Parnell Pharmaceuticals Holdings Ltd Announces Business Results for the Three Months Ended March 31, 2018 and Reports 2017 Full Year Financial Results.

Parnell accelerates growth in revenue and EBITDA for the three months ended March 31, 2018, growing revenues by 107% and improving EBITDA by $3.9 million over the same period in 2017; licenses novel IP to a human pharmaceutical company; further rationalizes investment in pipeline projects; and affirms 2018 guidance of 30 - 35% revenue growth to $25 - $26 million and an EBITDA range of $5.0 - $6.0 million.

Parnell Pharmaceuticals Holdings Ltd (OTC: PARNF) today announced; business results for the three months ended March 31, 2018 including revenue growth of 107% over the comparable period in 2017 to $5.2 million, a $3.9 million improvement over 2017 in year-to-date EBITDAOI to $0.4 million; a new global licensing agreement with a major human pharmaceutical company; updates to product development, and financing activities; and reported audited results for the financial year ended December 31, 2017 in line with previous guidance.

Brad McCarthy, CEO and Executive Director, said; "Today we are pleased to announce that in the three months ended March 31, 2018, Parnell made significant progress towards delivering on our revenue and EBITDA guidance for 2018. I am very happy with our initial achievements in the first quarter of 2018: doubling our revenues and delivering a $3.9 million improvement in EBITDAOI are both encouraging results in addition to progressing a number of strategic initiatives as anticipated in our prior release. We also report our audited financial results for the full year 2017 which confirm the updated 2017 guidance communicated in our January 11, 2018 Earnings Release.

"Even more pleasing was our US Production Animal performance in the three months to 31 March 2018, where our expanded and better focused US Production team grew in-Market product sales 34% over the same period in 2017, while more effective distributor engagement led to ex-Parnell sales in this business unit increasing 198%. Since late 2017, we have increased our field sales team and focused on entrenching our digital technology mySYNCH as the cornerstone of our 'best value' market proposition for dairy producers and veterinarians. The conversion of these efforts to industry-leading sales growth is clearly evident in the results we announce today."

Mr. McCarthy continued; "In the same period our contract manufacturing ('CMO') team continued to bed down new contracts won in 2017, preparing to deliver pre-ordered product under those contracts once the technology transfer phase is complete. Notwithstanding that some key regulatory processes are, as anticipated, still playing out we remain on track with guidance for CMO sales to double in 2018 over 2017.

"Sales in our US Companion business showed a promising start to 2018, being on track to guidance for the first time since the business unit was established in 2015. Having now fully transformed to a digital marketing and e-commerce model, our US Companion team has configured the business unit for year-on-year growth from a cost base less than one-half of the size of 2017. In-house production of Glyde Chews is now established and our manufacturing team is focused on accelerating throughput to meet our growth targets."

"Proprietary product sales in our Australian, New Zealand and Rest of World geographic regions continued to track to 2018 guidance, highlighted by year-on-year growth of 18% in the Australian Companion business," Mr. McCarthy stated.

Partnering and Business Development

Dr. Alan Bell, Executive Director and Chairman of the Board, said; "Since the beginning of 2018 we have opened discussions with multiple potential new CMO customers for our injectables facility. While negotiations are in early stages and outcomes unknown, the level of demand being experienced would potentially, if realized, occupy much of the remaining capacity of our present facility configuration and secure the CMO revenue growth we are seeking for 2019."

"The years of development and investment that created our unique know-how and advanced Drug Master File, ('DMF') for the active pharmaceutical ingredient ('API'), in Zydax have led to us striking a Licensing Agreement with a major human generic pharmaceutical company. Under the Agreement, Parnell grants an exclusive global license to synthesize and commercialize Parnell's proprietary Pentosan Polysulfate API for the human market that will book a modest sign-on fee to Parnell's 2018 income at the outset; the remainder of the commercial terms are contingent and confidential," Dr. Bell said. "The project carries inherent technical, regulatory and market risks but we believe we have engaged a partner with the positioning, resources and will to tackle those challenges," he concluded.

