Northwire Canada EditionThursday, October 15, 2026
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Earnings

GREY WOLF ANIMAL HEALTH REPORTS FOURTH QUARTER AND YEAR END 2025 FINANCIAL RESULTS

Strategic Pivot to Human Health Validates Growth Model Despite Leverage

By The Northwire Desk — AI Analysis Apr 16, 2026 · 18:04 WOLF · 1.42 Grey Wolf Animal Health Corp.
Executive Summary
  • Grey Wolf Animal Health Corp. reported Q4 and Full Year 2025 financial results on April 16, 2026.
  • Full Year 2025 Revenue reached $35.76 million, a 33.3% increase from $26.83 million in FY 2024.
  • Adjusted EBITDA for FY 2025 was $6.90 million, up 61.0% year-over-year.
  • Net Income for FY 2025 was $1.66 million, compared to $704,668 in FY 2024; Q4 specifically turned profitable ($329k) versus a loss in Q4 2024.
  • Pharmacy segment revenue grew 54.7% to $22.7 million, driven by the Compounding Pharmacy of Manitoba (CPM) acquisition and organic growth of 12.7%.
  • Animal Health segment revenue grew 7.4% to $13.0 million.
  • Cash position improved to $7.7 million at Dec 31, 2025 from $6.4 million in Dec 2024.
  • Total borrowings stand at $25.1 million ($2.2 million current; $22.9 million non-current).
  • Company announced intention to change name to "Grey Wolf Health Corp." pending shareholder approval on June 24, 2026.
Material Impact
  • The financial results confirm the growth trajectory established in Q3 2025 (Revenue +35%, EBITDA +62% in Q3).
  • Full-year profitability is a key milestone, transitioning from net income to sustained earnings generation.
  • The name change signals a strategic expansion into human health markets, potentially re-rating the company beyond pure animal health valuation multiples.
  • However, the growth is heavily reliant on the CPM acquisition (54.7% pharmacy growth vs 12.7% organic), raising questions about scalability without further M&A.
  • Debt levels have increased alongside revenue; leverage ratios require monitoring as interest rates remain a variable cost.
  • The news does not contain unexpected surprises relative to Q3 guidance but solidifies the investment thesis for long-term holders.
WOLF · Price
Company Overview
  • Grey Wolf Animal Health Corp. operates in two segments: Pharmacy Business (compounded medications) and Animal Health Business (veterinary products).
  • Flagship Project/Driver: The Compounding Pharmacy of Manitoba (CPM) acquisition completed in December 2024 is the primary growth driver for the pharmacy segment.
  • Strategic Shift: Transitioning from a pure animal health focus to a dual human and animal health model via corporate name change.
Read the original news release →

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