{"id":887020,"date":"2026-07-15T10:25:41","date_gmt":"2026-07-15T08:25:41","guid":{"rendered":"https:\/\/dev.intervacc.se\/for-the-investor\/"},"modified":"2026-10-20T15:40:49","modified_gmt":"2026-10-20T13:40:49","slug":"for-investors","status":"publish","type":"page","link":"https:\/\/intervacc.se\/en\/for-investors\/","title":{"rendered":"For Investors"},"content":{"rendered":"
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For Investors<\/h1>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n
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<\/div><\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n
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\"QuotationStrangvac’s proven properties, the promising results in the development of Piggivac, and the growth of our Swedish veterinary business give me strong confidence in the company’s potential for long-term, sustainable growth.<\/p>\n<\/div><\/div>\n\n

\"Pigs<\/span><\/div>\n\n

Our vaccine candidate Piggivac™<\/strong> is expected to provide broad protection against S. suis, which not only promotes animal health in pigs but also holds significant market potential.<\/p>\n<\/div><\/div>\n<\/div>\n\n

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From proven strength to broader impact<\/h3>\n<\/div><\/div>\n\n

Six months have now passed since I took up the position of CEO of Intervacc. During this time, two things have become particularly clear. The first is the strength of the scientific evidence supporting Strangvac\u00ae. New data continue to be published, reinforcing the picture of both long-lasting immunity and extended protection. The second is that it has so far been difficult to reach the market in Europe. <\/p>\n<\/div><\/div>\n<\/div>\n\n

\n
\"Carl-Johan<\/span><\/div>\n\n

Carl-Johan<\/strong>
Dalsgaard<\/strong> took up
the position of CEO in February.<\/p>\n<\/div><\/div>\n<\/div>\n\n

\n

FEW WORDS FROM THE CEO<\/h2>\n<\/div><\/div>\n\n

CEO statement from the interim report, January\u2013June 2026<\/strong>
The text below is an excerpt from the CEO statement in Intervacc’s interim report for January\u2013June 2026, published on August 20, 2026.
Read the full interim report here<\/a> \u00bb
<\/strong><\/p>\n<\/div><\/div>\n<\/div>\n\n

\n

Clear commercial priorities<\/span>
During the first half of the year, revenue from Strangvac\u00ae generated by our Swedish sales team increased by 54 percent compared with the corresponding period last year. At the same time, revenue in the rest of Europe decreased by 63 percent. This development shows that we need to strengthen commercialization in the European markets, and together with Dechra we have therefore intensified our marketing efforts. <\/p>\n

In parallel, work continues on Strangvac\u00ae in new markets and on the development of the vaccine candidate Piggivac™. Our Swedish operations with other veterinary medicinal products developed positively, with sales increasing by 33 percent during the first
half of the year. Our priorities are clear: to increase the commercial impact of Strangvac, advance our development projects, and build a broader and growing veterinary business. <\/p>\n

Stockholm, August 20, 2026<\/p>\n

Carl-Johan Dalsgaard
Chief Executive Officer<\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n

\n
\n
\n
\"Carl-Johan<\/span><\/div>\n\n

Carl-Johan<\/strong>
Dalsgaard<\/strong> took up
the position of CEO in February.<\/p>\n<\/div><\/div>\n\n

\"Pigs<\/span><\/div>\n\n

“Thanks to the support from Intervacc’s<\/strong>
shareholders<\/strong>, we are able to develop innovative
vaccines that contribute to better health for horses and pigs by protecting against potentially fatal infections,” says Carl-Johan Dalsgaard, CEO.<\/p>\n<\/div><\/div>\n<\/div>\n\n

\n

Proof that we’re making progress
\u2013 on several fronts<\/h2>\n<\/div><\/div>\n\n

During my first three months as CEO of Intervacc, my view of the company has been confirmed. I see a company with enormous potential, an organization with dedicated employees, and a vaccine platform that is every bit as outstanding as I had hoped. We now face an exciting phase of expansion in which my focus will be to accelerate our commercialization and scale up operations in order to also achieve profitability. <\/p>\n<\/div><\/div>\n\n

The intensive, long-term effort in Sweden to raise awareness of strangles, infection control and vaccination is now clearly starting to pay off. Sales of Strangvac\u00ae<\/sup> in Sweden during the quarter totaled 3,576 doses, corresponding to a 148% increase compared with the first quarter of 2025. <\/p>\n

The increase is clear evidence that our awareness efforts have reached the market and are now translating into actual demand. It also confirms that Strangvac\u00ae<\/sup> works well and is a well-regarded product. Our ambition is to continue building on this. <\/p>\n

