Elanco Animal Health Inc (ELAN) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. (technical difficulty) -- (Operator Instructions)

女士們、先生們，感謝你們的耐心等待。（技術難題）——（操作說明）

I will now hand the call over to Tiffany Kanaga, Vice President of Investor Relations and ESG. You may begin the conference.

現在我將把電話交給投資者關係和ESG副總裁蒂芙尼·卡納加。會議可以開始了。

Good morning. Thank you for joining us for Elanco Animal Health's third-quarter 2025 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; Bob VanHimbergen, 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 2025 年第三季財報電話會議。我是蒂芙尼·卡納加，投資者關係和ESG副總裁。今天與我一起參加電話會議的有：我們的總裁兼執行長傑夫·西蒙斯；我們的財務長鮑勃·范希姆伯根；以及投資者關係部的貝絲·哈尼。本次電話會議中提到的幻燈片可在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 discussed 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 statements. Our remarks today will focus on our non-GAAP financial measures.

今天的討論將包含前瞻性陳述。這些聲明是基於我們目前的假設和預期，但存在風險和不確定性，可能導致實際結果與我們的預測有重大差異。有關更多信息，請參閱今天發布的盈利新聞稿以及我們向美國證券交易委員會提交的最新 10-K 表格和 10-Q 表格中討論的風險因素。我們不承擔更新任何前瞻性陳述的義務。我們今天的演講將重點放在非GAAP財務指標上。

Reconciliations of these non-GAAP measures are included in the appendix of today's slides and in the earnings press release. References to organic performance exclude the estimated impact of the aqua business which was divested July 9, 2024, and certain royalty and milestone rights that were sold to a third party in May (technical difficulty) -- . After our prepared remarks, we will be happy to take your questions.

這些非GAAP指標的調節表包含在今天投影片的附錄和獲利新聞稿中。有機成長績效的估算不包括已於2024年7月9日剝離的水產養殖業務的預期影響，以及5月份出售給第三方的某些特許權使用費和里程碑付款權利。（技術難題）——。在我們發言完畢後，我們將樂意回答各位的問題。

I will now turn the call over to Jeff.

現在我將把通話轉給傑夫。

Thanks, Tiffany. Good morning, everyone. Elanco's strong third quarter results build on our consistent priorities of growth, innovation and cash. As highlighted on slide 4, Elanco continues to deliver, growing 9% organic constant currency in the quarter and outperforming the high end of our guidance for revenue, adjusted EBITDA and adjusted EPS.

謝謝你，蒂芙尼。各位早安。Elanco 第三季強勁的業績建立在我們一貫優先考慮的成長、創新和現金流之上。如投影片 4 所示，Elanco 繼續保持成長勢頭，本季有機成長率（以固定匯率計算）達到 9%，並超過了我們對營收、調整後 EBITDA 和調整後每股盈餘的預期上限。

Growth was led by US Farm up 20% and US pet health up 9%. This marks nine consecutive quarters of underlying total growth and our highest quality of growth in the nine quarters. Innovation continues to exceed expectations, achieving $655 million in year-to-date revenue. We are further raising our full year expectations by an additional $100 million at the midpoint to $840 million to $880 million.

美國農產品成長 20%，美國寵物保健品成長 9%，帶動了整體成長。這標誌著連續第九個季度實現整體成長，也是九個季度以來成長品質最高的一次。創新持續超出預期，今年迄今的收入已達 6.55 億美元。我們將全年預期營收中位數再調高 1 億美元，達到 8.4 億至 8.8 億美元。

The consistent outperformance reflects broad-based momentum from our diverse basket of innovation across geographies, species, and products large and small. The portfolio benefits of our newer products are also driving more stability in our base business.

持續優異的表現反映了我們多元化創新組合在各個地區、各種物種以及各種規模的產品方面所取得的廣泛發展勢頭。我們新產品的產品組合優勢也為我們的基礎業務帶來了更大的穩定性。

Our strong focus on cash and operational execution improved our net leverage ratio faster than planned to 3.7 times at quarter-end. We now expect to end the year at 3.7 times to 3.8 times. Additionally, we refinanced our $2.1 billion Term Loan B facility, extending the maturities through 2032. We expect our balance sheet to be in a strong position as we exit 2025.

我們對現金流和營運執行的高度重視，使我們的淨槓桿率在季度末比預期更快地改善至 3.7 倍。我們現在預計年底本益比將達到 3.7 倍至 3.8 倍。此外，我們對 21 億美元的 B 類定期貸款進行了再融資，將到期日延長至 2032 年。我們預計到 2025 年底，我們的資產負債表將處於強勁狀態。

On tariffs, our intervention actions, FX tailwinds and year-to-date execution are mitigating potential impacts and risks. We continue to expect a 2025 net impact of $10 million to $14 million and believe any likely tariff risk scenarios are covered in our 2025 guidance. With our consistent outperformance, we are well positioned to raise our top and bottom-line outlook. For the full year, we now expect organic constant currency growth of 6% to 6.5%, adjusted EBITDA of $880 million to $900 million and adjusted EPS of $0.91 to $0.94.

在關稅方面，我們的干預措施、外匯順風以及年初至今的執行情況正在減輕潛在的影響和風險。我們仍預期 2025 年淨影響為 1,000 萬美元至 1,400 萬美元，並認為任何可能的關稅風險情境都已在我們的 2025 年指引中涵蓋。憑藉我們持續優異的業績，我們完全有能力提高營收和獲利預期。我們現在預計全年有機成長率（以固定匯率計算）為 6% 至 6.5%，調整後 EBITDA 為 8.8 億美元至 9 億美元，調整後每股收益為 0.91 美元至 0.94 美元。

This guidance raise considers the dynamic macro environment and our confidence in the underlying momentum, agility and strength of our business. We are turning strategy into results providing a long runway for shareholder value creation.

此次上調業績指引考慮了動態的宏觀環境以及我們對公司業務基本面的發展勢頭、靈活性和實力的信心。我們正在將策略轉化為成果，為股東價值創造奠定了長期基礎。

Looking at the third quarter revenue performance on Slide 5, we break down the 9% underlying organic constant currency revenue growth. This chart demonstrates strength across our global business with all four quadrants growing nicely.

從投影片 5 查看第三季營收表現，我們來分析 9% 的潛在有機固定匯率營收成長。這張圖表顯示了我們全球業務的強勁勢頭，所有四個像限都實現了良好成長。

US pet health had another solid quarter, up 9%. We saw growth in the vet clinic driven by Credelio Quattro and Zenrelia and also at retail through our OTC parasiticides. It is clear that our innovation insulates us from vet visit volume declines and benefits the broader portfolio with Galliprant and vaccines also showing growth in the quarter.

美國寵物健康產業又一個季度表現穩健，成長了9%。我們看到，在 Credelio Quattro 和 Zenrelia 的推動下，獸醫診所的業務成長，同時，我們的非處方驅蟲劑在零售業務方面也取得了成長。很明顯，我們的創新使我們免受獸醫就診量下降的影響，並使更廣泛的產品組合受益，Galliprant 和疫苗在本季度也顯示出增長。

Moving to international pet health. We achieved 8% organic constant currency revenue growth, driven by Zenrelia, Credelio and AdTab. We are very pleased with the early results for the Zenrelia's launch in the EU and Great Britain, following our success in Brazil, Japan and Canada. We expect geographic expansion to be a tailwind for our basket of innovation in the coming quarters and years.

轉向國際寵物健康領域。在 Zenrelia、Credelio 和 AdTab 的推動下，我們實現了 8% 的有機固定匯率收入成長。繼在巴西、日本和加拿大取得成功之後，我們對 Zenrelia 在歐盟和英國的早期上市結果感到非常滿意。我們預計，在未來幾季和幾年裡，地域擴張將成為我們一系列創新產品的順風。

US Farm Animal delivered an outstanding quarter, up 20% on top of 11% in Q3 of 2024, bolstering our market leadership. Cattle led the way with strong growth for Experior and Pradalex, poultry vaccines also contributed to the quarter. Finally, international farm animal was up 5% in organic constant currency with growth coming from poultry and ruminants.

美國農場動物公司本季業績表現出色，在 2024 年第三季成長 11% 的基礎上又成長了 20%，鞏固了我們的市場領導地位。牛類產品引領了Experior和Pradalex的強勁成長，家禽疫苗也為本季做出了貢獻。最後，國際農場動物價格以固定匯率計算上漲了 5%，其中家禽和反芻動物的成長最為顯著。

As expected, the quarter was modestly impacted by some pretariff buying shifting to Q2 from Q3 to satisfy customer demand, primarily in China. Overall, we're encouraged by the performance of the business, supported by strong animal protein markets.

正如預期的那樣，由於部分關稅前採購從第三季轉移到第二季以滿足客戶需求（主要來自中國），本季受到輕微影響。整體而言，在強勁的動物性蛋白質市場的支撐下，我們對公司業務的表現感到鼓舞。

Looking at slide 6. We delivered $655 million of innovation revenue year-to-date with outperformance across a diverse basket, led by Credelio Quattro, Experior, AdTab and Zenrelia. We are again raising our innovation guidance for 2025 by $100 million at the midpoint of the range to $840 million to $880 million.

請看第6張投影片。今年迄今為止，我們實現了 6.55 億美元的創新收入，在多個領域均表現出色，其中 Credelio Quattro、Experior、AdTab 和 Zenrelia 表現突出。我們將 2025 年的創新預期再次調高 1 億美元，達到預期範圍的中點 8.4 億美元至 8.8 億美元。

This target reflects several large margin-accretive products, and they are gaining traction in the marketplace with our no-regrets launch approach. Let's further discuss the progress of our major innovation products on slide 7, starting with Credelio Quattro.

這個目標反映了幾款利潤豐厚的產品，並且憑藉我們無悔的上市策略，這些產品正在市場上獲得認可。讓我們在第 7 張投影片上進一步討論我們主要創新產品的進展情況，首先從 Credelio Quattro 開始。

In early September, Quattro became Elanco's fastest pet health blockbuster in history and one of the industry's fastest ever, reaching blockbuster status of $100 million in net sales in less than eight months. This is especially notable with a single geographic approval.

9月初，Quattro成為Elanco史上銷售速度最快的寵物保健重磅產品，也是業界銷售速度最快的產品之一，在不到8個月的時間裡，淨銷售額就達到了1億美元，成為重磅產品。對於單一地理區域的核准而言，這一點尤其值得注意。

We're seeing incredibly strong demand for the all-in-one products from both pet owners and veterinarians pushing the US broad spectrum endecto market to $1.4 billion today with growth at almost 40%. We believe Quattro is best medicine and its fastest-growing animal health market, and our product is not only expanding the market even further, but we're also gaining share ahead of expectations.

我們看到寵物主人和獸醫對多合一產品的需求非常強勁，推動美國廣譜內分泌市場如今達到 14 億美元，成長率接近 40%。我們相信 Quattro 是最好的藥品，也是成長最快的動物保健市場，我們的產品不僅進一步擴大了市場，而且市場份額也超出了預期。

These gains grew from the second quarter, both into and out of the clinic. Our strategic DTC investments, our expanded sales team and distribution partners are all driving the success of this launch, as veterinarians and pet owners clearly appreciate Quattro's three dimensions of differentiation.