Strategic Review of Product Pipeline

Dr. Bell said; "As advised in our January 11, 2018 Earnings Release, we are engaged in a complete Board-level review of our development pipeline. This review has already concluded that, with the benefit of better clarity around the risk profile for its pharmaceutical development pathway, our bone candidate PAR121 should not incur further investment of shareholder funds. Accordingly, the Board has taken the decision to terminate the Company's in-licensing agreement for PAR121, in a similar manner as previously communicated in January 2018 for the termination of PAR122. Within the same strategic review, the Board has further determined to continue seeking a clinical partner for Zydax Canine and to formally terminate all other internal pipeline projects as the Company focuses investment and effort on its cash generating business units and explores new collaborations."

"As above, our review seeking a change in the direction of the Zydax Canine clinical development path is ongoing. Since late 2017 we have opened discussions with multiple parties with presence and track record in the clinical field on potentially partnering with us. To date none of those discussions has led to an alternative clinical path for Zydax. As communicated in our January 11, 2018 Earnings Release, the previous clinical pathway for Zydax is not feasible and accordingly the financial statements for the year ended December 31, 2017 include an impairment charge of $5.5 million," Dr. Bell said.

Financing, Capital Management and Corporate Update

Dr. Bell said; "In early 2018 the Board formed the view that the cost of our debt was higher than necessary given our sharpened strategic focus on earnings growth and profitability had begun to deliver significant improvement in our financial performance. At the same time the Board noted that the tenor and amortization schedule of the existing primary debt facility had been struck to correlate with US marketing authorization of Zydax Canine, which had not occurred. The Board then resolved that Mr. McCarthy should engage with the debt markets to explore refinancing opportunities that would potentially reconfigure our debt in line with the present circumstances."

Mr. McCarthy said; "We are pleased to advise that the Company has been able to progress its debt financing discussions and, subject to lender agreements being put in place, has taken steps to significantly reduce our cost of debt and to improve timing of principal repayments. A number of conditions precedent must finalize before proceeding and we intend to work diligently on these during the second quarter."

Dr. Bell said; "Since late 2017 we have moved quickly and decisively to deal with ongoing ex-employee litigation. With the assistance of counsel and under mediation we have been able to settle all suits from one such litigant and we continue to work towards the resolution of the other."

Dr. Bell said; "In the same period we also negotiated a new lease at our Overland Park, KS location that fully accommodates our current staffing and reduces our rental expense by approximately $0.5 million on an annualized basis. In the negotiations the landlord agreed to terminate the previous lease, which had 7 years to run, without penalty thereby reducing our future obligations by $3.1 million."

Commercial Highlights to March 31, 2018

Unless otherwise specified, all amounts are presented in Australian Dollars (AUD).

Turning to the business performance for the period to 31 March 2018, your directors report the following achievements:

o Total Company sales of $5.2 million for the three months ended March 31, 2018, comprising growth of 107% over the same period in 2017;

o Production Animal sales of $3.4 million for the three months ended March 31, 2018, comprising growth of 92% over the same period in 2018. This growth was underpinned by a strong performance in the U.S. (198% above 2017) and ANZ (12% above 2017). Sales in our Rest of World markets were down year-on-year due to timing of orders to distribution partners in these regions but remain on track with our full year 2018 guidance. In-Market (from Distribution to Veterinarians and Producers) sales in the U.S. continued to grow strongly, up 34% over the same period in 2017, despite previously open territories only being filled during the first quarter. This strong in-Market performance continues to demonstrate the success of our strategy of clinical science leadership through our breeding program PROCEPT ® and through mySYNCH®, our innovative digital technology that assists dairy farmers to improve the profitability of their operations.

o Companion Animal sales of $0.6 million for the three months ended March 31, 2018, comprising a 17% reduction over the same period in 2017. This year-on-year reduction in ex-Parnell sales is fully attributable to the US Companion Animal segment, which was 54% below the same period in 2017 due to the reduction in sales and marketing presence as previously communicated. The in-Market result for Quarter One 2018 was encouraging and this business unit is anticipated to remain on track with 2018 guidance. The Australian Companion business continues to perform strongly with a further positive sales performance in the first three months of the year, being 18% up over the same period in 2017.

o Contract Manufacturing revenues for the three months ended March 31, 2018 were $1.2 million, with no revenue generated from this business unit for the same period in 2017. Technology transfer activities from our 2017 awarded contract continued in Quarter One 2018 and are scheduled to convert, subject to regulatory approvals, to sales of pre-ordered product in 2018 as contracted.

o EBITDAOI (being Earnings Before Interest, Tax, Depreciation, Amortization and Other Income/(Expenses)) improved $3.9 million to $0.4 million for the three months ended March 31, 2018 compared to the same period ended March 31, 2017.