In Europe, outside Sweden, we have not yet achieved the same impact together with our partner Dechra \u2013 sales growth has not taken off as we had expected. Sales in the rest of Europe during the quarter totaled 5,936 doses, corresponding to a 62% decrease compared with 2025. The decline is due to the fact that sales during the corresponding period last year benefited from a temporary and successful pricing campaign in the UK. <\/p>\n

On a rolling twelve-month basis, total dose sales in Sweden and the EU increased by 58% in Q1 2026 compared with the corresponding period last year.<\/p>\n

 <\/p>\n

Two key initiatives<\/strong>
To strengthen the conditions for continued launch in Europe and the upcoming launch in the US, we held a Key Opinion Leader meeting in Edinburgh, Scotland in April, attended by 26 world-leading experts from these markets. The company was also active in “Strangles Awareness Week,” a campaign that started in the UK and Sweden but has now also been introduced in several countries across Europe. <\/p>\n

<\/strong><\/p>\n

Groundwork laid in the US<\/strong>
The registration-enabling studies with Strangvac\u00ae<\/sup> in the US are progressing according to plan. Approximately 100 horses have been included in the ongoing safety study, and only expected and mild side effects have been observed. <\/p>\n

We do not expect to encounter the slower sales development we have seen in Europe in the US. There, approximately 75% of all horses are vaccinated against one or more diseases, and around 20% are already vaccinated against strangles \u2013 despite only having access to older versions of strangles vaccines with limited documented efficacy and significant side effects. In other words, awareness of the disease and willingness to vaccinate are already in place, providing favorable conditions ahead of the launch of Strangvac\u00ae<\/sup>. <\/p>\n

<\/strong><\/p>\n

A groundbreaking breakthrough for the pig vaccine<\/strong>
Perhaps the most significant event during the first quarter was the strongly positive results from the challenge study with the streptococcal infection S. suis in pigs vaccinated with Piggivac\u00ae<\/sup> compared with placebo. The vaccine is administered to sows, which then transfer protective antibodies to their newborn piglets through nursing. The study thus demonstrates protection in newborn piglets against the two most common and serious serotypes of the bacterium. <\/p>\n

Work now continues on optimizing dosage and evaluating how broad a protection the vaccine can provide, ahead of the next step involving registration-enabling studies. A vaccine offering broad protection against S. suis has significant market potential, as there are currently no commercial vaccines available and the infection causes substantial economic losses for the pig industry worldwide. <\/p>\n

<\/strong><\/p>\n

Looking ahead<\/strong>
A number of strategic initiatives have now been launched to accelerate the market introduction of
Strangvac\u00ae<\/sup>. We will also continue to develop the product for the US market and continue documenting its clinical and commercial benefits. <\/p>\n

As we now conduct studies in the US and engage Key Opinion Leaders there, awareness of the vaccine and its benefits is beginning to spread, and with that momentum we are now beginning to search for a partner for the US market.<\/p>\n

My expectations for the company’s vaccine platform are high, and I see two clear catalysts for future growth in particular: the US launch of Strangvac\u00ae<\/sup> and the subsequent launch of Piggivac\u00ae<\/sup>, which has the potential to become a unique and sought-after product in the pig industry.<\/p>\n

<\/strong><\/p>\n

A warm thank you<\/strong>
With great confidence in our products, which have demonstrated superior properties, and with optimism ahead of the important upcoming launches, I would like to extend a warm thank you to Intervacc’s shareholders and other stakeholders. It is your support that enables our efforts to develop innovative vaccines that contribute to better health for horses and pigs by protecting against potentially fatal infections. <\/p>\n

Stockholm, May 13, 2026<\/p>\n

Carl-Johan Dalsgaard
Chief Executive Officer<\/p>\n<\/div><\/div>\n<\/div>\n\n

\n

A FEW WORDS FROM THE CEO<\/p>\n<\/div><\/div>\n\n

CEO statement from the interim report, January\u2013June 2026<\/strong>
The text below was published on August 20, 2026 as part of Intervacc’s interim report. Information regarding studies, regulatory processes and future development reflects the circumstances and the company’s assessments at the time of publication.
Read the full interim report here<\/a> \u00bb
<\/strong> <\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n

\n
\n
\n
\"Carl-Johan<\/span><\/div>\n\n

Carl-Johan<\/strong>
Dalsgaard<\/strong> took up
the position of CEO in February.<\/p>\n<\/div><\/div>\n\n

Proof that we’re making progress
\u2013 on several fronts<\/h2>\n<\/div><\/div>\n\n

During my first three months as CEO of Intervacc, my view of the company has been confirmed. I see a company with enormous potential, an organization with dedicated employees, and a vaccine platform that is every bit as outstanding as I had hoped. We now face an exciting phase of expansion in which my focus will be to accelerate our commercialization and scale up operations in order to also achieve profitability. <\/p>\n<\/div><\/div>\n\n

