碩騰 (ZTS) 2023 Q2 法說會逐字稿

Welcome to the Second Quarter 2023 Financial Results Conference Call and Webcast for Zoetis. Hosting the call today is Steve Frank, Vice President of Investor Relations for Zoetis. The presentation materials and additional financial tables are currently posted on the Investor Relations section of zoetis.com. The presentation slides can be managed by you, the viewer, and will not be forwarded automatically. In addition, a replay of this call will be available approximately 2 hours after the conclusion of this call (inaudible) or on the Investor Relations section of zoetis.com. (Operator Instructions) It is now my pleasure to turn the floor over to Steve Frank. Steve, you may begin.

歡迎參加碩騰 2023 年第二季度財務業績電話會議和網絡廣播。今天主持電話會議的是碩騰投資者關係副總裁 Steve Frank。演示材料和其他財務表格目前發佈在 zoetis.com 的投資者關係部分。演示幻燈片可以由觀看者您管理，並且不會自動轉發。此外，本次電話會議結束後大約 2 小時（聽不清）或在 zoetis.com 的投資者關係部分將提供本次電話會議的重播。 （操作員說明）現在我很高興將發言權交給史蒂夫·弗蘭克。史蒂夫，你可以開始了。

Thank you, operator. Good morning, everyone, and welcome to the Zoetis Second Quarter 2023 Earnings Call. I am joined today by Kristin Peck, our Chief Executive Officer; and Wetteny Joseph, our Chief Financial Officer.

謝謝你，接線員。大家早上好，歡迎參加碩騰 2023 年第二季度收益電話會議。今天我們的首席執行官克里斯汀·佩克 (Kristin Peck) 也加入了我的行列。以及我們的首席財務官 Wetteny Joseph。

Before we begin, I'll remind you that the slides presented on this call are available on the Investor Relations section of our website and that our remarks today will include forward-looking statements and that actual results could differ materially from those projections. For a list and description of certain factors that could cause results to differ I refer you to the forward-looking statement in today's press release and our SEC filings, including, but not limited to, our annual report on Form 10-K and our reports on Form 10-Q.

在我們開始之前，我要提醒您，本次電話會議上演示的幻燈片可在我們網站的投資者關係部分找到，我們今天的言論將包括前瞻性陳述，實際結果可能與這些預測存在重大差異。有關可能導致結果不同的某些因素的列表和說明，請參閱今天新聞稿中的前瞻性聲明和我們向 SEC 提交的文件，包括但不限於我們的 10-K 表格年度報告和我們的報告表格10 -Q 上。

Our remarks today will also include references to certain financial measures, which were not prepared in accordance with generally accepted accounting principles or U.S. GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP measures is included in the financial tables that accompany our earnings press release and the company's 8-K filing dated today, Tuesday, August 8, 2023.

我們今天的講話還將提及某些財務指標，這些指標並非根據公認會計原則或美國公認會計準則制定的。這些非 GAAP 財務指標與最直接可比的美國 GAAP 指標的調節表包含在我們的收益新聞稿和公司日期為今天（2023 年 8 月 8 日星期二）的 8-K 備案文件隨附的財務表格中。

We also cite operational results, which exclude the impact of foreign exchange. With that, I will turn the call over to Kristin.

我們還引用了排除外匯影響的經營業績。這樣，我會將電話轉給克里斯汀。

Thank you, Steve, and welcome, everyone, to our second quarter earnings call for 2023. I hope you were able to join us or listen to our Investor Day this past May. If you missed it, please check out a replay on zoetis.com. I think you'll find it worth the time in learning more about Zoetis and where we see future growth in animal health. We appreciate the opportunity to step beyond the cadence of our quarterly earnings calls and speak to you about the long-range perspective on our business and on our industry during Investor Day. We also appreciated your questions and the ongoing dialogue about the issues most important to you.

謝謝史蒂夫，歡迎大家參加我們的 2023 年第二季度財報電話會議。我希望您能夠加入我們或聆聽我們今年 5 月的投資者日活動。如果您錯過了，請在 zoetis.com 上查看重播。我認為您會發現值得花時間更多地了解碩騰以及我們在動物健康領域未來的發展。我們很高興有機會超越季度收益電話會議的節奏，在投資者日期間與您談論我們業務和行業的長期前景。我們也感謝您提出的問題以及就對您來說最重要的問題進行的持續對話。

As you know, we shared more detail about our growth strategy, innovative pipeline and the key franchises, capabilities and investments we are making to build on our competitive advantages as the world leader in animal health. The four tenets of our value proposition were affirmed and expanded on throughout the day, and you can expect us to revisit that framework and provide progress updates in future investor interactions. Our goal is always to ensure that you understand how we are positioned to deliver on our value proposition, the revenue growth, strategic investments, margin expansion and capital returns.

如您所知，我們分享了有關我們的增長戰略、創新產品線以及關鍵特許經營權、能力和投資的更多詳細信息，以增強我們作為動物保健領域全球領導者的競爭優勢。我們價值主張的四項原則在這一天得到了肯定和擴展，您可以期待我們重新審視該框架並在未來的投資者互動中提供最新進展。我們的目標始終是確保您了解我們如何定位以實現我們的價值主張、收入增長、戰略投資、利潤擴張和資本回報。

With that covered, let's turn now to the second quarter financial results. Today, we reported strong second quarter results of 9% operational growth in revenue and 12% operational growth in adjusted net income based on our diverse portfolio across markets and species. As expected, we returned to a more balanced segment growth this quarter with 11% operational growth internationally and 7% growth in the U.S.

講完了這些，現在讓我們來看看第二季度的財務業績。今天，我們公佈了強勁的第二季度業績，基於我們跨市場和物種的多元化投資組合，收入運營增長 9%，調整後淨利潤運營增長 12%。正如預期的那樣，我們本季度恢復了更加平衡的細分市場增長，國際業務增長 11%，美國業務增長 7%。

Our companion animal portfolio grew 11% operationally, driven by our major franchises in dermatology, osteoarthritis pain and pet parasiticides. The second quarter results and drivers were more in line with our performance trends in recent years with innovations and strength in our companion animal portfolio leading the way.

在我們在皮膚病學、骨關節炎疼痛和寵物殺蟲劑方面的主要特許經營權的推動下，我們的伴侶動物產品組合運營增長了 11%。第二季度的業績和驅動因素更符合我們近年來的業績趨勢，我們的伴侶動物產品組合的創新和實力處於領先地位。

Meanwhile, our livestock portfolio grew 4% operationally in the second quarter, driven by sales of poultry, cattle and fish products, and continue to demonstrate the benefits of our diversified portfolio across species and geographies with a strong first half.

與此同時，在家禽、牛和魚產品銷售的推動下，我們的牲畜產品組合第二季度運營增長了4%，並繼續展示了我們跨物種和地域的多元化產品組合的優勢，上半年表現強勁。

Overall, the first half of 2023 has played out much as we expected. We have grown revenue 6% operationally in the first half, driven by strong results from our international markets and livestock performance, which were partially offset by the distributor destocking we explained in the first quarter.

