What does the company do?
Dechra Pharmaceuticals (“Dechra”) is a fast growing global specialist veterinary pharmaceuticals company.
Why do we like the investment?
The business is well positioned in the companion animal segment of the market, with a greater share of its business represented by this segment than any of its major veterinary peers. The companion animal market is enjoying strong fundamentals driven by growing pet ownership, particularly in emerging markets, and an increasing per capita spend on pets in developed markets. Our expectation is that Dechra will deliver strong earnings growth driven by continued new pipeline product introductions, further geographical expansion and the rapid growth of its US business. Longer-term, Dechra has an expanding pipeline with key products including Tri-Solfen, a local anaesthetic product used with food producing animals and a long-acting veterinary insulin for use in dogs. In addition the company has a strong track record of bolt-on acquisitions using its salesforce to generate increased revenues from acquired products.
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