Real-world data confirms strong Strangvac performance

Data from the first 100,000 doses of Strangvac sold in Europe support a favourable efficacy profile, with pharmacovigilance (PV) data indicating a high level of protection against strangles in vaccinated horses under real-world conditions. While these findings are encouraging, we do not view the upcoming Q3 report as a material catalyst for the company, as European sales growth is likely to remain modest. Instead, we believe investor focus will centre on the ongoing US equine safety study, with results expected by year-end representing the key near-term catalyst.

What’s new? Intervacc today reported PV data covering the first 100,000 doses of Strangvac sold. The data suggest a very high level of protection against strangles (Streptococcus equi) under real-world conditions, with a calculated incidence rate of 0.006%.

What does it mean? The vaccine has been available in the EU and UK since 2022, with uptake strongest in the UK, where c3% of horses are estimated to be currently vaccinated. Of the first 100,000 doses sold, 19 cases were reported in which horses showed signs of strangles despite completing their primary vaccination course. Crucially, however, only three were confirmed as S. equi infections, suggesting that confirmed vaccine failures have been limited. The number of vaccinated horses exposed to S. equi is unknown, although a large proportion of the reported cases originated from yards with ongoing outbreaks.

What do we do? We view this as highly compelling data, supporting our assessment that Strangvac has one of the strongest profiles among currently marketed strangles vaccines. This is particularly important as Strangvac progresses towards potential US approval in 2027, a market we see as offering the greatest commercial potential, while the asset remains unpartnered.