總體而言，2023 年上半年的表現與我們的預期基本一致。得益於國際市場和牲畜業績的強勁業績，我們上半年的運營收入增長了 6%，但我們在第一季度解釋的經銷商去庫存部分抵消了這一增長。

As expected, the impact of distributor destocking in our U.S. companion animal portfolio has stabilized and was not a significant factor in the second quarter. We continue to see strong customer demand for our companion animal portfolio. For the first half of 2023, companion animal grew 5% operationally. We believe companion animal should be a bigger driver of performance for the remainder of the year with a stronger second half driven by our key franchises. While we are monitoring how inflationary pressures may impact pet care spending in markets around the world, the underlying demand has remained steady and resilient to date, and this is what we have seen historically. In the U.S., veterinary clinic visits continue to stabilize, staying relatively flat through the first half of the year, and clinic revenue and spend per visit were both up about 9% in the U.S. in the first half.

正如預期的那樣，經銷商去庫存對我們美國伴侶動物產品組合的影響已經穩定，並不是第二季度的一個重要因素。我們繼續看到客戶對我們的伴侶動物產品組合的強勁需求。 2023 年上半年，伴侶動物的運營增長了 5%。我們相信伴侶動物應該成為今年剩餘時間業績的更大推動力，在我們的主要特許經營權的推動下，下半年業績將更加強勁。雖然我們正在監測通脹壓力可能如何影響世界各地市場的寵物護理支出，但迄今為止潛在的需求仍然保持穩定和彈性，這就是我們歷史上看到的情況。在美國，獸醫診所就診量繼續穩定，上半年保持相對平穩，上半年診所收入和每次就診支出均增長約 9%。

Meanwhile, our livestock portfolio grew 8% operationally in the first half of 2023, reflecting strong growth internationally and continued supply recovery in our U.S. cattle products. We expect livestock growth for the full year to be in the low single digits operationally, reflecting tougher comparisons in the second half of the year for U.S. portfolio.

與此同時，我們的牲畜產品組合在 2023 年上半年運營增長了 8%，反映出國際市場的強勁增長以及我們美國牛產品供應的持續復甦。我們預計全年畜牧業增長將處於較低的個位數，這反映出下半年美國畜牧業組合的比較更加嚴峻。

With the first half of the year playing out largely as expected, we are maintaining our full year guidance for operational growth of 6% to 8% in revenue and 7% to 9% in adjusted net income. In our companion animal portfolio, we expect Librela and Solensia to continue to ramp up in various markets as we build our franchise for osteoarthritis pain. One way we are supporting growth for both products is increased use of direct-to-consumer campaigns in launch markets. These campaigns are building disease and product awareness, creating conversations among vets and pet owners and accelerating our efforts in markets where DTC is available.

由於今年上半年的情況基本符合預期，我們維持全年營業收入增長 6% 至 8% 和調整後淨利潤 7% 至 9% 的指導。在我們的伴侶動物產品組合中，隨著我們建立骨關節炎疼痛專營權，我們預計 Librela 和 Solensia 將繼續在各個市場上增長。我們支持這兩種產品增長的一種方式是在發布市場中更多地使用直接面向消費者的活動。這些活動正在提高疾病和產品意識，在獸醫和寵物主人之間建立對話，並加快我們在提供 DTC 的市場的努力。

We're also pleased to have received U.S. regulatory approvals in the second quarter for Librela and for Apoquel chewable. Both have been performing well in markets outside the U.S. to date. Librela is expected to launch in the U.S. in November with an early experience trial beginning in September. As you look at the second half, we continue to expect strong growth even as we factor in uncertainty around the macroeconomic conditions and droughts that exist in certain countries around the globe, particularly Asia Pacific, and tougher comparisons for U.S. livestock portfolio in the U.S.

我們還很高興在第二季度獲得美國監管機構對 Librela 和 Apoquel 咀嚼片的批准。迄今為止，兩者在美國以外的市場都表現良好。 Librela 預計將於 11 月在美國推出，並於 9 月開始早期體驗試驗。展望下半年，即使我們考慮到宏觀經濟狀況的不確定性和全球某些國家（特別是亞太地區）存在的干旱，以及對美國牲畜投資組合的更嚴格比較，我們仍然預計強勁增長。

As we have seen historically in these type of environments, our global footprint and diverse portfolio provide more stability to our business during uncertain times and we remain ready to pivot resources and investments to the greatest opportunity areas that it can ensure we continue to deliver on our commitments. For example, we continue to expand in large and growing product areas such as parasiticides, dermatology, monoclonal antibodies for pain, vaccines and diagnostics and invest in the franchises and capabilities that support our future growth, many of which we discussed at Investor Day.

正如我們在此類環境中所看到的，我們的全球足跡和多元化的投資組合在不確定的時期為我們的業務提供了更大的穩定性，我們隨時準備將資源和投資轉向最大的機遇領域，以確保我們繼續實現我們的目標承諾。例如，我們繼續擴展大型且不斷增長的產品領域，如殺寄生蟲劑、皮膚病學、疼痛單克隆抗體、疫苗和診斷學，並投資於支持我們未來增長的特許經營權和能力，其中許多我們在投資者日討論過。

Before I wrap up, three quick points around our colleagues. First, I want to welcome Ester Banque to our Zoetis executive team as EVP and President of U.S. Operations. Ester joined us in July coming most recently from Bristol-Myers Squibb and having spent a major part of her career at Novartis as well. She brings diverse global experience in healthcare and an impressive track record of driving results to Zoetis and I'm happy to say she is already off and running with the U.S. business. I also wanted to call out the recent publication of our 2022 sustainability report. This year's report captures how sustainability is integrated across the business and shares the progress we are making toward our driven to care aspirations. This report honors our outstanding Zoetis colleagues who champion our purpose and work every day to make us the world's most trusted and valued animal health company.

在結束之前，我先簡單介紹一下我們同事的三個要點。首先，我歡迎 Ester Banque 加入碩騰執行團隊，擔任執行副總裁兼美國運營總裁。 Ester 於 7 月加入我們，她最近從百時美施貴寶 (Bristol-Myers Squibb) 離職，她的職業生涯的大部分時間也在諾華 (Novartis) 度過。她為碩騰帶來了豐富的全球醫療保健經驗和令人印象深刻的業績記錄，我很高興地說她已經開始運營美國業務。我還想提及我們最近發布的 2022 年可持續發展報告。今年的報告闡述了可持續發展如何融入整個企業，並分享了我們在實現驅動性護理願望方面所取得的進展。本報告向我們傑出的碩騰同事致敬，他們捍衛我們的目標，每天努力使我們成為世界上最值得信賴和最有價值的動物保健公司。

And finally, I wanted to mention a recent recognition from [Fast] Company, which named Zoetis as one of the best workplaces for innovators. Shaping animal care through innovation is something we have always done across the company and has been a key element of our success. This is a well-deserved honor for our culture and our people who continuously strive to solve critical unmet medical needs in animal health from chronic illnesses like osteoarthritis pain and allergic dermatitis for pets to emerging infectious diseases threatening the food supply. I'm truly proud of our colleagues for receiving this recognition.

最後，我想提一下[Fast]公司最近的一項認可，該公司將碩騰評為創新者的最佳工作場所之一。通過創新塑造動物護理是我們整個公司一直在做的事情，也是我們成功的關鍵因素。對於我們的文化和我們的人民來說，這是當之無愧的榮譽，他們不斷努力解決動物健康方面未得到滿足的關鍵醫療需求，從骨關節炎疼痛和寵物過敏性皮炎等慢性疾病到威脅食品供應的新發傳染病。我為我們的同事獲得這一認可感到非常自豪。

In conclusion, with a solid first half behind us, I remain very positive about achieving our full year guidance, thanks to the purpose-driven colleagues, innovation-driven culture and diverse portfolio that continues to drive our success. Thank you, and now let me hand it off to Wetteny. Wetteny?

