ECO Animal Health’s lead product, Aivlosin®, continues to generate strong growth in multiple geographies. The recent additional product approvals in the US and Europe along with prospective new market opportunities provide an attractive outlook. We estimate a c.15% 3 year CAGR for Aivlosin® sales, with new marketing authorisations providing upside potential. We initiate coverage with a 498p Target Price and a Buy recommendation.