ANIMAL HEALTH : Generic competition and our proprietary market models

研报英文原文证据摘录

ANIMAL HEALTH : Generic competition and our proprietary market models

EQUITIES

MEDTECH & SERVICES

PHARMACEUTICALS

ANIMAL HEALTH

Generic competition and our proprietary market models

We recently hosted our AH Day conference where generic competition was discussed post-1Q26;21 MAY 2026

Securities Research Report detailed notes/replays available upon request (here) and excel data behind analysis of AH generics

Production time: 23:43* (London time)

vs branded products is available upon request (here). We have updated our AH market models – in

Research Analysts & Publishing Entities

line with published company models; excel market models available upon request (here).

Navann Ty, CFA

BNP Paribas Securities Corp1 Generics less of a threat compared to human health, based on our checks on 130+ Gx drugs+(1) 917 749 7734

navann.ty@us.bnpparibas.com We continue to view generics in the industry as less of a threat compared to human health: our

checks on 130+ generic animal drugs (Gx) indicate an average ~40% price discount of generics

Curtis Moiles

relative to the branded equivalents in veterinary health, lower than that in human health. We expectBNP Paribas Securities Corp1

(+1) 646 544 1659 more material generic (Gx) risk with LOEs and composition of matter patents expiring in the 2030s,

curtis.moiles@us.bnpparibas.com partially offset by brand loyalty, market structure and ongoing lifecycle management.

KOLs (ex-BI, Elanco) agree, although generics could become more of a risk down the road

The KOL at our AH Day agreed the generics risk is more manageable than in human health.

Importantly, he noted there is no payor to negotiate rebates and vets benefit from higher prices as

they earn a markup on products sold. While innovation is a core focus, our KOL indicated lifecycle