總而言之，在上半年的堅實基礎上，我對實現全年指導仍然非常樂觀，這要歸功於目標驅動的同事、創新驅動的文化和多元化的產品組合，這些將繼續推動我們的成功。謝謝，現在讓我把它交給韋特尼。韋特尼？

Thank you, Kristin, and good morning. As Kristin mentioned, we had a strong second quarter with balanced growth across both our companion animal and livestock portfolios as well as our U.S. and International segments. In the second quarter, we generated revenue of $2.2 billion, growing 6% on a reported basis and 9% on an operational basis.

謝謝你，克里斯汀，早上好。正如克里斯汀提到的，我們的第二季度表現強勁，我們的伴侶動物和牲畜投資組合以及美國和國際部門實現了均衡增長。第二季度，我們實現了 22 億美元的收入，報告增長 6%，運營增長 9%。

Adjusted net income of $652 million grew 15% on a reported basis and 12% on an operational basis. Of the 9% operational revenue growth 4% is price and 5% is on volume. Volume growth consisted of 2% from other in-line products, 2% from new products, including our monoclonal antibodies for osteoarthritis pain and 1% from our key dermatology portfolio. Companion animal products are the primary driver of growth this quarter, growing 11% operationally with lifestyle growing 4% on an operational basis in the quarter. For companion animal, our key dermatology portfolio was the largest contributor to growth in the quarter, posting $355 million in revenue, our largest quarter ever and representing 14% growth on an operational basis.

調整後淨利潤為 6.52 億美元，按報告計算增長 15%，按運營計算增長 12%。在 9% 的營業收入增長中，4% 是價格增長，5% 是數量增長。銷量增長包括 2% 來自其他系列產品、2% 來自新產品（包括我們用於骨關節炎疼痛的單克隆抗體）和 1% 來自我們的主要皮膚科產品組合。伴侶動物產品是本季度增長的主要推動力，本季度運營增長 11%，生活方式增長 4%。對於伴侶動物，我們的主要皮膚科產品組合是本季度增長的最大貢獻者，收入為 3.55 億美元，是我們有史以來最大的季度，運營基礎上增長了 14%。

We saw double-digit operational growth in both international and the U.S. driven by strong growth in Cytopoint as well as growth driven by Apoquel and the conversion to (inaudible) in certain international markets. Our monocolantibodies, phosphatase pain in dogs and cats, Librela and Solensia posted $69 million in revenue globally in the quarter with strong demand for both products as well as the impact of the launch of Librela in several new international markets. Our companion animal parasiticides also contributed to growth in the quarter, driven by our well solution franchise, which had $103 million in revenue and grew 22% operationally. Simparica Trio also contributed to the parasiticides growth with $248 million of revenue and growth of 5% operationally.

在 Cytopoint 的強勁增長以及 Apoquel 和某些國際市場（聽不清）的轉換推動下，我們在國際和美國市場實現了兩位數的運營增長。我們的單抗體、貓狗磷酸酶止痛藥、Librela 和 Solensia 本季度全球收入為 6900 萬美元，這得益於對這兩種產品的強勁需求以及 Librela 在幾個新國際市場推出的影響。我們的伴侶動物寄生蟲殺劑也為本季度的增長做出了貢獻，這得益於我們的井解決方案特許經營權，該特許經營權的收入為 1.03 億美元，運營增長了 22%。 Simparica Trio 也為殺蟲劑的增長做出了貢獻，收入達 2.48 億美元，運營增長 5%。

Our global companion animal diagnostics portfolio recorded $92 million in revenue in Q2, growing 12% operationally. We saw double-digit growth in the U.S. driven by high instrument placements in the quarter and disruptions from the implementation of our new field force model that impacted the prior year. Sales of our livestock products grew 4% on an operational basis in the quarter. We saw growth across both our U.S. and international segments driven by poultry, cattle and fish.

我們的全球伴侶動物診斷產品組合第二季度收入為 9200 萬美元，運營增長 12%。我們在美國看到了兩位數的增長，這是由於本季度的高儀器投放以及影響上一年的新現場部隊模型的實施所造成的干擾。本季度我們的畜牧產品銷售額在運營基礎上增長了 4%。我們看到美國和國際市場的增長都是由家禽、牛和魚類推動的。

Now moving on to revenue growth by segment for the quarter. U.S. revenue was $1.2 billion in the quarter, growing 7% with companion animal products growing 7% and livestock sales growing 5%. As Kristin mentioned, our companion animal performance in the quarter reflected the stabilization of the distributor inventory levels that were a headwind to our growth in Q1. U.S. vet visits were flat in the quarter. [Linked] revenue growth and average revenue per visit were both up 8%. These trends are in line with expectations and continue to reflect the stabilization post-COVID.

現在我們來看看本季度各細分市場的收入增長情況。本季度美國收入為 12 億美元，增長 7%，其中伴侶動物產品增長 7%，牲畜銷售增長 5%。正如克里斯汀提到的，我們本季度的伴侶動物業績反映了經銷商庫存水平的穩定，這對我們第一季度的增長構成了阻力。本季度美國獸醫就診量持平。 [相關]收入增長和每次訪問平均收入均增長 8%。這些趨勢符合預期，並繼續反映了疫情過後的穩定局面。

Turning to U.S. product performance. Our key dermatology product sales were $241 million for the quarter, growing 10% and benefited from higher periodic patient visits in the quarter. Cytopoint sales continue to drive growth with vets and pet owners showing a preference for injectables. Our U.S. small animal vaccines revenue grew 20% in the quarter, driven by higher sales of our canine influenza virus vaccine due in part to a competitor back order as well as higher sales into certain corporate and strategic accounts.

轉向美國產品的表現。本季度我們的主要皮膚科產品銷售額為 2.41 億美元，增長 10%，這得益於本季度患者定期就診的增加。 Cytopoint 的銷售繼續推動增長，獸醫和寵物主人對注射劑表現出偏好。我們的美國小動物疫苗收入本季度增長了 20%，這主要是由於我們的犬流感病毒疫苗銷量增加，部分原因是競爭對手延期交貨以及某些企業和戰略客戶的銷量增加。

The (inaudible) posted sales of [$213] million in the quarter, growing 2%. Growth was driven by inpatient demand across all channels, partially offset by a difficult comparison period given the timing of distributor shipments from last year during our supply challenges as well as aggressive competitive promotion in the current quarter.

（聽不清）本季度銷售額為 [2.13 億美元]，增長 2%。增長是由所有渠道的住院需求推動的，但考慮到去年我們的供應挑戰期間經銷商的發貨時間以及本季度積極的競爭促銷，部分抵消了困難的比較期。

Our growth cadence for Trio across the year will be impacted by the timing of supply recovery in 2022, and we expect growth rate improvement in the second half. As expected, we received FDA approval for Librela in the U.S. in May. We look forward to starting our early experience program in late Q3 with an expected November launch.

