Elanco Animal Health Inc (ELAN) 2024 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Elanco Animal Health's fourth quarter 2024 earnings conference call.

女士們、先生們，感謝你們的支持。歡迎參加 Elanco Animal Health 2024 年第四季財報電話會議。

(Operator Instructions) Thank you. I woulrd now like to hand the call over to Tiffany Kanaga, Head of Investor Relations. You may begin your conference.

（操作員指示）謝謝。現在我想將電話交給投資者關係主管 Tiffany Kanaga。您可以開始您的會議了。

Good morning. Thank you for joining us for Elanco Animal Health's fourth quarter 2024 earnings call. I'm Tiffany Kanaga, Vice President of Investor Relations and ESG. Joining me on today's call are Jeff Simmons, our President and Chief Executive Officer; Todd Young, our Chief Financial Officer; and Beth Haney from Investor Relations. The slides referenced during this call are available on the investor relations section of elanco.com.

早安.感謝您參加 Elanco Animal Health 2024 年第四季財報電話會議。我是投資者關係和 ESG 副總裁 Tiffany Kanaga。參加今天電話會議的還有我們的總裁兼執行長 Jeff Simmons；我們的財務長 Todd Young；以及投資者關係部的 Beth Haney。本次電話會議中引用的幻燈片可在 elanco.com 的投資者關係部分找到。

Today's discussion will include forward-looking statements. These statements are based on our current assumptions and expectations and are subject to risks and uncertainties that could cause actual results to differ materially from our forecast. For more information, see the risk factors in today's earnings press release, as well as in our latest Form 10-K and 10-Q filed with the SEC. We do not undertake any duty to update any forward-looking statement.

今天的討論將包括前瞻性陳述。這些聲明是基於我們目前的假設和預期，並受可能導致實際結果與我們的預測有重大差異的風險和不確定性的影響。欲了解更多信息，請參閱今天的收益新聞稿中的風險因素，以及我們向美國證券交易委員會提交的最新 10-K 和 10-Q 表格。我們不承擔更新任何前瞻性聲明的義務。

The information we provide about our products and pipeline is for the benefit of the investment community. It's not intended to be promotional and is not sufficient for prescribing decisions. Our remarks today will focus on our non-GAAP financial measures. Reconciliations of these non-GAAP measures are included in the appendix of today's slides and in the earnings press release. After our prepared remarks, we will be happy to take your questions.

我們提供的有關我們的產品和管道的資訊是為了投資界的利益。它並非旨在用於促銷，且不足以用於規定決策。我們今天的發言將集中於我們的非公認會計準則財務指標。這些非公認會計準則指標的對帳包含在今天的投影片附錄和收益新聞稿中。在我們準備好發言之後，我們將很樂意回答您的問題。

I will now turn the call over to Jeff.

現在我將電話轉給傑夫。

Thanks, Tiffany. Good morning, everyone. Elanco enters 2025 with momentum. Fourth quarter revenue, adjusted EBITDA, adjusted EPS, and net leverage were all in line with our expectations. We're pleased to report our sixth straight quarter of revenue growth, up 4% on an organic constant currency basis with growth across both our pet health and farm animal businesses.

謝謝，蒂芙尼。大家早安。禮來公司 (Elanco) 勢頭強勁，邁入 2025 年。第四季的營收、調整後的 EBITDA、調整後的 EPS 和淨槓桿都符合我們的預期。我們很高興地報告，我們的收入連續第六個季度增長，按有機固定匯率計算增長 4%，寵物健康和農場動物業務均實現增長。

I want to open by highlighting several accomplishments from the full year which position us well for accelerating growth into 2025. 2024, organic constant currency revenue growth of 3% represents a meaningful step up from 2022 and 2023, driven by our innovation, a stabilizing base, pricing, and importantly, the durability of our diverse portfolio and balanced geographic presence.

首先，我想強調全年取得的幾項成就，這些成就為我們在 2025 年加速成長奠定了良好基礎。 2024 年，有機固定貨幣收入成長率為 3%，較 2022 年和 2023 年有顯著提升，這得益於我們的創新、穩定的基礎、定價，以及更重要的，我們多元化投資組合和均衡地理分佈的持久性。

That 3% reflects growth in both pet health and farm animal and market share gains in global pet retail and US farm animal where we hold leadership positions. Additionally, we experienced broad-based organic constant currency top line growth across our top 5 product franchises and in 9 of our top 10 countries.

這 3% 反映了寵物健康和農場動物的成長，以及我們在全球寵物零售和美國農場動物市場中佔據領先地位的市場份額的成長。此外，我們的前 5 大產品系列和前 10 個國家中的 9 個國家都實現了廣泛的有機恆定貨幣收入成長。

We have launched our diverse portfolio of innovation with six potential blockbusters now in the market. Through focused commercial execution across global markets, we exceeded our innovation revenue target for 2024. We have also raised the range for 2025, reflecting our confidence in the continued contributions from these new products.

我們已經推出了多樣化的創新產品組合，目前市場上有六款潛在的重磅產品。透過在全球市場上集中的商業執行，我們超額完成了 2024 年的創新收入目標。我們也提高了 2025 年的範圍，反映了我們對這些新產品持續貢獻的信心。

Additionally, in 2024, we concentrated our strategic focus on the highest impact opportunities, successfully divesting our aqua business. The sale proceeds combined with more than a half billion dollars in operating cash flow allowed us to pay down approximately 25% of our debt and support increased investments in our strategic product launches.

此外，2024 年，我們將策略重點集中在影響力最大的機會上，成功剝離了水產業務。銷售收益加上超過 5 億美元的經營現金流使我們能夠償還約 25% 的債務，並支持增加對策略性產品發布的投資。

When we started 2024, we highlighted the three value drivers for Elanco growth, innovation, and cash. We have made strong progress on each front. We accelerated growth, launched all six key products, exceeded our innovation plan while delivering our biggest year yet of operating cash flow.

當我們開始 2024 年時，我們強調了 Elanco 成長、創新和現金的三大價值驅動力。我們在各方面都取得了長足的進步。我們加速成長，推出了所有六種主要產品，超額完成了創新計劃，同時實現了迄今為止最大的年度營運現金流。

Looking to 2025, growth, innovation, and cash remain the priorities to expand our value proposition. We continue to anticipate an acceleration in organic constant currency revenue growth of 4% to 6%, excluding the anticipated impacts of FX and the aqua divestiture, we expect adjusted EBITDA to grow 1% to 5%.

展望 2025 年，成長、創新和現金仍然是擴大我們價值主張的重點。我們繼續預期有機固定匯率營收成長將加速 4% 至 6%，不包括外匯和水產資產剝離的預期影響，我們預計調整後的 EBITDA 將成長 1% 至 5%。

With the increasing contribution from innovation and stabilization of our base business, we expect sustained growth over time, while our optimized infrastructure and product mix should enable margin expansion in 2026 and beyond.

隨著創新貢獻的不斷增加以及基礎業務的穩定，我們預計未來將持續成長，而我們優化的基礎設施和產品組合將能夠在 2026 年及以後實現利潤率的擴大。

Notably, like many other global corporations, we are negatively impacted by the stronger dollar. On slide 5, to highlight the strength of our core business, we broke out the impact of foreign exchange on our fourth quarter results and 2025 guidance.

值得注意的是，與許多其他跨國公司一樣，我們也受到美元走強的負面影響。在第 5 張投影片上，為了強調我們核心業務的優勢，我們列出了外匯對我們第四季業績和 2025 年指引的影響。

Our global team is focused on commercial execution, and full year underlying expectations are essentially unchanged. Overall, we are pleased with our fourth quarter performance against this dynamic macroeconomic backdrop and remain confident in accelerating fundamentals in 2025.

我們的全球團隊專注於商業執行，全年基本預期基本保持不變。總體而言，在這種充滿活力的宏觀經濟背景下，我們對第四季的表現感到滿意，並對 2025 年基本面加速發展充滿信心。

Turning to the fourth quarter on slide 6, we break down the 4% underlying organic constant currency revenue growth, which excludes the impact of the aqua divestiture in prior periods. All four areas delivered growth or were stable in the quarter, marking our best broad-based performance in more than three years.

轉到幻燈片 6 上的第四季度，我們將 4% 的潛在有機恆定貨幣收入成長細分，其中不包括前期水產資產剝離的影響。本季度，四個領域都實現了成長或保持穩定，這是我們三年多來最好的全面表現。

US farm animal was up 6% led by cattle. Experior reached blockbuster status from the US sales alone, benefiting from the use in heifers that began in November after we received FDA combo clearance. This growth supported demand for Rumensin, demonstrating the increasing value of our comprehensive portfolio.

美國農場動物價格上​​漲 6%，其中以牛為首。Experior 僅從美國的銷售就達到了轟動地位，這得益於我們於 11 月獲得 FDA 組合許可後開始在小母牛上使用。這種成長支持了對 Rumensin 的需求，顯示我們綜合產品組合的價值不斷增加。

International farm animal was flat despite challenging swine economics in Asia. The sequential improvement from the 3% decline in the third quarter was driven by stronger global poultry demand and less impact from our two different commercial model changes in certain geographies.

儘管亞洲養豬經濟面臨挑戰，但國際農場動物產量仍維持穩定。與第三季 3% 的降幅相比，這一數字有所改善，這得益於全球家禽需求的增強，以及我們在某些​​地區兩種不同的商業模式變化帶來的影響較小。

International pet health delivered robust growth of 11%, driven by continued strength of Adtab and Seresto. We now expect ad tab peak sales to exceed $100 million reflecting successful DTC efforts in Europe. By geography, international pet health achieved growth across a very diverse range of markets with contributions from Europe, the Middle East, Latin America, Asia Pacific, and Canada.

在 Adtab 和 Seresto 持續強勁成長的推動下，國際寵物保健業務實現了 11% 的強勁成長。我們現在預計廣告標籤的峰值銷售額將超過 1 億美元，這反映了歐洲 DTC 努力的成功。從地理來看，國際寵物保健在非常多樣化的市場中實現了成長，其中歐洲、中東、拉丁美洲、亞太地區和加​​拿大發揮了重要作用。

Finally, the US pet health revenue grew 2%, including early contributions from Zenrelia, which launched in late September. Importantly, Galliprant posted its best results since the third quarter of 2023, and her vaccine portfolio achieved 8% growth in the quarter. We continue to lead the retail market with share gains and increased points of distribution, capitalizing on positive trends and serving the one-third of pet owners who make purchases outside the veterinary clinics.

最後，美國寵物健康收入增加了 2%，其中包括 9 月底推出的 Zenrelia 的早期貢獻。重要的是，加利普蘭特公佈了自2023年第三季以來的最佳業績，其疫苗產品組合在本季實現了8%的成長。我們繼續引領零售市場，不斷增加市場份額和分銷點，利用積極的趨勢，為三分之一在獸醫診所外購物的寵物主人提供服務。

Turning to slide 7, we continue to advance our innovation portfolio and productivity, or IPP strategy. Starting with productivity, we paid down $1.475 billion in debt in 2024, resulting in a net leverage ratio of 4.3 times at the end of the year, down from 5.6 times to start 2024.

轉到投影片 7，我們繼續推進我們的創新組合和生產力，或 IPP 策略。從生產力開始，我們在 2024 年償還了 14.75 億美元的債務，導致年底的淨槓桿率為 4.3 倍，低於 2024 年初的 5.6 倍。

This achievement was the direct result of the strategic aqua transaction and a company-wide commitment to cash conversion improvement. From procurement to our incentive plans, our company has created a cultural priority on cash generation and debt pay down.

