ECO Animal Health Group has announced that the European Commission has adopted the decision granting EU marketing authorisation (MA) for ECOVAXXIN® MS, the poultry vaccine against Mycoplasma synoviae. This important authorisation is key to commercialisation of this, the first of several major products under development to receive approval. As the Group notes, the MA has been issued over a month earlier than anticipated. ECOVAXXIN® MS provides active immunisation of future layer and breeder chickens from four weeks old, helping to reduce air-sac and foot-pad lesions and egg production losses caused by Mycoplasma synoviae infection. We note that similar progress for ECOVAXXIN®MS in the US is anticipated by the end of CY26, following completion of a key efficacy study. EAH has stated that it expects a peak contribution to revenue from ECOVAXXIN®MS of c.£22m. As reaffirmed at H126 results, our Fair Value is 136p/share.