Eco Animal Health Group Plc · LSE:EAH
Eco Animal Health — Investor Day (March 2025)
88 slides from Eco Animal Health's investor day presentation, March 2025
Slide 1: ECO Animal Health R&D Day
ECO Animal Health R&D Day ANIMAL HEALTH
Slide 2: Disclaimer
2 Disclaimer No new financial nor trading information will be disclosed No reliance may be placed for any purpose whatsoever on the information or opinions Furthermore, this Presentation is being made only in the United Kingdom and is directed contained in this Presentation or its completeness. Neit
Slide 3: Agenda
3 ECO Animal Health R&D Day Agenda 1. Introduction Dr. David Hallas, CEO 2. Investment case for preventative medicine Dr. Simon Middleton, L.E.K. 3. ECO’s R&D pipeline overview Dr. Hafid Benchaoui, - Building value from within Global Head, R&D 4. Best in class Mycoplasma vaccines Dr. Nathalie Deslog
Slide 4: Animal Health
ANIMAL HEALTH
Slide 5: R&D to be and to grow
5 R&D to be and to grow Why we are doing it? Why will we be successful? What are the returns?
Slide 6: Global demographic trends
6 Global demographic trends Represent a fundamental driver for ongoing growth in animal protein demand Population growth is a core driver of increased pork and …further underpins the investment thesis in poultry consumption and… preventives and vaccines market Population growth, compounding with GDP
Slide 7: Animal Health – an attractive industry
7 Animal Health – an attractive industry Valuation of top 10 Animal Health companies nearly tripled between 2013 and 2023 cf Eco Animal Health plc F implied valuation/EBITDA ECO Animal Health implied multiple1 of top 10 AH valuation/EBITDA companies2 (Global, 2013-2023, multiple) x1.7 X1.2 17 8.0 10
Slide 8: Farm animal innovation
8 Farm animal innovation The farm animal market has grown at a CAGR of 4.0% in the past decade ECO has grown at a CAGR 11% Farm animal market Market growth occurs in segments (Global, 2015 – 2025, USD bn) where innovation thrives. Innovation drives market growth 4.0% 2.6 19.0 (43%) Within the farm a
Slide 9: Revenue and R&D spend growth of leading Animal Health companies
9 Revenue and R&D spend growth of leading Animal Health companies (2015-23 CAGR) Higher R&D spend correlates with higher revenue growth. Smaller companies have seen more significant longitudinal change in R&D spend as a % of sales 30 In 2023, c.8-12% of net sales of leading Bubble size – 2023 R&D sp
Slide 10: Overview of pipeline assets: late-stage and clinical
10 Overview of pipeline assets: late-stage and clinical ECOVAXXIN ECOVAXXIN Long-Acting ECOVAXXIN PRRSV Necrotic Enteritis MG MS Florfenicol PCV2/MHP mAb Biological Species Solutions Peak Year Revenue £9.8m £22.2m £5.9m £33.2m £61.0m £38.6 Remaining R&D Cost £2.8m £2.7m £2.0m £5.9m £4.9m £5.2m • Fir
Slide 11: Investment case for preventative medicine
Investment case for preventative medicine Dr. Simon Middleton 13 March 2024 These materials are intended to supplement a discussion with L.E.K. Consulting. These perspectives will, therefore, only be meaningful to those in attendance. The contents of the materials are confidential and subject to obl
Slide 12: ECO Animal Health's pipeline overview
ECO Animal Health’s development pipeline consists of both swine and poultry products aimed at treating disease areas including Mycoplasma, PCV2, Necrotic Enteritis and PRRSV ECO Animal Health’s pipeline overview ECOVAXXIN PCV2 / MHP Necrotic Enteritis Biological Target Disease Target Disease Target
Slide 13: Disease overview
These bacterial and viral diseases affect swine and poultry by causing respiratory issues, immune suppression, reproductive failure, and intestinal damage, compromising animal health and productivity Disease overview Porcine Mycoplasma Porcine circovirus reproductive and Mycoplasma Mycoplasma Necrot