我們全年 Trio 的增長節奏將受到 2022 年供應恢復時間的影響，我們預計下半年增長率將有所改善。正如預期的那樣，我們於 5 月份在美國獲得了 FDA 對 Librela 的批准。我們期待在第三季度末開始我們的早期體驗計劃，預計於 11 月推出。

Now turning to U.S. livestock. We saw 5% growth in our lifestyle portfolio in the quarter, primarily from our cattle business where we saw significant growth in Jackson, resulting from a favorable comparative quarter last year when an anticipated midyear price reduction limited sales in the quarter. Additional U.S. cattle growth came from Synovex, which benefited from our reimplementation label claim. Our U.S. poultry portfolio also contributed to growth of 11%, based on our vaccine portfolio and an increased focus on egg layer market. We also benefited from favorable MFA rotations at certain large producers.

現在轉向美國牲畜。本季度我們的生活方式投資組合增長了5%，主要來自我們的養牛業務，我們在傑克遜看到了顯著增長，這是由於去年的比較季度有利，當時預期的年中降價限制了本季度的銷售。美國牛的額外增長來自 Synovex，它受益於我們的重新實施標籤聲明。基於我們的疫苗產品組合和對蛋雞市場的日益關注，我們的美國家禽產品組合也貢獻了 11% 的增長。我們還受益於某些大型生產商有利的 MFA 輪換。

Moving on to our International segment, where revenue was $1 billion, growing 6% on a reported basis and 11% operationally in the quarter. International companion animal revenue grew 17% operationally in the quarter, while livestock revenue grew 4% operationally. Increased sales of companion animal products resulted from growth of our small animal parasiticides, our monoclonal antibodies for Osteoarthritis pain and our key dermatology products.

接下來是我們的國際部門，該部門的收入為 10 億美元，按報告計算增長 6%，本季度運營增長 11%。本季度國際伴侶動物收入運營增長 17%，而牲畜收入運營增長 4%。伴侶動物產品銷量的增長得益於我們的小動物殺蟲劑、治療骨關節炎疼痛的單克隆抗體以及我們的關鍵皮膚科產品的增長。

Our international parasiticide portfolio growth was primarily driven by a revolution franchise with $57 million in revenue, growing 52% operationally driven by the lack of supply last year, which particularly impacted China in the second quarter of 2022. Our Simparica franchise also contributed to growth with continued market share expansion, especially in Latin America, Europe and Asia. We continue to see strong adoption of Librela and Solensia.

我們的國際殺蟲劑產品組合的增長主要是由收入5700 萬美元的革命特許經營推動的，由於去年供應不足，運營增長了52%，這對2022 年第二季度的中國影響尤其嚴重。我們的Simparica 特許經營也為增長做出了貢獻市場份額持續擴大，特別是在拉丁美洲、歐洲和亞洲。我們繼續看到 Librela 和 Solensia 得到廣泛採用。

Librela generated $48 million in revenue with 89% operational growth in the quarter driven by strong growth in Europe, supported by our direct-to-consumer advertising efforts in major markets and recent launches in various international markets, including Canada, Australia, Brazil and Japan.

Librela 在歐洲強勁增長的推動下，本季度收入達到4800 萬美元，運營增長89%，這得益於我們在主要市場的直接面向消費者的廣告努力以及最近在加拿大、澳大利亞、巴西和日本等多個國際市場推出的產品。

Solensia delivered $11 million of second quarter sales internationally, driven by higher demand and supported by direct-to-consumer marketing efforts. Our international key dermatology portfolio grew 22% operationally. We continue to see double-digit operational growth across most of our major markets, driven by growth from and conversion to Apoquel chewable as well as from Cytopoint with higher compliance and new patients. Our growth also benefited from a weak comparative quarter in Japan, which was impacted by prepriced buy-ups in Q1 of last year.

在需求增加的推動和直接面向消費者的營銷努力的支持下，Solensia 第二季度國際銷售額達到 1100 萬美元。我們的國際主要皮膚科產品組合運營增長了 22%。在 Apoquel 咀嚼片以及 Cytopoint 的增長和轉換以及更高的合規性和新患者的推動下，我們的大多數主要市場繼續實現兩位數的運營增長。我們的增長還受益於日本相對季度的疲軟，這是受到去年第一季度預先定價收購的影響。

Moving on to our International Lifestyle portfolio, which grew 4% on an operational basis in the quarter. Our poultry portfolio performed well with growth driven by key account penetration and MFA rotations in core poultry markets, including Europe, the Middle East and Latin America. Our fish portfolio continues to perform well as a result of increased sales of vaccines across salmon markets in Norway and Chile.

接下來是我們的國際生活方式投資組合，本季度運營基礎上增長了 4%。我們的家禽產品組合表現良好，增長得益於歐洲、中東和拉丁美洲等核心家禽市場的大客戶滲透和 MFA 輪換。由於挪威和智利三文魚市場疫苗銷量的增加，我們的魚類產品組合繼續表現良好。

Lastly, [Ocado] portfolio saw gains in Turkey, Brazil and Argentina from strong price growth and the recovery of supply issues. Now moving on to the rest of the P&L for the quarter. Adjusted gross margin of 72.4% improved 260 basis points on a reported basis compared to the prior year, resulting from favorable foreign exchange, price increases and favorable product mix. This was partially offset by higher manufacturing costs in the quarter.

最後，由於價格強勁增長和供應問題的恢復，[Ocado] 投資組合在土耳其、巴西和阿根廷取得了收益。現在繼續討論本季度損益表的其餘部分。調整後的毛利率為 72.4%，與上年相比，報告基礎上提高了 260 個基點，這得益於有利的外匯、價格上漲和有利的產品組合。這被本季度較高的製造成本部分抵消。

Adjusted operating expenses increased 8% operationally with both SG&A and R&D growing 8% operationally driven primarily by headcount-related compensation costs due to the timing of new hires in 2022 and the impact of annual salary increases.

調整後的運營支出增長了 8%，其中 SG&A 和研發增長了 8%，這主要是由於 2022 年新員工招聘時間和年薪增長的影響而導致的與員工人數相關的薪酬成本。

The lower growth in R&D expenses this quarter is reflective of the timing of spend in project investments and not a reduction in our expected R&D spend for the full year. Year-to-date, adjusted R&D expenses has grown 13% operationally. The adjusted effective tax rate for the quarter was 21.5%, an increase of 80 basis points, driven by higher net discrete tax expenses in the quarter, mainly related to changes to prior year's tax positions and less favorable jurisdictional mix of earnings, partially offset by a higher benefit in the U.S. related to foreign-derived intangible income. And finally, adjusted net income grew 12% operationally and adjusted diluted EPS grew 14% operationally in the quarter.

本季度研發費用增長較低反映了項目投資支出的時間安排，而不是我們預期全年研發支出的減少。今年迄今為止，調整後的研發費用運營增長了 13%。本季度調整後的有效稅率為 21.5%，增長了 80 個基點，原因是本季度淨離散稅收支出增加，主要與上一年稅收狀況的變化和收入的不利司法管轄區組合有關，但部分抵消了在美國，與外國產生的無形收入相關的收益更高。最後，本季度調整後淨利潤運營增長 12%，調整稀釋每股收益運營增長 14%。

Capital expenditures in the second quarter were $166 million and continue to be on track with our expectations for the year. In the quarter, we repurchased $324 million of Zoetis shares. Now moving on to guidance for the full year 2023. Please note that guidance reflects foreign exchange rates as of late July, beginning with revenue for the full year due to unfavorable foreign exchange we are slightly lowering our revenue range while maintaining our guidance on operational revenue growth. We expect revenue between $8.50 billion and $8.65 billion, representing a range of 6% to 8% operational growth.

