Eco Animal Health Group said its profit has grown 8% to $24 million in the year ending March 31, and it owes much of that growth to its star product, Aivlosin, an antibiotic for poultry and swine targeting respiratory and enteric diseases.
The London-based company, in an earnings report released July 28, said its group sales increased by 10% to $54.2 million compared to the same period last year. Its global sales of Aivlosin (tylvalosin) were up over 22% and "boosted particularly by North American demand where our business is still in its early stages but showing very significant and exciting potential," wrote Executive Chairman Peter Lawrence in the earnings report.
Eco gained new marketing authorizations for Aivlosin in late 2013 and early 2014, which include approvals for use for turkeys in the EU and for pigs in South Korea. Further new authorizations will also allow the company to broaden the antibiotic's indications in Russia and Canada. Lawrence wrote in the earnings report that the company expects these new authorizations to have a growing impact on financial earnings in the years ahead.
The company's overall growth was also fueled by its operations in China, where it has two subsidiaries. Its subsidiary Zhejiang Eco Biok Animal Health Products grew with sales up by over 33%. Eco also has Asian subsidiaries in Japan and India, which did not grow as much as its Chinese operations. Latin American sales, the company said, were hampered by ongoing uncertainty amid the countries' economic and political situations.
- here's the earnings report