Covetrus® Issues Statement on FTC Decision to Challenge Proposed Merger with MWI Animal Health

PORTLAND, ME – November 13, 2026 – Covetrus, a leading animal health technology, product and services company, today issued the following statement in response to the Federal Trade Commission’s (FTC) decision to file a lawsuit to challenge Covetrus’ proposed merger with MWI Animal Health (MWI), a subsidiary of Cencora.

“The facts make clear that this merger stands to improve the economics of veterinary practices, and the FTC’s lawsuit does not reflect an accurate understanding of how veterinarians actually buy the products they need. Clinics today choose freely from numerous manufacturers and distributors to meet their needs, and online platforms have ensured that veterinarians have complete flexibility across a wide range of suppliers, evidenced by data showing veterinarians switch among suppliers regularly. Together, Covetrus and MWI will make it easier and more efficient for practices to access the products, technology and support they need, while investing in innovation, maintaining service and supply chain reliability, and lowering the cost of serving veterinary practices.

The FTC’s case clearly relies on a narrow and outdated view of the market. Fifteen years of changing industry dynamics have given veterinary practices more ways to buy animal health products than ever before. Today, a practice can choose to buy from:

• Manufacturers, many of whom sell directly to vet clinics without the involvement of Covetrus and MWI, maintain, in some cases, sales teams larger than those of the distributors themselves. The companies’ data shows that nearly all practices are purchasing directly from suppliers.
• Distributors, who compete on both national and regional levels with Covetrus and MWI to serve both veterinary groups and individual clinics.
• Online Veterinary Marketplaces, which are now used by in excess of 60% of U.S. practices, and provide clinics one unified shopping cart to compare prices, earn rebates and order from 40+ distributors and thousands of manufacturers.

The reality is that today’s marketplace has significant choice, and veterinary clinics control where their purchases go. Clinics, including large veterinary practice groups, routinely buy the same products from more than one supplier, place multiple orders every week, negotiate directly with manufacturers, and use suppliers from across the US for products. All suppliers in this space rely on UPS, USPS, and FedEx to deliver their products. That competition from all these sources has consistently pushed prices down for clinics, a dynamic that will not be impacted by this merger.

Adding to the competitive pressure and changing marketplace, retailers have disintermediated both distributors like Covetrus and MWI, and vet clinics to provide flea and tick treatments, pharmaceuticals, and prescription and non-prescription pet foods directly to pet owners.

Covetrus is confident in the merits of this transaction and the benefits it will bring to veterinary practices, and we are fully prepared to defend them in court.”

About Covetrus:

Covetrus is a global, tech-enabled practice improvement company committed to driving better financial and clinical outcomes for veterinarians. From pre-visit to post-appointment, its connected technology and product solutions help practices operate more efficiently and profitably across every stage of the patient journey — so veterinary teams can focus on delivering exceptional care for the people and pets that count on them.

Contact:

FGS Global
[email protected]