Two of the five horses that rampaged through central London suffered serious injuries and have undergone operations, the British army said.
One has since been transferred to an equine hospital while the others remain under close observation.
The Household Cavalry conducted their annual inspection in Hyde Park on Thursday morning.
Defence minister James Cartlidge told Sky News: “Obviously it was quite dramatic coverage but I just want to stress that it was an exceptional event.
“There were five horses - they have all been recovered. Three of them are fine, two are unfortunately in a relatively very serious condition and, obviously, we will be monitoring their situation.”
Asked whether they were still alive, he replied: “As I understand it, they are in a serious condition but still alive.”
Three soldiers were among those injured. An Army spokesperson the three were taken to hospital and that a fourth was thrown from their horse but was unharmed.
The animals, which form part of the Household Cavalry, are understood to have become spooked by falling concrete during their daily morning exercise.