這項成就是策略性水產交易和全公司致力於改善現金轉換的直接結果。從採購到激勵計劃，我們公司已將現金創造和債務償還作為企業文化的優先事項。

On portfolio, we saw benefits across both sides of our business and around the globe, ultimately driving 2024's durable growth. In US pet health, we are now one of the two animal health companies to offer a comprehensive portfolio with products in all four key markets parasiticides, dermatology, vaccines, and pain and other therapeutics. Vet clinics prioritize partners who offer a complete set of solutions allowing us to leverage innovation to generate a broader lift across our entire pet health portfolio.

在投資組合方面，我們看到了業務兩端和全球範圍內的收益，最終推動了 2024 年的持久成長。在美國寵物保健領域，我們現在是兩家提供全面產品組合的動物保健公司之一，產品涵蓋四個主要市場：殺寄生蟲劑、皮膚病學、疫苗以及疼痛和其他治療學。獸醫診所優先考慮能夠提供全套解決方案的合作夥伴，這使我們能夠利用創新為整個寵物健康產品組合帶來更廣泛的提升。

Building on the strength of our advantage brands and OTC retail leadership, we recently introduced Pet Protect, a complete line of veterinary formulated science-backed supplements. Additionally, in the European pet health market, growth in Adtab and Seresto underscores our leadership in retail parasiticides.

憑藉我們的優勢品牌和非處方藥零售領導地位，我們最近推出了 Pet Protect，這是一系列由獸醫配方、科學支持的補充劑。此外，在歐洲寵物保健市場，Adtab 和 Seresto 的成長凸顯了我們在零售殺寄生蟲劑領域的領導地位。

In US farm animal, the portfolio achieved $100 million in organic growth in 2024, driven by multiple species. Our recent data indicates we ended the year as the market leader in the US in beef, swine, and poultry with good momentum in dairy. Our 50 year old flagship product Remensin captured volume and dollar growth with revenue up 19% in the US.

在美國農場動物領域，受多種物種的推動，該投資組合在 2024 年實現了 1 億美元的有機成長。我們最近的數據表明，今年我們已成為美國牛肉、豬肉和家禽市場的領導者，乳製品市場發展勢頭良好。我們已有 50 年歷史的旗艦產品 Remensin 在美國實現了銷售和銷售額的成長，收入成長了 19%。

This growth was driven by our full complementary portfolio and further supported by the new value generated by the carbon inset market enablement in dairy. More recently, we launched Pradalex, a medically important antimicrobial treatment for bovine and swine respiratory disease, conveniently given as a one low volume shot.

這一成長是由我們完全互補的產品組合所推動的，並得到了乳製品碳嵌入市場所創造的新價值的進一步支持。最近，我們推出了 Pradalex，這是一種具有重要醫學意義的抗菌藥物，用於治療牛和豬的呼吸道疾病，只需少量注射即可方便使用。

Targeted innovations like Pradalex bolster our wider portfolio of solutions, and we continue to boost our portfolio even further to bring solutions to emerging unmet needs. We've just announced our agreement with Medgene to commercialize high path avian influenza vaccines for dairy. The vaccine for use in dairy cattle is in the final stages of USDA conditional approval review.

Pradalex 等有針對性的創新增強了我們更廣泛的解決方案組合，並且我們將繼續進一步增強我們的產品組合，為新興的未滿足需求提供解決方案。我們剛剛宣布與 Medgene 達成協議，將高通量禽流感疫苗商業化用於乳牛養殖。用於乳牛的疫苗目前正處於美國農業部有條件批准審查的最後階段。

The cross-species transmission of the disease into nearly 1,000 dairy herds across the US, along with the zoonotic transmission, shows that more interventions are quickly needed. A cattle vaccine will be critical to slow the spreading of the virus between birds and cattle. Elanco was pleased to partner with Medgene to bring customers options to fight this devastating disease.

該疾病已跨物種傳播至美國近 1,000 個乳牛群，並伴隨人畜共通傳染病，這表明需要迅速採取更多幹預措施。牛疫苗對於減緩病毒在鳥類和牛之間的傳播至關重要。Elanco 很高興與 Medgene 合作，為客戶提供對抗這種毀滅性疾病的選擇。

Now on to innovation. Elanco delivered five new US product approvals and market authorizations in 2024 alone. Ellen and her team have built an integrated engine well positioned to deliver a consistent flow of high impact innovation into major markets.

現在來談談創新。僅在 2024 年，Elanco 就獲得了五項新的美國產品批准和市場授權。艾倫和她的團隊已經建立了一個整合引擎，可以向主要市場持續提供具有高影響力的創新。

On top of the progress made to bring late stage developments to recent approvals, her team is focused on a robust portfolio of differentiated and transformational early and mid-stage assets, including a strong monoclonal antibody platform that addresses significant unmet needs in core and emerging spaces.

除了在將後期開發成果推向近期批准方面的進展之外，她的團隊還專注於打造強大的差異化和轉型早期和中期資產組合，其中包括強大的單株抗體平台，可滿足核心和新興領域中尚未滿足的重大需求。

Looking at slide 8, we delivered $140 million of innovation revenue in the fourth quarter and $461 million for the full year, surpassing our target of $420 million to $450 million.

從第 8 張投影片可以看出，我們在第四季實現了 1.4 億美元的創新收入，全年實現了 4.61 億美元的創新收入，超過了我們 4.2 億至 4.5 億美元的目標。

With growing momentum from our six potential blockbusters, we are increasing our expected innovation contributions for 2025 to $640 million to $720 million. This does not assume any revenue from IL-31, which we expect to be approved by the USDA in the fourth quarter of 2025.

隨著我們六款潛在重磅產品的發展勢頭強勁，我們將 2025 年的預期創新貢獻提高至 6.4 億美元至 7.2 億美元。這還不包括來自 IL-31 的任何收入，我們預計 IL-31 將於 2025 年第四季獲得美國農業部的批准。

Let's double click on the progress of these six blockbusters on slide 9 starting with Zenrelia. Five months ago we launched Zenrelia and entered the $1.8 billion dollar global dermatology market, which has demonstrated robust double digit growth over the last decade.

讓我們雙擊幻燈片 9 上這六部大片的進度，從 Zenrelia 開始。五個月前，我們推出了 Zenrelia，進入了價值 18 億美元的全球皮膚病學市場，在過去十年中實現了強勁的兩位數成長。

Zenrelia is now used in nearly 8,000 US vet clinics, or approximately 30% of the total, of which about 6,000 have fully adopted the product, and more than 2000 are piloting use. Customer reviews have been positive, driven by the efficacy and the value of the product.

目前，Zenrelia 已在美國近 8,000 家獸醫診所中使用，約佔總數的 30%，其中約 6,000 家已全面採用該產品，超過 2,000 家正在試點使用。由於產品的功效和價值，顧客的評價都是正面的。

Our reorder rate is above 60% and growing with adoption and time, a clear testament to Zenrelia's efficacy and value proposition. The number of vets willing to prescribe the product is growing, demonstrating the success of the tech launch approach. This feedback gives us confidence that use per clinic will continue to increase and as Zenrelia can and will be used increasingly as the first line treatment over time, as we have seen in international markets.

我們的重新訂購率超過 60%，並且隨著採用和時間的推移而增長，這清楚地證明了 Zenrelia 的功效和價值主張。願意開出該產品的獸醫數量正在增長，證明了技術發布方法的成功。這些回饋讓我們相信，每個診所的使用量將繼續增加，正如我們在國際市場上看到的那樣，Zenrelia 可以並將隨著時間的推移越來越多地被用作一線治療藥物。

We've experienced good momentum to date and have reached critical milestones with vet education and clinic penetration, including our sampling program. We've accelerated investments in DTC and other targeted multi-channel marketing into January. We are proactively communicating our message of efficacy, convenience, and value directly to pet owners ahead of the allergy season.

到目前為止，我們發展勢頭良好，在獸醫教育和診所滲透（包括我們的採樣計劃）方面已經達到了關鍵的里程碑。我們在一月份加快了對 DTC 和其他有針對性的多通路行銷的投資。在過敏季節到來之前，我們積極地向寵物主人直接傳達我們的功效、便利性和價值的訊息。

Outside of the US, Zenrelia launched in Canada in January, joining Brazil and Japan, all with less restrictive labels than in the US. We also expect approvals in Europe, the UK, and Australia this year as part of our fastest globalization rollout to date.

在美國以外，Zenrelia 於 1 月在加拿大上市，緊隨其後在巴西和日本上市，這些國家的標籤限制都比美國少。作為迄今為止最快的全球化推廣舉措的一部分，我們也預計今年將獲得歐洲、英國和澳洲的批准。

Now shifting to Credelio Quattro. We launched and shipped product in January ahead of the parasiticide season. Again, it's early days for Quattro, but we are thrilled with the initial product reception, which has exceeded our expectations for distributor uptake, early clinic adoption, and that response to the three dimensions of differentiation.

現在轉向 Credelio Quattro。我們在殺蟲劑季節來臨前的 1 月推出並運送了產品。再次強調，Quattro 還處於早期階段，但我們對產品的初始接受度感到非常興奮，它已經超出了我們對分銷商接受度、​​早期診所採用度以及對三個差異化維度的反應的預期。

Broad coverage including tapeworm, speed of tick kill, and heartworm coverage from month one. These differentiators are resonating with veterinarians across the US. Remember that indecticides or flea tick, and intestinal parasite combination products is the fastest growing category in pet health market today, with broad spectrum products now representing nearly 30% of the $3.9 billion dollar US parasiticide market.

從第一個月開始，廣泛覆蓋包括絛蟲、蜱蟲殺滅速度和心絲蟲覆蓋。這些差異化因素引起了美國各地獸醫的共鳴。請記住，殺蟲劑或跳蚤蜱蟲和腸道寄生蟲組合產品是當今寵物保健市場中成長最快的類別，廣譜產品目前占美國 39 億美元殺寄生蟲劑市場的近 30%。

And although it's early, we see notably less cannibalization of our core portfolio than with other recent launches in the endecto space. Quattro is a meaningful, accretive growth opportunity for Elanco as it significantly increases our portfolio competitiveness and our value proposition in the US vet clinic.

儘管還處於早期階段，但與 endecto 領域近期推出的其他產品相比，我們的核心產品組合的蠶食情況明顯較少。Quattro 對 Elanco 來說是一個有意義的、增值的成長機會，因為它顯著提高了我們在美國獸醫診所的投資組合競爭力和價值主張。

In the European OTC market, we offer Adtab for flea and tick protection for both dogs and cats. The product leverages the same active ingredient found in Credelio and is labeled under the advantage family. Adtab is achieving robust growth through DTC efforts and share gains also with minimal cannibalization. In January, we shared that Adtab is now expected to become a blockbuster at peak, and we're encouraged by the brand's momentum entering the parasiticide season.

在歐洲 OTC 市場，我們提供狗和貓的跳蚤和蜱蟲防護的 Adtab。本產品利用與 Credelio 相同的活性成分，並歸屬於優勢系列。Adtab 透過 DTC 努力和份額成長實現了強勁成長，同時最大限度地減少了蠶食。一月份，我們曾表示，Adtab 預計將成為巔峰時期的重磅產品，品牌進入殺蟲劑季節的勢頭令我們感到鼓舞。

Rounding out pet health, adoption of our canine arbovirus monoclonal antibody has been somewhat slower than initially expected as customers balance the vital importance of defending puppies against this deadly virus versus the cost of treatment. We continue to explore strategic interventions to accelerate clinic penetration across all channels. Additionally, we received conditional approval in Canada at the end of January.

就寵物健康而言，由於客戶在保護幼犬免受這種致命病毒侵害的重要性與治療成本之間進行權衡，因此我們的犬蟲病單株抗體的採用速度比最初預期的要慢一些。我們將繼續探索策略幹預措施，以加速診所在所有管道的滲透。此外，我們於一月底獲得了加拿大的有條件批准。

And farm animal we remain encouraged by Bovaer's progress and what we estimate can be a $2 billion carbon market. Last year we created and substantiated the first independent carbon insect cattle market, creating additive economic value for both dairy farmers and consumer product good companies.

