J.P. Morgan upbeat on animal health companies ahead of Q1 results

J.P. Morgan expects no major surprises in the first‑quarter results of animal health companies

Sees solid quarters from IDEXX Laboratories IDXX.O and Elanco Animal Health ELAN.N, and a tougher but largely-expected result from Zoetis ZTS.N

Says while concerns around softer veterinary visits and a challenging macro backdrop persist, underlying market fundamentals remain healthy helped by new product launches

Forecasts Elanco Q1 revenue of about $1.3 billion and EPS of 35 cents, roughly in line with consensus; expects innovation cycle to drive longer‑term growth

Says Zoetis to see near-term pressure from competition; expects overall Q1 sales growth of about 4%, with earnings in line with consensus; sees scope for valuation recovery as results improve later in 2026 and new products launch

Says it remains positive on IDEXX’s long‑term outlook, citing strong uptake of its InVue Dx diagnostics platform and faster growth outside the U.S., despite softer vet visit trends in the near-term