第二季度的資本支出為 1.66 億美元，繼續符合我們今年的預期。本季度，我們回購了價值 3.24 億美元的 Zoetis 股票。現在轉向 2023 年全年指引。請注意，指引反映的是截至 7 月下旬的匯率，由於不利的外匯匯率，從全年收入開始，我們將略微降低我們的收入範圍，同時維持對營業收入的指引生長。我們預計收入將在 85 億美元至 86.5 億美元之間，運營增長幅度為 6% 至 8%。

With the approval of Librela in the U.S., we are now including our projected sales for November and December in our guidance, which are expected to be immaterial to our overall operational growth rate. Their impact on the full year revenue is largely offset by potential uncertainty in China as well as broader macroeconomic conditions in certain markets.

隨著 Librela 在美國的批准，我們現在將 11 月和 12 月的預計銷售額納入我們的指導中，預計這對我們的整體運營增長率並不重要。它們對全年收入的影響在很大程度上被中國潛在的不確定性以及某些市場更廣泛的宏觀經濟狀況所抵消。

Operationally, the first half has played out largely as we expected with 6% operational revenue growth. We expect stronger growth in the second half of the year overall, especially in our U.S. companion animal business. In livestock, which has grown 8% year-to-date on an operational basis. We anticipate unfavorable comparisons in the second half, driven by the timing of price decreases in Jackson in the U.S. last year, and the resumption of supply of several products after outages in the first half of 2022.

在運營方面，上半年的表現基本符合我們的預期，運營收入增長 6%。我們預計下半年整體增長將更加強勁，尤其是我們的美國伴侶動物業務。畜牧業今年迄今的運營增長了 8%。我們預計，由於去年美國傑克遜的價格下降時間以及 2022 年上半年停電後幾種產品的供應恢復，下半年的比較情況將出現不利。

We expect adjusted net income to be in the range of $2.50 billion to $2.55 billion, slightly above our previous guidance while maintaining our previous guidance of operational growth of 7% to 9%, driven by foreign exchange favorability in cost of sales and expenses, which were partially offset by unfavorability in revenue.

我們預計調整後淨利潤將在25.0 億美元至25.5 億美元之間，略高於我們之前的指導，同時維持之前7% 至9% 的運營增長指導，這主要是受到銷售成本和費用方面的外匯優惠的推動。部分被收入不利所抵消。

Reported diluted EPS increases to a range of $5.15 to $5.27, which is impacted by foreign exchange and a onetime gain from a business development deal. And finally, due to the impact of foreign exchange, we are increasing adjusted diluted EPS to be in the range of $5.37 to $5.47.

報告的攤薄每股收益增加至 5.15 美元至 5.27 美元的範圍，這是受到外彙和業務發展交易一次性收益的影響。最後，由於外彙的影響，我們將調整後的稀釋每股收益提高到 5.37 美元至 5.47 美元的範圍。

Just to summarize before we go to Q&A. We saw strong well based growth in the second quarter, growing in both companion animal and livestock as well as in the U.S. and internationally, with contributions from price and volume. We expect stronger growth as we move into the second half. We remain confident in our ability to deliver on our operational full year guidance commitments. We continue to see improving fundamentals in the overall industry and remain committed to delivering on our value proposition to grow revenue faster than the market and to grow adjusted net income faster than revenue. Now I'll hand things over to the operator to open the line for your questions. Operator?

在我們進行問答之前先做一下總結。我們在第二季度看到了基礎良好的強勁增長，在價格和數量的推動下，伴侶動物和牲畜以及美國和國際市場都出現了增長。隨著進入下半年，我們預計會有更強勁的增長。我們對履行全年運營指導承諾的能力仍然充滿信心。我們繼續看到整個行業的基本面不斷改善，並繼續致力於實現我們的價值主張，即收入增長速度快於市場水平，調整後淨利潤增長速度快於收入增長速度。現在我將把事情交給接線員來解答您的問題。操作員？

(Operator Instructions) We'll take our first question from Michael Ryskin with Bank of America.

（操作員說明）我們將接受美國銀行 Michael Ryskin 的第一個問題。

I want to start with Trio real quickly. We've seen -- we finally see NexGard PLUS approved in the U.S. from Bonerngeheim. I just want to ask, how do you see this market playing out? There's a lot of debate on the label differences Trio versus NexGard PLUS, the 6 month versus 1 month warm detail as well as how it's going to be priced with the promotions being put out at the start of the launch. So what are your expectations for Trio now that the competition is finally here both for second half and for 2024. And if I could squeeze in a follow-up. I want to ask on Librela. It continues to be really well OUS, I think it's on track for over $200 million this year from OUS alone. Any learnings or changes to your assumptions now that you can take that into the U.S. launch. Fair to say that it could be incremental $75 million, $100 million for revenues next year?

我想盡快開始 Trio。我們已經看到 — 我們終於看到 Bonerngeheim 的 NexGard PLUS 在美國獲得批准。我只是想問一下，您如何看待這個市場？關於 Trio 與 NexGard PLUS 的標籤差異、6 個月與 1 個月的溫暖細節以及在發布之初的促銷活動中如何定價，存在很多爭論。既然下半年和 2024 年的比賽終於來臨，您對 Trio 有什麼期望？我能否擠出一點後續。我想問一下Librela的事。它仍然非常好，我認為今年僅來自 OUS 的收入就將超過 2 億美元。現在您可以將您的假設中的任何學習或改變帶入美國的發布中。可以說明年的收入可能會增加 7500 萬美元、1 億美元嗎？

Sure. Thanks, Mike. I'll start with the first question and let Wetteny follow up on Librela. Yes, as we saw the -- this was the label for NexGard PLUS was largely what we expected. I think Simparica Trio clearly has a superior label, and it was first to market. Right now Simparica Trio is #1 in companion animal pairs in the U.S. As you look at where we are, we've had 3 years of demonstrated efficacy and experience with this product. And we'll clearly leverage our retail auto ship to continue that. As you look at your NexGard PLUS, it obviously does not, as you saw, have heartworm from first dose -- it has 4 ticks versus 5. It doesn't yet have a label to prevent line. It has a lower minimum weight. So we really do think we have a strength in our Simparica Trio label -- will be aggressive, obviously, in competing against them. We are expecting a much stronger Q3 for the product based on comparable. So we expect a strong second half for us. We are expecting significant promos. We watch them do this before. This is something BI does often. So beyond the promos, we think we can be very competitive with our product based on the strength of our label, the strength of the experience with the product. Our relationships clearly with the corporates and really with a very pleased head owner who's on this product. So obviously, we're ready for some significant competition, but we remain very confident overall and our strength in Paris, and we see a stronger growth obviously in the next quarter and the second half for Paris overall. But Wetteny, do you want to take this question on Librela?