對於農場動物，我們仍然對 Bovaer 的進步感到鼓舞，我們估計這個碳市場可以達到 20 億美元。去年，我們創建並證實了第一個獨立的碳昆蟲牛市場，為酪農和消費品公司創造了附加經濟價值。

As a proof point in the fourth quarter, US dairy farmers earned approximately $10 million in credits created by using Rumensin. More than 1 million cows, or over 11% of the US dairy herd, are now enrolled in our UpLook database. Elanco digital solution for quantifying greenhouse gas emission reductions and the first step to enabling farmers to monetize their on-farm interventions to lower their footprint.

作為第四季的一個證明點，美國酪農透過使用欲可胖獲得了約1000萬美元的信貸。目前，已有超過 100 萬頭乳牛（占美國乳牛群的 11% 以上）加入我們的 UpLook 資料庫。Elanco 用於量化溫室氣體減排的數位解決方案，也是使農民能夠將其農場幹預措施貨幣化以降低其碳足蹟的第一步。

We see strong demand from farmers and multiple CPGs have contracted with a carbon marketplace to buy Bovaer credits in 2025. Our attention is now focused on the center of the value chain and bringing the product use into implementation among co-ops, processors, and feed mills. We expect Bovaer's revenue trajectory to follow a positive but measured ramp through 2025 as we execute our ground games state by state, farm by farm, feed mill by feed mill.

我們看到農民的需求強勁，並且多個 CPG 已與碳市場簽訂合同，將在 2025 年購買 Bovaer 信用額。我們現在的注意力集中在價值鏈的中心，並將產品的使用引入合作社、加工商和飼料廠。我們預計，隨著我們逐州、逐個農場、逐一飼料廠開展實地活動，Bovaer 的收入將在 2025 年之前呈現積極但有節制的成長軌跡。

Finally, Experior became the first farm animal blockbuster in over a decade. Experior ended 2024 on a strong note with the benefit of the US Heifer clearance. The increased access is significant, opening a larger market as heifers comprise about 40% of the feedlot animals.

最終，《Experior》成為十多年來第一部農場動物主題的大片。憑藉美國 Heifer 認證的益處，Experior 在 2024 年取得了良好的業績。由於小母牛佔飼養場動物的 40% 左右，因此擴大准入具有重要意義，這將打開更大的市場。

We are confident and Experior's growth trajectory in the US and Canada in 2025, and its strong value proposition to feedlot owners allows us to increase price while leveraging greater overall portfolio strength.

我們對 Experior 2025 年在美國和加拿大的成長軌跡充滿信心，其對飼養場主的強大價值主張使我們能夠提高價格，同時利用更強大的整體投資組合實力。

In summary, our global team is entering this new Elanco equipped with game changing innovation and comprehensive differentiated portfolios. Our six potential blockbusters are all in the market, and we are in commercial execution mode.

總而言之，我們的全球團隊正在進入這個新的 Elanco，它配備了改變遊戲規則的創新和全面的差異化產品組合。我們的六部潛在重磅影片都已上市，並且正處於商業執行模式。

Early indicators on these launches are broadly positive, driving our increased expectations around innovation sales and continued confidence and acceleration of 4% to 6% organic constant currency revenue growth in 2025.

這些產品的早期指標總體上是正面的，推動了我們對創新銷售的期望值上升，並持續增強信心，預計 2025 年有機固定匯率營收成長率將加速至 4% 至 6%。

With that, I'll hand it over to Todd to discuss our fourth quarter results and outlook in more detail.

接下來，我將把時間交給托德，讓他更詳細地討論我們第四季的業績和前景。

Thank you, Jeff, and good morning everyone. I'll focus my comments on our adjusted measures, so please refer to today's earnings press release for a detailed description of the year over year changes and our reported results.

謝謝你，傑夫，大家早安。我的評論將重點放在我們調整後的措施，因此請參閱今天的收益新聞稿，以了解同比變化和我們報告的結果的詳細描述。

Our fourth quarter results demonstrate good execution in the face of FX headwinds with revenue adjusted EBITDA and adjusted EPS all in line with our expectations, and that leverage also reaching our year-end target.

我們的第四季業績表明，儘管面臨外匯逆風，我們仍表現良好，收入調整後的 EBITDA 和調整後的 EPS 均符合我們的預期，槓桿率也達到了我們的年底目標。

Starting on slide 11, we delivered $1.02 billion in revenue, representing a 1% reported decline, excluding the impact of foreign exchange rates and the divestiture of our aqua business, we achieved organic constant currency growth of 4%.

從第 11 張投影片開始，我們的收入為 10.2 億美元，報告下降 1％，不包括外匯匯率和水產業務剝離的影響，我們實現了 4％ 的有機固定匯率增長。

Price contributed 3% while volume increased 1%. Changes to FX rates since we provided our guidance in November caused a $10 million reduction to our Q4 reported revenue. Slide 12 shows revenue by the four quadrants of our business in the quarter.

價格上漲 3%，而交易量上漲 1%。自我們 11 月提供指導以來，外匯匯率的變化導致我們第四季度報告的收入減少了 1000 萬美元。投影片 12 顯示了本季我們業務四個像限的收入。

Total pet health revenue increased 6% in constant currency in the fourth quarter with price growth of 3%. Our US business increased 2%, driven by contributions from key innovation products including Zenrelia and the OTC retail parasiticide business, partially offset by competitive pressures in the veterinary clinic.

第四季度，寵物保健總收入以固定匯率計算成長了 6%，價格上漲了 3%。我們的美國業務成長了 2%，這得益於 Zenrelia 等關鍵創新產品和非處方零售殺蟲劑業務的貢獻，但被獸醫診所的競爭壓力部分抵消。

International pet health delivered robust 11% constant currency growth driven by strong demand for innovative products led by Adtab and the continued strength of Seresto.

受 Adtab 主導的創新產品強勁需求以及 Seresto 持續強勁成長的推動，國際寵物保健業務實現了 11% 的強勁固定匯率成長。

Moving to farm animal globally, fourth quarter organic cost and currency revenue growth was 2%. The US farm metal business achieved $223 million in sales, a 6% increase. This was driven primarily by market expansion and increased share with our cattle business, with continued strong demand for Experior and Rumensin, partially offset by the comparison to last year's vaccine resupply.

轉向全球農場動物，第四季有機成本和貨幣收入成長率為 2%。美國農場金屬業務實現銷售額2.23億美元，成長6%。這主要得益於市場擴張和牛隻業務份額的增加，對 Experior 和 Rumensin 的需求持續強勁，但與去年的疫苗補給相比有所抵消。

Swine product sales saw growth in the fourth quarter due to improved vaccine supply compared to constraints a year ago. Lastly, the timing of poultry rotations was a headwind in the quarter and is expected to continue to impact purchasing patterns in the first half of 2025.

由於疫苗供應較去年同期有所改善，第四季豬產品銷售量出現成長。最後，家禽輪換的時間是本季的一個不利因素，預計將繼續影響 2025 年上半年的購買模式。

International farm animal revenue was flat as innovation and strong demand in poultry across multiple geographies was offset by the impact of the Kexxtone recall and our strategic do different approach in certain geographies. We estimate these two items were combined 4% point headwind to year over year growth.

國際農場動物收入持平，因為多個地區對家禽的創新和強勁需求被 Kexxtone 召回的影響以及我們在某些​​地區採取的戰略性不同做法所抵消。我們估計這兩個因素加起來將對年成長造成 4% 的阻力。

Continuing down the income statement on slide 13, gross margin increased by 80 basis points to approximately 51%, primarily due to price, beneficial product mix, especially in our farm animal business, and improved manufacturing performance. These positive factors were partially offset by the aqua divestiture, inflationary pressures, and foreign exchange headwinds.

繼續看第 13 張投影片上的損益表，毛利率增加了 80 個基點，達到約 51%，這主要歸因於價格、有利的產品組合（尤其是我們的農場動物業務）以及製造性能的提高。這些正面因素被水產資產剝離、通膨壓力和外匯逆風部分抵銷。

Operating expense saw a 3% uptick driven primarily by increases in employee-related expenses and investments to support our expanding pet health business. These increases were partially offset by savings realized from our first quarter restructuring initiative.

營業費用上漲了 3%，主要原因是員工相關費用和支持我們不斷擴大的寵物保健業務的投資增加。這些成長被我們第一季重組計劃實現的節省部分抵消。

As we've stated before, strategic investment in the key product launches while presenting a near term headwind to adjusted EBITDA are critical for long term brand success and profitability.

正如我們之前所說，對關鍵產品發布的策略投資雖然在短期內會對調整後的 EBITDA 造成不利影響，但對於品牌的長期成功和獲利能力至關重要。

Interest expense decreased significantly from $67 million to $46 million due to debt reduction funded by the third quarter, aqua divestiture.

由於第三季水產資產剝離帶來的債務削減，利息支出從 6,700 萬美元大幅下降至 4,600 萬美元。

On slide 14, we include a bridge for fourth quarter results compared to the prior year. Adjusted EBITDA was $177 million in the quarter, an increase of $12 million on a reported basis, or approximately $42 million excluding the impact of the aqua divestiture and foreign exchange headwinds.

在第 14 張投影片中，我們列出了第四季業績與去年同期的對比情況。本季調整後的 EBITDA 為 1.77 億美元，以報告基礎計算增加 1,200 萬美元，若不計水產資產剝離和外匯逆風的影響，則約為 4,200 萬美元。

Adjusted EPS grew by $0.06 to $0.14 per share, including the benefit of lapping last year's Argentinian peso devaluation.

調整後的每股盈餘成長 0.06 美元至 0.14 美元，其中包括抵銷去年阿根廷比索貶值帶來的好處。

For the full year 2024 on slide 15, we generated over $4.4 billion in reported revenue. While this is flat year over year, it's important to consider the impact of the aqua divestiture, which was a headwind of approximately 200 basis points to growth.

幻燈片 15 中顯示的 2024 年全年報告收入超過 44 億美元。雖然這一數字與去年同期持平，但必須考慮水產業務剝離的影響，這對成長造成了約 200 個基點的阻力。

Strong demand for innovative products was the key driver of our performance. Innovation led value creates pricing leverage, and the portfolio benefit stabilizes the base business. Further detail on revenue broken down by top affiliate and key products is available on slides 28 and 29.

創新產品的強勁需求是我們業績的主要驅動力。創新主導的價值創造了定價槓桿，而投資組合效益則穩定了基礎業務。有關按主要附屬公司和主要產品細分的收入的更多詳細信息，請參見幻燈片 28 和 29。

Continuing down the P&L, gross margin was 54.9%, a decrease of 140 basis points compared to 2023. This decrease is mainly attributable to the impact of the aqua divestiture, the strategic approach we've taken to slowing manufacturing throughput to optimize inventory levels, foreign exchange headwinds, and persistent inflationary pressures, all partially offset by higher realized prices.

損益表持續下降，毛利率為 54.9%，與 2023 年相比下降了 140 個基點。這一下降主要歸因於水產業務剝離的影響、我們採取的減緩製造吞吐量以優化庫存水平的戰略方針、外匯逆風以及持續的通膨壓力，所有這些都被更高的實際價格部分抵消。

These factors combined with increased investment in our commercial launches. Resulted in an adjusted EBITDA of $910 million for the full year as shown on slide 16.

這些因素與我們商業發布的投資增加相結合。如投影片 16 所示，全年調整後的 EBITDA 為 9.1 億美元。

Full year adjusted EPS came in at $0.91 compared to $0.89 in 2023. The aqua divestiture impact on an adjusted EPS was neutral due to the interest expense savings achieved through our resulting debt reduction.