Slide 14: Disease impact
These diseases impact animal productivity, growth rates, and overall herd health therefore posing significant economic and health challenges to livestock farming Disease impact Mycoplasma PCV2 NE PRRSV Infections cause chronic respiratory Viral pathogen that causes postweaning Bacterial disease that
Slide 15: Standard of care & unmet needs
Standard of care for these diseases includes antibiotics and vaccines; however, significant unmet need remains for more effective, sustainable treatments with reduced antibiotic reliance Standard of care & unmet needs Standard of care Unmet need • Lack of specific antiviral treatment Antibiotics are
Slide 16: Innovation is needed to improve animal farming practices
Investing in preventative disease innovation is essential as it addresses the unmet needs in the current standard of care, reduces economic losses, and supports sustainable and humane farming practices Improved disease Reduce antibiotic control Economic impact Innovation is resistance needed to impr
Slide 17: Pipeline overview & benefits
ECO Animal Health’s pipeline products reduce infections, improve animal health and productivity, and cut antibiotic use, making them economically viable and supporting sustainable farming ECO Animal Health’s pipeline overview & benefits Pipeline Overview Benefits • A dual vaccine that combines prote
Slide 18: ECO's R&D Pipeline: Building Value from Within
ECO Animal Health R&D Day ECO’s R&D Pipeline: Building Value from Within Dr. Hafid Benchaoui; Head, Global R&D March 2025 www.ecoanimalhealth.com
Slide 19: Our strategy
19 Our strategy Creating partnerships Continuing to develop Invest in R&D to develop and making strategically Aivlosin, targeting new products. Focus on and financially robust unexploited territories, swine and poultry and acquisitions to develop species and medical infectious diseases core strength
Slide 20: Our strategy
20 Our strategy Creating partnerships Continuing to develop and making strategically Aivlosin, targeting Invest in R&D to develop and financially robust unexploited territories, new products. Focus on acquisitions to develop species and medical core strengths claims swine and poultry and infectious
Slide 21: Animal Health
ANIMAL HEALTH
Slide 22: Global economic impact of ECO's target diseases
22 Global economic impact of ECO’s target diseases The Annual Cost of the Problem Economic Snapshot Mycoplasma hyopneumoniae USA Major losses Respiratory Reduced £300-320m1 Infections weight gain (Mhp) Porcine circovirus type 2 EU Major losses Respiratory Reproductive £489-783m2 Infections disorders
Slide 23: ECO R&D at a glance: pipeline summary (Nov23)
23 ECO R&D at a glance: pipeline summary (Nov23) Exploratory Life Cycle Proof-of-Concept Full Development Discovery (DISC) Development Regulatory Filing Approval Management (POC) (FD) (ED) (LCM) A 1 Antiparasitic Biological 5 2 Bivalent Vectored Vaccine 3 Antiparasitic Vaccine 1 B 9 4 Necrotic Enter
Slide 24: ECO R&D at a glance: pipeline summary (Mar25)
24 ECO R&D at a glance: pipeline summary (Mar25) Exploratory Life Cycle Proof-of-Concept Full Development Discovery (DISC) Development Regulatory Filing Approval Management (POC) (FD) (ED) (LCM) 1 Antiparasitic Biological 5 2 Bivalent Vectored Vaccine 3 Antiparasitic Vaccine 1 9 4 Necrotic Enteritis
Slide 25: Current-wave and next-wave innovation
25 Current-wave and next-wave innovation CURRENT WAVE NEXT WAVE First Approval First Approval Peak Year Revenue ECOVAXXIN Necrotic Peak Year Revenue Remaining R&D Cost PCV2/MHP Enteritis Biological Remaining R&D Cost £2.8m £5.9m £5.2m 2026 2027 2028 2029 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 26: Near-term regulatory timings to drive longer-term value