當然。謝謝，邁克。我將從第一個問題開始，讓 Wetteny 跟進 Librela。是的，正如我們所看到的，NexGard PLUS 的標籤很大程度上符合我們的預期。我認為 Simparica Trio 顯然擁有優越的標籤，而且它是第一個上市的。目前，Simparica Trio 在美國伴侶動物配對中排名第一。正如您所看到的，我們已經在該產品方面擁有 3 年的功效和經驗。我們將明確利用我們的零售汽車船來繼續這一目標。當您查看您的NexGard PLUS 時，您會發現它顯然沒有像您所看到的那樣，從第一劑開始就有心絲蟲——它有4 只蜱蟲，而不是5 只。它還沒有預防細紋的標籤。它的最小重量較低。所以我們確實認為我們的 Simparica Trio 品牌有優勢——顯然，我們會在與他們的競爭中積極進取。基於可比性，我們預計該產品的第三季度將會更加強勁。因此，我們預計下半年會表現強勁。我們期待著重大促銷活動。我們以前看過他們這樣做。這是BI經常做的事情。因此，除了促銷之外，我們認為，基於我們品牌的優勢和產品體驗的優勢，我們的產品可以非常有競爭力。我們與公司的關係非常明確，而且與使用該產品的一位非常滿意的負責人的關係也很明確。顯然，我們已經準備好迎接一些重要的競爭，但我們對整體和我們在巴黎的實力仍然非常有信心，我們看到巴黎整體在下個季度和下半年會有更強勁的增長。但是 Wetteny，你想向 Librela 提出這個問題嗎？

Sure. Mike, thanks for the question. Look, we remain really on track with EU performance, and we're very pleased to see $48 million of Librela revenues in the quarter, up 89% versus the prior year. We also launched a product in a number of new markets in our International segment including Japan, Australia, Brazil and Canada. Those contributed about $10 million for the quarter. So we continue to see really strong demand for the product, and we are starting to initiate DTC campaigns, which will continue to drive awareness across both Librela and Solensia in our markets. It is already, as we said last year, the #1 Osteoarthritis pain product in the EU. Look, we won't necessarily get into what the expectations are for next year. Obviously, we'll do that as we get into guidance for the year. We're expecting to continue to see strong growth for Librela on the balance of the year. I will note, last year, we did see a bit of an uptick in the third quarter. That was, as we released the allocations that we're on, and we [soft Lenox] order a bit more. That was offset in Q4. So just a little bit of a dynamic to Q3 and Q4. But really with the new markets as well as continued growth in EU, we're expecting very strong growth in the third quarter as well.

當然。邁克，謝謝你的提問。看，我們與歐盟的業績確實保持正軌，我們很高興看到 Librela 本季度的收入為 4800 萬美元，比上一年增長 89%。我們還在國際市場的許多新市場推出了產品，包括日本、澳大利亞、巴西和加拿大。這些為該季度貢獻了約 1000 萬美元。因此，我們繼續看到對該產品的強勁需求，並且我們開始發起 DTC 活動，這將繼續提高 Librela 和 Solensia 在我們市場上的認知度。正如我們去年所說，它已經是歐盟排名第一的骨關節炎疼痛產品。聽著，我們不一定會討論明年的期望。顯然，當我們進入今年的指導時，我們會這樣做。我們預計 Librela 在今年餘下時間將繼續強勁增長。我要指出的是，去年，我們確實在第三季度看到了一些上升。也就是說，當我們發布了我們正在進行的分配時，我們 [soft Lenox] 訂購了更多。這在第四季度被抵消了。因此，第三季度和第四季度有一點動態。但實際上，隨著新市場以及歐盟的持續增長，我們預計第三季度也會出現非常強勁的增長。

We'll take our next question from Nathan Rich with Goldman Sense.

我們將接受 Goldman Sense 的內森·里奇 (Nathan Rich) 提出的下一個問題。

First, Wetteny, I wanted to start with the outlook for companion. I think you had talked about it improving in the back half of the year. Was that relative to the 5% growth in the first half? Or is that relative to the second quarter growth, which is obviously higher. Any context you can kind of provide as well on just kind of cadence through Q2 versus 4Q would be helpful. And then just a follow-up on the commentary on Trio. Could you maybe just talk about the 2% operational growth and the different factors that impacted that in the quarter and then the kind of type of growth that you would expect in the back half of the year, just given the competitive launch that you mentioned as well as maybe a normalization of supply.

首先，Wetteny，我想從伴侶的前景開始。我想你曾談到過它在今年下半年有所改善。這與上半年 5% 的增長相比嗎？或者說是相對於第二季度的增長而言，第二季度的增長明顯更高。您可以提供的任何有關第二季度與第四季度節奏的背景信息都會有所幫助。然後是《Trio》評論的後續。您能否談談 2% 的運營增長以及本季度影響該增長的不同因素，然後考慮到您提到的競爭性推出，您預計下半年的增長類型以及供應正常化。

Yes, I'd be happy to take this and see what Kristin wants to add. With respect to companion animal, as we said, and I think you saw us really reiterate our guidance from an operational perspective 6% to 8%. Now while livestock has seen about 8% growth in the first half. We saw 4% growth in livestock in the second quarter operationally. We are expecting -- as we said in the prepared commentary, livestock to come in, in the low single-digit range. So I think you can clearly see that the growth in the back half of the year is going to be significantly driven companion animal. And as we said also, given the timing of supply in 2022, we're facing -- relatively speaking, an easier comp in the U.S. companion animal business in the third quarter versus, say, the fourth quarter. So I think those will play out in terms of how you get -- how you map out to our guidance set on an operational perspective, being largely driven by companion animal in the back half of the year.

是的，我很樂意接受這個，看看克里斯汀想補充什麼。關於伴侶動物，正如我們所說，我認為您看到我們確實從運營角度重申了 6% 至 8% 的指導。而上半年畜牧業增長了8%左右。我們看到第二季度牲畜飼養量增長了 4%。正如我們在準備好的評論中所說，我們預計牲畜的進口量將處於較低的個位數範圍內。因此，我認為您可以清楚地看到，下半年的增長將受到伴侶動物的顯著推動。正如我們所說，考慮到 2022 年的供應時間，相對而言，我們在第三季度的美國伴侶動物業務中面臨著比第四季度更容易的競爭。因此，我認為這些將取決於你如何制定我們在運營角度製定的指導方針，這在很大程度上是由今年下半年的伴侶動物驅動的。

I think overall, not just from a companion animal perspective, overall, I would expect the third quarter to be another strong quarter for us. I would expect us to come in somewhere between the mid and high end of our annual range. We said after last quarter, given the distributor destocking impact to think a normalized growth for the rest of the year which would translate to somewhere -- if you just pick the midpoint of our guidance, that will be around 8%. We came in slightly above that, really in line with our expectations on the quarter. And so you can map out what that means for the rest of the year, but I would expect Q3 to be slightly above Q4 given what I just shared from a companion animal perspective, versus less like that has a tougher comp in the third quarter, particularly in the U.S.

我認為總體而言，不僅僅是從伴侶動物的角度來看，總體而言，我預計第三季度對我們來說將是另一個強勁的季度。我預計我們的業績將處於年度範圍的中端和高端之間。我們在上個季度之後表示，考慮到經銷商去庫存的影響，我們認為今年剩餘時間的正常增長將轉化為某個值——如果你只選擇我們指導的中點，那將是 8% 左右。我們的排名略高於此，確實符合我們對本季度的預期。所以你可以弄清楚這對今年剩餘時間意味著什麼，但考慮到我剛剛從伴侶動物的角度分享的內容，我預計第三季度將略高於第四季度，而不是像第三季度的情況更加艱難，尤其是在美國

Trio, like Kristin said, we're starting very strong quarter in third quarter despite the competitive launch, which we believe to be imminent here. Part of that is the cadence last year. I think the rhythm of supply last year clearly had an impact where we saw a bigger Q2 last year than in Q3. So I think you're going to see that play out with respect to Trio growth. And given the first-mover advantages that we have with Trio that's been in the market for over 3 years and our confidence in terms of our label, et cetera, we expect to see continued growth across Trio and a strong year for the year for sure.

