Eco Animal Health reports that the Committee for Medicinal Products for Veterinary Use (CVMP) of the European Medicines Agency (EMA) has adopted a Positive Opinion recommending the granting of EU marketing authorisation for ECOVAXXIN® MS, the EAH vaccine against Mycoplasma synoviae in poultry. The authorisation represents a significant step towards commercialisation. CEO David Hallas commented: "We are delighted to have received a Positive Opinion from the CVMP for ECOVAXXIN MS …This marks an exciting time for the Company, with further submissions expected over the next 12 months for additional products from our R&D pipeline, underpinning ECO's next phase of growth." Eco Animal Health expects the EMA to issue a marketing authorisation during the first quarter of 2026, so that the Group anticipates making ECOVAXXIN® MS commercially available in the European Union in the second half of 2026 (as expected and outlined in FY25 results). EAH submitted its Market Authorisation Application (MAA) for ECOVAXXIN® MS on 3 March 2025. During the coming 12 months we expect the Group to submit marketing authorisation requests for ECOVAXXIN® MS in additional geographies and make further submissions for vaccine products in its R&D pipeline, with eight projects prominent. Our Fair Value remains 136p per share, indicative of 7.8x FY27E EV/EBITDA (3.4x currently).