26 The near-term regulatory timings to drive longer-term value 2025 2026 2027 2025 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2027 Q3 EU 1Q’25 EU Approval Review & Responses 2Q’26 US Approval Total Peak Year USA 2Q’26 USDA Responses 4Q’26 Revenue UK Approval UK 3Q’25 Review & Responses £37.9m 1Q’27 BRZ 2Q’26 Review &
Slide 27: Current wave pipeline – long-acting florfenicol (1/2)
27 Current wave pipeline – long-acting florfenicol (1/2) Product Development Manufacturing Completed first full scale GMP Florfenicol is an Excipients to manufacturing batch animal health specific improve Selected primary packaging antibiotic, licenced in stability do not affect PK from a biotech co
Slide 28: Current wave pipeline – long-acting florfenicol (2/2)
28 Current wave pipeline – long-acting florfenicol (2/2) Upcoming Goals Complete EU Manufacturing field efficacy process program validation Dossier Complete submission in safety studies EU and Brazil by 1Q26
Slide 29: Best in class Mycoplasma vaccines
ECO Capital Markets Event 29 Best in class Mycoplasma vaccines ECOVAXXIN deep dive Dr Nathalie Desloges; Global Project Leader March 2025 www.ecoanimalhealth.com
Slide 30: Economic impact of Mycoplasma
30 Economic impact of Mycoplasma TOP 10 POULTRY DISEASES BY ECONOMIC IMPACT Livestock Units (LSUs) Lost to Disease Per Anum (‘000) Duck Virus Hepatitis 1.6 Fowl Typhoid 2.2 Fowl Cholera 2.8 Pullarum Disease 4.0 Mycoplasmosis 13.2 Inf. Bursal Disease 27.1 Newcastle Disease 60.3 Avian Influenza (Low P
Slide 31: Economic impact of Mycoplasma synoviae (MS)
31 Economic impact of Mycoplasma synoviae (MS) MS IN LAYERS: delays onset of production, which directly impact on economic return. MS Negative MS Positive Differences 100 Parameters Egg production per hen day (%) 80 Eggs per hen housed 321 300 21 Eggs 60 B-Grades (%) 2.87 3.76 0.89 Feed Conversion R
Slide 32: Best in Class Mycoplasma synoviae Vaccine
Best in Class Mycoplasma synoviae Vaccine
Slide 33: Product characteristics
33 Product characteristics Mycoplasma synoviae strain K5885A: • Naturally attenuated US Isolate • Proven safe at high doses • Free of antimicrobial resistance genes • Reduces air sac lesions and colonisation, and foot pad lesions caused by MS • Prevents ovarian regressions and egg production losses
Slide 34: Collaboration with Laboratorios Calier
34 Collaboration with Laboratorios Calier ECO enters an agreement with Calier for the manufacture of ECOVAXXIN MS and ECOVAXXIN MG • Laboratorios Calier is a Spanish company founded in 1968 and part of the Indukern Group. • Calier’s main activity is the development, production and promotion of veter
Slide 35: Tech transfer to Calier
35 Tech transfer to Calier Materials Measurements Methods Master Seed Analytical transfer Tech transfer protocols Raw material Procurement (Potency, Identity, Working Seeds Supplier Qualification Purity) Engineering Batch Positive Controls Stability Program Consistency Batches Tech Transfer to Calie
Slide 36: Field Safety Trial
36 Taking the vaccine to the real world Field Safety Trial Market Leader Study Design 1758 birds 1720 birds Vaccination at 4 weeks of age Vaccination at 5 weeks of age Observe for 90 days: • Mortality • Body weight development • Seroconversion
Slide 37: Field Safety Trial results
37 Taking the vaccine to the real world Body weight development Serology Field Safety Trial 1400 6000 100 1200 Mortality (Day 0 to Day 90) 5000 80 Number Dead Mortality 1000 of birds Body weight (g) 4000 ELISA mean titres 800 % Seropositive 1758 10 0.57% 60 600 3000 Market Leader 1720 13 0.76% 400 4
Slide 38: Regulatory pathway
38 Regulatory pathway 2025 2026 2027 2028 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2028 EU 1Q’25 EU Approval Review & Responses 2Q’26 US Approval USA 2Q’26 USDA responses 4Q’26 Mexico Approval Mexico 3Q’25 Review & Responses 4Q’26 UK Approval UK 3Q’25 Review & Responses 1Q’27 India 1Q’26