全年調整後每股收益為 0.91 美元，而 2023 年為 0.89 美元。由於我們透過減少債務節省了利息支出，因此水產業務剝離對調整後每股盈餘的影響為中性。

The adjusted tax rate for 2024 was 18.1%, a year over year decrease of 420 basis points due to the recognition of non-recurring tax credits in 2024 and adjustments to tax reserves in 2023. Now let me offer a few words on our cash, working capital, and debt on slide 17.

2024 年調整後的稅率為 18.1%，由於 2024 年確認了非經常性稅收抵免以及 2023 年對稅收儲備進行了調整，同比下降 420 個基點。現在，請容許我在第 17 張投影片上簡要介紹我們的現金、營運資金和債務。

We achieved a significant improvement in operating cash flow throughout the year, driven by a focused approach to working capital management. Cash provided by operations in the quarter was $177 million. For the full year, we generated $541 million of operating cash flow, or 120% of adjusted net income. This was an improvement versus last year of $270 million driven by improved inventory performance, strong collections, and lower project expenses.

在註重營運資本管理的推動下，我們全年的營運現金流取得了顯著改善。本季經營活動提供的現金為 1.77 億美元。全年我們產生了 5.41 億美元的營運現金流，佔調整後淨收入的 120%。與去年的 2.7 億美元相比，這一數字有所提高，這得益於庫存績效的提高、強勁的收款能力以及項目費用的降低。

We exceeded our net leverage target for the year, underscoring our commitment to disciplined financial management. We ended the quarter with net debt of $3.88 billion and net leverage of 4.3 times.

我們超額完成了今年的淨槓桿目標，彰顯了我們對嚴格財務管理的承諾。本季末，我們的淨債務為 38.8 億美元，淨槓桿率為 4.3 倍。

Let's move to our financial guidance starting on slide 19. We remain confident in the underlying drivers of the 2025 outlook provided during the November earnings call. For the year, we continue to expect mid-single digit organic constant currency revenue growth. We expect adjusted EBITDA up 1% to 5%, excluding the impact of FX and aqua.

讓我們從第 19 張投影片開始討論財務指引。我們仍然對 11 月收益電話會議上提供的 2025 年前景的潛在驅動因素充滿信心。對於今年，我們繼續預期有機固定匯率收入將實現中等個位數成長。排除外匯和水價的影響，我們預計調整後的 EBITDA 將成長 1% 至 5%。

Reported revenue is expected between $4.445 and $4.510 billion. This projection incorporates a 2% contribution from price offset by an estimated $110 million dollar headwind from FX.

預計營收在 44.45 億美元至 45.10 億美元之間。該預測包含 2% 的價格貢獻，但被外匯造成的約 1.1 億美元逆風所抵消。

Gross margin is expected to decline as the benefits of price growth are expected to be more than offset by the margin impact from the UK CMO transition and FX headwinds. We anticipate operating expenses up approximately 6% in constant currency with strategic investment in the global launches of our innovation portfolio.

預計毛利率將會下降，因為價格成長帶來的好處預計將被英國 CMO 轉型和外匯逆風對利潤率的影響所抵消。隨著我們在全球範圍內對創新產品組合進行策略性投資，我們預計營運費用將按固定匯率計算將上漲約 6%。

Full year adjusted EBITDA is expected between $830 million and $870 million, including an estimated FX headwind of approximately $45 million year over year and since our November outlook. We expect H1 to represent a relatively smaller portion of full year adjusted EBITDA versus the 61% waiting in 2024 and 2023 as the commercial investments impact operating expenses earlier in the year and then drive greater contributions to revenue in the second half.

全年調整後的 EBITDA 預計在 8.3 億美元至 8.7 億美元之間，其中包括預計年比和自 11 月預測以來約 4,500 萬美元的外匯逆風。我們預計上半年佔全年調整後 EBITDA 的比例相對較小，而 2024 年和 2023 年則為 61%，因為商業投資會在年初影響營運費用，然後在下半年帶來更大的收入貢獻。

We anticipate adjusted EPS of $0.80 to $0.86, including an estimated FX headwind of approximately $0.07 year over year and since our November outlook.

我們預計調整後的每股收益為 0.80 美元至 0.86 美元，其中包括預計年比和自 11 月展望以來的約 0.07 美元的外匯逆風。

I'll share a few comments on our cash and balance sheet expectations for 2025. We anticipate 2025 CapEx to be approximately $225 million to $255 million an increase versus $147 million in 2024, due in part to the expansion of our monoclonal antibody manufacturing facility in Elwood, Kansas and our expansion in France for our Credelio franchise.

我將就我們對 2025 年現金和資產負債表的預期分享一些評論。我們預計 2025 年資本支出將達到約 2.25 億美元至 2.55 億美元，較 2024 年的 1.47 億美元有所增加，部分原因是我們位於堪薩斯州埃爾伍德的單克隆抗體製造工廠的擴建以及我們在法國的 Credelio 特許經營權的擴張。

As a reminder, cash available for debt paydown will be reduced by approximately $150 million due to the deferred cash taxes related to last year's aqua transaction.

提醒一下，由於去年水產品交易相關的遞延現金稅，可用於償還債務的現金將減少約 1.5 億美元。

Given the FX impact to adjusted EBITDA and that our debt is dollar denominated, the calculation of our net leverage ratio is affected by unfavorable currency. Consequently, we expect net leverage in the low to mid-four's at year end with an uptick in the first half of the year, including typical seasonality and working capital.

鑑於外匯對調整後 EBITDA 的影響以及我們的債務以美元計價，我們的淨槓桿率計算受到不利貨幣的影響。因此，我們預期年底淨槓桿率將在四成以下至四成中段，上半年將有所上升，其中包括典型的季節性和營運資本。

A weaker US dollar would create a potential path back to the high-three's at the end of 2025, and our company-wide focus on operating cash flow and our prioritization of repaying debt should lead to further significant improvements in net leverage over time.

美元走弱將為公司在 2025 年底重返前三名創造潛在途徑，而我們全公司對經營現金流的關注以及對償還債務的優先考慮將導致淨槓桿率隨著時間的推移進一步顯著改善。

Slide 20 walks through the year over year bridge for revenue, breaking down our expectations for mid-single digit organic constant currency growth. We expect contribution from innovation to drive growth of approximately $180 to $260 million year over year. We also anticipate stability in our base portfolio with the benefit of innovation and pricing, more than offsetting volume declines for mature products in the competitive US pet health vet clinic business.

第 20 張投影片介紹了營收的年比變化，打破了我們對中位數個位數有機固定匯率成長的預期。我們預計創新貢獻將推動年增約 1.8 億至 2.6 億美元。我們也預計，憑藉創新和定價的優勢，我們的基礎產品組合將保持穩定，足以抵消競爭激烈的美國寵物健康獸醫診所業務中成熟產品的銷售下降。

Slide 21 provides year over year bridges for 2025 adjusted EBITDA and adjusted EPS, and slide 31 in the appendix provides a number of additional assumptions to help support your modeling efforts.

投影片 21 提供了 2025 年調整後 EBITDA 和調整後 EPS 的同比變化，附錄中的投影片 31 提供了許多額外的假設來幫助支持您的建模工作。

Now let's move to our Q1 guidance starting on slide 22. We expect organic constant currency revenue growth of 2% to 4%, including some softness in the broader US retail market in January.

現在讓我們從第 22 張投影片開始查看第一季的指導。我們預計有機固定匯率營收成長率將達到 2% 至 4%，其中包括 1 月美國零售市場整體表現疲軟。

On a reported basis, including an estimated FX headwind of $40 million we expect $1.155 billion to $1.180 billion in revenue. Operating expense is expected to increase 6% to 8%. Year over year in the quarter on a constant currency basis primarily to support our recent pet health launches.

據報道，包括預計 4000 萬美元的外匯逆風在內，我們預計收入為 11.55 億美元至 11.80 億美元。預計營業費用將增加6%至8%。本季以固定匯率計算年增，主要是為了支持我們最近推出的寵物健康產品。

Consequently, we anticipate adjusted EBITDA of $240 million to $260 million including an estimated FX headwind of approximately $15 million and adjusted EPS of $0.29 to $0.34, including an estimated FX headwind approximately $0.03. We expect our adjusted effective tax rate in Q1 to be in the mid-single digit range as a result of a discrete tax item falling in the quarter that will also benefit our full year expected tax rate of 21% to 22%.

因此，我們預計調整後的 EBITDA 為 2.4 億美元至 2.6 億美元，其中包括預計約 1500 萬美元的外匯逆風；調整後的 EPS 為 0.29 美元至 0.34 美元，其中包括預計約 0.03 美元的外匯逆風。我們預計第一季調整後的有效稅率將處於中等個位數範圍內，因為本季單獨稅項的下降也將有利於我們全年預期的 21% 至 22% 的稅率。

Lastly, on slide 23, we summarize the headwinds and tailwinds that are expected to impact our results in 2025 and are factored into our guidance. The list is essentially unchanged since the third quarter, except for the addition of currency volatility to materially impact results, which we did note at an investor conference in January.

最後，在第 23 張投影片上，我們總結了預計將影響我們 2025 年業績併計入我們指導的不利因素和順風因素。自第三季以來，該名單基本上沒有變化，只是增加了對業績產生重大影響的貨幣波動，這一點我們在一月份的投資者會議上確實提到了。

Now I'll hand it back to Jeff for closing comments.

現在我將把發言權交還給傑夫，請他發表最後評論。

Thanks, Todd. Elanco delivered a strong finish to 2024, achieving our sixth consecutive quarter of organic constant currency revenue growth and building momentum as we head into 2025. This performance with both pet health and farm animal contributing to this growth in the fourth quarter underscores the effectiveness of our innovation-driven strategy.

謝謝，托德。禮來公司在 2024 年取得了強勁的成績，連續第六個季度實現有機固定匯率收入增長，並在邁向 2025 年的過程中不斷積累增長動力。寵物健康和農場動物在第四季度的業績成長凸顯了我們創新驅動策略的有效性。

The collective portfolio led by our six potential blockbuster products is exceeding expectations, with 2024 innovation revenue surpassing our targets and setting the stage for an even stronger performance in 2025. We are reaffirming our outlook for accelerating organic constant currency revenue growth of 4% to 6%, driven by innovation and focused commercial execution.

以我們的六款潛在重磅產品為首的集體投資組合超出了預期，2024 年的創新收入超過了我們的目標，並為 2025 年更強勁的表現奠定了基礎。我們重申我們的預期，在創新和專注的商業執行的推動下，有機固定匯率收入將加速成長 4% 至 6%。

This is a much awaited period for Elanco in our strategic trajectory. The energy and enthusiasm within our organization can be felt at every level, evidenced by a four year high for employee engagement as we build on our 70 year legacy of going beyond to transform animal care.

這是禮來公司策略軌跡中期盼久的時期。我們組織內部的活力和熱情在各個層面都能感受到，員工敬業度四年來一直處於高位，這證明了我們 70 年來不斷改進動物護理的傳統。

Thank you to our global teams for your focus and discipline in delivering a successful 2024, positioning us well to create long term value in 2025 and beyond. With that, I'll turn it over to Tiffany to moderate the Q&A.

感謝我們全球團隊的專注和紀律，使我們在 2024 年取得了成功，並為我們在 2025 年及以後創造長期價值做好了準備。接下來，我將把問答環節交給蒂芬妮 (Tiffany) 來主持。

Thanks, Jeff. We'd like to take questions from as many callers as possible, so we ask that you limit yourself to one question and one follow up. Operator, please provide the instructions for the Q&A session, and then we'll take the first caller.

謝謝，傑夫。我們希望盡可能回答來電者的問題，因此我們要求您只提出一個問題並進行一次跟進。接線員，請提供問答環節的說明，然後我們將接聽第一位來電。

(Operator Instructions)

（操作員指示）

John Block, Stifel.