2018 Guidance

Unless otherwise specified, all amounts are presented in Australian Dollars (AUD).

Mr. McCarthy said, "As a result of the implementation of recent initiatives and our performance from Quarter One 2018, your directors affirm 2018 full year revenue guidance, as previously communicated in our January 11, 2018 update, in the range of $25.0 to $26.0 million, being a 30% to 35% increase over 2017 and an EBITDAOI range of $5.0 to $6.0 million, compared to a close-to-break-even result in 2017."

Financial Results for the three months ended March 31, 2018:

Unless otherwise specified, all amounts are presented in Australian Dollars (AUD).

Revenue:

Total revenue was $5.2 million for the three months ended March 31, 2018, a 107% increase compared to the same period in 2017. A detailed description of the revenue performance by business unit is provided above.

Expenses:

Cost of Sales for the three months ended March 31, 2018 was $2.0 million, compared to $1.6 million for the comparable period in 2017. Gross margin as a percentage of revenue, using a Cost of Goods Sold - Product basis, was 86% for the first three months of 2018 compared to 78% in 2017, due to a higher mix of US Production Animal sales in 2018 compared to 2017 and improved manufacturing operations and efficiencies implemented in late 2017.

Selling and Marketing expenses decreased by $0.6 million, or 31% to $1.3 million for the first three months of 2018 compared to the same period in 2017 resulting from the continued reduction of our US Companion Animal field sales and marketing cost base.

Regulatory and R&D spending year to date 2018 was $0.2 million, a 58% reduction over the same period in 2017. Termination of PAR121 and PAR122, communicated previously and above is the major contributor to this reduction.

Administration expenses: Due to an overall reduction in the size of corporate operations implemented in late 2017, administration expenses decreased $0.6 million, or 31% to $1.3 million, in the three months ended March 31, 2018, compared to $2.0 million for the same period in 2017. Your directors believe these significant savings in administration expenses have been vital to our stated goal of becoming EBITDA break-even in 2017. Recent senior personnel changes and the execution of a more appropriately sized lease for the US Corporate Office in Kansas City are expected to deliver a full year reduction in administration expenses of $0.8 million in 2018 over 2017.

Finance costs of $1.1 million for the first three months of 2018 increased by $26 thousand over the same period in 2017. The small increase was entirely due to foreign exchange movements.

Other Income/(expense) for the three months ended March 31, 2018 was income of $0.8 million compared to a $2.3 million expense for the same period in 2017. This reduction in expense is entirely due to foreign exchange movements between the Australian dollar and the US dollar for the period.

Earnings Before Interest, Tax, Depreciation, Amortization and Other Income/(Expense) (EBITDAOI) & Net Loss after Tax:

Earnings Before Interest, Tax, Depreciation, Amortization and Other Income/(Expense) for the first three months of 2018 improved by $3.9 million to a profit of $0.4 million compared to a $3.5 million loss for the same period in 2017. As stated above, this was achieved by positive revenue growth for the quarter in conjunction with significant operational cost reductions totaling $1.5 million for the quarter.

Net loss after tax for the period ended March 31, 2018 improved by $7.1 million to $0.5 million compared to $7.6 million in 2017.

The unaudited Financial Statements for the three months ended March 31, 2018 compared to prior year can be found below.

Financial Results for the twelve months ended December 31, 2017:

Unless otherwise specified, all amounts are presented in Australian Dollars (AUD).

The audit of our full year 2017 financial accounts has been completed, with the full set of financial statements to be distributed in the coming week. The following is a summary of those results.

As previously communicated, the majority of our 2017 revenue performance was in line with previously stated guidance, although underperformance in our US Companion business throughout 2017 resulted in a substantial reduction in guidance for this segment over the course of the year. Notwithstanding, a break-even EBITDAOI result was achieved in line with previous communication. A number of one-off extraordinary items were recorded in 2017 as detailed below. As stated elsewhere, our cost base has been correspondingly reduced to support a positive EBITDA contribution in 2018.