Slide 39: Delay to approval by USDA
39 Delay to approval by USDA Additional Request: Genome Sequencing Additional requests Additional Additional and setbacks lead to Request: Safety in Request: Risk Approval Mice delays and Assessment uncertainties in the US which ECO are Additional Review now mitigating. Request: Survivability Time P
Slide 40: Best in Class Mycoplasma gallisepticum Vaccine
Best in Class Mycoplasma gallisepticum Vaccine
Slide 41: Economic impact of Mycoplasma gallisepticum (MG)
41 Economic impact of Mycoplasma gallisepticum (MG) Production Losses Caused by Chronic respiratory disease in chickens, especially when M.gallisepticum flocks are stressed and/or in presence of other respiratory pathogens Annual losses to the poultry industry 2022 AVEP Caged Pullets Top 10 Diseases
Slide 42: ECO's MG solution
42 ECO’s MG solution Mycoplasma gallisepticum strain K6067: • Naturally attenuated isolate obtained from a turkey in the United States in 2007 • Proven safe for chickens and turkeys • Free of antimicrobial resistance genes • Master Seed produced, tested and approved by USDA • Clinical programme ongo
Slide 43: Safety studies
43 Safety studies Safe for Young Chickens (4 Weeks Old) Safe for Safe for Turkeys Quails Safety of Strain K6067 Genetically Safe for stable Mice No Reversion to Virulence
Slide 44: Onset of immunity for Europe
44 Onset of immunity for Europe ECOVAXXIN MG is efficacious against Tracheal Thickness Airsacculitis airsacculitis and tracheitis when administered at 4 weeks old 120 A 4 Group Treatment 100 3 Group 1 (n=24) Placebo Controls Air sac lesions mean score Tracheal thickness (µm) 80 A Group 2 (n=24) Vacc
Slide 45: Manufacturing status
45 Manufacturing status • Assays validated, and in Stability transfer process to 7.0 6.0 CCU log10/dose 5.0 4.0 • Defined stabilizer and 3.0 lyophilization processes 2.0 1.0 • Vaccine shows strong 0.0 stability over 9 months 0 0.5 1 2 3 6 9 Months
Slide 46: The road ahead
46 The road ahead Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Complete technology transfer to Calier Complete pivotal efficacy study for USDA Complete duration of immunity study Complete production of consistency batch
Slide 47: The Commercialisation Pathway for ECOVAXXIN
ECO Animal Health R&D Day The Commercialisation Pathway for ECOVAXXIN Mr. Andrew Buglass; CCO March 2025 www.ecoanimalhealth.com
Slide 48: Key commercial layer markets
48 Key commercial layer markets Layer Population by Country Canada United Kingdom Italy Central America Poland Argentina Near East & Gulf Iran Bangladesh France Spain Colombia Turkey Thailand Korea Russia Africa Japan Brazil Indonesia Mexico India Caged USA Cage-Free China 0 200 400 600 800 1000 120
Slide 49: International zone regulatory priorities
49 International zone regulatory priorities Following EU, US and UK submissions priority list for international markets based on the available information in the markets. • Animal population & Potential Market • Diseases Prevalence • Current Mycoplasma vaccine market sales • ECO Sales estimates • Lo
Slide 50: Route to market
50 Route to market 1. ECO Direct e.g. UK 2. ECO Indirect e.g. EU via local distributors • Distributor audit o Presence in poultry market o Experience in distributing vaccines o Cold chain ready o Complimentary product portfolio 3. Via Partner e.g. China • Domestic Registration • Domestic Manufacture
Slide 51: ECOVAXXIN pre-launch activities
51 ECOVAXXIN pre-launch activities Supply chain logistics Customer Forecasting segmentation/ (1st markets) prioritisation Training - Internal and External: Packaging Technical training Selling skills Pre-launch activities, launch Pricing activities and policy communications