The intensive, long-term effort in Sweden to raise awareness of strangles, infection control and vaccination is now clearly starting to pay off. Sales of Strangvac\u00ae<\/sup> in Sweden during the quarter totaled 3,576 doses, corresponding to a 148% increase compared with the first quarter of 2025. <\/p>\n

The increase is clear evidence that our awareness efforts have reached the market and are now translating into actual demand. It also confirms that Strangvac\u00ae<\/sup> works well and is a well-regarded product. Our ambition is to continue building on this. <\/p>\n

In Europe, outside Sweden, we have not yet achieved the same impact together with our partner Dechra \u2013 sales growth has not taken off as we had expected. Sales in the rest of Europe during the quarter totaled 5,936 doses, corresponding to a 62% decrease compared with 2025. The decline is due to the fact that sales during the corresponding period last year benefited from a temporary and successful pricing campaign in the UK. <\/p>\n

On a rolling twelve-month basis, total dose sales in Sweden and the EU increased by 58% in Q1 2026 compared with the corresponding period last year.<\/p>\n

 <\/p>\n

Two key initiatives<\/strong>
To strengthen the conditions for continued launch in Europe and the upcoming launch in the US, we held a Key Opinion Leader meeting in Edinburgh, Scotland in April, attended by 26 world-leading experts from these markets. The company was also active in “Strangles Awareness Week,” a campaign that started in the UK and Sweden but has now also been introduced in several countries across Europe. <\/p>\n

<\/strong><\/p>\n

Groundwork laid in the US<\/strong>
The registration-enabling studies with Strangvac\u00ae<\/sup> in the US are progressing according to plan. Approximately 100 horses have been included in the ongoing safety study, and only expected and mild side effects have been observed. <\/p>\n

We do not expect to encounter the slower sales development we have seen in Europe in the US. There, approximately 75% of all horses are vaccinated against one or more diseases, and around 20% are already vaccinated against strangles \u2013 despite only having access to older versions of strangles vaccines with limited documented efficacy and significant side effects. In other words, awareness of the disease and willingness to vaccinate are already in place, providing favorable conditions ahead of the launch of Strangvac\u00ae<\/sup>. <\/p>\n

<\/strong><\/p>\n

A groundbreaking breakthrough for the pig vaccine<\/strong>
Perhaps the most significant event during the first quarter was the strongly positive results from the challenge study with the streptococcal infection S. suis in pigs vaccinated with Piggivac\u00ae<\/sup> compared with placebo. The vaccine is administered to sows, which then transfer protective antibodies to their newborn piglets through nursing. The study thus demonstrates protection in newborn piglets against the two most common and serious serotypes of the bacterium. <\/p>\n

Work now continues on optimizing dosage and evaluating how broad a protection the vaccine can provide, ahead of the next step involving registration-enabling studies. A vaccine offering broad protection against S. suis has significant market potential, as there are currently no commercial vaccines available and the infection causes substantial economic losses for the pig industry worldwide. <\/p>\n

<\/strong><\/p>\n

Looking ahead<\/strong>
A number of strategic initiatives have now been launched to accelerate the market introduction of
Strangvac\u00ae<\/sup>. We will also continue to develop the product for the US market and
continue documenting its clinical and commercial benefits. <\/p>\n

As we now conduct studies in the US and engage Key Opinion Leaders there, awareness of the vaccine and its benefits is beginning to spread, and with that momentum we are now beginning to search for a partner for the US market.<\/p>\n

My expectations for the company’s vaccine platform are high, and I see two clear catalysts for future growth in particular: the US launch of Strangvac\u00ae<\/sup> and the subsequent launch of Piggivac\u00ae<\/sup>, which has the potential to become a unique and sought-after product in the pig industry.<\/p>\n

<\/strong><\/p>\n

A warm thank you<\/strong>
With great confidence in our products, which have demonstrated superior properties, and with optimism ahead of the important upcoming launches, I would like to extend a warm thank you to Intervacc’s shareholders and other stakeholders. It is your support that enables our efforts to develop innovative vaccines that contribute to better health for horses and pigs by protecting against potentially fatal infections. <\/p>\n

Stockholm, May 13, 2026<\/p>\n

Carl-Johan Dalsgaard
Chief Executive Officer<\/p>\n<\/div><\/div>\n\n

\"QuotationThe increase is clear evidence that our awareness efforts have reached
the market and are now
translating into actual demand<\/p>\n<\/div><\/div>\n\n

\"Pigs<\/span><\/div>\n\n

“Thanks to the support from Intervacc’s<\/strong>
shareholders<\/strong>, we are able to develop innovative
vaccines that contribute to better health for horses and pigs by protecting against potentially fatal infections,” says Carl-Johan Dalsgaard, CEO.<\/p>\n<\/div><\/div>\n<\/div>\n\n