Revenue:

Total revenue was $19.1 million for the twelve months ended December 31, 2017, and was flat with the same period in 2016.

Our operating segments performed as follows:

o Production Animal - US: ex-Parnell revenue for the period was $9.2 million, which was in line with the same period in 2016. Despite having an average of only 5 territories occupied by sales staff, our market share continued to grow with in-Market sales increasing by 15% over the twelve months ended December 31, 2016.

o Production Animal - Rest of World (ROW): Revenue for twelve months ended December 31, 2017 increased by $0.3 million (14%) to $2.3 million compared to the same period in 2016. This increase is due to the combined effect of increases in Australia ($0.1 million), the Middle East & Africa ($0.1 million) and New Zealand ($0.1 million).

o Companion Animal: Companion Animal revenues were $3.2 million for the period, a 14% reduction compared to the same period in 2016. This was due to a $0.8 million (36%) reduction in US Companion revenue, partially offset by a continued strong performance in the Australian Companion Animal business which grew by a further $0.2 million (12%) for the full year 2017 compared to the same period in 2016.

o Contract Manufacturing: revenues of $4.3 million were generated in the twelve months of 2017 compared to $3.9 million during the same period in 2016, a $0.5 million or 12% increase.

Expenses:

Cost of Sales for the year ended 2017 were $7.3 million, compared to $8.2 million for the same period in 2016. Gross margin as a percentage of revenue, using a Cost of Goods Sold - Product basis, was 84% for 2017 compared to 81% in 2016.

Selling and Marketing expenses decreased by $7.6 million, or 54%, to $6.5 million in 2017 compared to the same period in 2016 resulting from the continued reduction of our US Companion Animal field sales and marketing cost base as previously communicated.

Regulatory and R&D spending year for 2017 was $0.9 million, a 37% reduction over the $1.5 million spent for the same period in 2016. All development costs directly associated with the Zydax development work during the periods ended December 31, 2017 and 2016 respectively, have been capitalized and a full impairment charge for the Zydax Canine project was taken at December 31, 2017 (see below).

Administration expenses decreased $6.9 million, or 62%, to $4.2 million in the year ended 2017 compared to $11.1 million for the same period in 2016 in line with the move from the NASDAQ to the OTC Open Market in December 2016 and due to an overall reduction in the size of corporate operations.

Finance costs increased $5.4 million to $9.2 million in 2017 compared to $3.8 million for the same period in 2016. The increase in 2017 is due to refinancing of our previously held $USD11.0 million term loan in late 2016. This facility was in place for the first 10 months of 2016 and was fully paid out with the proceeds of a $USD20.0 million term loan in November 2016, resulting in higher interest charges and deferred finance costs incurred in 2017 compared to the same period in 2016.

Other Income/(expense) for the twelve months ended December 31, 2017 rose to an expense of $2.8 million compared to $0.9 million in income for the same period in 2016. This increase was primarily due to foreign exchange movements between the Australian dollar and the US dollar for the period. For 2017, $0.7 million was recorded in Other Income as part of research and development incentives received in Australia compared to $1.0 million recorded during the same period in 2016.

Extraordinary items for the twelve months ended December 31, 2017 were an expense of $3.2 million compared to $0.2 million for the same period in 2016. These items comprised; $1.0 million in 2017 of settlement and legal costs associated with ex-employee claims and $0.2 million in 2016, $1.5 million in inventory revaluation charges taken as a result of improved manufacturing efficiencies, thereby reducing the cost of inventory recorded ($Nil in 2016), and a $0.6 million write off of receivables due to a customer being placed into administration in the Middle East ($Nil in 2016).

Impairment of Intangible Assets: for the twelve months ended December 31, 2017 an impairment of Intangible Assets charge of $5.5 million was incurred compared to $Nil in 2016. As previously communicated, the Company received regulatory notifications in late 2017 stating that the clinical results of the most recent Zydax Canine clinical study did not meet the endpoint for marketing authorization. From those and subsequent regulatory communications it became clear to the Board that further studies pursuing the proposed indication would not be acceptable, nullifying the investment to date in clinical studies targeted at that product claim. Based on that information the carrying value of the Zydax Canine project was written down to $Nil at December 31, 2017.

