Grey Wolf Taps New VP to Drive Dual Human-Animal Health Strategy

TORONTO, ON – April 13, 2026 – Grey Wolf Animal Health Corp. has appointed Susan Bodner, a veteran of the medical device industry, as its new Vice President of Sales & Marketing, a strategic move aimed at accelerating the company's unique dual-market growth strategy. The appointment, effective today, places Ms. Bodner at the helm of commercial operations as the company seeks to deepen the synergies between its rapidly expanding human and animal health businesses.

A Strategic Hire for an Accelerating Company

Ms. Bodner joins Grey Wolf with over 15 years of sales and marketing leadership, bringing a background steeped in commercial transformation and data-driven strategy from her senior roles in the medical device sector. Her appointment comes as Grey Wolf (TSXV: WOLF) is experiencing a significant growth surge, underscoring the company’s intent to capitalize on its recent momentum.

Financial reports from 2025 paint a picture of a company on a sharp upward trajectory. For the nine months ending September 30, 2025, Grey Wolf reported a 33% increase in total revenue to $26.8 million compared to the prior year. This growth was fueled by strong performance in both of its core segments. The pharmacy business, which serves both human and animal patients through compounding, saw its revenue soar by 55.9% to $17.1 million, bolstered by organic growth and the strategic acquisition of the Compounding Pharmacy of Manitoba in late 2024.

Simultaneously, the company's dedicated animal health business grew its revenue by 5.5% to $9.7 million over the same period, driven by a portfolio of established and newly launched products. This robust top-line growth translated directly to improved profitability, with adjusted EBITDA climbing an impressive 56.4% to $5.3 million, reflecting healthier gross margins and operational leverage. It is into this high-growth environment that Ms. Bodner is tasked with building a unified commercial engine.

Unifying a Dual-Market Strategy

Grey Wolf’s business model is a notable outlier in the Canadian health sector. Founded by a veterinarian, the company was built to address unmet needs across the healthcare spectrum by in-licensing, acquiring, or compounding products for veterinarians, physicians, and their patients. Ms. Bodner’s primary mandate is to weave these distinct but related business units into a more cohesive and powerful commercial force.

In this new role, she will oversee all marketing and sales activities, with a focus on developing a collaborative strategy that strengthens customer relationships and supports long-term product growth.

"Ms. Bodner's expertise in sales and marketing and proven ability to successfully build and execute commercial strategies across diverse areas make her an excellent addition to our leadership team," said Angela Cechetto, Chief Executive Officer of Grey Wolf. Cechetto emphasized the strategic importance of the role, stating, "As we continue to grow across human and animal health, Ms. Bodner will play a critical role in developing a strategy that will focus on maximizing synergies between our compounding pharmacy business in both human and animal health and our animal health business to grow sales and market share."

This focus on synergy is central to Grey Wolf's competitive positioning. By operating in both spheres, the company can leverage shared scientific knowledge, achieve supply chain efficiencies in sourcing active pharmaceutical ingredients (APIs), and apply market intelligence from one sector to the other. For instance, an unmet therapeutic need identified in human medicine could inform a new compounded product for the veterinary market, and vice versa. This integrated "One Health" approach allows the company to serve niche markets that larger, more siloed corporations might overlook.

Navigating a Dynamic and Competitive Landscape

Ms. Bodner steps into a market environment that is both promising and fiercely competitive. The Canadian animal health market, valued at over USD 800 million in 2025, is projected to grow at a steady compound annual growth rate (CAGR) of over 3.5% through 2034. This growth is driven by powerful trends, including rising pet ownership and the "humanization" of pets, which leads to greater spending on advanced care and wellness products. However, the market is also dominated by global giants like Zoetis, Merck Animal Health, and Elanco, making differentiation critical for smaller players like Grey Wolf.

On the other side of its business, the Canadian compounding pharmacies market is also expanding, expected to grow from over USD 570 million in 2023 to more than USD 800 million by 2030. This sector thrives on the increasing demand for personalized medications to accommodate patient allergies, unique dosage requirements, or to fill gaps during commercial drug shortages—a service vital for both human and animal patients.

Grey Wolf's strategy to compete is to carve out a defensible niche at the intersection of these two markets. By providing specialized compounded products alongside a portfolio of licensed animal health drugs, the company offers a unique value proposition to veterinarians and, increasingly, to physicians. Ms. Bodner's experience in building data-driven strategies will be crucial in identifying and capturing these specific market opportunities.

The Path Forward: Growth and Future Launches

The appointment signals a clear focus on structuring the company for its next phase of expansion. The regulatory framework, governed by Health Canada, provincial pharmacy bodies, and the National Association of Pharmacy Regulatory Authorities (NAPRA), requires careful navigation. Adherence to strict standards for compounding is paramount to distinguish its pharmacy operations from large-scale drug manufacturing, ensuring patient safety and regulatory compliance.

In her own statement, Ms. Bodner expressed enthusiasm for the challenge ahead. "I am excited to join Grey Wolf at such an important stage of its growth," she said. "The Company is well positioned within both the pharmacy and animal health markets, and I look forward to building a strong commercial foundation to support future growth and product launches."

Her focus on building a "strong commercial foundation" suggests a period of internal consolidation and strategic planning designed to harness the company's recent gains. This foundation will be essential for successfully bringing new products to market, whether they are developed in-house, acquired, or in-licensed, and for solidifying Grey Wolf's reputation as an innovative leader in Canada's integrated health landscape.