\n

A FEW WORDS FROM THE CEO<\/p>\n<\/div><\/div>\n\n

CEO statement from the interim report, January\u2013June 2026<\/strong>
The text below was published on August 20, 2026 as part of Intervacc’s interim report. Information regarding studies, regulatory processes and future development reflects the circumstances and the company’s assessments at the time of publication.
Read the full interim report here<\/a> \u00bb
<\/strong> <\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n

\n
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<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n
\n
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<\/div><\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n
\n
\n
\n

THE MARKET<\/h2>\n<\/div><\/div>\n<\/div>\n\n
\n

Global demand for vaccines against
infectious diseases is rising<\/h3>\n<\/div><\/div>\n\n

The growing interest in vaccines is driven by increasing antibiotic resistance, continued technological development, greater knowledge of immunology, and a stronger global awareness of the importance of preventive animal health and sustainable animal husbandry.<\/p>\n<\/div><\/div>\n\n

Intervacc’s primary market is veterinary vaccines, a segment expected to remain a key growth driver in the global animal health market. An important driving force is the clear shift toward preventive treatment \u2013 preventing disease rather than treating it. <\/p>\n

Steady growth in the global veterinary vaccine market<\/strong>
The global veterinary vaccine market was estimated at approximately USD 11\u201312 billion in 2024 and is expected to grow to around USD 16 billion by 2030, corresponding to an annual growth rate (CAGR) of approximately 6\u20138%.(1,2)<\/strong><\/sup><\/span><\/p>\n<\/div><\/div>\n\n

\n

GROWTH IS DRIVEN BY, AMONG OTHER FACTORS:<\/strong><\/p>\n<\/div><\/div>\n\n

\u00bb increased demand for livestock production<\/p>\n

\u00bb a growing proportion of companion animals<\/p>\n

\u00bb increased awareness of zoonotic diseases<\/p>\n

\u00bb regulatory requirements and vaccination programs<\/p>\n<\/div><\/div>\n\n

\"Protein<\/span><\/div>\n<\/div>\n<\/div>\n\n
\n
\"A<\/span><\/div>\n\n
\"A<\/span><\/div>\n\n

Estimated horse population by continent.\u00a0<\/strong>Number of horses in the main markets and the rest of the world \u2013 stated in millions.<\/p>\n<\/div><\/div>\n\n

\"A<\/span><\/div>\n\n

A reasonable estimate is that there are around 1\u20132 million trotting horses<\/strong> in the world. In other words, they represent approximately 2\u20133% of the world’s roughly 60 million horses. <\/p>\n<\/div><\/div>\n<\/div>\n\n

\n

North America and Europe remain mature core markets, while the Asia-Pacific region shows the fastest growth.(1)<\/strong><\/sup><\/span><\/p>\n

The market for strangles vaccine. Strangles is one of the most contagious infectious diseases in horses and occurs globally. In Sweden, approximately 70\u2013100 strangles outbreaks are reported each year, and the disease tends to recur in affected stables and facilities rather than in individual animals.(3)<\/strong><\/sup><\/span> Data show that strangles affects at least one new stable per week on average.(4)<\/strong><\/sup><\/span> <\/p>\n

Vaccination, together with diagnostics, isolation and other infection control measures, can be part of preventive efforts against strangles.<\/strong><\/strong><\/p>\n

Number of horses and market potential<\/strong>
The global horse population is estimated at approximately 55\u201360 million horses.(5)<\/strong><\/sup><\/span> The US represents one of the largest single markets with over 7 million horses, while Europe represents a large and diversified market.(6)<\/strong><\/sup><\/span> Intervacc’s primary markets \u2013 the EU and the US \u2013 together account for an estimated 15\u201320 million horses. Market potential is therefore influenced by the total horse population, vaccination recommendations, assessed risk of infection, and future vaccination rates. <\/p>\n

Vaccination rates vary between regions and areas of use, but vaccination against infectious diseases such as influenza is often required for competition and international transport.(7)<\/strong><\/sup><\/span><\/p>\n<\/div><\/div>\n\n

\n

References:<\/strong>
(1) MarketsandMarkets (2026) Veterinary Vaccines Market Report<\/strong>
(2) Strategic Market Research (2025) Veterinary Vaccines Market Analysis<\/strong>
(3) H\u00e4stSverige \u2013 strangles outbreaks in Sweden<\/strong>
(4) SVA (2025) Stop strangles<\/strong>
(5) FAO (2024) global horse population<\/strong>
(6) US horse population statistics<\/strong>
(7) FEI Veterinary Regulations<\/strong><\/p>\n<\/div><\/div>\n\n