這些成長從第二季開始，無論是在診所內還是診所外。我們針對 DTC 市場的策略性投資、不斷擴大的銷售團隊和分銷合作夥伴都在推動此次發布取得成功，因為獸醫和寵物主人顯然很欣賞 Quattro 的三個差異化維度。

First, Quattro has broad coverage. This includes multiple species of tapeworms. And following a recent label update also includes protection against the black-legged and longhorn ticks for prevention of Lyme disease. Second, Quattro kills ticks twice as fast as the competition as detailed in a published head-to-head study. And third, Quattro has heartworm coverage from month one.

首先，Quattro 的覆蓋範圍很廣。這其中包括多種絛蟲。最近的標籤更新也增加了對黑腿蜱和長角蜱的防護，以預防萊姆病。其次，根據已發表的比較研究，Quattro 殺死蜱蟲的速度是競爭對手的兩倍。第三，Quattro 從出生第一個月起就提供犬心絲蟲預防。

We've also received positive feedback from vets and pet owners praising its great palatability. Introduction of Quattro has bolstered our broader Elanco portfolio in clinics as we now offer veterinarians a complete ecto, endo, and endecto portfolio with a variety of parasiticide coverage at a variety of price points to meet veterinarian and pet owner needs.

我們也收到了獸醫和寵物主人的正面回饋，稱讚其適口性極佳。Quattro 的推出增強了我們在診所中更廣泛的 Elanco 產品組合，因為我們現在為獸醫提供完整的體外、體內和體內外產品組合，涵蓋各種價位的多種殺寄生蟲產品，以滿足獸醫和寵物主人的需求。

This more complete portfolio is especially enhancing our offering for corporates where we've historically under-indexed. Cannibalization has been limited as approximately 70% of Quattro share capture has come from the competitive product switches, new starts or repeat patients. Our product ranks highest on Kynetec Puppy Index versus other broad spectrum endectos.This is supported by our puppy program and DTC investments, but mostly by the differentiated product profile and performance.

這個更全面的投資組合尤其增強了我們為企業客戶提供的服務，而我們過去在這方面投入不足。由於 Quattro 約 70% 的市佔率來自競爭對手的產品轉換、新用戶或復診患者，因此市場蠶食現象受到限制。在Kynetec幼犬指數排名中，我們的產品在眾多廣譜內分泌幹擾物中名列前茅。這得歸功於我們的幼犬培育計劃和直接面向消費者的投入，但主要還是源於我們產品差異化的特性和卓越的性能。

Looking ahead, we are excited about Quattro's international rollout with launches expected to start in 2026. Next, on Zenrelia. We are seeing strong momentum and positive developments on several fronts as we make further inroads into the $2 billion global dermatology market that is consistently growing at a double-digit rate. We estimate our market share at approximately 5% in the countries where we have launched.

展望未來，我們對 Quattro 的國際推廣感到興奮，預計將於 2026 年開始上市。接下來，我們來看看 Zenrelia。隨著我們進一步打入價值 20 億美元的全球皮膚病學市場（該市場持續以兩位數的速度增長），我們在多個方面都看到了強勁的勢頭和積極的進展。我們估計，在我們已推出產品的國家中，我們的市佔率約為 5%。

Zenrelia posted its best quarter since launch. As we move through peak allergy season sales accelerated nicely, nearly doubling globally compared to the second quarter. Over 12,000 US clinics are buying the product, up from 10,000 in August, and the reorder rate also continues to climb now over 80%. We have continued to achieve growth ahead of our expectations with more first-line treatment use and willingness to use, a reflection of Zenrelia's efficacy, convenience and value.

Zenrelia 發布了自上線以來表現最好的季度。隨著過敏高峰期的到來，銷售額也穩定成長，全球銷售額與第二季相比幾乎翻了一番。目前，超過 12,000 家美國診所正在購買該產品，高於 8 月的 10,000 家，再訂購率也持續攀升，目前已超過 80%。我們持續實現超出預期的成長，第一線治療的使用率和使用意願均有所提高，這反映了 Zenrelia 的療效、便利性和價值。

We are also expanding the market with approximately 18% of Zenrelia -- (technical difficulty) . Zenrelia's momentum in the US was particularly strong at the end of the quarter with a label update in September. Upon evaluation of submitted data, the FDA concluded that the totality of evidence supports removal of vaccine-induced disease language, which has been subsequently removed from the Zenrelia label in the US. This development has sparked new interest among veterinarians and increased pet owner acceptance.

我們也透過引進約 18% 的 Zenrelia 產品來拓展市場。——（技術難題）。Zenrelia 在美國的發展勢頭在季度末尤為強勁，並在 9 月發布了標籤更新。經評估提交的數據，FDA 得出結論，所有證據均支持刪除疫苗引起的疾病相關措辭，隨後措辭已從美國 Zenrelia 的標籤中刪除。這項進展激發了獸醫的新興趣，也提高了寵物主人的接受度。

Also, Elanco has recently submitted additional new data to the FDA Center for Veterinary Medicine seeking to further update the Zenrelia label in the US. This data, peer-reviewed and published, evaluated Zenrelia's impact on dogs' immune response to common booster vaccinations.

此外，Elanco 最近也向 FDA 獸藥中心提交了更多新數據，以尋求進一步更新 Zenrelia 在美國的標籤。這些數據經過同行評審並發表，評估了 Zenrelia 對犬類對常見加強疫苗的免疫反應的影響。

Our aim is to amend the vaccine warning to make the US label more consistent with the other major geographies where it's already approved. Overall, we believe this data combined with 13 months of positive use in the US, along with 35 country approvals, all with nonrestrictive labels support further positive change to the US Zenrelia label.

我們的目標是修改疫苗警告，使美國標籤與其他已批准的主要地區更加一致。總的來說，我們認為這些數據，加上在美國 13 個月的積極使用情況，以及 35 個國家/地區的批准（所有批准均採用非限制性標籤），支持美國 Zenrelia 標籤的進一步積極變化。

In the $700 million derm market outside the US, Zenrelia continues its good progress, launching in the European Union, Great Britain and now Australia. You remember, we completed a head-to-head study in Europe versus the marketplace incumbent as part of the EU approval process. We are encouraged by the early results in these geographies, reflecting the head-to-head data and overall strong efficacy of Zenrelia.

在美國以外的 7 億美元皮膚科市場，Zenrelia 繼續取得良好進展，已在歐盟、英國和現在的澳洲推出。您還記得嗎？作為歐盟審批流程的一部分，我們在歐洲完成了與市場現有產品的直接對比研究。我們對在這些地區取得的早期結果感到鼓舞，這反映了 Zenrelia 的直接對比數據和整體強勁療效。

The newest launches follow success in Brazil, Canada and Japan. Notably, Zenrelia has double-digit percent market share in these markets, supporting our long-term belief in the product with a clean label. We believe the consistent key driver to Zenrelia's increased momentum is product testimonials on its differentiated efficacy profile.

最新推出的產品是在巴西、加拿大和日本取得成功後推出的。值得注意的是，Zenrelia 在這些市場擁有兩位數的市場份額，這印證了我們對這款清潔標籤產品的長期信心。我們認為，Zenrelia 發展勢頭持續強勁的關鍵驅動因素是其差異化功效的產品證詞。

Now our OTC parasiticide product AdTab. In Europe, it continues to achieve good growth with sales up more than 25%. AdTab's robust trajectory is fueled by the April approval and launch in the UK and supported by data-driven strategic DTC investments. AdTab is now the market leader in the European ISOC OTC market and the only product in the space that can be used in both dogs and cats.

現在我們的非處方殺蟲劑產品 AdTab。在歐洲，該公司繼續保持良好的成長勢頭，銷售額成長超過 25%。AdTab 的強勁發展勢頭得益於 4 月在英國的批准和推出，以及數據驅動的策略性 DTC 投資的支持。AdTab 現在是歐洲 ISOC OTC 市場的領導者，也是該領域唯一一款既可用於狗又可用於貓的產品。

Finally, on CPMA, our treatment for the deadly canine parvovirus we do expect growth to remain tempered in the near term. We are working to expand access to shelter promotions.

最後，關於我們用於治療致命犬細小病毒的藥物 CPMA，我們預計短期內增長將保持溫和。我們正在努力擴大庇護所推廣活動的覆蓋範圍。

Moving to farm animal. Experior continues to grow rapidly, up 70% in Q3 on top of more than 100% growth in Q3 of 2024. We continue to benefit from the historically small US cattle herd size, which reached the lowest midyear count in more than 50 years of record keeping. This dynamic is driving stronger producer economics and sticky demand with Experior's customer retention rate remaining over 90%.

轉向農場動物。Experior 持續快速成長，第三季成長 70%，而 2024 年第三季成長超過 100%。我們繼續受益於美國歷史上規模較小的牛群數量，年中牛群數量達到了50多年來的最低水準。這種動態推動了生產者經濟效益的提升和需求的穩定，Experior 的客戶留存率維持在 90% 以上。

Looking ahead, Experior does face stronger comparisons as it laps the combination clearance for heifers. However, there are early positive signs of herd rebuilding, representing a multiyear tailwind. We see significant runway for this blockbuster and the benefits of its portfolio synergies and an estimated potential market of over $350 million in the US and Canada, with also geo expansion as another expected tailwind over the longer term.

展望未來，Experior 將面臨更激烈的競爭，因為它在母牛組合清關方面遙遙領先。然而，畜群重建已出現早期正面跡象，預示著未來幾年將迎來利好。我們認為這款重磅產品擁有巨大的市場潛力，其產品組合的協同效應以及在美國和加拿大超過 3.5 億美元的潛在市場都將帶來顯著優勢，而從長遠來看，地域擴張也將是另一個預期的利好因素。

Lastly, regarding Bovaer, the product continues to grow, but at a more measured pace than initially projected. We see consistent demand from CPG brands, which supports sustained interest and consistent cow numbers.

最後，關於 Bovaer，該產品仍在成長，但成長速度比最初預期的要慢一些。我們看到消費品品牌的需求持續穩定，這支撐了人們對乳牛數量的持續興趣和穩定的乳牛數量。

As we've seen with other innovative farm animal products, the adoption curve can take time. However, our experience shows that once these products are integrated and their value realized, they become sticky, providing significant and lasting benefits to farmers. Overall, we continue to see substantial value in Bovaer for both our CPG partners and the producers we serve.

正如我們從其他創新農場動物產品中看到的那樣，產品被市場接受的過程可能需要一段時間。然而，我們的經驗表明，一旦這些產品被整合並發揮其價值，它們就會變得具有黏性，為農民帶來顯著而持久的利益。總體而言，我們仍然認為 Bovaer 對我們的消費品合作夥伴和我們服務的生產商都具有巨大的價值。

Moving to slide 8. We offer some recent highlights across the three parts of our IPP strategy, Innovation, Portfolio and Productivity. First, on Innovation. Ellen and her team have refilled the pipeline and are progressing our next wave of blockbuster products. She's created an organizational capability to generate a consistent flow of high-impact innovation. More near term, IL-31 remains on track for commercialization in the first half of 2026.

切換到第8張投影片。我們將重點介紹我們IPP策略三個部分（創新、投資組合和生產力）的最新進展。首先，談談創新。艾倫和她的團隊已經補充了產品線，正在推動下一波重磅產品的研發。她建立了一種組織能力，能夠持續不斷地產生具有高影響力的創新成果。短期來看，IL-31 仍有望在 2026 年上半年商業化。

We are in the final stages of the USDA dossier review. Given our data submissions and constructive conversations with the USDA, we're cautiously optimistic that the product will be approved in the fourth quarter.

