Intervacc
Intervacc is a Swedish animal-health company that develops and commercializes vaccines for infectious diseases in horses and livestock. Its business is built around a proprietary recombinant fusion-protein technology platform and includes vaccine development, veterinary medicine distribution, and diagnostic services through its group companies.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueVaccines and related development for equine infectious diseases, centered on Strangvac.
Distribution of veterinary medicines in the Scandinavian market through Nordvacc Läkemedel AB.
Laboratory diagnostic services in veterinary bacteriology through Mybac-Vettech AB.
Development-stage vaccine projects for pig and other animal infections.
Customers
Intervacc sells to veterinarians, horse owners, equine practices, and animal-health distributors that serve the horse market. Its development pipeline also targets pig producers and the broader livestock health ecosystem, where disease prevention and reduced antibiotic use are important buying motives.
Buy or recommend Strangvac to prevent equine strangles in horse populations.
Use vaccines to reduce outbreak risk and protect horse herds.
Purchase and distribute veterinary medicines in Scandinavian markets.
Potential future buyers of Streptococcus suis vaccines to reduce disease losses.
Use bacteriology testing services for veterinary diagnosis and monitoring.
Strategy
Intervacc’s strategy is to build a commercial animal-health franchise around Strangvac while advancing follow-on vaccine projects for other bacterial infections. The company is also working to broaden geographic reach, especially by pursuing U.S. licensing, and to deepen its platform-based pipeline across horses, pigs, and dairy cattle.
The lead product anchors current revenue potential and brand recognition.
The U.S. horse market expands the addressable customer base for Strangvac.
A second successful vaccine would diversify the product base and reduce dependence on one asset.
The same platform can support multiple animal-health indications and improve pipeline efficiency.
Geography
Intervacc is headquartered in Sweden and operates through a Scandinavian distribution and diagnostics footprint. Its lead vaccine, Strangvac, is available in several important European markets, and the company is also pursuing access to the U.S. market through USDA-related approval work.
Risks
Intervacc is exposed to commercialization risk because a large share of its value depends on Strangvac’s market adoption and execution. As a research-driven animal-health company, it also faces financing, manufacturing, regulatory, and key-person risks that are common in vaccine development but especially important when production is outsourced and the pipeline is still concentrated.
- Dependence on Strangvac commercializationImpact: HighLikelihood: Medium
Only one vaccine project is currently launched and able to generate revenue, so underperformance would affect valuation and forecasts.
Exposure: Lead product concentration
- Financing riskImpact: HighLikelihood: Medium
Drug R&D is capital intensive and the company may need external funding to support operations and development.
Exposure: Ongoing R&D and commercialization funding
- Manufacturing disruptionImpact: High
The company relies on contracted external manufacturers for vaccine components, filling, and packaging.
Exposure: Supply chain and production continuity
- Key employee dependenceImpact: MediumLikelihood: Medium
Loss of senior executives or technical staff could slow development and commercial execution.
Exposure: R&D and commercialization leadership
- Regulatory approval riskImpact: MediumLikelihood: Low
U.S. commercialization requires USDA-related approval, which can be lengthy and uncertain.
Exposure: Market expansion into the United States
Accounting
Judgemental itemsThe group applies Swedish K3 rules, which shape recognition and measurement of development-related items and disclosures.
Impact: Reported earnings and balance sheet values
A large part of estimated asset value depends on Strangvac commercialization, making valuation assumptions important.
Impact: Intangible assets and forecast assumptions
Drug development costs are significant and may be expensed as incurred unless capitalization criteria are met.
Impact: Operating result and comparability
Production and packaging are outsourced, so timing of invoices and batch-related costs can affect quarterly results.
Impact: Quarterly expense volatility
Eurostars cofunding for the Streptococcus suis project affects how project economics are presented.
Impact: Net R&D cost presentation
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Last updated: 24/09/2026