Resilient, but increasingly selective
DanaShift's Summer 2026 outlook on animal health and pet care, covering first-half results, the second-quarter transaction landscape, and the five structural shifts redirecting where value accrues in the sector.
The headline: animal health remains resilient, but growth is becoming increasingly selective. Companion-animal demand has normalized while diagnostics, next-generation therapeutics and premium nutrition pull ahead — and production animal accelerated sharply on disease pressure, with Zoetis' U.S. livestock revenue up 23% on New World screwworm-driven demand. Deal cadence moderated to 63 transactions and $0.4B in Q2 after an exceptional first quarter, with sponsors net sellers and corporates and adjacent buyers paying for scale, technology and customer access.
Inside: a 55-page review of public company performance, five structural shifts — food as medicine, cardiac diagnostics, the channel war around the veterinary pharmacy, the biosecurity shock cycle, and capital rotating from sponsors to builders — the quarter's most significant news and transactions, and a Summer deep-dive on APAC and Latin America, two regions where demand is outpacing veterinary infrastructure.