\"Protein<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n
\n
\n
\n

THE MARKET<\/p>\n<\/div><\/div>\n<\/div>\n\n

\n

Global demand for vaccines against
infectious diseases is rising<\/h2>\n<\/div><\/div>\n\n

The growing interest in vaccines is driven by increasing antibiotic resistance, continued technological development, greater knowledge of immunology, and a stronger global awareness of the importance of preventive animal health and sustainable animal husbandry.<\/p>\n<\/div><\/div>\n\n

Intervacc’s primary market is veterinary vaccines, a segment expected to remain a key growth driver in the global animal health market. An important driving force is the clear shift toward preventive treatment \u2013 preventing disease rather than treating it. <\/p>\n

 <\/p>\n

Steady growth in the global veterinary vaccine market<\/strong>
The global veterinary vaccine market was estimated at approximately USD 11\u201312 billion in 2024 and is expected to grow to around USD 16 billion by 2030, corresponding to an annual growth rate (CAGR) of approximately 6\u20138%.(1,2)<\/strong><\/sup><\/span><\/p>\n<\/div><\/div>\n<\/div>\n\n

\n
\"A<\/span><\/div>\n<\/div>\n\n
\n

Intervacc’s primary market is veterinary vaccines, a segment expected to remain a key growth driver in the global animal health market. An important driving force is the clear shift toward preventive treatment \u2013 preventing disease rather than treating it. <\/p>\n

 <\/p>\n

Steady growth in the global veterinary vaccine market<\/strong>
The global veterinary vaccine market was estimated at approximately USD 11\u201312 billion in 2024 and is expected to grow to around USD 16 billion by 2030, corresponding to an annual growth rate (CAGR) of approximately 6\u20138%.(1,2)<\/strong><\/sup><\/span><\/p>\n<\/div><\/div>\n\n

\n

GROWTH IS DRIVEN BY, AMONG OTHER FACTORS:<\/strong><\/p>\n<\/div><\/div>\n\n

\u00bb increased demand for livestock production<\/p>\n

\u00bb a growing proportion of companion animals<\/p>\n

\u00bb increased awareness of zoonotic diseases<\/p>\n

\u00bb regulatory requirements and vaccination programs<\/p>\n<\/div><\/div>\n\n

\"Protein<\/span><\/div>\n<\/div>\n\n

North America and Europe remain mature core markets, while the Asia-Pacific region shows the fastest growth.(1)<\/strong><\/sup><\/span><\/p>\n

The market for vaccines against strangles Strangles is one of the most contagious infectious diseases in horses and occurs globally. In Sweden, approximately 70\u2013100 strangles outbreaks are reported annually, and the disease recurrently affects
stables and facilities rather than individual animals.(3)<\/strong><\/sup><\/span>
Data shows that strangles affects at least one new stable per week on average.(4)<\/strong><\/sup><\/span> <\/p>\n

Vaccination is increasingly viewed as a central tool for reducing the spread of infection and improving animal welfare.<\/p>\n

<\/strong><\/p>\n

<\/strong><\/p>\n

Number of horses and market potential<\/strong>
The global horse population is estimated at approximately 55\u201360 million horses.(5)<\/strong><\/sup><\/span> The USA constitutes one of the largest individual markets with over 7 million horses, while Europe represents a large and diversified market.(6)<\/strong><\/sup><\/span> Intervacc’s primary markets \u2013 the EU and the USA \u2013 are together estimated to comprise approximately 15\u201320 million horses. The market for a strangles vaccine is not based on the number of outbreaks but on the total population of horses that need to be protected for preventive purposes. <\/p>\n

Vaccination rates vary between regions and areas of use, but vaccination against infectious diseases such as influenza is often required for competition and international transport.(7)<\/strong><\/sup><\/span><\/p>\n<\/div><\/div>\n\n

\"A<\/span><\/div>\n\n

Number of horses in the main markets and<\/strong> the rest of the world \u2013 stated in millions.<\/p>\n<\/div><\/div>\n\n

North America and Europe remain mature core markets, while the Asia-Pacific region shows the fastest growth.(1)<\/strong><\/sup><\/span><\/p>\n

The market for vaccines against strangles Strangles is one of the most contagious infectious diseases in horses and occurs globally. In Sweden, approximately 70\u2013100 strangles outbreaks are reported annually, and the disease recurrently affects
stables and facilities rather than individual animals.(3)<\/strong><\/sup><\/span>
Data shows that strangles affects at least one new stable per week on average.(4)<\/strong><\/sup><\/span> <\/p>\n

Vaccination is increasingly viewed as a central tool for reducing the spread of infection and improving animal welfare.<\/p>\n