Slide 52: Critical success factors – go-to-market strategy & execution
52 Critical success factors – post launch GO-TO-MARKET STRATEGY & EXECUTION New Product / Existing Market e.g. EU, SE Asia - Market Penetration Market awareness of; • Economic impact of disease • Live MS vaccine • ECO and Mycoplasma expertise in poultry To gain market share ECO need to; • Demonstrat
Slide 53: Critical success factors – economic benefits & ROI
53 Critical success factors – post launch ECONOMIC BENEFITS & RETURN ON INVESTMENT (ROI) • Reduction in economic losses associated with Critical Mycoplasma infections (e.g., improved feed Success Factors conversion, improved egg production, egg quality, reduced mortality) • Demonstrated ROI in field
Slide 54: Critical success factors – proven adoption & validation
54 Critical success factors – post launch PROVEN ADOPTION & REAL-WORLD VALIDATION • Field trials/case studies provide measurable improvements in flock health and performance Critical demonstrating disease reduction & performance Success gains Factors • Role of diagnostics – serology, PCR – disease p
Slide 55: Critical success factors – business & commercial advantages
55 Critical success factors – post launch BUSINESS & COMMERCIAL ADVANTAGES • Leverage ECO’s deep expertise in Mycoplasma control with Aivlosin • Evolve from ‘Experts in Mycoplasma Control’ to ‘Experts in Mycoplasma Prevention and Control’ Critical Success • Best in class Mycoplasma Prevention and Tr
Slide 56: ECOVAXXIN MS & MG summary
56 ECOVAXXIN MS & MG summary Best Best-In-Class Mycoplasma Strong relationships with Key in class vaccines alongside Best-in-Class Opinion Leaders and Decision Mycoplasma treatment Aivlosin Makers in Key Accounts Superior Efficacy for MS already Technical Support and demonstrated pre-launch Diagnost
Slide 57: ECO's Next Wave Pipeline
ECOs Next Wave Pipeline Disruptive Technologies Dr. Hafid Benchaoui; Head, Global R&D March 2025 www.ecoanimalhealth.com
Slide 58: Next-wave innovation
58 Next-wave innovation CURRENT WAVE NEXT WAVE First Approval First Approval Peak Year Revenue ECOVAXXIN Necrotic Peak Year Revenue Remaining R&D Cost PCV2/MHP Enteritis Biological Remaining R&D Cost £2.8m £5.9m £5.2m 2026 2027 2028 2029 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 £4.9m £5.9m PR
Slide 59: ECOVAXXIN PCV2/MHP (Bivalent Respiratory Vaccine)
59 ECOVAXXIN PCV2/MHP (Bivalent Respiratory Vaccine)
Slide 60: The impact of PCV2 and Mhp in the swine industry
60 ECOVAXXIN PCV2/MHP (bivalent respiratory vaccine) The impact of PCV2 and Mhp in the swine industry Reduced Decreased Productivity Market Value Reduced growth rates Porcine Loss of $20 per pig lead to losses up to circovirus brought to market3 13 € per pig1 type 2 (PCV2) 15% reduction in Productio
Slide 61: Developing the best PCV2 vaccine
61 ECOVAXXIN PCV2/MHP - developing the best PCV2 vaccine • Project progressed from PCV2 Proof of Concept to Proven Technology Exploratory PCV2 capsid protein virus-like particle (vlp) Development, Nov’23 10X With a twist • Over the last year, Unique PCV2 capsid sequence provides multiple genotypes c
Slide 62: ECOVAXXIN PCV2/MHP - lower dose, less cost to produce
62 ECOVAXXIN PCV2/MHP - lower dose, less cost to produce PCV2 Efficacy, Vaccine Dose PCV2d Viremia 8 PCV2d Fecal Shedding PCV2d genome copies (Log10) Titration PCV2d genome copies (Log10) 8 7 B 7 B 6 6 • A 4-fold reduction of PCV2c 5 A A A A 5 A A A A capsid protein still provides a 4 Placebo 4 Medi
Slide 63: ECOVAXXIN PCV2/MHP - worth the wait
63 ECOVAXXIN PCV2/MHP - worth the wait Upcoming Goals Yield improvements + Dose Reduction Selection of CMO and = Improved Profitability Technology Transfer These improvements have pushed out the planned registration date in USA from 2Q’27 to 1Q’28 Transition to Full Development Initiation of Field S