Trio，就像克里斯汀說的那樣，儘管我們相信即將推出的競爭性產品，但我們在第三季度的開局非常強勁。部分原因是去年的節奏。我認為去年的供應節奏顯然產生了影響，去年第二季度的供應量比第三季度更大。所以我認為你會看到 Trio 的增長。考慮到我們與 Trio 的先發優勢已經進入市場超過 3 年了，以及我們對我們的品牌等方面的信心，我們預計 Trio 將持續增長，並且今年肯定會是強勁的一年。

We'll take our next question from Jon Block with Stifel.

我們將回答 Jon Block 和 Stifel 提出的下一個問題。

I'll [suppose] the front. I guess the first one, just any color on the gross margin. We I think the 2Q '23 gross margin, I believe, might have been the best in the company's history. So maybe you could talk about the drivers there and more importantly, are some of those drivers sustainable?

我會[假設]前面。我猜第一個，就是毛利率上的任何顏色。我認為，我認為 23 年第二季度的毛利率可能是該公司歷史上最好的。所以也許你可以談談那裡的驅動因素，更重要的是，其中一些驅動因素是否可持續？

And then the second question might build a little bit on a prior question, which is, is Trio the modest, call it, downside driver of the implied companion animal '23 growth? Because I think I've got it right. Essentially, livestock went from flattish to up low single digits. Obviously, overall operational stayed unchanged at 6% to 8%. So the implied CA came down a bit -- do we think about Trio being responsible for that? And maybe just a byproduct of some of the promotions that you called out earlier?

然後，第二個問題可能會建立在前一個問題的基礎上，即，Trio 是否是隱含伴侶動物 23 歲增長的溫和下行驅動因素？因為我認為我做對了。從本質上講，牲畜數量從持平上升到低個位數。顯然，整體運營保持在6%至8%不變。所以隱含的 CA 下降了一點——我們認為 Trio 對此負責嗎？也許只是您之前宣布的一些促銷活動的副產品？

Yes. Look, with respect to gross margin, you saw 72.4% gross margin on the quarter up in Q2. That's up about 260 basis points versus last year. FX is about 200 basis points of that. And clearly, we've pegged our overall guidance on FX based on where rates were at the end of July. So I'm not going to venture to forecast what that might mean. But in terms of the other components that are driving our gross margin, price and mix, certainly were favorable for us. And as we've just discussed with respect to livestock having a tougher comp in the back half versus companion anal particularly into the third quarter. I expect price and mix to continue to contribute favorably here. The other element, of course, is really manufacturing, higher manufacturing costs. I think typically, what you see is this first half is a little bit higher for us than the second half. Part of that is the mix with respect to cattle run in the fall that tends to have a little bit of a mix down on us overall. But I would say the overall mix for the company, given the back half strength in companion animal is going to be -- continue to be favorable. So we see that being something that will consistently sustain. And again, we won't get into next year's element until we get there. With respect to the second half, look, clearly, our expectations which will remain that we'll see strong growth contribution for Trio and we're going to see a very strong third quarter. I think some of the -- and by the way, the year has played out, as we said, we gave a range of 6% to 8% operationally, sitting here today after delivering a very strong second quarter, we remain in line with our expectations for the year at 6% to 8%. I think if you look at some of the areas that we're watching from a macro perspective, China is one of them. I think if you look at the data coming out of China, confidence levels from consumers are low, the savings rates are very high. And so we're watching that as well as the impact it has on the Southeast Asia region given the tourism impact that China has on that region. That's one of the areas.

是的。看，就毛利率而言，第二季度的毛利率為 72.4%。與去年相比增加了約 260 個基點。外匯匯率約為其中 200 個基點。顯然，我們根據 7 月底的匯率確定了對外彙的總體指導。所以我不會冒險預測這可能意味著什麼。但就推動我們毛利率的其他組成部分而言，價格和產品組合無疑對我們有利。正如我們剛剛討論的那樣，牲畜在後半段的比賽比同伴肛門的比賽更艱難，特別是在第三季度。我預計價格和組合將繼續在這裡做出有利貢獻。當然，另一個因素是真正的製造，更高的製造成本。我認為通常情況下，你會看到我們的上半場比下半場要高一些。其中一部分是秋季牛群的混合情況，這往往會對我們整體造成一些影響。但我想說，考慮到伴侶動物的後半部分力量，公司的整體組合將繼續是有利的。所以我們認為這將持續下去。再說一遍，在我們到達那里之前我們不會進入明年的元素。就下半年而言，顯然，我們的預期仍然是，我們將看到 Trio 的強勁增長貢獻，並且我們將看到非常強勁的第三季度。我認為其中一些——順便說一句，今年已經結束，正如我們所說，我們在運營上給出了6% 到8% 的範圍，在實現了非常強勁的第二季度之後，今天坐在這裡，我們仍然與我們對今年的預期為 6% 至 8%。我認為，如果你從宏觀角度看我們正在關注的一些領域，中國就是其中之一。我認為如果你看一下中國的數據，消費者的信心水平很低，儲蓄率卻很高。因此，考慮到中國對該地區旅遊業的影響，我們正在關注這一情況以及它對東南亞地區的影響。這是其中之一。

Certainly, we're watching here in terms of what goes into our -- our thinking with respect to the balance of the year.

當然，我們在這里關注的是我們對今年剩餘時間的思考。

Yes. I just want to reiterate, it is not -- I would not call it Trio what is driving any change in the second half. I really want to emphasize with what you said and what we said in our remarks. It really is, as we're looking at uncertainties with China, Southeast Asia, Australia with the drought. So I mean, as always, when you run a large global company, I think the advantage of Zoetis is the diversity of our portfolio and the durability. And that's by market, that's by species, and that's by therapeutic area. So we are obviously seeing a strength in a lot of areas, but obviously, uncertainties remain in China, Southeast Asia and certainly in some other markets around the world, certain ones such as if you look at, say, Spain, et cetera, which has got high inflation and weather issues as well. So I would say, I just want to be very clear. I don't think your characterization of Trio specifically repairs is the concern in the second half. It is much more around some of these macroeconomic and geopolitical and weather uncertainties that we're seeing in certain markets.

是的。我只是想重申，這不是——我不會稱其為“三重奏”，是什麼推動了下半年的任何變化。我真的想強調一下你所說的以及我們在講話中所說的。確實如此，因為我們正在研究中國、東南亞、澳大利亞因乾旱而帶來的不確定性。所以我的意思是，一如既往，當你經營一家大型跨國公司時，我認為碩騰的優勢是我們產品組合的多樣性和耐用性。這是按市場、按物種、按治療領域。因此，我們顯然在很多領域都看到了優勢，但顯然，中國、東南亞以及世界各地的其他一些市場仍然存在不確定性，例如西班牙等，還有高通脹和天氣問題。所以我想說，我只想說得非常清楚。我不認為你對 Trio 的刻畫專門修復是下半場值得關注的問題。它更多地圍繞著我們在某些市場看到的一些宏觀經濟、地緣政治和天氣不確定性。

We'll take our next question from Westenberg with Piper Sandler.

我們將與 Piper Sandler 一起回答 Westenberg 的下一個問題。

So can you talk about the [derm] market in 2024? I'm not talking necessarily, but you're specifically, but how you expect growth in monoclonals versus growth in small molecule with an incoming competitor. And if I could just squeeze in one really short one. Just want to confirm, Librela U.S. is not in the 2023 guidance.