<\/strong><\/p>\n

<\/strong><\/p>\n

Number of horses and market potential<\/strong>
The global horse population is estimated at approximately 55\u201360 million horses.(5)<\/strong><\/sup><\/span> The USA constitutes one of the largest individual markets with over 7 million horses, while Europe represents a large and diversified market.(6)<\/strong><\/sup><\/span> Intervacc’s primary markets \u2013 the EU and the USA \u2013 are together estimated to comprise approximately 15\u201320 million horses. The market for a strangles vaccine is not based on the number of outbreaks but on the total population of horses that need to be protected for preventive purposes. <\/p>\n

Vaccination rates vary between regions and areas of use, but vaccination against infectious diseases such as influenza is often required for competition and international transport.(7)<\/strong><\/sup><\/span><\/p>\n<\/div><\/div>\n\n

\"A<\/span><\/div>\n\n

A reasonable estimate is that there are around 1\u20132 million trotters<\/strong>
in the world. In other words, they constitute approximately 2-3% of the world’s approximately 60 million horses. <\/p>\n<\/div><\/div>\n\n

\n

References:<\/strong>
(1) MarketsandMarkets (2026) Veterinary Vaccines Market Report<\/strong>
(2) Strategic Market Research (2025) Veterinary Vaccines Market Analysis<\/strong>
(3) H\u00e4stSverige \u2013 strangles outbreaks in Sweden<\/strong>
(4) SVA (2025) Stop strangles<\/strong>
(5) FAO (2024) global horse population<\/strong>
(6) US horse population statistics<\/strong>
(7) FEI Veterinary Regulations<\/strong><\/p>\n<\/div><\/div>\n\n

\"Protein<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n
\n
\n
\n

THE MARKET<\/p>\n<\/div><\/div>\n<\/div>\n\n

\n

Global demand for vaccines against
infectious diseases is rising<\/h2>\n<\/div><\/div>\n\n

The growing interest in vaccines is driven by increasing antibiotic resistance, continued technological development, greater knowledge of immunology, and a stronger global awareness of the importance of preventive animal health and sustainable animal husbandry.<\/p>\n<\/div><\/div>\n\n

Intervacc’s primary market is veterinary vaccines, a segment expected to remain a key growth driver in the global animal health market. An important driving force is the clear shift toward preventive treatment \u2013 preventing disease rather than treating it. <\/p>\n

 <\/p>\n

Steady growth in the global veterinary vaccine market<\/strong>
The global veterinary vaccine market was estimated at approximately USD 11\u201312 billion in 2024 and is expected to grow to around USD 16 billion by 2030, corresponding to an annual growth rate (CAGR) of approximately 6\u20138%.(1,2)<\/strong><\/sup><\/span><\/p>\n<\/div><\/div>\n<\/div>\n\n

\n
\"A<\/span><\/div>\n<\/div>\n\n
\n

Intervacc’s primary market is veterinary vaccines, a segment expected to remain a key growth driver in the global animal health market. An important driving force is the clear shift toward preventive treatment \u2013 preventing disease rather than treating it. <\/p>\n

 <\/p>\n

Steady growth in the global veterinary vaccine market<\/strong>
The global veterinary vaccine market was estimated at approximately USD 11\u201312 billion in 2024 and is expected to grow to around USD 16 billion by 2030, corresponding to an annual growth rate (CAGR) of approximately 6\u20138%.(1,2)<\/strong><\/sup><\/span><\/p>\n<\/div><\/div>\n\n

\n

GROWTH IS DRIVEN BY, AMONG OTHER FACTORS:<\/strong><\/p>\n<\/div><\/div>\n\n

\u00bb increased demand for livestock production<\/p>\n

\u00bb a growing proportion of companion animals<\/p>\n

\u00bb increased awareness of zoonotic diseases<\/p>\n

\u00bb regulatory requirements and vaccination programs<\/p>\n<\/div><\/div>\n<\/div>\n\n

North America and Europe remain mature core markets, while the Asia-Pacific region shows the fastest growth.(1)<\/strong><\/sup><\/span><\/p>\n

The market for vaccines against strangles Strangles is one of the most contagious infectious diseases in horses and occurs globally. In Sweden, approximately 70\u2013100 strangles outbreaks are reported annually, and the disease recurrently affects
stables and facilities rather than individual animals.(3)<\/strong><\/sup><\/span>
Data shows that strangles affects at least one new stable per week on average.(4)<\/strong><\/sup><\/span> <\/p>\n

Vaccination is increasingly viewed as a central tool for reducing the spread of infection and improving animal welfare.<\/p>\n