Slide 64: First-in-Class PRRSV Monoclonal Antibody (mAb)
64 First-in-Class PRRSV Monoclonal Antibody (mAb)
Slide 65: First-in-class PRRSV monoclonal antibody (mAb)
65 First-in-class PRRSV monoclonal antibody (mAb) • PRRSV* continues to severely impact the swine market • Production losses have increased ~75% since 20101 • Losses in the US herds are estimated at Annual losses approximately $1 billion USD1 US EU • No indication that current vaccines will break th
Slide 66: Protection against PRRSV with a single dose in pigs
66 First-in-class PRRSV monoclonal antibody (mAb) - engineering the best lead candidate Protection against PRRSV with a single dose in pigs Viraemia Body weight / ADWG Study Day New Study Data: 12 400 D1 D3 D4 D6 D8 D10 D12 D15 Placebo 15 Placebo PRRSVmAb PRRSVmAb 300 Bodyweight (kg) Improved serum
Slide 67: Comparison of ADWG between EU and US studies
67 First-in-class PRRSV monoclonal antibody (mAb) - engineering the best lead candidate Comparison of average daily weight gain (ADWG) between EU (PRRSV 1) and US (PRRSV 2) studies Study Start Study Start 1 2 3 4 5 6 7 1 2 3 4 5 6 7 8 9 10 11 12 13 14 8 9 10 11 12 13 14 Study Completion 15 16 17 18
Slide 68: Increased potency against different PRRSV strains
68 First-in-class PRRSV monoclonal antibody (mAb) - engineering the best lead candidate Increased potency against different and recent PRRSV strains ECO has also demonstrated strong ECO continues to engineer the lead candidate to potency against a highly improve the potency against EU- and NA-PRRSV
Slide 69: Increased duration (half-life) in the pig
69 First-in-class PRRSV monoclonal antibody (mAb) - engineering the best lead candidate Increased duration (half-life) in the pig 90,000 Further optimization with 5x proven half-life extension Increased duration (> 5X) 80,000 after optimisation technology: 70,000 VHH Concentration (ng/mL) 60,000 50,
Slide 70: Long-acting PRRSVmab for durable protection
70 First-in-class PRRSV monoclonal antibody (mAb) - engineering the best lead candidate Long-acting PRRSVmab for durable protection Key Milestones for 2025/2026: • Nominate lead candidate with the best pharmacokinetic profile and transition to Development • Start technology transfer from FairJourney
Slide 71: Novel Approach to Necrotic Enteritis: Vectored Antibodies
71 Novel Approach to Necrotic Enteritis: Vectored Antibodies
Slide 72: Necrotic enteritis biological
72 Necrotic enteritis biological Strain 1 ECO antibody 1 gene NE Lesions B.subtilis engineering to express ECO monoclonal antibodies ECO antibody 2 gene Strain 2 C.perfringens Toxin 1 Toxin 2 Oral administration of B.subtilis in feed or in water Toxin Neutralisation B.subtilis antibodies neutralise
Slide 73: Necrotic enteritis biological
73 Necrotic enteritis biological Strain 1 ECO antibody 1 gene NE Lesions B.subtilis engineering to express ECO monoclonal antibodies ECO antibody 2 gene Strain 2 C.perfringens Toxin 1 Toxin 2 Oral administration of B.subtilis in feed or in water Toxin Neutralisation B.subtilis antibodies neutralise
Slide 74: Necrotic enteritis biological: forecasted value and next milestones
74 Necrotic enteritis biological: forecasted value and next milestones Net Return to the Producer: up to €1M for every 8M broilers treated Reducing Mortality Assumptions Flock size Tx cost/bird Total Tx NE mortality Target slaughter Live weight price (euro) cost/flock (euro) % weight (kg) (euro/kg)
Slide 75: Economic Impact and Forecasting
ECO Animal Health R&D Day Economic Impact and Forecasting Mr. Chris Wilks; CFO March 2025 www.ecoanimalhealth.com
Slide 76: Introduction to the financial analysis
