which includes a significant proportion of over-the-counter (OTC) veterinary medicines and pet accessories. This offset the impact of the revised regulatory framework applicable to prescription veterinary medicines,” the company said in a statement.

During the period, PSH decided to phase out sales to veterinary purchasing groups and practice networks that did not meet its minimum profitability requirements. “While this decision limited short-term revenue growth in this business segment, it strengthened its gross margin by prioritizing sustainable and profitable sales over volume alone.”

Positive contributions also came from Petlux, a manufacturer and distributor of luxury pet products acquired in 2025; a fully operational production factory in China; and the opening of its first discount store concept Budget Pets in Bussum, near Amsterdam.

For the second half of 2026, results will reflect the acquisition of the supplier of cat furniture and scratching posts RHR Concepts, completed during H1. “In light of these developments, the company is confident in its ability to achieve sales of approximately €17 to €18 million ($19.6M–$20.7M) in 2026, along with improved operating margins,” it added. 

Growth is accelerating from fiscal year (FY) 2025, when sales summed €13.6 million ($16M) at a 7.7% year-over-year (YoY) rise. 

Boehringer Ingelheim

German pharmaceutical company Boehringer Ingelheim reported a 16.2% YoY increase in group net sales for the first half of 2026 to €15.8 billion ($18.3B). Its Animal Health division, which includes products for pets, contributed €2.6 billion ($3B) in net sales, with the remainder generated by its Human Pharma business.

According to the company, the marginal growth of 0.4% in the Animal Health division reflected a slow expansion in the market amid increased consumer price sensitivity and fewer veterinary visits in several countries.

For the remainder of the fiscal year, Boehringer Ingelheim plans to continue executing its 2026 product launches and market expansions. These include an AI-based tool that helps detect heart murmurs in dogs, which is currently available in the US, the UK and Germany.

The company also continues to support responses to emerging animal disease outbreaks, including outbreaks of New World screwworm in the US, after receiving emergency use authorizations (EUAs) from the US Food and Drug Administration earlier this year.

“Looking ahead, we need to direct our long-term investments to where they are closest to our growth markets and where they can create the best possible impact for patients,” says Frank Hübler, Member of the Board of Managing Directors responsible for Finance.