<\/strong><\/p>\n

<\/strong><\/p>\n

Number of horses and market potential<\/strong>
The global horse population is estimated at approximately 55\u201360 million horses.(5)<\/strong><\/sup><\/span> The USA constitutes one of the largest individual markets with over 7 million horses, while Europe represents a large and diversified market.(6)<\/strong><\/sup><\/span> Intervacc’s primary markets \u2013 the EU and the USA \u2013 are together estimated to comprise approximately 15\u201320 million horses. The market for a strangles vaccine is not based on the number of outbreaks but on the total population of horses that need to be protected for preventive purposes. <\/p>\n

Vaccination rates vary between regions and areas of use, but vaccination against infectious diseases such as influenza is often required for competition and international transport.(7)<\/strong><\/sup><\/span><\/p>\n<\/div><\/div>\n\n

\"A<\/span><\/div>\n\n

Number of horses in the main markets and<\/strong> the rest of the world \u2013 stated in millions.<\/p>\n<\/div><\/div>\n\n

North America and Europe remain mature core markets, while the Asia-Pacific region shows the fastest growth.(1)<\/strong><\/sup><\/span><\/p>\n

The market for vaccines against strangles Strangles is one of the most contagious infectious diseases in horses and occurs globally. In Sweden, approximately 70\u2013100 strangles outbreaks are reported annually, and the disease recurrently affects
stables and facilities rather than individual animals.(3)<\/strong><\/sup><\/span>
Data shows that strangles affects at least one new stable per week on average.(4)<\/strong><\/sup><\/span> <\/p>\n

Vaccination is increasingly viewed as a central tool for reducing the spread of infection and improving animal welfare.<\/p>\n

<\/strong><\/p>\n

<\/strong><\/p>\n

Number of horses and market potential<\/strong>
The global horse population is estimated at approximately 55\u201360 million horses.(5)<\/strong><\/sup><\/span> The USA constitutes one of the largest individual markets with over 7 million horses, while Europe represents a large and diversified market.(6)<\/strong><\/sup><\/span> Intervacc’s primary markets \u2013 the EU and the USA \u2013 are together estimated to comprise approximately 15\u201320 million horses. The market for a strangles vaccine is not based on the number of outbreaks but on the total population of horses that need to be protected for preventive purposes. <\/p>\n

Vaccination rates vary between regions and areas of use, but vaccination against infectious diseases such as influenza is often required for competition and international transport.(7)<\/strong><\/sup><\/span><\/p>\n<\/div><\/div>\n\n

\"A<\/span><\/div>\n\n

A reasonable estimate is that there are around 1\u20132 million trotters<\/strong>
in the world. In other words, they constitute approximately 2-3% of the world’s approximately 60 million horses. <\/p>\n<\/div><\/div>\n\n

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References:<\/strong>
(1) MarketsandMarkets (2026) Veterinary Vaccines Market Report<\/strong>
(2) Strategic Market Research (2025) Veterinary Vaccines Market Analysis<\/strong>
(3) H\u00e4stSverige \u2013 strangles outbreaks in Sweden<\/strong>
(4) SVA (2025) Stop strangles<\/strong>
(5) FAO (2024) global horse population<\/strong>
(6) US horse population statistics<\/strong>
(7) FEI Veterinary Regulations<\/strong><\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n

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PROJECT PORTFOLIO<\/h2>\n<\/div><\/div>\n<\/div>\n\n
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Several projects in the pipeline<\/h3>\n<\/div><\/div>\n\n

Intervacc’s main focus is to develop vaccines against bacterial infectious diseases caused by streptococci. Strangvac\u00ae<\/sup> is Intervacc’s first internally developed and approved veterinary vaccine against strangles, an infection caused by Streptococcus equi that affects horses. The vaccine is available in several key European markets. <\/p>\n<\/div><\/div>\n\n

The initial and pivotal studies with Strangvac\u00ae<\/sup> in the American market commenced during the end of 2025. The pipeline also includes the company’s second vaccine candidate, Piggivac™, against S. suis<\/em> infection in pigs. The vaccine candidate is currently being prepared for GMP manufacturing ahead of planned pivotal clinical studies. <\/p>\n

Intervacc’s current project portfolio for vaccines refers to the following projects:<\/p>\n<\/div><\/div>\n\n

\n \"Intervacc's\n\n \n \n Strangvac\u00ae<\/sup>\n <\/a>\n\n \n S. equi<\/em> infection \/ strangles\n <\/a>\n\n \n \n Strangvac\u00ae<\/sup>\n <\/a>\n\n \n S. equi<\/em> infection \/ strangles\n <\/a>\n\n \n \n Piggivac™<\/sup>\n <\/a>\n\n \n S. suis<\/em> infection in pigs\n <\/a>\n<\/div><\/div><\/div>\n\n

