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How One Dairy Stock Became a Cash Cow

  • Sydney-based A2 Milk sells dairy products in China, U.S., U.K.
  • Market value has tripled to NZ$1.2 billion in the past year
A2 Milk factory in Sydney.
Photographer: Brendon Thorne/Bloomberg

For Gillian Fyvie, a splash of milk on her cereal typically led to stomach ache, bloating and a swollen tongue. Not since making the switch.

Fyvie’s symptoms were avoided not with soy, organic or even lactose-free dairy, she says, but a type of cows’ milk from a2 Milk Co. The Sydney-based company is gaining an international following for its products, developed from the premise that the milk most of the industrialized world has consumed for generations is causing everything from digestive discomfort to diabetes.