我們正處於美國農業部檔案審查的最後階段。鑑於我們提交的數據以及與美國農業部的建設性對話，我們謹慎樂觀地認為該產品將在第四季度獲得批准。

However, the lack of ADUFA time lines and the government shutdown introduced some potential for variability beyond our control. Our commercialization time line can absorb a modest potential delay from the shutdown and perhaps, most importantly, this year's progress and growth innovation and cash has clearly demonstrated that our results are driven by our total portfolio.

然而，由於缺乏 ADUFA 時間表和政府停擺，導致了一些我們無法控制的潛在變數。我們的商業化時間表可以承受停工帶來的輕微潛在延誤，而且，或許最重要的是，今年的進展、成長、創新和現金流已經清楚地表明，我們的業績是由我們的整體產品組合驅動的。

As our diverse portfolio of innovation scales, it also stabilizes our base business, driving overall industry-leading growth. Our US Farm Animal business is consolidating its leadership, having achieved 11% growth on a trailing 12-month basis, led by beef cattle. At the same time, our life cycle management efforts continue to strengthen our portfolio. For example, Credelio recently became the first ever FDA product to receive emergency use exemption for treatment of New World screwworm in dogs.

隨著我們多元化的創新組合規模不斷擴大，也穩定了我們的基礎業務，推動了整體產業領先的成長。我們的美國農場動物業務正在鞏固其領先地位，在過去 12 個月中實現了 11% 的成長，其中肉牛業務的成長尤為顯著。同時，我們的生命週期管理工作不斷加強我們的產品組合。例如，Credelio 最近成為第一個獲得 FDA 緊急使用豁免，用於治療犬類新世界螺旋蠅病的藥物。

Price is also an important portfolio growth enabler. We have achieved 2% price growth year-to-date, and we continue to expect the full year to also be up 2%. While pricing was flat in the third quarter, this performance aligned with our expectations, representing fluctuation in customer and product mix.

價格也是投資組合成長的重要推手。今年迄今為止，我們已實現 2% 的價格成長，我們仍然預計全年也將成長 2%。第三季價格保持平穩，但這一表現符合我們的預期，反映了客戶和產品組合的波動。

Remember that our newest launches like Quattro are not reflected in price. Our strategy continues to align price with customer value. Finally, on productivity, we continue to rapidly pay down debt and strengthen our balance sheet.

請注意，像 Quattro 這樣的最新產品並未反映在價格中。我們的策略仍然是使價格與客戶價值保持一致。最後，在生產力方面，我們繼續快速償還債務並加強資產負債表。

We now expect to improve our net leverage ratio by two turns in just two years with the under 3 times milestone in sight in 2027, especially as our company-wide margin enhancing initiative, Elanco Ascend, drives meaningful efficiencies beginning next year.

我們現在預計，在短短兩年內，我們的淨槓桿率將提高兩倍，並預計在 2027 年達到 3 倍以下的里程碑，尤其是在我們公司範圍內的利潤率提升計劃 Elanco Ascend 從明年開始推動顯著的效率提升之後。

Our recent debt refinancing further strengthens our balance sheet with an improved capital structure that both extends our maturities and lowers our cost of debt. We expect our net leverage ratio to benefit on multiple fronts ahead growing EBITDA and debt paydown. And on the manufacturing front, we remain on track for a strategic expansion of our facilities in Fort Dodge, Iowa and Elwood, Kansas with the latter supporting our MAB platform for IL-31 and beyond.

我們最近的債務再融資進一步增強了我們的資產負債表，改善了資本結構，不僅延長了債務到期日，也降低了債務成本。我們預計隨著 EBITDA 成長和債務償還，我們的淨槓桿率將從多個方面受益。在製造方面，我們仍按計劃推進位於愛荷華州福特道奇和堪薩斯州埃爾伍德的工廠的戰略擴張，其中埃爾伍德工廠將支持我們用於 IL-31 及後續機型的 MAB 平台。

With that, I'll pass it to Bob to review our third quarter results and financial guidance.

接下來，我將把這項工作交給鮑勃，讓他審查我們第三季的業績和財務預期。

Thank you, Jeff, and good morning, everyone. I will focus my comments on adjusted measures, so please refer to today's earnings press release for a detailed description of the year-over-year changes in reported results. Starting on slide 10, we delivered $1.137 billion of revenue, representing an increase of 10% on a reported basis. Organic constant currency growth was 9%, primarily driven by an increase in volume. As anticipated and as Jeff noted, price was flat in the quarter.

謝謝你，傑夫，大家早安。我將重點放在評論調整後的指標，因此請參閱今天的盈利新聞稿，以了解報告業績同比變化的詳細說明。從第 10 頁開始，我們實現了 11.37 億美元的收入，按報告數據計算增長了 10%。以固定匯率計算，有機成長率為 9%，主要由銷量成長推動。正如預期的那樣，正如傑夫指出的那樣，本季價格保持穩定。

On slide 11, you'll see revenue by the four quadrants of our business. Globally, pet health revenue increased 8% in constant currency in the third quarter. In the US, pet health delivered 9% growth, driven by demand for our key innovation products, Credelio Quattro and Zenrelia. Outside the US, our pet health business grew 8% in constant currency, with growth led by Zenrelia.

在第 11 張投影片中，您將看到我們業務四個像限的收入狀況。第三季度，全球寵物健康業務收入以固定匯率計算成長了 8%。在美國，寵物健康業務實現了 9% 的成長，這主要得益於市場對我們關鍵創新產品 Credelio Quattro 和 Zenrelia 的需求。在美國以外，我們的寵物健康業務以固定匯率計算成長了 8%，其中 Zenrelia 引領了成長。

Moving to farm animal. Our global business achieved 10% organic constant currency growth. The US farm animal business grew 20%, driven by the strength of Experior and poultry vaccines. Outside the US, the farm animal business contributed 5% growth in organic constant currency, driven by cattle in Europe and poultry in both the LatAm and APAC regions.

轉向農場動物。我們的全球業務實現了10%的有機成長（以固定匯率計算）。受Experior和家禽疫苗的強勁表現推動，美國農場動物產業成長了20%。在美國以外，農場動物業務以固定匯率計算貢獻了 5% 的有機成長，這主要得益於歐洲的牛業以及拉丁美洲和亞太地區的家禽業。

Continuing down the income statement on slide 12, gross margin increased 90 basis points to 53.1% primarily driven by productivity from increased volume. Our operating expenses grew by 7% year-over-year, largely driven by strategic investments in the global pet health product launches. The increase was slightly below our 8% target as some expenses will shift to the fourth quarter. Interest expense totaled $34 million representing a $12 million reduction from the same period last year. This decrease reflects our continued progress in deleveraging.

繼續看第 12 頁的損益表，毛利率上升了 90 個基點，達到 53.1%，這主要是因為產量增加提高了生產力。我們的營運費用年增 7%，主要原因是全球寵物健康產品上市的策略性投資。由於部分支出將轉移到第四季度，因此此次增幅略低於我們 8% 的目標。利息支出總額為 3,400 萬美元，比去年同期減少了 1,200 萬美元。這一降幅反映了我們在去槓桿化方面持續取得的進展。

On slide 13, we provide walks to illustrate our year-over-year performance and adjusted EBITDA and adjusted EPS. Adjusted EBITDA was $198 million, an increase of $35 million. Adjusted EPS was $0.19 in the quarter, an increase of $0.06 year-over-year.

在第 13 張投影片中，我們提供了圖表來說明我們的年比業績以及調整後的 EBITDA 和調整後的 EPS。調整後 EBITDA 為 1.98 億美元，增加了 3,500 萬美元。本季調整後每股收益為 0.19 美元，年增 0.06 美元。

On slide 14, we provide an update on our cash, debt and working capital. Cash generated from operations was $219 million in the quarter compared to $162 million in the same quarter last year. We ended the quarter with net debt of approximately $3.3 billion and a net leverage ratio of 3.7 times, better than expectations.

第 14 頁，我們將提供現金、債務和營運資金的最新情況。本季經營活動產生的現金流量為 2.19 億美元，去年同期為 1.62 億美元。本季末，我們的淨債務約為 33 億美元，淨槓桿率為 3.7 倍，優於預期。

Now moving to slide 15. We have communicated a consistent capital allocation strategy with debt paydown as a primary use of free cash flow. We are pleased with the progress we have made on deleveraging this year, having already exceeded our 2025 debt paydown target with gross debt paydown of $562 million. We expect to end the year with net leverage between 3.7 times and 3.8 times. Longer term, we aim to be under 3 times levered and anticipate capital allocation flexibility below that level.

現在轉到第15張投影片。我們一直秉持一致的資本配置策略，將償還債務作為自由現金流的主要用途。我們對今年在去槓桿化方面取得的進展感到滿意，我們已經提前完成了 2025 年的債務償還目標，總債務償還達到 5.62 億美元。我們預計年底淨槓桿率將在 3.7 倍至 3.8 倍之間。從長遠來看，我們的目標是將槓桿率控制在 3 倍以下，並預期資本配置的靈活性將低於該水準。

On slide 16, we provide an update on our debt capital structure. On October 31, we successfully refinanced our $2.1 billion Term Loan B facility into three new debt facilities. Importantly, this refinancing activity improves our debt portfolio's maturity risk profile by extending the 2027 maturity to 2029 and 2032 and reduces our cost of debt.

第 16 頁，我們更新了債務資本結構情形。10 月 31 日，我們成功地將 21 億美元的 B 類定期貸款融資轉換為三筆新的債務融資。重要的是，此次再融資活動透過將 2027 年到期的債務延長至 2029 年和 2032 年，改善了我們債務組合的到期風險狀況，並降低了我們的債務成本。

Looking ahead to 2026, we forecast interest expense to increase by approximately $15 million year-over-year. The projected increase is due to the expiration of a favorable interest rate swap amortization benefit in the third quarter of 2025, which originated from a 2022 interest rate swap restructuring. The increase is inclusive of the interest savings secured through our recent debt refinancing transaction.

展望 2026 年，我們預測利息支出將比前一年增加約 1,500 萬美元。預計成長是由於 2025 年第三季一項有利的利率互換攤銷優惠到期所致，該優惠源於 2022 年的利率互換重組。此次成長包含了我們近期債務再融資交易所節省的利息。

Now let's move to our guidance, starting on Slide 18. We have consistently delivered on our commitments this year. And this momentum gives us confidence to once again raise our full year expectations. We now expect to deliver organic constant currency revenue growth of between 6% and 6.5% versus our previous outlook of 5% to 6%.

現在讓我們進入指導部分，從第 18 張投影片開始。今年我們始終履行了各項承諾。這一勢頭讓我們有信心再次提高全年預期。我們現在預計有機固定匯率營收成長將達到 6% 至 6.5%，高於我們先前 5% 至 6% 的預期。

We are increasing our expected reported revenue range to be between $4.645 billion and $4.67 billion inclusive of an expected $30 million tailwind from foreign exchange rates since our August earnings call.