Earnings Before Interest, Tax, Depreciation, Amortization and Other Income/(Expense) (EBITDAOI) & Net Loss after Tax:

Earnings Before Interest, Tax, Depreciation, Amortization and Other Income/(Expense) for the twelve months ended December 31, 2017 improved by $16.1 million to a small profit of $0.1 million compared to a $15.9 million loss for the same period in 2016. This was achieved by total revenue being in line with prior year and significant operational cost reductions of $15.1 million and improvement in manufacturing operations delivering a $0.9 million increase in gross margin.

Net loss after tax for the period ended December 31, 2017 increased by $1.4 million to $23.1 million compared to $21.7 million in 2016 as a result of the items detailed above.

The audited Financial Statements for the twelve months ended December 31, 2017 compared to prior year can be found on below.

As per prior years, the full 2017 audited financial statements will be provided with our Notice of Annual General Meeting.

About Parnell

Parnell (OTC: PARNF) is a fully integrated pharmaceutical company focused on developing, manufacturing and commercializing innovative animal health solutions. Parnell is a technology and clinical science leader in dairy reproduction, marketing and growing its proprietary brands estroPLAN and GONAbreed via its dedicated sales force and digital technology mySYNCH in the USA and Australia-New Zealand, and via distributors in other markets. Parnell has a rapidly growing contract manufacturing business supplying industry majors with specialized sterile injectable products. In companion animal, Parnell markets its proprietary canine osteoarthritis brands Zydax and Glyde.

For more information on the company and its products, please visit www.parnell.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements and information within the meaning of the U.S. Private Securities Reform Act of 1995. Words such as "may," "anticipate," "estimate," "expects," "projects," "intends," "plans," "develops," "believes," and words and terms of similar substance used in connection with any discussion of future operating or financial performance identify forward-looking statements. Forward-looking statements represent management's present judgment regarding future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks include, but are not limited to, risks and uncertainties regarding Parnell's research and development activities, its ability to conduct clinical trials of product candidates and the results of such trials, as well as risks and uncertainties relating to litigation, government regulation, economic conditions, markets, products, competition, intellectual property, services and prices, key employees, future capital needs (including the ability to progress its current debt refinancing discussions), dependence on third parties, and other factors, including those described in Parnell's Annual Report on Form 20-F filed with the Securities and Exchange Commission, or SEC, on March 31, 2017, along with its other reports filed with the SEC. In light of these assumptions, risks, and uncertainties, the results and events discussed in any forward-looking statements contained in this press release might not occur. Investors are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this press release. Parnell is under no obligation, and expressly disclaims any obligation, to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise.

# # #

For more information, contact:

Parnell Pharmaceuticals Holdings

Brad McCarthy, +61 2 9667 4411

brad.mccarthy@parnell.com

Financial Statement for the three months ended March 31, 2018

Consolidated Statements of Comprehensive Loss (Unaudited)

For the Three -Months Ended March 31 ,

2018

2017

($AUD)

($AUD)

Revenue

5,159,999

2,493,494

Cost of goods sold

(1,907,232)

(1,641,256)

Gross Margin

3,252,767

852,238

Selling and Marketing expenses

(1,292,258)

(1,869,269)

Regulatory, R&D expenses

(241,534)

(568,822)

Administration Expenses

(1,352,745)

(1,957,033)

E.B.I.T.D.A.O.I.

366,231

(3,542,886)

Depreciation and Amortisation expenses

(567,328)

(644,841)

Finance costs

(1,066,182)

(1,040,103)

Other income/(expense)

827,783

(2,346,727)

(Loss)/profit before income tax

(439,497)

(7,574,557)

Income tax expense

0

510

(Loss)/profit for the year

(439,497)

(7,574,047)

Foreign currency translation

(1,411,970)

2,934,059

Total comprehensive loss for the year

(1,851,467)

(4,639,988)

Consolidated Balance Sheets

( Unaudited )