約翰·布洛克（John Block），斯蒂費爾（Stifel）。

Great, thanks. Good morning. Jeff, Zenrelia's is US penetration, slightly ahead of our diligence, if you would. So where do you think this can go by year in '25 and maybe more importantly, what about market share at these practices by year in '25 and also curious, any differences in the international markets for Zenrelia we call the label, is less onerous.

太好了，謝謝。早安.傑夫，如果你願意的話，Zenrelia 在美國的滲透率略高於我們的水平。那麼您認為到 25 年，這情況會如何發展？更重要的是，到 25 年，這些做法的市佔率會如何？同樣令人好奇的是，對於我們稱之為標籤的 Zenrelia 來說，國際市場上的任何差異都不會那麼繁重。

And then Todd, I guess I'll just ask my follow up here. The accelerating revenue growth off the 1Q, '25 levels, I think you talked a bit about it, but is that just a function of, called Zenrelia and Credelio Quattro, the contribution ramping. Throughout '25 or you know anything else to call out to give investors or people more comfort with the accelerating constant currency revenue growth off the 1Q, '25 guide? Thanks guys.

然後托德，我想我會在這裡問我的後續問題。我認為您已經談到了第一季和 25 年水準的營收成長加速，但這僅僅是 Zenrelia 和 Credelio Quattro 貢獻增加的功能嗎？在整個 25 年，或者您知道還有什麼其他要求可以讓投資者或人們對 25 年第一季加速的恆定貨幣收入成長更加放心嗎？謝謝大家。

Thanks, John, for the question. Yes, we're excited about Zenrelia and where we stand and maybe how we're looking at it. And maybe to start with your specific question, we're adding use and growing revenue every week on a relative basis with Zenrelia, and we see that trajectory coming.

謝謝約翰提出這個問題。是的，我們對 Zenrelia 以及我們的現狀和我們對它的看法感到興奮。也許首先要回答您的具體問題，Zenrelia 的使用量和收入每週都在相對增加，我們看到了這一發展軌跡。

But if I step back, the $1.8 billion derm market, as you know, John, has grown 16% in 2024. It will very likely surpass $2 billion. So we're in a market that is growing since the launch. As I mentioned, we are at 8,000 clinics today. That's about the same number of Credelio, and we've come through really the three lowest months of derm in the overall season.

但如果我退一步來看，如你所知，約翰，18 億美元的皮膚病市場到 2024 年已經成長了 16%。它很可能會超過20億美元。自推出以來，我們所處的市場一直在成長。正如我所提到的，我們今天有 8,000 家診所。這與 Credelio 的數量大致相同，而且我們實際上已經經歷了整個季節皮膚病數量最低的三個月。

6,000 clinics have adopted, and we got 2,000 piloting. And probably one of the greatest right now converters to clinic penetration is a sampling program that's quite aggressive in the field. Once people see this efficacy in vet clinics, they begin to bring the product on.

已有 6,000 家診所採用了此方法，另有 2,000 家診所進行了試點。目前，促使診所滲透的最有效方法之一可能是在該領域開展一項相當積極的採樣計劃。一旦人們在獸醫診所看到這種功效，他們就會開始使用該產品。

So as we start to head into the season, here's our strategy as we look at this accelerating use and adoption of Zenrelia, as you talk about by the end of '25. First is all around the vet clinic, it's continued acceleration of vet clinic adoption with a heavy focus on tech-to-tech. Right now, we've got more vets willing to script this month and last month, and that's growing. And also this sampling.

因此，隨著我們開始進入新賽季，以下是我們的策略，我們將著眼於 Zenrelia 的加速使用和採用，正如您所說的，到 25 年底。首先是圍繞獸醫診所，獸醫診所的採用持續加速，重點在於技術對技術的採用。目前，我們有更多的老手願意為本月和上個月的比賽編寫腳本，而且這個數字還在不斷增長。還有這個採樣。

Sampling is driving more clinics to try. Try is turning to conversion at a better than we expected rate. So we'll continue to be very aggressive with our sampling.

抽樣調查正在推動更多診所進行嘗試。嘗試以比我們預期更好的速度轉化為轉換。因此，我們將繼續積極地進行抽樣。

Now we enable DTC, which we've noted. DTC has turned on. We're now bringing the pet owner in, and we believe not just efficacy but the affordability and convenience are really resonating, and we think they'll resonate even more with pet owners.

現在我們啟用 DTC，我們已經注意到了。DTC 已開啟。我們現在將寵物主人引入其中，我們相信，不僅僅是功效，而且價格實惠和便利性也確實引起了共鳴，我們認為它們會引起寵物主人的更多共鳴。

So when we kind of see coming into the season, we also have the number of seasonal and acute cases, John, that we will see rising as well. And we think that will drive us, which is our ultimate goal is not just clinic penetration to move more into frontline treatment during peak season. This will be the key success factor for accelerating use as we go forward.

因此，當我們看到進入季節時，我們也會看到季節性和急性病例的數量也在上升，約翰。我們認為這將推動我們前進，我們的最終目標不僅是滲透到診所，還要在旺季更多地進入一線治療。這將是我們未來加速使用的關鍵成功因素。

So I do as I step back, I think efficacy continues to resonate. It's what we hear the most globally, not just in the US but globally. To answer your international question, as I mentioned, we've added Canada to Brazil and Japan. Launches are on or above expectations, doing extremely well in Brazil and Japan. Canada, it's very early. They do have less restricted labels. And we point to EU, a very large market.

因此，當我退後一步時，我認為功效會繼續產生共鳴。這是我們在全球聽到最多的一句話，不僅在美國，而是在全世界。為了回答您的國際問題，正如我所提到的，我們在巴西和日本之外還添加了加拿大。發布情況達到或超出預期，在巴西和日本表現非常出色。加拿大，還很早。它們的標籤確實限制較少。我們指出，歐盟是一個非常大的市場。

UK and Australia as key factors to make Zenrelia's significant impact here in 2025 in our international pet business. So that's where we are. We're happy where we stand and we're excited to be leaning in as the season starts to ramp up on the derm side.

英國和澳洲是 Zenrelia 在 2025 年對我們的國際寵物業務產生重大影響的關鍵因素。這就是我們現在的狀況。我們對目前的狀況感到滿意，並且很高興能夠在皮膚科領域迎來新一季的高峰。

And John, to your question on revenue growth, clearly, 2% to 4% constant currency in Q1, but then getting to 4% to 6% for the full year. I'd start with a few onetime items or headwinds from Q1 of last year that we called out at the time.

約翰，關於你關於營收成長的問題，顯然，第一季的營收成長將達到 2% 至 4%（以固定匯率計算），但全年的營收成長將達到 4% 至 6%。我首先要談談我們當時提到的去年第一季的一些一次性事件或不利因素。

We put products from Bayer into distribution that increased sales in Q1 of last year in US pet. We were still working through the Argentinian exit as well as Kexxtone and some of the Do Different opportunities in international farm that became headwind yet here in Q1, but then we don't have that same headwind in Q2 through Q4.

我們將拜耳的產品投入分銷，這增加了去年第一季美國寵物市場的銷售。我們仍在努力解決阿根廷的出口問題以及 Kexxtone 和國際農場中的一些 Do Different 機會，這些機會在第一季度遇到了阻力，但在第二季度到第四季度我們並沒有遇到同樣的阻力。

I would also then address the innovation ramp. As Jeff mentioned, we're really penetrating Zenrelia in the US vet clinics in preparation for the season, that spring and summer hitting Q2 and Q3. Similarly, Adtab's continued growth. Again, a Q2, Q3 inflection on OTC retail in Europe.

我還將討論創新坡道。正如傑夫所提到的，我們正在美國獸醫診所推廣 Zenrelia，為春季和夏季的第二季和第三季做準備。同樣，Adtab 也在持續成長。再次，歐洲 OTC 零售業在第二季和第三季出現拐點。

And then again, just continued growth in innovation portfolio, especially Bovaer, which we expect to start to be a bigger contributor to growth in the back half and the first half. All of those items that make us confident that while starting at 2% to 4%, we'll deliver the 4% to 6% for the full year.

再說一次，創新組合持續成長，尤其是 Bovaer，我們預計它將在下半年和上半年對成長做出更大的貢獻。所有這些因素讓我們有信心，雖然起價為 2% 至 4%，但全年成長率將達到 4% 至 6%。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great. The first, maybe just a follow-up to John's question just now on Zenrelia. But just looking at your innovation contribution for 2025, I mean, first of all, you came ahead for 2024 fourth quarter. So that was really encouraging, but when you raised your '25 innovation numbers by, I think, $30 million at the midpoint, I'm not going to ask for sort of specific point estimates for each of your contributing products.

偉大的。第一個，也許只是約翰剛才關於 Zenrelia 的問題的後續。但僅從您對 2025 年的創新貢獻來看，我的意思是，首先，您在 2024 年第四季度取得了領先。這確實令人鼓舞，但是當你將 25 項創新數字提高到中點 3000 萬美元時，我不會要求你對每種貢獻產品進行具體的點估計。

But directionally, what gives you more confidence in that? Any that you can call out, whether that is Zenrelia or your first month of Credelio Quattro versus what's behind that. And I got a follow-up.

但從方向來看，什麼能讓您對此更有信心？您可以說出任何內容，無論是 Zenrelia 還是 Credelio Quattro 的第一個月以及背後的內容。我得到了後續消息。

Yeah, Michael, I'll start here. Todd, anything that I may miss. I think the momentum at the end of the year, no question in our US farm animal business, led by Experior, the heifer clearance definitely accelerated use. And with that heifer clearance, it just enabled more feed yards to be able to and feed it to steers.

是的，邁克爾，我就從這裡開始。托德，我可能會錯過任何事情。我認為，毫無疑問，在我們美國農場動物業務中，年底的發展勢頭，在 Experior 的帶領下，小母牛的清理無疑加速了使用。隨著小母牛的清理，更多的飼養場能夠將其飼養給小公牛。

And as we see kind of the decline in the herd level off, that's going to be positive as well. So the value of Experior has done well in the US and Canada, and it gives us a lot of confidence and a lot of growth opportunity in 2025.

當我們看到牛群數量下降趨於平穩時，這也將是正面的。因此，Experior 的價值在美國和加拿大表現良好，這給了我們很大的信心，並在 2025 年帶來了許多成長機會。

And Adtab, probably our best launch I've experienced in the last five years, what our US retail team has done. It's even contributed to nice growth in Seresto across the European affiliates as well. Those two products are definitely driving growth.

Adtab 可能是我過去五年來經歷過的最好的一次發布，這是我們美國零售團隊所做的。它甚至還促進了 Seresto 在歐洲分支機構的良好成長。這兩種產品無疑地推動了成長。

And then look, when you step back and say, Zenrelia going into a now close to be $2 billion derm market that's growing globally, and Quattro that's got three dimensions of differentiation going in the fastest-growing market segment, Michael.

然後，當你退一步來看，Zenrelia 進入了目前接近 20 億美元的全球不斷增長的皮膚病市場，而 Quattro 在增長最快的細分市場中擁有三個維度的差異化，邁克爾。

I think we see the early uptake and interest in Quattro combined with third of the clinics on Zenrelia are using gives us a lot of excitement. Bovaer, as Todd mentioned, will probably be a little bit more of a second half, but we like the progress we made since November with Bovaer.

我認為，我們看到 Quattro 的早期採用和興趣，再加上 Zenrelia 上三分之一的診所正在使用，這讓我們非常興奮。正如托德所提到的，Bovaer 可能在下半場會表現得更出色一些，但我們對 Bovaer 自 11 月以來的進展感到滿意。

Okay. And then maybe for a follow-up, I think in the prepared remarks, you called out your IO monoclonality (inaudible) 4Q '25 approval but it's not in your guidance on (inaudible). Just given what we see with regulatory clearance to a lot of things, they've taken a little bit longer, frankly, and there's a lot of uncertainty in the registry environment overall.