我們將預期報告收入範圍上調至 46.45 億美元至 46.7 億美元之間，其中包括自 8 月財報電話會議以來，匯率波動帶來的 3,000 萬美元預期收益。

Slide 19 provides year-over-year bridges for 2025 adjusted EBITDA and adjusted EPS. And slide 28 in the appendix provides a number of additional assumptions to help support your modeling efforts. We are also raising adjusted EBITDA guidance by $20 million at the midpoint of the range. The increase reflects our $28 million outperformance in Q3, partly offset by $10 million of increased investments in our recent launches and $5 million in shifted timing.

第 19 頁提供了 2025 年調整後 EBITDA 和調整後 EPS 的同比過渡資料。附錄中的第 28 頁提供了一些額外的假設，以幫助支持您的建模工作。我們同時將調整後 EBITDA 預期上調 2,000 萬美元，取預期範圍的中位數。這一成長反映了我們第三季 2,800 萬美元的超額收益，部分被近期產品上市投資增加 1,000 萬美元和上市時間調整 500 萬美元所抵銷。

We're also passing through the $15 million in FX tailwinds for adjusted EBITDA that was previously held back with macroeconomic uncertainty, half of which benefited the third quarter results, with the remaining expected to benefit the fourth quarter.

我們也計入了先前因宏觀經濟不確定性而受到抑制的 1,500 萬美元外匯利好因素對調整後 EBITDA 的影響，其中一半利好因素已體現在第三季業績中，其餘部分預計將體現在第四季度業績中。

For adjusted EPS, we are raising our guidance by $0.05 at the midpoint, bringing the new range to $0.91 to $0.94.

對於調整後的每股盈餘，我們將預期中位數上調 0.05 美元，新的預期範圍為 0.91 美元至 0.94 美元。

On slide 20, we continue to expect net impact of $10 million to $14 million on adjusted EBITDA in 2025 due to previously announced tariffs. This estimate is included in our guidance and considers our multiple mitigation strategies. For 2026, we will continue with our prudent and balanced approach to guidance and proactive interventions as we navigate potential changes in tariff exposure.

在第 20 頁，我們繼續預計，由於先前宣布的關稅，2025 年調整後的 EBITDA 將受到 1,000 萬美元至 1,400 萬美元的淨影響。此估算已包含在我們的指導意見中，並考慮了我們的多種緩解策略。2026 年，我們將繼續採取審慎平衡的指導和積極幹預措施，以應對關稅風險的潛在變化。

Our fourth quarter guidance presented on slide 21 includes organic constant currency revenue growth of 4% to 6%. On a reported basis, we expect $1.085 billion to $1.11 billion in revenue. The year-over-year increase in operating expenses is expected to be approximately 10% in constant currency, including the incremental DTC investment and a shift in timing of some expenses.

我們在投影片 21 中提出的第四季業績預期包括以固定匯率計算的有機收入成長 4% 至 6%。根據報告顯示，我們預計營收為 10.85 億美元至 11.1 億美元。預計以固定匯率計算，營運費用年增幅約為 10%，其中包括新增的 DTC 投資和部分費用發生時間的變化。

As a result, we anticipate adjusted EBITDA of $168 million to $188 million and adjusted EPS of $0.09 to $0.12. Finally, as usual for this time of the year, we provide some preliminary context on our expectations for 2026 on slide 22.

因此，我們預計調整後 EBITDA 為 1.68 億美元至 1.88 億美元，調整後每股收益為 0.09 美元至 0.12 美元。最後，與往年一樣，我們在第 22 頁幻燈片中提供了一些關於 2026 年預期情況的初步背景資訊。

We see a clear path for sustainable competitive revenue growth through our diverse portfolio of innovation, continuing to scale globally on top of a stabilizing base. This innovation helps to insulate us from macro headwinds like declines in US vet visit volumes. Price should also contribute to our revenue growth.

我們看到，透過我們多元化的創新組合，在穩定的基礎上繼續在全球範圍內擴大規模，可以實現可持續的、具有競爭力的收入成長，這是一條清晰的道路。這項創新有助於我們抵禦宏觀經濟逆風，例如美國獸醫就診量下降等因素。價格也應該有助於我們的收入成長。

In pet health, while we recognize pressures for competitive launches, we believe we are well positioned to gain incremental share, both in the US, where our corporate offering benefits from our more complete portfolio and globally as we launch our innovation in new markets.

在寵物健康領域，雖然我們意識到競爭帶來的壓力，但我們相信我們已經做好了充分的準備，能夠逐步擴大市場份額，無論是在美國，我們的企業產品組合更加完善，還是在全球範圍內，隨著我們在新市場推出創新產品。

We also expect to build on our OTC pet health retail leadership. On the farm animal side, while we are facing difficult comparisons, especially in the US, there remains a runway for continued solid growth, driven by our new products in cattle and favorable producer economics. We expect to bolster our leadership in cattle and poultry.

我們也希望鞏固我們在非處方寵物保健零售領域的領先地位。在畜牧業方面，雖然我們面臨嚴峻的對比，尤其是在美國，但在我們新的牛類產品和有利的生產者經濟效益的推動下，仍有持續穩健成長的空間。我們期望鞏固在牛禽養殖領域的領先地位。

We continue to expect EBITDA margin expansion beginning in 2026, led by general and administrative cost savings and manufacturing efficiencies under the Elanco Ascend program. This is a company-wide initiative that we anticipate will drive additional productivity and capabilities in key areas, as we're looking beyond the margin benefits, we can actually capture through better mix, consistent growth and moving past heavier launch investments in 2025.

我們繼續預計，在 Elanco Ascend 計劃下，一般及行政成本節約和生產效率提高，EBITDA 利潤率將從 2026 年開始擴張。這是一項全公司範圍的舉措，我們預計它將推動關鍵領域的生產力和能力提升，因為我們著眼於利潤率以外的收益，我們可以透過更好的產品組合、持續成長以及在 2025 年減少更大規模的上市投資來獲得實際收益。

There's more we can do in digital, automation and AI to leverage those capabilities across the organization. Procurement is working to identify opportunities with suppliers to help offset inflation. Tariffs remain a headwind and a risk but have been manageable to date with our strong execution and proactive mitigation plans.

在數位化、自動化和人工智慧領域，我們可以做更多的事情，以便在整個組織中充分利用這些能力。採購部門正在努力尋找與供應商合作的機會，以幫助抵消通貨膨脹的影響。關稅仍然是一個不利因素和風險，但迄今為止，憑藉我們強有力的執行和積極的緩解計劃，這些因素都可控。

Lastly, as I shared earlier, we expect a step up in interest expense in 2026 of approximately $15 million. From a cash perspective, we expect accelerating free cash flow to fuel additional debt paydown with net leverage improving towards our goal of under 3 times.

最後，正如我之前提到的，我們預計 2026 年利息支出將增加約 1500 萬美元。從現金流的角度來看，我們預計自由現金流的加速成長將推動更多債務償還，淨槓桿率將朝著低於 3 倍的目標邁進。

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

現在我把麥克風交還給傑夫，讓他做總結發言。

Thanks, Bob. Elanco knows our charge, consistent, reliable delivery to our customers and shareholders. and I'd like to thank our teams for the disciplined execution and the delivery this quarter. Employee engagement is at a high in Elanco, which I believe is a strong leading indicator, demonstrating confidence in our future. We know the hard work continues in this competitive fast-growing animal health industry and we are committed to continue to deliver for our customers.

謝謝你，鮑伯。禮來公司深知我們的職責，那就是為客戶和股東提供持續可靠的服務。我謹感謝我們的團隊在本季嚴謹的執行和出色的交付成果。禮來動保的員工敬業度很高，我認為這是一個非常強大的領先指標，顯示了我們對未來的信心。我們知道，在這個競爭激烈、快速發展的動物保健行業，艱苦的工作仍在繼續，我們將致力於繼續為客戶提供優質服務。

I see a durable path forward. our IPP strategy is driving results, positioning us well to raise our 2025 guidance even in a dynamic global backdrop. Elanco is clearly in a new era of growth and innovation, with significant opportunity for continued shareholder value creation. We look forward to sharing more on our strategy, our financial outlook and our innovation pipeline (technical difficulty) -- .

我看到了一條可持續的發展之路。我們的獨立生產計劃（IPP）策略正在取得成效，即使在瞬息萬變的全球環境下，也使我們能夠上調2025年的業績預期。顯然，禮來公司正處於成長和創新的新時代，擁有持續創造股東價值的巨大機會。我們期待與大家分享更多關於我們的策略、財務展望和創新計劃的資訊。（技術難題）——。

(Event Instructions) Operator, please provide the instructions for the Q&A session, and then we'll take the first caller.

（活動說明）接線員，請提供問答環節的說明，然後我們將接聽第一個來電者。

(Operator Instructions) Umer Raffat, Evercore.

（操作說明）Umer Raffat，Evercore。

Congrats on the quarter. I wanted to clarify something, Jeff, you mentioned, unless I heard it wrong, did you say Quattro did $100 million in 3Q? And if so, what does that mean for innovation basket ex Quattro on a year-over-year basis?

恭喜你本季取得佳績。傑夫，我想澄清一下，你剛才提到，除非我聽錯了，你是說 Quattro 在第三季實現了 1 億美元的營收嗎？如果真是如此，那麼對於剔除 Quattro 後的創新組合而言，年比來看意味著什麼？

And then secondly, to the extent Quattro is annualizing in that $300 million to $400 million range right now, what do you see as a realistic peak sales potential? I guess, thinking out loud, why can or can't it be $1 billion at peak?

其次，如果 Quattro 目前的年銷售額在 3 億至 4 億美元之間，您認為其現實的銷售高峰潛力是多少？我自言自語地想，為什麼高峰能達到或不能達到 10 億美元？

Thanks, Umer. I appreciate the question. Yes, let me clarify. We announced in September that it had reached $100 million in the year up till September. So it wasn't in the third quarter. Let me clarify that. But let me put a little color though, to the question. There's no question, we believe that this is our fastest blockbuster to date. It's only in one country and to reach that in eight months. I think it shows a lot about the value of the differentiation of the product.

謝謝你，烏默。感謝您的提問。是的，讓我解釋一下。我們在九月宣布，截至九月的一年內，營收已達 1 億美元。所以不是在第三節。讓我解釋一下。不過，我想為這個問題增添一些色彩。毫無疑問，我們相信這是我們迄今為止上映速度最快的票房大片。它只在一個國家實施，而且只花了八個月就達到了目標。我認為這充分體現了產品差異化的價值。

A little bit more color just on the product itself. I think the differentiation is playing out in the field as well as we're not only taking share, but the broad spectrum endecto market continues to grow. It's a $1.4 billion market Umer. It's growing at 40%. So we've got the rise of the market combined with the share that we're taking.

產品本身的顏色稍微豐富了一些。我認為這種差異化優勢在實際應用中也得到了體現，我們不僅正在搶佔市場份額，而且整個內視鏡市場也在持續成長。這是一個價值 14 億美元的市場，Umer。它的成長率為 40%。所以，我們既享受著市場上漲帶來的好處，也享受著我們所佔的市場份額。

And we're only in 1/3 of the clinics at this point in time. So we're adding business inside the clinics we have with a return rate of over 80% of reorder rate. And at the same time, we're seeing really positive indicators. And the one I'd point to is actually the Kynetec data on the puppy index. I mean, today, we've got the highest puppy share overall.

