Europe helps power Swedencare’s Q1 as U.S. vet demand stays soft

Swedencare said Europe was the standout growth engine in its first quarter of fiscal 2026, helping offset a more cautious U.S. veterinary market. The pet health company reported Q1 revenue of SEK 650.3 million, up 1% year over year, with 11% organic, currency-adjusted growth, while profit after tax came in at SEK 17.7 million. Management said Europe and the production segment each delivered organic growth above 20%, with strength in pharma, EU-based manufacturing, and brands including ProDen PlaqueOff®, even as a stronger Swedish krona muted reported top-line growth. Swedencare’s April 23 interim report also pointed to continued softness in U.S. clinic traffic and a shift toward digital purchasing, a contrast the company drew directly with stronger European demand. (swedencare.com)

Why it matters: For veterinary professionals, the quarter offers another signal that pet health demand is fragmenting by geography and channel. Swedencare has been leaning into veterinary, online, dental, dermatology, and pharma categories across Europe, where it has previously highlighted especially strong momentum in the UK and Nordics and double-digit veterinary-channel growth. That matters for clinics, distributors, and industry partners because suppliers with stronger European exposure may be better positioned right now than those tied more heavily to U.S. clinic volumes alone. At the same time, Swedencare said demand from larger veterinary dermatology customers remains softer, though order intake improved early in Q2 and management expects dermatology growth to return later in 2026. (swedencare.com)

What to watch: Swedencare’s June 2, 2026 Capital Markets Day, second-quarter dermatology trends, and whether Europe can keep outpacing a still-cautious U.S. veterinary market will be the next key markers. (swedencare.com)