好的。然後也許為了後續問題，我認為在準備好的評論中，您提到了您的 IO 單克隆（聽不清楚）25 年第四季度的批准，但這不在您的指導中（聽不清楚）。就我們所見，許多事情的監管審批都花費了較長的時間，坦白說，整個註冊環境存在著許多不確定性。

Just what gives you confidence in that this far out? Any color you can provide on how those conversations are going?

究竟是什麼讓您對此有如此大的信心？能透露一下這些對話的進展嗎？

Yes. Thank you, Michael. As we look at IL-31, again, we see it as a differentiated asset going into the derm market, going to play very nicely with Zenrelia going into the marketplace. You're right, it does not have an ADUFA like you have in the FDA with the USDA.

是的。謝謝你，麥可。當我們再次審視 IL-31 時，我們將其視為進入皮膚病市場的差異化資產，將與 Zenrelia 很好地配合進入市場。你說得對，它沒有像 FDA 和 USDA 那樣的 ADUFA。

But again, nothing has changed relative to the progress. We continue to progress with the USDA. We just simply are putting more clarity on that it is not in our guidance, and we expect a late '25 approval. But again, nothing has changed with the programs, and we continue to be confident in its differentiation and its role in our portfolio.

但同樣，相對於進展而言，什麼都沒有改變。我們繼續與美國農業部合作。我們只是更清楚地表明這不在我們的指導範圍內，我們預計 25 年內會獲得批准。但同樣，這些項目沒有任何改變，我們仍然對其差異化及其在我們投資組合中的作用充滿信心。

Daniel Clark, Leerink Partners.

丹尼爾·克拉克（Daniel Clark），Leerink Partners。

Great thank you for taking the question. I was just curious, when you talked about the successes of sampling in Zenrelia thus far, is that causing you to maybe change how you're approaching your sales and marketing strategy for that launch?

非常感謝您回答這個問題。我只是好奇，當您談到迄今為止 Zenrelia 樣品的成功時，這是否會促使您改變此次發布的銷售和行銷策略？

Yes. Thank you, Daniel. Again, I would step back and say we feel good about Bobby and the team, really a lot of expertise and a lot of work and prepping for this launch, and Quattro helping it, too, is we've got a multifaceted approach. We got multimedia kicking in, the vet tech to tech approach. And now we know the sampling.

是的。謝謝你，丹尼爾。再次，我想退一步說，我們對 Bobby 和團隊感覺很好，他們確實有很多專業知識，為這次發布做了大量工作和準備，而且 Quattro 也提供了幫助，我們採取了多方面的方法。我們採用了多媒體技術，即獸醫技術對技術的方法。現在我們知道了採樣。

And even right down to the sales rep incentives and distributor incentives all aligned to say. Hey, we know that we get a vet clinic to experience Zenrelia, it creates adoption. So we will continue to look at this in a very focused way.

甚至銷售代表激勵和分銷商激勵都是一致的。嘿，我們知道我們去獸醫診所體驗 Zenrelia，它創造了收養。因此，我們將繼續非常集中地關注這個問題。

And I would say that the sampling program, what it does is that it leads, it takes us just a few examples. And yes, we've been put in some of the hard cases and that's actually been a good thing because it just shows the demonstration of the efficacy that we saw in the head-to-head studies, and that's driving the adoption.

我想說的是，抽樣程序的作用是引導我們，它只給我們幾個例子。是的，我們確實遇到過一些棘手的情況，但這實際上是一件好事，因為它證明了我們在面對面研究中看到的有效性，而這推動了人們的採用。

So look at us to continue to lean in on sampling as we head into the spring, summer derm season as well as continue to incent clinics. And then when the pet owner walks in from the DTC and multimedia, they're going to see the value differentiation. All of these things, we believe, set us up well to become more of a first-line treatment in clinics, which we think is the next critical success factor.

因此，隨著我們進入春季、夏季皮膚病季節，我們將繼續依靠採樣並繼續激勵診所。然後，當寵物主人從 DTC 和多媒體走進來時，他們就會看到價值差異。我們相信，所有這些都使我們成為臨床上的第一線治療方法，我們認為這是下一個關鍵的成功因素。

Got it. And then just on the point of becoming a first-line treatment, can you share some of the feedback you've been getting on vets? Like can you give some color on how many are using it as a first line treatment site? Thank you.

知道了。那麼，關於它是否即將成為一線治療方法，您能否分享一些獸醫給予的回饋？例如，您能否說明有多少人將其作為一線治療場所？謝謝。

Yes. Every segment is a little different, but what we would say is experience is what is needed. The demonstration of efficacy, how the product can be used into different vet clinics and how vets are looking at it, is essential. These tech to tech meetings really matter. Being able to bring KOLs in, which we've got really good support from KOLs.

是的。每個部分都有點不同，但我們認為需要的是經驗。證明產品的功效、如何在不同的獸醫診所使用以及獸醫如何看待它，都至關重要。這些技術會議確實很重要。能夠引入 KOL，我們得到了 KOL 的大力支持。

We're seeing a nice uptake on the strategic side. Bobby and the team have done a lot with the strategics, but it really allows vet to vet exchange, KOL exchange to be able to give those and maybe have less comfort or want to know more about how to manage the label. That's what, I think, helped bring more vets into their willingness to script, which we're seeing in the surveys that are being done.

我們看到戰略方面出現了良好的進展。Bobby 和團隊在策略上做了很多工作，但它確實允許獸醫與獸醫之間的交流，KOL 交流能夠提供這些，也許他們不太舒服，或者想更多地了解如何管理標籤。我認為這有助於讓更多的退伍軍人願意編寫腳本，我們在正在進行的調查中看到了這一點。

So continued progress. And I think as the season ramps up and the challenge, and as I mentioned, the acute and seasonal cases ramp up, this opens a nice door for Zenrelia.

因此不斷進步。我認為，隨著季節的增加和挑戰的增加，正如我所提到的，急性和季節性病例的增加，這為 Zenrelia 打開了一扇美好的大門。

Andrea Alfonso, UBS.

瑞銀的安德里亞·阿方索 (Andrea Alfonso)。

Hi, good morning, everyone. Thank you so much for taking my question. I did want to touch gears a little bit to sort of asking about how the early launch of Credelio Quattro is going so far. In the prepared remarks, you identified that legacy products were sort of seeing low cannibalization within the portfolio.

大家好，早安。非常感謝您回答我的問題。我確實想稍微談談話題，詢問一下 Credelio Quattro 的早期發布目前進展如何。在準備好的評論中，您指出傳統產品在產品組合中的蠶食率較低。

So curious about just the color of the initial momentum? If you can frame maybe in the commercialization strategy, what might be different this time around as well as appetite for partnering with retailers? And I did have a follow-up question after that.

那麼好奇初始動量的顏色嗎？如果您可以製定商業化策略，那麼這次可能有什麼不同以及與零售商合作的興趣？此後我確實有一個後續問題。

Yes. Thank you, Andrea. Great question. Yes, it's really early days with Quattro, but we're excited. We've got the product in the market. We're shipping. There's orders nice launch at VMX. We'll be at Western Vet next week, and things are moving nicely.

是的。謝謝你，安德里亞。好問題。是的，Quattro 才剛起步，但我們很興奮。我們已將該產品推向市場。我們正在發貨。VMX 上有很好的發布訂單。下週我們將前往 Western Vet，一切都很順利。

I think I think a few things resonating early. There's no question, I think three dimensions of differentiation, and they all resonate differently with different vests. I think the first is I would just say speed to tick kill is what we're seeing.

我認為有些事情很早就引起共鳴了。毫無疑問，我認為差異化有三個維度，它們與不同的背心產生不同的共鳴。我認為首先我想說的是，我們看到的是速度達到最低點的速度。

If you look at the Credelio franchise growth last year overall, globally, I mean this technical data and speed to tick kill has really had a nice impact with veterinarians. We've got a lot of uptake on an interest on the tape worm and the broad coverage, and then the heartworm coverage on month one .

如果你看去年 Credelio 特許經營權在全球範圍內的整體增長情況，我認為這些技術數據和殺死蜱蟲的速度確實對獸醫產生了良好的影響。我們對絛蟲和廣泛報導的興趣得到了廣泛的關注，然後在第一個月就報導了心絲蟲。

So three dimensions of differentiation. I think that we plan to take an aggressive approach on DTC. We see this as a little less involved pet owner category, so you need to get the pet owner involved. And so we spent a lot of time on our multimedia DTC approach. We brought in a lot of expertise to ensure that we can really resonate with pet owners going into this year.

因此存在三個維度的區分。我認為我們計劃對 DTC 採取積極的態度。我們認為這是一個涉及寵物主人較少的類別，所以你需要讓寵物主人參與其中。因此，我們花了大量時間研究多媒體 DTC 方法。我們引進了大量的專業知識，以確保今年我們能夠真正引起寵物主人的共鳴。

And yes, we will take an omnichannel approach as we have with others. And I think we're as best equipped with our Bayer capabilities to be able to do that. And I also think that the energy around Zenrelia will play off positively with Quattro and vice versa as well. And we will have the right introductory offers to incent usage as well out of the gate.

是的，我們將像對待其他人一樣採取全通路方式。我認為憑藉拜耳的能力，我們有能力做到這一點。而且我還認為 Zenrelia 周圍的能量將與 Quattro 產生積極的影響，反之亦然。我們也將推出合適的介紹優惠來激勵用戶使用。

Great. And just a separate question just probing a little bit more to the Galliprant call out. Maybe if you can just discuss the dynamics of the surge there in the quarter? Is that entirely driven by switchers from another therapy versus those who are new to therapy? And if you could just sort of speak to the durability of that 4Q trend persisting into 2025? Thanks so much, everyone.

偉大的。這只是另一個問題，只是對 Galliprant 的呼籲進行更深入的探究。您能否討論本季激增的動態？這是否完全是由從其他療法轉換過來的患者和剛開始接受療法的患者所驅動的？您能否談談第四季的趨勢將持續到 2025 年？非常感謝大家。

Thanks for the question on Galliprant. It's always been a really strong product as it directly impacts the inflammation claim for osteoarthritis. The trend here in Q4 was positive for us as a best quarter. And a few for us on Galliprant, and we're really leaning in, just given the strong safety profile it has to address pain for the patients.

感謝您就 Galliprant 提出的問題。它一直是一個非常強大的產品，因為它直接影響骨關節炎的發炎。第四季的趨勢對我們來說是正面的，是一個最好的季度。我們還有一些關於 Galliprant 的研究，我們非常傾向於使用它，因為它具有很強的安全性，可以減輕患者的疼痛。

Similar to what we saw from just the improvements in Europe, it's similar here in the US as well. And again, we're looking forward to Galliprant delivering in 2025 for pet parents across the US.

與我們在歐洲看到的改進類似，美國的情況也類似。我們再次期待 Galliprant 能夠在 2025 年為全美各地的寵物主人提供服務。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

Great, thanks. I follow up on Durm. A follow-up on derm. Have you think about the competitive environment in derm? Have we anticipate new competitors in 2025? Is that embedded in your guidance at this point?

太好了，謝謝。我跟進 Durm。對皮膚病的後續報告。您有考慮過皮膚科的競爭環境嗎？我們是否預見了 2025 年會出現新的競爭對手？這是否已經融入您的指導了？

And just how can you better with leverage that, I guess, expanding portfolio with the injectable product as well? Can you also remind us how differentiated the injectable IL-31 product will be?

那麼，我想，您如何才能更好地利用槓桿來擴大注射產品組合呢？您能否提醒我們注射 IL-31 產品有何差異化？

Yes. We're not seeing anything, Erin, different on the competitive front than I think what everyone else sees. And it is assumed in our guidance. So competition is a headwind assumed in the guidance. We continue to see, though, the robustness of the growing market is exciting for us in the US and globally, the unmet need, the number of untreated dogs that are out there and the opportunity that we see with Zenrelia.