目前我們只涵蓋了三分之一的診所。因此，我們在現有診所內增加了業務，復購率超過 80%。同時，我們也看到了一些非常正面的跡象。而我真正想指出的是 Kynetec 關於幼犬指數的數據。我的意思是，今天，我們的小狗數量佔比達到了最高水準。

And when you look at that, that means that puppies are a higher percentage of our total Quattro patients compared to any competition. And this is a lead indicator of the vets confidence in this product and that this product, I've said, has been best medicine. I now believe it has the potential. And in my eyes, it is the best-in-class product and the fastest-growing animal health market. So it's set up well.

從這個角度來看，這意味著與任何競爭對手相比，幼犬在我們 Quattro 患者總數中所佔的比例更高。這表明獸醫對該產品充滿信心，而且正如我所說，該產品是最好的藥物。我現在相信它有這個潛力。在我看來，它是同類產品中最好的，也是動物保健市場成長最快的產品。所以一切都安排妥當了。

There's a lot more room to grow. We'll be globalizing this product with international approvals next year. And we see really, really nice upward opportunity.

還有很大的發展空間。明年我們將獲得國際認證，使該產品走向全球。我們看到了非常好的上昇機會。

Jon Block, Stifel.

Jon Block，Stifel。

Jeff, I'm going to start with maybe just asking for a little bit more color on the US Zenrelia, call it, like cleaner label aspirations and maybe the timing behind that initiative? I know you took a step forward. You mentioned the share gains accelerating exiting 3Q. But I mean, obviously, removing the box warning would be a big step forward.

Jeff，我想先問美國 Zenrelia 的一些細節，例如他們對更清潔標籤的追求，以及這項舉措背後的時機？我知道你向前邁出了一步。您提到股價在第三季末加速上漲。但很明顯，取消警告框將是一大進步。

And I'm asking because you also referenced, I believe, the higher share gains in the international markets for Zenrelia despite being there for a shorter period of time. So I would love any color on what needs to get done and then maybe the timing behind that? And then I'll ask a follow-up.

我這麼問是因為你也提到了，儘管 Zenrelia 在國際市場上的時間較短，但它的市佔率卻獲得了更高的成長。所以我很想知道需要完成哪些工作，以及完成這些工作的具體時間安排？然後我會問一個後續問題。

Yes, Jon. I'll point to the three markets that we introduced this product into first outside of the US, Japan, Canada and Brazil, I highlight kind of new data here showing that we're a double-digit market share in those markets. In my 36 years in animal health, I've never seen a product with the efficacy profile and the testimonials that we've seen over the last year with Zenrelia. We have something here that you know this market is growing double digit. It is an unsatisfied market, and we've got a product that we think is clearly differentiated.

是的，喬恩。我將重點介紹我們在美國以外率先推出該產品的三個市場：日本、加拿大和巴西。我在這裡重點介紹一些新數據，顯示我們在這些市場中擁有兩位數的市場份額。在我從事動物保健工作的 36 年裡，我從未見過像 Zenrelia 這樣在過去一年裡擁有如此卓越功效和許多好評的產品。我們知道，這個市場正在以兩位數的速度成長。這是一個尚未被滿足的市場，而我們擁有一款我們認為具有明顯差異化優勢的產品。

-- We have a multipronged approach on the label. The first one was the PCR data, that allowed us to remove the fatally induced disease off the label. And then this last quarter, we have submitted another package of data, peer-reviewed published data all around the booster side, and we do believe that combining that data will hopefully satisfy the FDA's -- in the US, over 0.5 million dogs. All of this, I believe, will further support a label that could be updated to look more like the international markets.

-- 我們在標籤方面採取了多管齊下的方法。第一個是 PCR 數據，它使我們能夠將致命誘發疾病從標籤中移除。然後，在上個季度，我們提交了另一套數據，包括關於加強免疫的同行評審發表數據，我們相信，將這些數據結合起來，並有望滿足美國食品藥物管理局（FDA）的要求——在美國，超過 50 萬隻狗。我認為，所有這些都將進一步支持該標籤進行更新，使其更符合國際市場的要求。

I will say, though, that label change did in September and October, you can see we're adding close to 2,000 clinics a quarter but the actual use monthly sales per clinic has grown here in the US, nearly 50% since Q1. So our base is becoming more loyal. We're moving to more first-line treatment. And I think that's all coming back from the testimonies on efficacy. So more to come, the regulatory strategy is working, big milestone with this other data submission that we made here in this last quarter.

不過，我要說的是，9 月和 10 月的標籤變更確實帶來了變化，你可以看到我們每季新增了近 2000 家診所，但美國每家診所的實際月銷售額自第一季以來增長了近 50%。所以我們的粉絲群變得越來越忠誠了。我們正在轉向更多的一線治療。我認為這一切都源自於對療效的證詞。所以還有更多消息要公佈，監管策略正在奏效，我們在上個季度提交的這份數據也是一個重要的里程碑。

Your follow-up, Jon?

你的後續問題是什麼，喬恩？

Yes. No, that was great color. And then maybe for the follow-up, and Bob, this might be for you. But the 2025 EBITDA guidance, the midpoint is now $890 million, it's up from the initial. I think I got this right, of $850 million.

是的。不，那顏色真棒。然後，或許後續問題，鮑勃，這可能與你有關。但 2025 年 EBITDA 預期中位數為 8.9 億美元，高於最初的預期。我想我算對了，是 8.5 億美元。

But importantly, that's with a good amount of incremental OpEx investments all throughout 2025 along the way. So I'm curious where you guys are with those incremental OpEx investments. How do we think about that going into '26? In other words, does that continue to occur? Because maybe this is just a moving target.

但重要的是，在此過程中，2025 年全年都會有大量的營運支出增量投資。所以我很想知道你們在這些新增營運支出投資方面進展如何。展望2026年，我們該如何看待這個問題？換句話說，這種情況還會繼續發生嗎？因為這可能只是一個不斷變化的目標。

In other words, as you continue to see favorable returns do you just sort of keep your foot on the gas. So just maybe asking for some context in that regard.

換句話說，隨著收益的持續成長，你是否就繼續加大投入了？所以，我只是想了解這方面的背景狀況。

Sure. Yes, Jon, thanks for the question. Yes. So you're absolutely right. Our previous guidance had a range on EBITDA of $850 million to $890 million. And so we did range -- or did provide an updated range of $880 million to $900 million. So we did raise the guide at the midpoint, fueled by the $28 million beat in Q3. And again, I want to highlight it was in my prepared remarks, but that did include $8 million of foreign exchange with the other $7 million of FX coming in Q4. But then the two offsets, one is $10 million of incremental OpEx. And it's continuing down this no-regrets approach to launches.

當然。是的，喬恩，謝謝你的提問。是的。所以你的說法完全正確。我們先前的預期是 EBITDA 在 8.5 億美元至 8.9 億美元之間。因此，我們給出了一個範圍——或者說，我們提供了一個更新後的範圍，即 8.8 億美元至 9 億美元。受第三季營收超出預期 2,800 萬美元的推動，我們將業績指引中點上調。我再次強調，這在我的準備演講稿中有所提及，其中包括 800 萬美元的外匯，另外 700 萬美元的外匯將在第四季度到達。但隨後有兩個抵銷項，其中一項是 1,000 萬美元的增量營運支出。而且，這種「無悔發布」策略仍在繼續。

We've been extremely pleased with the innovation basket, raising that bar by another $100 million. And we're going to continue to use a data-driven approach with DTC and continue to drive that top line. And I have the opportunity to meet with the team again here recently and the data suggesting our marketing is working, and we're seeing that top line growth.

我們對創新基金的投入水準非常滿意，又增加了 1 億美元。我們將繼續採用數據驅動的方式開展 DTC 業務，並繼續推動營收成長。最近我又有機會和團隊見面，數據顯示我們的行銷策略是有效的，我們看到了營收成長。

So as I think about 2026, Jon, listen, we're still going to use data to drive the right behaviors and again, continue that no regrets approach. But with that being said, I do -- we do see 2026 to show top line growth, EBITDA growth and EPS growing and it's because of the strong market fundamentals we have, and our products are performing extremely well.

所以，Jon，當我展望 2026 年時，聽著，我們仍然會利用數據來引導正確的行為，並且再次堅持這種不留遺憾的做法。但即便如此，我們確實預期 2026 年營收、EBITDA 和 EPS 將會成長，這是因為我們擁有強勁的市場基本面，而且我們的產品表現非常出色。

Andrea Alfonso, UBS.

瑞銀集團的安德烈亞·阿方索。

Congrats on a nice quarter. Just a quick question on the slide outlining the early considerations for '26. We did notice that there was a call out on consumer macro pressure and US debt visit declines. It seems to be a bit of a newer call out versus when you outlined considerations for 2025 a year ago.

恭喜你本季業績出色。關於概述 2026 年早期考慮因素的幻燈片，我有一個簡單的問題。我們注意到，消費者宏觀壓力和美國債務訪問量下降的問題得到了關注。與一年前您概述 2025 年的考慮因素相比，這似乎是一個更新的呼籲。

So just curious if anything has changed structurally in 3Q versus 2Q, thoughts on the makeup of the non-wellness visits and whether there's been some consumer reticence around the use of therapies. And it also does seem that third-party data is showing some improvement, at least on the non-wellness side. So curious if that mirrors exactly what you're seeing thus far.

所以，我很好奇第三季與第二季相比，結構上是否有任何變化，關於非健康就診的構成，以及消費者在使用療法方面是否存在一些猶豫，您有什麼看法？而且，第三方數據似乎也顯示出一些改善，至少在非健康方面是如此。很好奇這是否與你目前觀察到的情況完全一致。

Yes. Maybe I can answer a few of those questions. Andrea, and I'll let Jeff pipe in. But really, nothing's changed quarter-over-quarter with our considerations. We are taking a grounded and disciplined approach to guidance, and so we'll be consistent in how we guide.

是的。或許我可以回答其中的一些問題。安德里亞，我讓傑夫插句話。但實際上，我們的考慮因素每季都沒有任何變化。我們採取務實嚴謹的指導方式，因此我們的指導方式也會保持一致。

And so just being consistent with prior years, we're showing early considerations. And obviously, competition is something that we have our eyes on and feel very good about where we are for 2025, but we're taking a balanced approach. And obviously reflecting on not only competition, but the macro environment as we think about next year.

因此，為了與往年保持一致，我們正在展示一些早期的考慮因素。顯然，我們一直在關注競爭，並且對我們 2025 年的發展前景感到非常滿意，但我們正在採取平衡的方法。顯然，我們在思考明年時，不僅要考慮競爭，還要考慮宏觀環境。

And let me pick up, Andrea, I think it's important to just give our lens on vet visits. They're important. They are stabilizing. But I want to let you -- let me explain a little bit of, we believe, through our lens, vet visits are maybe a little bit over-indexed. And so -- and we are, we believe, insulated from them even more so going forward.

安德里亞，讓我來接話，我認為有必要談談我們對看獸醫的看法。它們很重要。它們正在趨於穩定。但我想讓你們——讓我解釋一下，我們認為，從我們的角度來看，看獸醫的次數可能有點過高了。因此——而且我們相信，未來我們將更加遠離它們。

And let me just explain. I think it's the strength of the markets that we play in and the strength of our strategy. First, we're in strong growing markets. I think these are very important points. We're in strong growing markets, endecto is up 40%, derm is up 13%.