A third pillar \u2013 veterinary medicines and vaccines<\/strong>
In addition to internally developed vaccines, Intervacc has a growing business in high-quality veterinary medicines and vaccines \u2013 for both companion and livestock animals. These agency products for horses, pigs, cattle, sheep, poultry, dogs, and cats are sold in the Scandinavian markets. The product portfolio creates clear synergies with the vaccines developed by the company. <\/p>\n<\/div><\/div>\n<\/div>\n\n

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\"Various<\/span><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n
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PROJECT PORTFOLIO<\/p>\n<\/div><\/div>\n<\/div>\n\n

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Several projects in the pipeline<\/h2>\n<\/div><\/div>\n\n

Intervacc’s main focus is to develop vaccines against bacterial infectious diseases caused by streptococci. The first internally developed vaccine, Strangvac\u00ae, is intended to prevent strangles, an infection caused by Streptococcus equi, which affects horses. The vaccine is available in several key European markets. <\/p>\n<\/div><\/div>\n\n

The initial and pivotal studies with Strangvac\u00ae in the American market commenced during the end of 2025. The pipeline also includes the company’s second vaccine candidate \u2013 Piggivac™ \u2013 against S. suis<\/em> infection in pigs. The vaccine is currently being prepared for GMP manufacturing and pivotal clinical studies. <\/p>\n

Intervacc’s current project portfolio for vaccines refers to the following projects:<\/p>\n<\/div><\/div>\n<\/div>\n\n

\n
\"Two<\/span><\/div>\n<\/div>\n\n
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A third pillar \u2013 veterinary medicines and vaccines<\/strong>
In addition to internally developed vaccines, Intervacc has a growing business in high-quality veterinary medicines and vaccines \u2013 for both companion and livestock animals. These agency products for horses, pigs, cattle, sheep, poultry, dogs, and cats are sold in the Scandinavian markets. The product portfolio creates clear synergies with the vaccines developed by the company. <\/p>\n<\/div><\/div>\n<\/div>\n\n

\n
\"Various<\/span><\/div>\n<\/div>\n\n
\n
\n \"Intervacc's\n\n \n \n Strangvac\u00ae<\/sup>\n <\/a>\n\n \n S. equi<\/em> infection \/ strangles\n <\/a>\n\n \n \n Strangvac\u00ae<\/sup>\n <\/a>\n\n \n S. equi<\/em> infection \/ strangles\n <\/a>\n\n \n \n Piggivac™<\/sup>\n <\/a>\n\n \n S. suis<\/em> infection in pigs\n <\/a>\n<\/div><\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n
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PROJECT PORTFOLIO<\/p>\n<\/div><\/div>\n<\/div>\n\n

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Several projects in the pipeline<\/h2>\n<\/div><\/div>\n\n

Intervacc’s main focus is to develop vaccines against bacterial infectious diseases caused by streptococci. The first internally developed vaccine, Strangvac\u00ae, is intended to prevent strangles, an infection caused by Streptococcus equi, which affects horses. The vaccine is available in several key European markets. <\/p>\n<\/div><\/div>\n\n

The initial and pivotal studies with Strangvac\u00ae in the American market commenced during the end of 2025. The pipeline also includes the company’s second vaccine candidate \u2013 Piggivac™ \u2013 against S. suis<\/em> infection in pigs. The vaccine is currently being prepared for GMP manufacturing and pivotal clinical studies. <\/p>\n

Intervacc’s current project portfolio for vaccines refers to the following projects:<\/p>\n<\/div><\/div>\n<\/div>\n\n

\n
\"Two<\/span><\/div>\n<\/div>\n\n
\n

A third pillar \u2013 veterinary medicines and vaccines<\/strong>
In addition to internally developed vaccines, Intervacc has a growing business in high-quality veterinary medicines and vaccines \u2013 for both companion and livestock animals. These agency products for horses, pigs, cattle, sheep, poultry, dogs, and cats are sold in the Scandinavian markets. The product portfolio creates clear synergies with the vaccines developed by the company. <\/p>\n<\/div><\/div>\n<\/div>\n\n

\n
\"Various<\/span><\/div>\n<\/div>\n\n
\n
\n \"Intervacc's\n\n \n \n Strangvac\u00ae<\/sup>\n <\/a>\n\n \n S. equi<\/em> infection \/ strangles\n <\/a>\n\n \n \n Strangvac\u00ae<\/sup>\n <\/a>\n\n \n S. equi<\/em> infection \/ strangles\n <\/a>\n\n \n \n Piggivac™<\/sup>\n <\/a>\n\n \n S. suis<\/em> infection in pigs\n <\/a>\n<\/div><\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n
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\"A<\/span><\/div>\n\n

As a publicly quoted company<\/strong>, Intervacc communicates transparently, responsibly, and in accordance with the rules that ensure a fair and well-functioning capital market.<\/p>\n<\/div><\/div>\n\n

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