是的。艾琳，在競爭方面，我們所看到的與其他人所看到的並沒有什麼不同。這也是我們的指導中所假設的。因此，競爭是指導中所假設的阻力。然而，我們繼續看到，美國和全球不斷增長的市場的強勁表現令我們興奮不已，未滿足的需求、未經治療的狗的數量以及我們在 Zenrelia 中看到的機會。

Again, after the clinics coming into the season, the ramping and the international approvals will all drive that. And then back on IL-31, we continue to see this as one of many derm assets that Ellen has coming in this category. We've got other things that are coming, yes, not just the long acting, but next generation derm.

再次，在診所進入賽季後，增產和國際批准都將推動這一點。然後回到 IL-31，我們繼續將其視為 Ellen 在這一類別中的眾多皮膚資產之一。是的，我們還有其他產品即將推出，不僅是長效產品，還有下一代皮膚病學產品。

So we're really beginning to build what we believe is going to be a great decade and beyond of derm leadership and opportunity in this marketplace. And then we haven't really noted the specific differentiation on the IL-31, but we do continue to see that as we go forward.

因此，我們真正開始建立我們認為將會是未來十年及以後在這個市場上皮膚病學領導地位和機會的偉大事業。我們還沒有真正注意到 IL-31 的具體區別，但隨著我們前進，我們確實會繼續看到這一點。

Okay. And then can you speak to the sequential progression for margins here and the cadence of some of those investments that you're making around the commercialization of new products and kind of how to think about sort of those stepped-up investments, I guess, in the first half?

好的。然後，您能否談談利潤率的連續成長，以及您在新產品商業化方面進行的一些投資的節奏，以及如何看待上半年這些加大的投資？

Certainly, Erin, we appreciate the question. As we called out in the prepared remarks, we do expect to have less EBITDA on a percentage basis in the first half of '25 than we've had the last couple of years. That's driven by two things primarily.

當然，艾琳，我們很感謝你提出這個問題。正如我們在準備好的發言中所說的那樣，我們確實預計 2025 年上半年的 EBITDA 百分比將低於過去幾年。這主要由兩件事推動。

The first is the investment we're making to really drive this adoption and launch curve for both Credelio Quattro as well as Zenrelia as well as Adtab. And those investments, we believe, will pay off over the long term as we think about how to best position Elanco for the next three to five years, not next three months.

首先，我們正在進行投資，以真正推動 Credelio Quattro、Zenrelia 和 Adtab 的採用和發布曲線。我們相信，這些投資將在長期內獲得回報，因為我們正在考慮如何在未來三到五年內（而不是未來三個月內）為 Elanco 提供最佳定位。

So that one is certainly in play as we called out in November. The other part is the FX headwinds are higher in Q1 than they are in the back half of the year from just the current spot rates versus how last year played out. So that would be the main thing to call out, but confident in the underlying growth that these investments will make for us over the next few years.

因此，正如我們在 11 月所呼籲的那樣，這項舉措肯定會發揮作用。另一部分原因是，僅從當前現貨匯率與去年同期相比來看，第一季的外匯逆風比下半年更大。所以這是需要強調的主要內容，但我們對這些投資在未來幾年將為我們帶來的潛在成長充滿信心。

Balaji Prasad, Barclays.

巴克萊銀行的巴拉吉‧普拉薩德 (Balaji Prasad)。

Hi, good morning and two questions from me. Firstly, a follow-through on IL-31. So this 2025, are we going to only see an approval? Or if I read through the lines, in January where you said that it's coming in 2025, should we also expect a launch? Or is there a meaningful gap between approval to launch? That's one.

大家好，早安，我有兩個問題。首先，IL-31 的後續行動。那麼到 2025 年，我們只會看到批准嗎？或者如果我讀了你在一月份說它將在 2025 年推出的話，我們也應該期待它的發布嗎？或者從批准到發射之間是否存在有意義的差距？那是一個。

Two, poultry, a pretty important segment, organic growth rate declined here. Could you maybe then comment on the broader poultry market, the drivers and headwinds that we see here, and any major innovations or changes that we can expect to see in the segment in the near future? Thank you.

二是家禽，這是一個相當重要的部分，但其有機成長率卻下降了。那麼，您能否評論一下更廣泛的家禽市場、我們在這裡看到的驅動因素和阻力，以及我們預計在不久的將來該領域會出現的任何重大創新或變化？謝謝。

Thanks, Balaji. Yes. On the IL-31, we expect again, a Q4 '25 approval. We don't have a sales or a launch plan. We will continue to have a nice efficient from launch to or approval to launch timing. But again, that is not in our '25 plans at this time.

謝謝，巴拉吉。是的。關於 IL-31，我們再次預計將在 2025 年第四季獲得批准。我們沒有銷售或發布計劃。我們將繼續保持從發佈到批准再到發布的高效時間表。但再次強調，這目前不在我們的『25』計畫中。

On the poultry market, that continues to be durable, global, probably the protein that is the most durable. We've seen nice low single-digit growth last year in the marketplace. We continue to have, we've got no question, some poultry rotations that happen market to market that may change.

在家禽市場上，這仍然是全球最耐用的蛋白質。去年，我們看到市場出現了不錯的低個位數成長。我們毫無疑問地認為，不同市場之間家禽的輪換可能會改變。

But when we step back and look at our market share, look at our portfolios and our growth, it continues to be a very strong market for Elanco that we have a leadership position in. We now are number one in the US poultry market as well, and we see that market, the current prediction is about 3%, continues to be one of the best economical, environmental. And even from a religious standpoint, freer market for the overall protein. So we like our position and like our portfolio going forward.

但當我們退一步看看我們的市場份額、我們的投資組合和我們的成長時，我們會發現，對於禮來公司來說，這仍然是一個非常強大的市場，我們在其中佔據領導地位。我們現在在美國家禽市場上也排名第一，我們看到這個市場，目前的預測是 3% 左右，繼續成為最好的經濟和環境市場之一。甚至從宗教角度來看，整體蛋白質的市場也更加自由。因此，我們喜歡我們的立場，也喜歡我們未來的投資組合。

Umer Raffat, Evercore ISI.

Umer Raffat，Evercore ISI。

Hey guys, this is Mike DiFiore in for Umer. Two for me. I just want to dig in more on Quattro and the whole concept of cannibalization. I think you touched on this slightly before, but in terms of the omnichannel strategy here, any specific strategy here in terms of your channel posts that could be done to mitigate cannibalization?

大家好，我是 Mike DiFiore，取代 Umer。對我來說是兩個。我只是想更深入地了解 Quattro 和整個蠶食概念。我認為您之前稍微提到過這一點，但就這裡的全通路策略而言，您在頻道貼文方面可以採取什麼具體策略來減輕蠶食現象？

And my second question, in regards to tariffs, just I may have missed this, but any effect on input costs and overall supply chain dynamics expected due to potential tariff wars. Thank you.

我的第二個問題是關於關稅的，我可能忽略了這一點，但潛在的關稅戰預計會對投入成本和整體供應鏈動態產生影響。謝謝。

Yes, Mike, I'll anchor back just to the notional difference when you look at this $3.9 billion market, we've got about $300 million of parasiticides in the US in this marketplace. So we notionally are smaller. And we've seen as we're tracking the early uptake of Quattro, less cannibalization relative to other broad spectrum products that have come into the marketplace. I think the differentiation is driving that.

是的，麥克，當你看這個 39 億美元的市場時，我會回到名義上的差異，我們在美國市場上有大約 3 億美元的殺寄生蟲劑。因此從概念上來說我們比較小。我們在追蹤 Quattro 的早期採用時發現，與進入市場的其他廣譜產品相比，其蠶食現象較少。我認為差異化是推動這現象的原因。

I'm not sure from an omnichannel standpoint, this is definitely going to be focused initially on the vet clinic and activating pet owners to get into the vet clinic to leverage that. It's already on line on the key kind of omnichannel options like our competitors, so access will not be a problem.

我不確定從全通路的角度來看，這肯定會首先集中在獸醫診所，並鼓勵寵物主人進入獸醫診所來利用這一點。它已經像我們的競爭對手一樣在關鍵的全通路選項上線，因此訪問不會成為問題。

But if I had to point to one thing, I think now is we're not as concerned about cannibalization. We haven't seen any trend early to be concerned about that. It's all about activating pet owners to move and have an interest in Quattro and that's where our focus is. And that's where our investment is and why it's quite sizable that Todd mentioned. Todd?

但如果我必須指出一件事，我認為現在我們不再那麼擔心同類相食的問題。我們早期還沒有看到任何值得擔心的趨勢。這一切都是為了激發寵物主人的行動並對 Quattro 產生興趣，這也是我們的重點。這就是我們的投資所在，也是托德提到的投資規模相當大的原因。托德？

Yes. And then, Mike, on the tariffs. We're very focused on the global dynamics that are out there today. The only tariffs that are currently impacted are the 10% additional in China. We factored that into our guidance for 2025.

是的。然後，麥克，談談關稅問題。我們非常關注當今的全球動態。目前受影響的唯一關稅是中國額外徵收的10%關稅。我們已將此納入 2025 年的指導中。

It's about a $3 million to $4 million impact on our cost of goods sold in 2025 based on just the timing of when those products would hit into the products that we sell and recognize revenue on. We're continuing to look and make sure we're aware of the future tariffs that may come into play.

僅根據這些產品進入我們銷售的產品並確認收入的時間，這將對我們 2025 年的銷售成本產生約 300 萬至 400 萬美元的影響。我們將繼續關注並確保我們了解未來可能實施的關稅。

Mexico and Canada are not big players for us from a manufacturing standpoint. So if those are reintroduced later this month, that will have less of an impact. So again, we're very focused on the global macro, and the tariff impact on the dollar seems to be the place where we've had the bigger headwinds as we called out today relative to November.

從製造業的角度來看，墨西哥和加拿大對我們來說並不是重要的參與者。因此，如果本月稍後重新引入這些措施，影響就會較小。因此，我們再次高度關注全球宏觀經濟，而關稅對美元的影響似乎是我們今天相對於 11 月面臨的更大阻力的地方。

Chris Scott, JPMorgan.

摩根大通的克里斯·斯科特。

Great, thanks so much. Just a couple of questions for me. Maybe just on the margin dynamics over time. Can you just talk a little bit about as we look beyond '25, how we should think about the cadence of gross margin and operating margin improvement for the business, I guess some of the kind of the headwinds from this year on the gross margin side you kind of fade away and you leverage some of this OpEx investments in a sense like how quickly should we think about those margins stepping up over time?

太好了，非常感謝。我只想問幾個問題。或許只是隨著時間的推移邊際動態。您能否簡單談談，當我們展望 25 年以後時，我們應該如何考慮業務的毛利率和營業利潤率的提高節奏，我想今年毛利率方面的一些不利因素會逐漸消失，您可以利用一些運營支出投資，比如我們應該多快考慮這些利潤率隨著時間的推移而提高？

And then my second question was just on Bovaer and just a little bit more color about how to think about that launch curve and maybe compare and contrast a little bit of how you're thinking about that relative to what we saw with Experior? Thank you.

然後我的第二個問題是關於 Bovaer 的，我想再詳細地介紹一下如何看待這個發射曲線，並比較一下您對此的看法與我們在 Experior 上看到的情況？謝謝。

Sure, Chris. On the margin side, we do expect to have better margins going forward from an improvement standpoint. The big headwind we've got this year is the reacquisition of the speak manufacturing facility in the UK as we called out in November, that's $25 million to $35 million headwind on gross margin. We bought that because of the $160 million to $180 million of farm animal revenue that comes with it.