讓我解釋一下。我認為關鍵在於我們所處市場的實力和我們自身策略的實力。首先，我們身處強勁成長的市場。我認為這些觀點非常重要。我們身處強勁成長的市場，內分泌治療上漲了 40%，皮膚科上漲了 13%。

Second, we've got differentiated innovation, best medicine in these. So we're taking share with Zenrelia, Credelio Quattro and IL-31 is coming. I think the third is just this whole four dimensions of our portfolio. We're one of only two companies that can bring that. And we're seeing proof points this quarter with both pain and vaccines actually growing.

其次，我們擁有差異化的創新，以及最好的藥物。所以我們正在與 Zenrelia、Credelio Quattro 和 IL-31 爭奪市場份額。我認為第三點就是我們投資組合的這四個維度。我們是僅有的兩家能夠做到這一點的公司之一。本季我們看到了一些證據，疼痛和疫苗的使用量都在增加。

And lastly, as we rolled in Bovaer, we've been talking about omnichannel, the omnichannel strategy is working. We've got the largest vet sales team we've ever had. We've got significant media with good data, as Bob just mentioned. We've got very unique distribution agreements today that I think give us competitive advantage. And lastly, we are the number one pet retail company.

最後，正如我們在博瓦爾所提到的，我們一直在談論全通路，全通路策略正在奏效。我們擁有有史以來規模最大的獸醫銷售團隊。正如鮑伯剛才提到的，我們擁有大量掌握可靠數據的媒體資源。我們現在擁有非常獨特的經銷協議，我認為這給了我們競爭優勢。最後，我們是排名第一的寵物零售公司。

So Elanco is meeting more pet owners where they want to shop at more price points than any other animal health company. And I think that sets us up very nicely to say we don't really see vet visits and even some of the consumer trend. We're entering this time as durable and as competitive as any animal health company. And again, I see that in a really balanced positive way, not just in '25, but definitely going into 2026.

因此，與其他任何動物保健公司相比，禮來公司能夠以更多價格點滿足更多寵物主人的需求，並在他們希望購買的地點提供更多選擇。我認為這讓我們能夠很好地說明，我們並沒有真正看到獸醫就診次數的增加，甚至沒有看到一些消費趨勢的改變。我們進入這個時代時，依然保持著與其他動物保健公司一樣的韌性和競爭力。而且，我認為這種趨勢不僅在 2025 年，而且在 2026 年也肯定會以非常平衡和積極的方式發展。

Michael Ryskin, Bank of America.

邁克爾·里斯金，美國銀行。

Great. Congrats on the quarter and the update. I want to go back to something I think that Jon touched on in an earlier question on the margins and just sort of the investments needed to sustain it, especially around the innovation component. I think you've seen really good traction with Credelio Quattro, obviously, so far, Zenrelia seems like it's accelerating very, very nicely.

偉大的。恭喜你本季業績和最新進展。我想回到 Jon 在之前一個問題中提到的關於邊緣化以及維持它所需的投資，特別是關於創新方面的投資。我認為 Credelio Quattro 已經取得了非常好的發展勢頭，顯然，到目前為止，Zenrelia 的發展速度也非常非常快。

As we think about going into year two and year three of these, very competitive markets, you're going to see more competitive entrants from Merck (technical difficulty) -- You're going to see possibly Bravecto have something coming up. So competition is only going to ramp up.

當我們展望這些競爭非常激烈的市場進入第二年和第三年時，你會看到默克公司推出更多具有競爭力的競爭者（技術難題）——你可能會看到Bravecto即將推出一些新產品。因此，競爭只會愈演愈烈。

Can you talk about how you think about that no regrets approach to supporting them going forward? How should we think about incremental margins as these ramp and become over $100 million, over several hundred-million-dollar products? What should that ramp look like in year two, year three, year four launch?

您能否談談您如何看待這種「不留遺憾」的支持方式，以及您未來會如何支持他們？隨著這些產品的銷售額成長到超過 1 億美元，乃至數億美元，我們該如何看待增量利潤率？第二年、第三年、第四年的啟動階段，這個成長曲線應該是什麼樣子？

Because this should become meaningfully margin accretive. I'm just trying to think through the timing of that relative to the investment needed to support them.

因為這應該會顯著提高利潤率。我只是想弄清楚這件事發生的時機，以及支持他們所需的投資。

Yes, Michael, let me just share a few comments here relative to this and then I'll maybe have Bob share a little bit from an investment perspective. But yes, the no regrets approach, we've been working on this for multiple years and preparing the capability, hiring the expertise from around the industry, making sure we've got good lead indicator data for the legs in the industry, and now we're globalizing faster than we ever have.

是的，邁克爾，我先就此發表幾點看法，然後我可能會讓鮑伯從投資的角度分享一些觀點。是的，我們採取了不留遺憾的態度，多年來我們一直在為此努力，準備能力建設，從業內聘請專家，確保我們擁有行業領先指標的良好數據，現在我們的全球化速度比以往任何時候都快。

So I start with the differentiation is significant. And even as we start to enter a derm market in Europe that's very competitive, the early signs are that we've got a differentiated product. We've got launch capabilities that are, we think, close to best in industry and all of that's going to allow us to say, hey, we globalize the innovation. We really, really doubled down on showing the differentiation. We are in growing markets.

因此，我首先要指出的是，這種差異是顯著的。即使我們開始進入競爭非常激烈的歐洲皮膚科市場，但早期跡象表明，我們擁有差異化的產品。我們擁有我們認為接近業內最佳水平的發射能力，所有這些都將使我們能夠說，嘿，我們將創新全球化。我們真的加倍努力去展現差異化優勢。我們身處在不斷成長的市場。

I think that's the other thing. As you look at derm continues to expand, as we pointed to, just we've got 18% of Zenrelia use coming from first-time users. So we are making these markets bigger, and we will continue to lean in. Today, we are seeing every dollar of investment give us significant returns.

我覺得那就是另一件事。正如我們所指出的，隨著皮膚科的不斷發展，Zenrelia 的使用者中有 18% 是首次使用者。所以我們正在擴大這些市場，並且我們將繼續加大投入。如今，我們看到每一美元的投資都帶來了豐厚的回報。

So -- and we are expanding, and we'll continue to structure our organizations to have as much share of voice as possible, first with our team, second with distribution, third with omnichannel. So all of that put together, I think we're in as strong of a competitive position, as I've seen as a company and our portfolio were not a company dependent on one product. We've got a portfolio of products. And our para, I'll point out portfolio is probably as strong as any in and outside of the vet clinic as well.

所以——我們正在擴張，我們將繼續調整組織架構，盡可能擁有話語權，首先是我們的團隊，其次是分銷管道，最後是全通路。綜上所述，我認為我們公司目前處於我所見過的最強大的競爭地位，而我們的產品組合並非一家依賴單一產品的公司。我們擁有豐富的產品組合。而且，我要指出的是，我們的助理的履歷可能和獸醫診所內外的任何人都一樣出色。

So maybe, Bob, just from an investment philosophy perspective and the data we're looking at.

所以，鮑勃，或許可以從投資理念和我們正在查看的數據來看。

Yes. So thanks, Jeff. So listen, I would highlight that this basket of innovation already has margins above our corporate gross margins, all right? So that's the reason we continue to lean in. And again, using data to support the effectiveness of our DTC.

是的。謝謝你，傑夫。所以，我想強調的是，這一系列創新產品的利潤率已經高於我們公司的毛利率，好嗎？所以這就是我們繼續深入參與的原因。再次強調，要利用數據來支持我們 DTC 的有效性。

But as I think maybe just holistically about margins, we're going to continue to see growth. And so by leveraging our existing cost base, we're going to see natural margins come through just the volume as well as the natural mix. And then I want to again rehighlight what we talked about last quarter is launching Elanco Ascend. And that's going to help us go beyond just the natural mix benefits of the innovation as well as the volumes.

但從整體來看，從利潤率的角度來看，我們將繼續看到成長。因此，透過利用我們現有的成本基礎，我們將看到銷售和產品組合自然帶來利潤。然後，我想再次強調我們上個季度討論的內容，那就是推出 Elanco Ascend。這將有助於我們超越創新帶來的自然混合效益以及銷售成長。

But really helping us be proactive in accelerating efficiencies across the organization, and that's going to be not only within our four walls and manufacturing facilities. It's going to include G&A, but also our procurement team is doing a fantastic job already leaning in and finding cost savings across the organization.

但真正幫助我們積極主動地提高整個組織的效率，這不僅限於我們的公司內部和製造工廠。這將包括一般及行政費用，但我們的採購團隊也做得非常出色，他們積極主動地在整個組織內尋找節省成本的方法。

So with that being said, like listen on Investor Day here in a month, really looking forward to sharing more about the direction of the company and sharing a lot more on Elanco Ascend.

所以，綜上所述，請大家關註一個月後的投資者日，我非常期待與大家分享更多關於公司發展方向以及 Elanco Ascend 的資訊。

All right. And can I squeeze in a quick follow-up. Really strong growth in livestock, not just this quarter in farm animal, but a couple of quarters in a row. You've also seen really strong results from Zoetis, from Phibro, Merck on this. Like longer term, we think of livestock as a low to mid-single-digit market.

好的。我可以插播一個簡短的後續問題嗎？畜牧業成長強勁，不僅是本季農場動物的成長，而是連續幾季的成長。你也看到了 Zoetis、Phibro 和 Merck 在這方面取得的非常顯著的成果。從長遠來看，我們認為畜牧業市場是一個低至中等個位數的市場。

It seems like '25 is a particularly good year for everybody. Could you just give us an update on sort of what's driving that? How sustainable that is? Is this a one-year cyclical event? Or is this a multiyear event? Just how do broad start I think about livestock in '26 and '27, maybe?

看來2025年對所有人來說都是個特別好的年份。能否簡單介紹一下目前的情況以及背後的驅動因素？這種做法的可持續性如何？這是一個一年一度的周期性事件嗎？還是這是一個持續多年的活動？2026 年和 2027 年，Broad 是如何開始考慮畜牧業的呢？

Yes, Michael, I think as you and I've talked in the past, it's probably one of the more underappreciated things about Elanco and even our industry, farm animal is still bigger than pet health. It is a very global industry. I would just point to a few things on the industry and then on Elanco. We continue to see the demand for protein growing. I mean it has rebounded.

是的，邁克爾，我想正如你我過去討論過的那樣，這可能是 Elanco 乃至我們整個行業最被低估的一點，那就是農場動物仍然比寵物健康更重要。這是一個高度全球化的行業。我只想就行業狀況和禮來公司的情況談幾點看法。我們看到對蛋白質的需求持續成長。我的意思是，它已經反彈了。

I say lead indicators, the US dairy industry is now well over $10 billion of investment just because of this trend of where things are, and we're looking for a new dietary guideline coming out here in the US that I think is going to increase saturated fats, dairy and animal protein. So there is a resurgence. I was on the phone yesterday with one of the largest CEOs and he -- and they're seeing it globally, and they're expanding globally.

我說，領先指標是，僅憑目前的這種趨勢，美國乳製品行業的投資就已超過 100 億美元，而且我們正在等待美國出台新的膳食指南，我認為該指南將增加飽和脂肪、乳製品和動物蛋白的攝入量。所以，它正在復蘇。我昨天和一家大型企業的執行長通了電話，他表示——他們看到了全球範圍內的這種趨勢，並且正在向全球擴張。

So I think overall, that is part of it. And look, when it comes to whether it's [biles] and prevention of disease to food safety, to productivity, to a small cattle herd of 50 years in history, producers are making money, but producers are willing to spend because every pound of protein matters more today than ever it has.

