Ovaltine is a brand of milk

Milk

Milk is a white liquid produced by the mammary glands of mammals. It is the primary source of nutrition for young mammals before they are able to digest other types of food. Early-lactation milk contains colostrum, which carries the mother's antibodies to the baby and can reduce the risk of many...

 flavoring product made with malt

Malt

Malt is germinated cereal grains that have been dried in a process known as "malting". The grains are made to germinate by soaking in water, and are then halted from germinating further by drying with hot air...

 extract (except the blue packaging in the US), sugar

Sugar

Sugar is a class of edible crystalline carbohydrates, mainly sucrose, lactose, and fructose, characterized by a sweet flavor.Sucrose in its refined form primarily comes from sugar cane and sugar beet...

 (except in Switzerland), cocoa

Cocoa solids

Cocoa solids are the low-fat component of chocolate. When sold as an end product, it may also be called cocoa powder, cocoa, and cacao....

, and whey

Whey

Whey or Milk Serum is the liquid remaining after milk has been curdled and strained. It is a by-product of the manufacture of cheese or casein and has several commercial uses. Sweet whey is manufactured during the making of rennet types of hard cheese like cheddar or Swiss cheese...

. Ovaltine, a registered trademark

Trademark

A trademark, trade mark, or trade-mark is a distinctive sign or indicator used by an individual, business organization, or other legal entity to identify that the products or services to consumers with which the trademark appears originate from a unique source, and to distinguish its products or...

 of Associated British Foods

Associated British Foods

Associated British Foods plc is a global food, ingredients and retail company headquartered in London, United Kingdom. Its ingredients division is the world's second largest producer of both sugar and baker's yeast and a major producer of other ingredients including emulsifiers, enzymes and lactose...

, is made by Wander AG, a subsidiary of Twinings

Twinings

Twinings is a marketer of tea based in Andover, Hampshire, England.- History :The founder of Twinings, Thomas Twining, opened the first known tea room, at 216 Strand, London, in 1706, which is still operating today. The firm's logo, created in 1787, is one of the world's oldest in continuous use...

 which acquired the brand from Novartis

Novartis

Novartis International AG is a multinational pharmaceutical company based in Basel, Switzerland, ranking number three in sales among the world-wide industry...

 in 2003, except in the United States, where Nestlé

Nestlé

Nestlé S.A. is the world's largest food and nutrition company. Founded and headquartered in Vevey, Switzerland, Nestlé originated in a 1905 merger of the Anglo-Swiss Milk Company, established in 1867 by brothers George Page and Charles Page, and Farine Lactée Henri Nestlé, founded in 1866 by Henri...

 acquired the rights separately from Novartis later on.
Ovaltine was developed in Berne, Switzerland, where it is known by its original name, Ovomaltine (from ovum, Latin for "egg", and malt, originally its main ingredients).