76 Introduction to the financial analysis • Portfolio has progressed considerably • Portfolio has a mix of risks and returns • Portfolio has a mix of near to market (late stage) mid stage and early stage • All projects are subject to rigorous business modelling at all stages, incorporating: • Animal
Slide 77: All projects overview – first market launch plan
77 All projects overview – first market launch plan First Launch Time and Market First First Projects Launch Time Launch Market MS Q2 2026 EU MG Q4 2026 NAM EU ECOVAXXIN Long-Acting Florfenicol Q1 2027 EU PCV2/MHP PRRSV mAb Q3 2027 NAM NAM ECOVAXXIN PCV2/MHP Q1 2028 NAM NAM Necrotic Enteritis Biolog
Slide 78: All projects overview – worldwide launch plan
78 All projects overview– worldwide launch plan Launching Plan Launch Plan 2026 2027 2028 2029 2030 2031 2032 2033 2034 Market Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 China Florfen LA PCV2/MHP / PRRSv mAb Japan Florfen LA PCV2/MHP /
Slide 79: All projects overview – peak revenue and EBITDA
79 All projects overview – PEAK revenue and EBITDA Peak Year Sales (£000) – BASE CASE 70,000 60,958 60,000 50,000 43,722 38,590 38,590 40,000 33,208 30,000 22,186 20,000 9,819 9,942 10,000 5,903 2034 2036 2036 2036 2036 2038 2038 2039 2038 0 MS MG Florfenicol EcoFlor LA PCV2/MHP PCV2M Hyo PRRSv mAb
Slide 80: Revenue and EBITDA 10 year outlook
80 All projects overview – revenue and EBITDA 10 year outlook KEY FINANCIAL METRICS – BASE CASE Revenue 10 Year Outlook – BASE CASE Revenue Component 2035 (£000) MG 300,000 MS 258,793 4% 243,018 250,000 9% Florfenicol LA 2% 195,490 200,000 CAGR 96.7% 150,000 109,386 100,000 51,525 50,000 31,454 5,85
Slide 81: Revenue and EBITDA 10 year outlook
81 All projects overview – revenue and EBITDA 10 year outlook KEY FINANCIAL METRICS – BASE CASE Revenue 10 Year Outlook – BASE CASE Revenue Component 2035 (£000) MG 300,000 MS 258,793 4% 243,018 250,000 9% Florfenicol LA 2% 195,490 200,000 CAGR 96.7% 13% 150,000 PCV2/MHP 109,386 100,000 51,525 50,00
Slide 82: Revenue and EBITDA 10 year outlook
82 All projects overview – revenue and EBITDA 10 year outlook KEY FINANCIAL METRICS – BASE CASE Revenue 10 Year Outlook – BASE CASE Revenue Component 2035 (£000) MG 300,000 MS Bivalent Vectored Vaccine 2% 258,793 4% 243,018 250,000 Antiparasitic Vaccine 9% Florfenicol LA 17% 2% 195,490 200,000 CAGR
Slide 83: All projects overview – NPV and IRR
83 All projects overview – NPV and IRR NPV Life Cycle (£’m) – BASE CASE 160 152 140 Probablised NPV (£'m) 120 Life Cycle NPV (£'m) 100 78 81 81 80 55 60 32 34 33 40 17 17 15 20 10 12 9 12 8 3 5 CMD Event 0 MS MG Florfen LA Long-Acting PCV2M Hyo ECOVAXXIN PRRS mAb Necrotic NEmAbEnteritis Antiparasiti
Slide 84: Valuation
84 Valuation 400 80% Ex China Cash after R&D 250 350 70% 200 300 60% 150 250 50% 100 50 200 40% 0 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 150 30% EBITDA Net cash generated Closing cash 100 20% EAH Share Stats 50 10% Share price at 10Mar25 59p Enterprise value 21m Number of shares in issue
Slide 85: Summary and Q&A
ECO Animal Health R&D Day Summary and Q&A Dr. David Hallas; CEO March 2025 www.ecoanimalhealth.com
Slide 86: Key product overview: PRRSV monoclonal antibody (mAb)
86 Key product overview: PRRSV monoclonal antibody (mAb) 1st First-in-class approach to PRRSV, Upcoming goals in class addressing: • Further enhancement (protective duration) Annual production losses globally • Key market expansion (NA PRRSV variant) • Losses in the US are £870m/year(1) • Prioritise
Slide 87: Summary
87 Summary • ECO has a diverse maturing R&D portfolio • Entered into regulatory late stage for nearest term assets • With innovative assets of significant value • Multiple opportunities to deliver value
Slide 88: ECO Animal Health R&D Day Q&A
ECO Animal Health R&D Day Q&A ECO) ANIMAL HEALTH