所以我覺得總的來說，這是其中的一部分。你看，無論是從膽汁和疾病預防到食品安全，再到生產力，對於一個擁有 50 年曆史的小牛群來說，生產者都在賺錢，而且生產者也願意花錢，因為如今每一磅蛋白質都比以往任何時候都更加重要。

So I think that's important. And we point to ruminates, dairy and beef, and we point to poultry is where we think we can take competitive advantage. And our strategy has been clear, and we will have José Manuel de Simas and Ramiro, two of the best, I think, in the industry highlight this four-pronged strategy.

所以我認為這很重要。我們認為，反芻動物、乳製品和牛肉，以及家禽，才是我們能夠獲得競爭優勢的領域。我們的策略很明確，我們將邀請業內最優秀的兩位人士——José Manuel de Simas 和 Ramiro——來重點介紹這一四管齊下的策略。

It's innovation, it's winning portfolios. It is value beyond product and that it is competitive kind of customer interface, that farm gate access and that strategy is playing out well. It isn't just about Experior. That's been a key driver. It's been about building winning portfolios, especially in ruminants and in poultry, and we'll share more about that on -- in December.

這是創新，這是致勝的投資組合。它的價值超越了產品本身，它是一種具有競爭力的客戶介面，可以直達農場門口，而且這種策略正在發揮作用。這不僅僅關乎Experior。這是關鍵驅動因素。我們一直致力於建立成功的投資組合，尤其是在反芻動物和家禽領域，我們將在 12 月分享更多相關資訊。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

This is Linda Bolduc on for Erin Wright. So given some recent competitive launches in -- and parasiticides, any thoughts on how it has evolved for the company in third quarter and into fourth quarter to date? Also, any thoughts on how much competition has been embedded in the latest guide? And will that amount ramp significantly in 2026?

這裡是琳達·博爾杜克，替艾琳·賴特為您報道。鑑於近期一些競爭對手在殺寄生蟲產品領域推出了新產品，您認為該公司在第三季以及第四季至今的發展如何？另外，您認為最新版指南中融入了多少競爭因素？到 2026 年，這數字會大幅成長嗎？

Yes. We have the competition in our guidance ranges for 2025, and we've got a good view on it for 2026. And specific to the market, as I've highlighted, we've not seen any impact on competitive entries and especially the broad-spectrum endecto market that's grown 40%. We've really observed also no real material impact on new para competitors, even in the international markets. So I think in the lane that we are competing in, we see a very strong marketplace. And then again, our differentiated portfolio is allowing us to take share.

是的。我們對 2025 年的業績預期與競爭對手的情況相符，對 2026 年的業績也有著比較樂觀的看法。就市場而言，正如我所強調的，我們沒有看到對競爭進入市場的任何影響，尤其是成長了 40% 的廣譜內分泌市場。我們也觀察到，即使在國際市場上，對新的競爭對手也沒有產生任何實質的影響。所以我認為，在我們所處的競爭領域，我們看到了一個非常強大的市場。此外，我們差異化的產品組合也使我們能夠搶佔市場份額。

That's great. And any additional color for the topics covered in the upcoming Investor Day in addition to Elanco Ascend?

那太棒了。除了 Elanco Ascend 之外，即將舉行的投資者日活動還將涵蓋哪些其他主題？您還有其他相關資訊嗎？

Yes. We have -- thank you for the question. We've actually reached out to our investors when -- and really, what we're planning to do is really the content will reflect the investor feedback. So we heard your desire to get more clarity, as Bob just highlighted on our growth trajectory. Also on the margin improvement and Elanco Ascend opportunity, you'll see aspects of our pipeline and also our leverage reduction plan.

是的。我們有—謝謝你的提問。我們已經聯繫了我們的投資者——而且，我們計劃要做的，就是讓內容反映投資者的回饋。正如鮑勃剛才強調的那樣，我們聽到了你們希望更清楚地了解我們發展軌蹟的願望。此外，關於利潤率提升和 Elanco Ascend 的機會，您還會看到我們的產品線以及我們的槓桿率降低計劃。

So we'll really double down on our IPP strategy. And most importantly to me is you'll be able to have a chance to meet and hear that directly from the executive team. So again, December 9 in New York City and looking forward to a real efficient high-value three hours between 9:00 and 12:00.

所以我們將加倍投入獨立發電廠（IPP）策略。對我來說最重要的是，你將有機會與高階主管團隊見面並直接聽取他們的意見。所以，12 月 9 日，我在紐約市，期待從早上 9 點到中午 12 點這三小時能夠有效率且有價值。

Daniel Clark, Leerink Partners.

Daniel Clark，Leerink Partners。

I wanted to ask on the innovation sales, obviously, target up a fair amount once again here. Can you just help break out maybe what the drivers or main products of that guide increase were? And how should we think about growth of the innovation basket as we look ahead to next year?

我想問一下創新銷售方面的情況，顯然，這裡的目標是再次大幅提高。您能否幫忙分析一下，導致該指南銷售成長的主要驅動因素或主要產品是什麼？展望明年，我們該如何看待創新組合的成長？

Yes. So thanks for the question. So again, we're really pleased with what we've seen already on the basket of innovation. We did raise the guide as $100 million, as Jeff has highlighted. I do want to highlight a bit on timing, right?

是的。謝謝你的提問。所以，我們對目前為止在創新領域的成果感到非常滿意。正如傑夫所強調的那樣，我們確實將目標金額提高到了 1 億美元。我想重點強調一下時機把握的重要性，對吧？

So as you think about the first half of the year. We are more weighted just due to the seasonality of the business with parasiticides more weighted in the first half. And AdTab specifically in Europe is a first half-weighted product we have. But we think about this as a basket.

所以，當你思考今年上半年的事情。由於業務的季節性，我們的權重有所增加，其中殺蟲劑的權重在上半年更高。而 AdTab 在歐洲尤其如此，它是我們推出的首款權重為 50% 的產品。但我們把它想像成一個籃子。

Now, that being said, I'd tell you, in the year, we're seeing great progress with Experior, AdTab, Credelio and Zenrelia and more specifically in Q3. But as we think about moving forward, listen, we've got a lot of momentum going into 2026. We're in growing markets, and we're seeing share improve as well.

話雖如此，我想說的是，今年以來，Experior、AdTab、Credelio 和 Zenrelia 都取得了巨大的進步，尤其是在第三季。但展望未來，聽著，我們進入 2026 年時勢頭強勁。我們身處在不斷成長的市場，而且我們的市場份額也在不斷提高。

Chris Schott, JPMorgan.

克里斯‧肖特，摩根大通。

This is Ekaterina on for Chris. Congrats on the quarter. So first question is just on Zenrelia and any initial thoughts on the launch in Europe. Just how that's trending relative to your expectations? And any surprises as you kind of think about the competitive landscape and just level of promotional activity you're seeing?

這裡是葉卡捷琳娜，替克里斯報道。恭喜你本季取得佳績。第一個問題是關於 Zenrelia，以及您對它在歐洲發布的初步看法。目前的趨勢與您的預期相比如何？考慮到當前的競爭格局和促銷活動水平，您覺得有什麼出乎意料的地方嗎？

And then second question is just on Credelio Quattro. Do you have a sense of what percent of your volume is coming kind of from the vet clinic versus online? And how do you see that changing over the next several quarters? And any interesting trends you're seeing as you kind of look at both channels.

第二個問題是關於 Credelio Quattro 的問題。您大概知道您的業務量中，來自獸醫診所的佔比是多少，來自網路的佔比是多少嗎？您認為未來幾季這種情況會如何改變？當你同時關注這兩個管道時，有沒有發現什麼有趣的趨勢？

Yes. Thank you. Yes, we have launched in Europe and Great Britain, and it’s still early days. But what I would say is we are ahead of our launch expectations. We're off to a very fast start. And I think the headline is the head-to-head non-inferiority study that we actually did compared to the incumbent is playing out in the marketplace. I mean, we're using that data with customers, and we're seeing that in the testimonials early on that this is a product that we believe, has really strong efficacy profile as well as the convenience and value overall. But that's the early days playing out.

是的。謝謝。是的，我們已經在歐洲和英國推出了產品，但現在還處於早期階段。但我想說的是，我們的發布進度超出了預期。我們開局非常迅速。我認為最引人注目的是我們與現有產品進行的直接對比非劣效性研究正在市場上得到驗證。我的意思是，我們正在利用這些數據與客戶交流，並且我們從早期的客戶評價中看到，我們相信這款產品不僅功效顯著，而且整體上也很方便、物有所值。但這只是初期階段的情況。

And as I said, the earlier markets, I would point to Japan, Brazil and Canada, we've seen us move now into double-digit market share. So -- and again, those trends are continuing. We'll keep you updated.

正如我所說，在之前的市場，例如日本、巴西和加拿大，我們現在已經取得了兩位數的市場份額。所以——而且這些趨勢還在持續。我們會隨時向您報告最新情況。

Relative to Quattro, as I highlighted earlier, on Quattro, you've got a really growing market in the US. We've seen, as I just highlighted, a move to get to $100 million in less than eight months in one country is the fastest blockbuster we've seen with a whole lot more runway. We're adding close to 2,000 clinics per quarter.

相對於 Quattro，正如我之前強調的那樣，Quattro 在美國的市場正在迅速成長。正如我剛才強調的，在一個國家不到八個月的時間內就達到 1 億美元的票房，這是我們見過的速度最快的票房大片，而且還有很長的路要走。我們每季新增近2000家診所。

And I would just say that when we look at the -- where it's coming from, we're getting about 75% of our growth from switches from competition, new starts and repeat patients, and I'll point again to that puppy index to really highlight that is a great lead indicator for us to say we've got a nice runway of growth.

我想說的是，當我們審視成長的來源時，我們發現大約 75% 的成長來自競爭對手的轉投、新客戶和回頭客。我再次指出幼犬指數，這確實是一個很好的領先指標，顯示我們擁有良好的成長前景。

And then we will see this profile, we think, play very nicely in the international markets. Yes, we have Credelio Plus. But now when we put Quattro into these markets, we believe that international will be a nice move also for 2026 growth in para with Quattro as well.

我們認為，這種類型的產品在國際市場上會有非常好的表現。是的，我們有 Credelio Plus。但現在，當我們把 Quattro 推向這些市場時，我們相信國際市場對於 Quattro 在 2026 年的成長也是一個不錯的舉措。

Brandon Vazquez, William Blair.

布蘭登·瓦茲奎茲，威廉·布萊爾。

I'll ask two upfront, a little bit related in terms of run rates into next year into 2026. So you were talking earlier about OpEx growth and no regrets kind of investment, which clearly has been coming to fruition within the sales growth. and even, frankly, within profitability growth. The question being, I think you said expectations are now for 10% OpEx growth for the year. As we go into 2026.

我先問兩個問題，這兩個問題跟明年到 2026 年的運行率有點關係。所以你之前談到了營運支出成長和無悔投資，這顯然已經在銷售成長中得到了體現，坦白說，甚至在獲利能力成長方面也得到了體現。問題是，我想您說過，目前預計今年的營運支出將成長 10%。當我們邁入2026年。

Is there a tail on some of these investments? Or should we be basing around kind of a double-digit OpEx growth into next year as well? Basically asking, can you modulate those back? And then similarly, for '26 on the top line, the follow-up that I'll just ask now is you give a helpful slide on the tailwinds and the headwinds going into next year.