當然，克里斯。在利潤方面，從改善的角度來看，我們確實希望未來利潤率會更高。我們今年面臨的最大阻力是重新收購英國的製造工廠，正如我們在 11 月所指出的，這將為毛利率帶來 2,500 萬至 3,500 萬美元的阻力。我們購買它是因為它可以帶來 1.6 億至 1.8 億美元的農場動物收入。

And from the standpoint of the cost to maintain that revenue, it's a very good return on our capital, but it does have a percentage impact on gross margin. With respect to the operating margins, again, that's where we are investing behind these launches.

從維持該收入的成本角度來看，這對我們的資本來說是非常好的回報，但它確實對毛利率有一定比例的影響。就營業利潤率而言，這也是我們在這些產品發布後投資的地方。

The innovation portfolio is accretive to our overall corporate gross margins, and we expect that to play out over the next two to three years as we make these initial investments begin higher peak revenues in later years. So we do expect, subject to no surprises on tariffs, to increase EBITDA in faster than revenue in '26 and beyond.

創新組合可以增加我們公司的整體毛利率，我們預計，隨著這些初始投資在以後幾年開始實現更高的峰值收入，這種增長將在未來兩到三年內顯現出來。因此，我們確實預計，在關稅不出現意外的情況下，26 年及以後 EBITDA 的成長速度將快於收入的成長速度。

But again, we continue to be focused on delivering the 2025 and setting ourselves up for the longer-term margin expansion opportunities. I'll let Jeff address Bovaer.

但我們仍將專注於實現 2025 年目標，並為長期利潤擴張機會做好準備。我會讓傑夫向博瓦爾致詞。

Yes. Thanks, Chris. A question on Bovaer. First of all, I want to just highlight that this is very much of an economic driven initiative from Elanco. We believe it's critical for Bovaer.

是的。謝謝，克里斯。關於 Bovaer 的一個問題。首先，我想強調的是，這是禮來公司的經濟驅動措施。我們相信這對 Bovaer 來說至關重要。

And if we look at the milestones in '24, that matter that will drive this question you have on ramp is one, we had to create a carbon market. We proved that in the fourth quarter, with CPG companies actually contributing $10 million that went through for the Rumensin use to actually dairy farmers.

如果我們回顧 24 年的里程碑，就會發現推動您提出這個問題的因素之一是，我們必須創造一個碳市場。我們在第四季度證明了這一點，CPG 公司實際上為酪農提供了 1000 萬美元的 Rumensin 使用資金。

And then the two nodes that need to have the demand we see. One is farmers getting that additive money from really a carbon check from the CPG companies, that demand, we have farmer demand very high with now 1 million cows with the UpLook system, and we've signed numerous CPG contracts that want to buy the carbon. So the two nodes of value are locked in.

然後我們看到需要有需求的兩個節點。一是農民從 CPG 公司的碳排放檢查中獲得額外的錢，這種需求，我們現在有 100 萬頭乳牛使用 UpLook 系統，農民的需求非常高，我們已經簽署了許多想要購買碳的 CPG 合約。所以兩個價值節點就被鎖定了。

So now what's going to drive the ramping is going to be in field implementation. In between a CPG company in the farm is a co-op, a dairy processor in feed mills, and every state is a little different we're doing what we do best in farm animal, which is kind of in-field implementation in between, and that's what will drive the ramp.

因此，現在推動這一增長的將是現場實施。農場中的 CPG 公司是合作社，飼料廠中的乳製品加工商，每個州的情況都略有不同，我們在農場動物方面做著我們最擅長的事情，這是一種介於兩者之間的現場實施，這就是推動增長的動力。

I believe it will be similar to Experior in terms of as operations come on, it will become sticky. Once you get something into a feeding program like we've seen with Experior, it's positive. People will be demonstrated to value by our teams, with our systems, that will make it sticky as well. And then more used by the big high-profile dairies will start to create and increased demand that will speed that adoption.

我相信它會與 Experior 類似，隨著營運的開展，它會變得黏性。一旦將某種東西納入餵食計劃（就像我們在 Experior 中看到的那樣），它就會產生積極的影響。我們的團隊和系統將向人們展示其價值，這也將使其具有黏性。然後，大型知名乳品廠的更多使用將開始創造和增加需求，從而加速這種採用。

But again, I think it will be a little bit more second half, and as we said, positive but measured ramp to 2025, but I do believe a resilient one and a sticky one once we get there. And again, we're creating this market. It is a new market, which is a real opportunity for us here.

但是，我再次認為，下半年會稍微好一些，正如我們所說的那樣，到 2025 年，經濟將呈現積極但有節制的增長，但我相信，一旦我們到達那個時候，經濟將具有韌性，並且具有韌性。再次強調，我們正在創造這個市場。這是一個新市場，對我們來說是一個真正的機會。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格、派珀‧桑德勒。

Hi, thanks for taking the question. We're up on the hour, so I'll ask both my questions upfront. So just in 2023 during the launch of NexGard Plus, we did see multiple competitors discounting in anticipation of launch. Are you seeing anything like that now?

你好，謝謝你回答這個問題。我們已經準時到達，所以我會提前提出這兩個問題。因此，就在 2023 年 NexGard Plus 推出期間，我們確實看到多個競爭對手在推出前進行折扣。現在你看到類似的東西了嗎？

And if so, why is the dynamic here different? Is it maybe because the one NexGard used to be like or still was like kind of more leading product, whereas you're playing, not necessarily from a same market share standpoint?

如果是這樣，為什麼這裡的動態會有所不同？是因為 NexGard 曾經或現在仍然是更領先的產品，而您卻不一定從相同的市佔率角度來考慮？

And then just the same thing on Galliprant. If you look at [Remol], you had some starts and stops in the incoming of competition. Is this here really an acceleration point tell you maybe the next competitive launch? Just looking at that in history.

然後同樣的事情也發生在加利普蘭特。如果你看一下 [Remol]，你會發現在競爭開始時你們經歷了一些開始和停止。這真的是一個加速點，告訴你也許下一次競爭會爆發嗎？僅從歷史角度來看。

And then my second question here is on the biologics manufacturing. You called out [225, 250]. I'm not asking for specifics on the pipeline here, but do you think you can have some first-to-market products in biologics and say, 2027, 2030 kind of time frame, because that is a lot of investment to biologic manufacturing. Sorry, that's a lot of questions.

我的第二個問題是關於生物製劑製造的。你喊道[225，250]。我在這裡並不是在詢問管道的具體細節，但您是否認為您可以在生物製劑領域推出一些首批上市的產品，並說在 2027 年、2030 年這樣的時間範圍內，因為這對生物製劑製造來說是一筆巨大的投資。抱歉，問題太多了。

Yes, David. Just on Quattro, we see, again, I think the whole market dynamic of this is the fastest-growing market. It's growing between 40% and 50%, the broad spectrum. I think that growth is maybe we are not seeing the price dynamic that you mentioned. We are pricing to parity to that marketplace, offering incentives to get into the market to drive first-time use, so we're not seeing that.

是的，大衛。就 Quattro 而言，我們再次看到，我認為整個市場動態是成長最快的市場。總體而言，它的成長率在 40% 到 50% 之間。我認為這種增長可能是我們沒有看到您提到的價格動態。我們的定價與市場持平，並提供激勵措施以進入市場，推動首次使用，所以我們沒有看到這種情況。

And I think a lot of that is just because of the actual market growth and the size dynamic. And again, I think to Todd's point on Galliprant, we continue to see this as an in-home safe option that creates, I think our differentiation has grown over the last year, and that's what is representative, and we'll continue to stand behind that brand and really push because pain is going to be a long-term play for us.

我認為這在很大程度上只是因為實際的市場成長和規模動態。再次，我認為對於 Todd 關於 Galliprant 的觀點，我們繼續將其視為一種家庭安全選擇，我認為我們的差異化在過去一年中有所增長，這就是代表性的，我們將繼續支持該品牌並真正努力，因為疼痛對我們來說將是一項長期的事業。

And Dave, with respect to the manufacturing, as we've called out previously, the investment for the monoclonal facility in Kansas is $130 million spread over both of 2024, 2025 and a little bit into 2026. We're also expanding in France for our oral solid dose.

戴夫，關於製造，正如我們之前提到的，堪薩斯州單克隆工廠的投資為 1.3 億美元，分攤到 2024 年、2025 年以及 2026 年的一小部分。我們也在法國擴大口服固體劑型的業務。

That's really for the Credelio franchise as we see the nice opportunity with Credelio Quattro while continuing to have good growth with Credelio Cat, Credelio Plus as well as the maintenance of Interceptor Plus. And then we're also needing to expand our vaccine capacity in Iowa. Our (inaudible) vaccine for (inaudible) and swine continues to be a growth driver for us both in the US and internationally.

這對 Credelio 特許經營來說確實是一個好消息，因為我們看到了 Credelio Quattro 帶來的絕佳機會，同時 Credelio Cat、Credelio Plus 以及 Interceptor Plus 的維護也將繼續保持良好的成長。然後我們還需要擴大愛荷華州的疫苗產能。我們的（聽不清楚）疫苗（聽不清楚）和豬疫苗繼續成為我們在美國和國際上成長的動力。

And so there's a number of different facilities we're expanding right now, all driven by continued revenue growth and demand for these products across the globe. So it's not just biologics, but certainly, we are excited by the next wave of biologics that Ellen and her team are working on inside the R&D investment.

因此，我們目前正在擴大許多不同的設施，所有這些設施都是由持續的收入成長和全球對這些產品的需求所驅動。因此，這不僅僅是生物製劑，當然，我們對艾倫和她的團隊在研發投資中研究的下一波生物製劑感到興奮。

And that concludes our question and answer session. I will now turn the call back over to Jeff Simmons for closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給傑夫·西蒙斯，請他作最後發言。

Yes, thank you, everybody, and I want to thank our customers around the world, just the vets, farmers, and pet owners. It's an honor to be able to do business and add value to animal health. It continues to be more relevant to society than ever thanks to the Elanco team for the loyalty, the engagement, but most importantly just the determination to execute.

是的，謝謝大家，我也要感謝我們在世界各地的客戶，包括獸醫、農民和寵物主人。我很榮幸能夠開展業務並為動物健康增添價值。由於 Elanco 團隊的忠誠、參與，但最重要的是執行的決心，它與社會的關係比以往任何時候都更加密切。

Elanco enters 2025 with a lot of momentum as I opened up with. We've kept it real simple and we're going to continue to this year like we did last year. It's all about growth, innovation, and cash. That's what's going to drive an increased value proposition that we already see happening, growth accelerating. We're guiding 4% to 6% on the top line on the constant currency basis, 1% to 5% on the bottom line.

正如我所言，禮來公司 (Elanco) 將以強勁的發展勢頭邁入 2025 年。我們一直保持簡單，今年我們將繼續像去年一樣。一切都與成長、創新和現金有關。這就是推動我們已經看到的價值主張增加和成長加速的動力。我們預計，以固定匯率計算，營業收入將成長 4% 至 6%，利潤將成長 1% 至 5%。

The six blockbusters, our confidence is raising and has grown since November as we've raised the guidance and on cash, it's as Todd mentioned, it's really become cultural in our company and we're all incentive to continue to drive free cash flow conversion and debt pay down.

這六部大片讓我們的信心不斷增強，而且自 11 月以來，隨著我們提高了指導價，我們的信心也不斷增強。正如托德所說，這已經成為我們公司的文化，我們都受到激勵，繼續推動自由現金流轉換和債務償還。

Yes, there is a volatile environment, but we've got a durable company. We're controlling the controllables, and we're going to continue to keep this company growing. Our value proposition is increasing to our customers, and we believe that will drive an increasing value proposition and investment thesis to you and your investments. And thank you for your investments in our company, and we look forward to working with you in 2025.

是的，環境確實不穩定，但我們的公司經久耐用。我們正在控制可控因素，並將繼續維持公司的發展。我們對客戶的價值主張正在不斷增加，我們相信這將為您和您的投資帶來不斷增加的價值主張和投資論點。感謝您對我們公司的投資，我們期待在 2025 年與您合作。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。