31March 2018

AUD$

31 December 2017

AUD$

ASSETS

CURRENT ASSETS

Cash and cash equivalents

1,630,729

2,378,950

Trade and other receivables

1,726,415

2,555,341

Inventories

2,586,604

2,136,123

Prepayments

310,776

306,354

TOTAL CURRENT ASSETS

6,254,524

7,376,768

NONCURRENT ASSETS

Trade and other receivables

69,817

65,306

Property, plant and equipment

10,452,922

10,593,383

Intangible assets

12,388,438

12,168,712

TOTAL NONCURRENT ASSETS

22,911,177

22,827,401

TOTAL ASSETS

29,165,701

30,204,169

LIABILITIES

CURRENT LIABILITIES

Trade and other payables

8,397,870

8,150,610

Borrowings

3,895

9,990

Provision for employee benefits

660,998

577,840

TOTAL CURRENT LIABILITIES

9,062,763

8,738,440

NONCURRENT LIABILITIES

Trade and other payables

459,292

480,872

Borrowings

32,608,228

32,174,792

Provision for employee benefits

141,149

126,924

TOTAL NONCURRENT LIABILITIES

33,208,669

32,782,588

TOTAL LIABILITIES

42,271,432

41,521,028

NET ASSETS

(13,105,731)

(11,316,859)

EQUITY

Ordinary shares

63,521,533

63,521,533

Sharebased compensation reserve

3,654,845

3,592,250

Reserves

(1,440,297)

(28,327)

Accumulated losses

(78,841,812)

(78,402,315)

TOTAL EQUITY

(13,105,731)

(11,316,859)


Financial Statement for the three months ended December 31, 2017

For the Twelve -Months Ended December 31 ,

2017

2016

($AUD)

($AUD)

Revenue

19,127,432

19,048,651

Cost of goods sold

(7,347,976)

(8,211,453)

Gross Margin

11,779,456

10,837,198

Selling and Marketing expenses

(6,479,063)

(14,111,663)

Regulatory, R&D expenses

(939,137)

(1,494,800)

Administration Expenses

(4,221,258)

(11,146,821)

E.B.I.T.D.A.O.I.

139,997

(15,916,086)

Extraordinary items

(3,151,529)

(236,108)

Impairment of intangible assets

(5,537,704)

0

Depreciation and Amortisation expenses

(2,509,581)

(2,625,208)

Finance costs

(9,245,228)

(3,821,345)

Other income/(expense)

(2,812,233)

916,358

(Loss)/profit before income tax

(23,116,278 )

(21,682,389)

Income tax expense

(12,111)

(9,054)

(Loss)/profit for the year

(23,128,389)

(21,691,443)

Foreign currency translation

3,913,836

(727,603)

Total comprehensive loss for the year

(19,214,553)

(22,419,046)

Consolidated Balance Sheets

( Unaudited )

31 December 2017

AUD$

31 December 2016

AUD$

ASSETS

CURRENT ASSETS

Cash and cash equivalents

2,378,950

7,115,498

Trade and other receivables

2,555,341

4,922,086

Inventories

2,136,123

3,622,891

Prepayments

306,354

441,189

TOTAL CURRENT ASSETS

7,376,768

16,101,664

NONCURRENT ASSETS

Trade and other receivables

65,306

723,739

Property, plant and equipment

10,593,383

12,128,392

Intangible assets

12,168,712

18,624,832

TOTAL NONCURRENT ASSETS

22,827,401

31,476,963

TOTAL ASSETS

30,204,169

47,578,627

LIABILITIES

CURRENT LIABILITIES

Trade and other payables

8,150,610

7,875,987

Borrowings

9,990

10,178

Provision for employee benefits

577,840

623,574

TOTAL CURRENT LIABILITIES

8,738,440

8,509,739

NONCURRENT LIABILITIES

Trade and other payables

480,872

1,087,670

Borrowings

32,174,792

29,831,992

Provision for employee benefits

126,924

85,528

TOTAL NONCURRENT LIABILITIES

32,782,588

31,005,190

TOTAL LIABILITIES

41,521,028

39,514,929

NET ASSETS

(11,316,859)

8,063,698

EQUITY

Ordinary shares

63,521,533

63,522,251

Sharebased compensation reserve

3,592,250

3,757,536

Reserves

(28,327)

(3,942,161)

Accumulated losses

(78,402,315)

(55,273,928)

TOTAL EQUITY

(11,316,859)

8,063,698

Source: Parnell Pharmaceuticals Holdings

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Parnell (OTC:PARNF) is a fully integrated, veterinary pharmaceutical company focused on developing, manufacturing and commercializing innovative animal health solutions.