這些投資中是否存在一些長期風險？或者我們應該將明年的營運支出成長預期設定為兩位數？基本上就是問，能把這些訊號調回來嗎？同樣地，對於 2026 年的首行數據，我現在想問的是，您能否提供一張幻燈片，說明明年有哪些順風和逆風。

I think encouragingly, this is the first year in a while that there's a lot more tailwinds than there are headwinds. So is it safe to assume that we should be modeling, I think like the Street has an acceleration of the business into 2026.

令人鼓舞的是，今年是近幾年來順風多於逆風的第一年。所以，我們可以假設，正如華爾街預測的那樣，我們應該建立模型來預測該行業在 2026 年將加速發展。

Yes. So maybe I'll give you just a couple of points for consideration there. So the 10% is really for the quarter, not for the year. But again, we'll be focusing on data to drive decisions on investments. But -- the thing I would highlight again is the Elanco Ascend.

是的。所以，我或許可以給你幾點建議。所以這 10% 其實是季度性的，而不是年度性的。但是，我們仍然會以數據為基礎來指導投資決策。但是——我再次強調的是 Elanco Ascend。

We are going to be operationally excellent in G&A. And you could actually look at our 10-Q, you can see the effectiveness we've had on G&A, it's actually down year-over-year, but we've been leaning into R&D and DTC and marketing spend.

我們將在一般及行政費用方面做到卓越營運。其實你可以看看我們的 10-Q 報告，就能看出我們在一般及行政費用方面取得的成效，實際上同比有所下降，但我們一直在加大研發、直接面向消費者和行銷方面的投入。

And so I would expect that trend to continue and us continue to be operationally excellent with Ascend coming in. But again, on your point on 2026 tailwinds and headwinds, listen, we have a strong -- we're operating in a strong market. Our products are performing extremely well. We have momentum going into 2026. And so again, as we sit here today, we believe we're going to have top line growth, EBITDA growth and EPS growing.

因此，我預計這一趨勢將會持續下去，隨著 Ascend 的加入，我們將繼續保持卓越的營運水準。但是，關於您提到的 2026 年的順風和逆風，聽著，我們擁有一個強勁的市場——我們正處於一個強勁的市場中。我們的產品性能非常出色。我們帶著強勁勢頭邁入2026年。所以，今天我們依然相信，我們將實現營收成長、EBITDA成長和每股盈餘成長。

Navann Ty, BNP Paribas.

Navann Ty，法國巴黎銀行。

Can you discuss the pricing and promotional strategy of Zenrelia and Quattro including the extent and the length of promotional activity? And then I have one on Bovaer. Is that status quo on governmental incentives? And can you discuss the progress on pivoting to productivity focus.

您能否談談 Zenrelia 和 Quattro 的定價和促銷策略，包括促銷活動的範圍和持續時間？然後我還有一篇關於博瓦爾的文章。政府激勵措施的現狀就是這樣嗎？您能否談談在轉向以提高生產力為重點方面取得的進展？

Yes. Thank you, Navann. Yes, our -- in the US with Zenrelia. We've highlighted that we've been -- we priced initially in the market. Things have changed a little bit, but at a 20% discount because of the label. What I would say is the value profile is growing, and we're excited about that. And over time, we will price to value. In Europe, we've not highlighted our detail there, but the label is different. The value profiles being seen very strongly, more details overall.

是的。謝謝你，納萬。是的，我們—在美國與 Zenrelia 合作。我們已經強調過，我們最初的定價是基於市場行情的。情況略有變化，但由於品牌原因，現在有 20% 的折扣。我想說的是，價值正在提升，我們對此感到興奮。隨著時間的推移，我們會根據價值定價。在歐洲，我們並沒有特別強調這一點，但標籤有所不同。價值概況非常引人注目，整體細節更多。

And then really on both Zenrelia and Quattro, this increased investment, Bob was talking about -- it's a combination of multimedia. It's also including an increase in our sales force and sales force incentives as well as distribution. So it is a multipronged approach to have as competitive share of voice and really next-gen commercial in the field. So that will be -- continue to be our lean-in strategy even going forward.

然後，鮑伯提到的Zenrelia和Quattro的這種增加的投資——是多媒體的結合。此外，還包括增加銷售團隊和銷售團隊激勵措施，以及擴大分銷管道。因此，要在該領域獲得具有競爭力的市場份額和真正的下一代商業地位，需要採取多管齊下的方法。所以，這將會是我們未來繼續採取的積極進取的策略。

On Bovaer, yes, we highlighted coming into 2025 that we did not have the incentives. But what I would highlight is we've seen really good demand from the CPG companies, and we've really repositioned Bovaer to where Bovaer is helping the CPG brands, the major dairy brands that buy milk, they're utilizing Bovaer to really and paying for through our inset market and dairy producers are actually getting the benefit from that. We noted even back a few quarters ago, we had $10 million in the quarter really that was going from CPG companies into the dairy producers, and that will continue to be our strategy going forward.

關於 Bovaer，是的，我們在進入 2025 年時強調過，我們沒有足夠的激勵措施。但我想強調的是，我們看到了消費品公司非常好的需求，我們已經重新定位了 Bovaer，使 Bovaer 能夠幫助消費品品牌和購買牛奶的主要乳製品品牌，他們正在利用 Bovaer 透過我們的嵌入式市場進行支付，而乳製品生產商實際上也從中受益。早在幾個季度前，我們就注意到，當季有 1000 萬美元的資金從消費品公司流向了乳製品生產商，而這仍將是我們未來的策略。

Andrew Dusing, Cleveland Research.

Andrew Dusing，克利夫蘭研究公司。

Just want to ask two quick, I'll ask them upfront. On pricing, I thought that was called out for a driver for '26, and I don't want to get too far ahead of the guide. But maybe I wanted to dig in specifically on your thoughts on the pet side of things. I think the industry the last couple of years has seen pet pricing up in the 3% to 4% range. I think you look at this year with Elanco, it's probably closer to 1.5%, if my math is right, strategically.

就想快速問兩個問題，我先問清楚。關於價格，我認為 26 年的司機價格已經標明了，我不想離指南太遠。但我可能更想深入了解你對寵物方面的看法。我認為近年來寵物用品價格上漲了 3% 到 4%。我認為，從戰略角度來看，今年 Elanco 的成長率可能接近 1.5%，如果我的計算沒錯的話。

I guess as we think about Elanco for FY26. Can you guys get into that like normal range? Or should we even think there's potential to be above it when you throw in the innovation, lapping some of the launch promos. Any commentary on pushes and pulls or directionally, what we should think about pet health pricing would be helpful.

我想，當我們考慮 Elanco 在 2026 財年的情況時。你們能達到那種正常水準嗎？或者，我們是否應該認為，考慮到創新，以及超越一些上市促銷活動，它還有可能超越它？任何關於寵物保健定價的推拉因素或方向性的評論，都將對我們有所幫助。

And then on Zenrelia, great to see the progress here. I wanted to ask on go-to-market. You've mentioned the strong distribution agreement earlier today. You did have a competitor come out and give their largest derm product to distribution kind of at the end of September. I'm curious just feedback on how October has gone, if there's been any changes due to the distribution changes at a competitor.

還有 Zenrelia，很高興看到這裡的進展。我想問一下市場推廣方面的問題。您今天早些時候提到了強有力的分銷協議。九月底的時候，你們的競爭對手推出了他們最大的皮膚科產品來進行分銷。我想了解十月份的情況，看看競爭對手的通路變化是否帶來了任何變化。

Yes. So I'll take that first one here. Just a couple of tidbits on price. And so our strategy is to continue to align price with customer value. But what's an important factor to remember, Andrew, is that our launches are excluded from our pricing calculation. So Quattro and Zenrelia, for instance, those are excluded from pricing calculation today, and you'll see that lap in 2026. So our 2026 price will include those current year launches.

是的。那我就選第一個吧。關於價格，這裡補充幾點。因此，我們的策略是繼續使價格與客戶價值保持一致。但安德魯，你需要記住的重要一點是，我們的產品發布不包含在定價計算中。例如，Quattro 和 Zenrelia 目前不包含在定價計算中，您將在 2026 年看到這項變更。因此，我們 2026 年的價格將包含當年推出的產品。

Yes. And Andrew, on Zenrelia and the change, we've been very consistent. I think it's what's put us in a really nice position with distribution. We've got great relationships. They're adding a lot of value to us. And our agreements have been very consistent. And most importantly, we offer the total portfolio. And the highlights that you just had with competitors, we've seen them be more selective to one SKU, maybe not the other SKU, year-to-year a lot of change. And we've really prided ourselves in being very consistent partners with distribution, and we believe that's paid off, and that's differentiated.

是的。Andrew，關於 Zenrelia 和變化，我們一直都非常一致。我認為正是這一點讓我們在分銷方面處於非常有利的地位。我們關係很好。它們為我們創造了很多價值。我們之間的協議一直都非常一致。最重要的是，我們提供全套產品組合。從你剛才提到的競爭對手的情況來看，我們看到他們更傾向於選擇某個 SKU，而對其他 SKU 則不太在意，年復一年變化很大。我們一直以與經銷商保持穩定的合作關係而自豪，我們相信這種做法已經取得了回報，也使我們脫穎而出。

Thank you. I will now turn the call over back to our CEO, Jeff Simmons for closing remarks.

謝謝。現在我將把電話轉回給我們的執行長傑夫·西蒙斯，請他作總結發言。

Yes. Thank you, everybody, for your time. As you see, we've entered Elanco into a new era of growth and innovation, built on nine quarters, more than two years of consistent reliable delivery. Our basket of innovation is performing and beginning to globalize driving renewed opportunity in the full portfolio, while our R&D team is laser focused on delivering a consistent flow of high-impact innovation, so this will continue.

是的。謝謝大家抽出時間。正如你所看到的，我們已經帶領 Elanco 進入了一個全新的成長和創新時代，這建立在過去九個季度、兩年多的持續可靠交付之上。我們的一系列創新產品正在取得成效，並開始走向全球化，為整個產品組合帶來新的機會；同時，我們的研發團隊正全力以赴，持續推出具有重大影響的創新產品，因此這種情況將會持續下去。

Most importantly, our Elanco team is highly engaged and driven by creating value for our customers, and our vision to make life better. And I would just say we're turning strategy into results, and I want you to be assured that we're staying very disciplined and balanced as a company. We welcome being an execution and show me story and it is our intent to create long-term value for you as investors, not just this quarter but going forward into the rest of the decade. We look forward to seeing you all at our Investor Day on December 9. Thanks for your time today.

最重要的是，我們的 Elanco 團隊高度投入，並以創造客戶價值和改善生活為願景為動力。我想說的是，我們正在將策略轉化為成果，我想讓你們放心，我們公司始終保持著高度的自律和平衡。我們樂於成為執行和展示故事的見證者，我們的目標是為各位投資者創造長期價值，不僅是本季度，更是未來十年。我們期待在12月9日的投資者日上見到各位。感謝您今天抽出時間。

Thank you for joining the call today. You may now disconnect.

感謝您今天參加電話會議。您現在可以斷開連線了。