那麼您能談談 2024 年的 [derm] 市場嗎？我不一定是在說，但你具體是在說，你對單克隆藥物的增長與小分子藥物的增長與即將到來的競爭對手的預期有何不同。如果我能擠進一篇很短的文章就好了。只是想確認一下，Librela U.S. 不在 2023 年指南中。

Sure. I can start with your second. Yes, Librela U.S. is in, as we did note, obviously, in Wetteny's remarks. But to get to your question on Derm and when, you can certainly follow up with you once on the derm (inaudible) Librela question. But we have led the way, as you know, in dermatology with both a small molecule and large molecule. We've been driving awareness through DTC. We still think there's significant market potential here in developed and emerging markets. There's still plenty of dogs that are untreated here. We're really focusing on investing in direct-to-consumer branded in the U.S. and in some markets and unbranded outside. With that, if you're seeing this year, we're looking at double-digit growth. In Q2, we had 14% growth with double-digit growth in both products in the quarter, so real strength. And we're continuing to innovate here. I think you saw also approval for Apoquel-2 in the U.S. We'll look for long-acting Cytopoint, look at species we are expecting obviously competition. We've been expecting it for a while. We'll say again, we're expecting it in 2024, and we'll see what happens. But we really are seeing more of a preference from both the vet and the pet owner moving more to Cytopoint for compliance reasons, obviously, for [E]. So I think we'll continue to see that. So we're seeing very strong growth in dermatology. Again, we're expecting double digits for the year. In the quarter, we had great strength against both, but I would like to be clear that as we're seeing do we think will grow faster. We're seeing greater focus from the vet and the pet owner on Cytopoint being a greater driver of our overall dermatology franchise, but really expect to follow that up with strong innovation continuing in what we think is a really important space, Wetteny do you want to add anything on Derma's question or Librela?

當然。我可以從你的第二個開始。是的，正如我們在韋特尼的言論中所指出的那樣，Librela U.S. 也參與其中。但是，要回答您關於 Derm 的問題以及何時解決，您當然可以在 derm（聽不清）Librela 問題上跟進您一次。但如您所知，我們在小分子和大分子的皮膚學領域處於領先地位。我們一直通過 DTC 來提高人們的認識。我們仍然認為發達市場和新興市場具有巨大的市場潛力。這裡還有很多狗未經治療。我們真正專注於投資在美國和某些市場上直接面向消費者的品牌以及在國外的非品牌產品。這樣，如果你看到今年，我們將看到兩位數的增長。第二季度，我們的增長率為 14%，兩款產品均實現兩位數增長，實力強勁。我們在這裡繼續創新。我想您也看到了 Apoquel-2 在美國的批准。我們將尋找長效的 Cytopoint，看看我們預計會有明顯競爭的物種。我們已經期待了一段時間了。我們再說一遍，我們預計 2024 年會發生，我們會看看會發生什麼。但我們確實看到，出於合規原因，獸醫和寵物主人都更傾向於使用 Cytopoint，顯然是為了 [E]。所以我想我們會繼續看到這一點。所以我們看到皮膚科的增長非常強勁。我們再次預計今年的業績將達到兩位數。在本季度，我們在對抗兩者方面都擁有強大的實力，但我想明確的是，正如我們所看到的，我們認為我們會增長得更快。我們看到獸醫和寵物主人更加關注 Cytopoint，它是我們整個皮膚科特許經營的更大推動力，但我們真的希望在我們認為非常重要的領域繼續強大的創新，Wetteny 你想要嗎對Derma 或Librela 的問題添加任何內容嗎？

Yes. Look, I think clearly, a really strong quarter for us in derm in the second quarter, and we are expecting another strong quarter and strong back half for Derm across and Cytopoint driving that as well. And just with respect to Librela, I just wanted to add a little bit of color in terms of our thinking there. Certainly, very pleased to have received approval in May. But really, consistent with our expectations, we've been sharing for the last, I think, 2 or 3 quarters, we've been expecting an approval to be -- to come in the first half of this year followed by an early experience program and then the launch late in the year is what we've been saying. We remain on track with that. We are planning to begin the early experience program next month with the launch of [Polo] somewhere in the November time frame. Given the holidays and what's typically a little bit slower time frame with respect to clinics, et cetera, we're not expecting the contribution here to be significant to the growth for the year. And look, we continue to see great performance outside the U.S., and we're launching in other markets as well in line with our expectations as I shared a little bit earlier with an 89% growth rate on Librela on the quarter. And so we have factored that into the guidance here, but again, not a significant contribution.

是的。看，我清楚地認為，第二季度我們在 derm 領域的季度非常強勁，我們預計 Derm 和 Cytopoint 也會推動另一個強勁的季度和強勁的後半部分。就 Librela 而言，我只是想為我們的想法添加一點色彩。當然，很高興在五月份獲得批准。但實際上，與我們的預期一致，我們在過去的兩三個季度裡一直在分享，我們一直期待在今年上半年獲得批准，然後是早期的經驗我們一直在說的是計劃，然後在今年晚些時候推出。我們仍將繼續這樣做。我們計劃在下個月開始早期體驗計劃，並在 11 月的某個時間推出 [Polo]。考慮到假期以及診所通常會稍慢的時間框架等因素，我們預計這裡的貢獻不會對今年的增長產生重大影響。看，我們繼續看到美國以外的出色表現，並且我們正在其他市場推出，這也符合我們的預期，正如我之前分享的那樣，Librela 本季度增長率為 89%。因此，我們已將其納入此處的指南中，但同樣，這並不是一個重大貢獻。

We'll take our next question from Brandon Vazquez with William Blair.

我們將回答布蘭登·巴斯克斯和威廉·布萊爾提出的下一個問題。

Just first on EPS and guidance. I just wanted to clarify the beat was pretty strong in the quarter, I think about [$0.09] relative to (inaudible) . EPS at the midpoint for guidance came up 3 points and just clarify, is that entirely the delta between those two is that entirely FX? Or is there anything else there we should be keeping in mind? And then as we think of the rest of the year kind of following up on that guidance, I think you said 4% pricing in the quarter. Can you just remind us when some of these pricing increases came in, does the benefit of pricing kind of slow down in the back half? And does that imply any improvements in volume and guidance?

首先是每股收益和指導。我只是想澄清一下，本季度的節奏相當強勁，我認為相對於（聽不清）的 [0.09 美元]。指導每股收益中點上升了 3 個點，請澄清一下，這兩者之間的增量是否完全是外匯？或者還有什麼我們應該注意的嗎？然後，當我們想到今年剩餘時間會跟進該指導時，我認為您說過本季度定價為 4%。您能否提醒我們，當其中一些價格上漲出現時，定價的好處是否會在後半段放緩？這是否意味著數量和指導方面有任何改進？

Yes, happy to answer. Look, as we said, we really reflected two things in our guidance today is, as you said, in fact, last quarter, FX was an area that we're watching, given the volatility that we're seeing across certain currencies that we operate in and so we've updated guidance for FX both at the revenue line, which is negative. About -- it's about 75 basis points of growth essentially on a reported basis, that's just impacting FX. So we reflected that here but it's actually a positive contribution when you come down to EPS to the tune of about $0.03. So what you're seeing there from an adjusted basis is really all FX. From a reported standpoint, we're also reflecting some gains that we saw from a couple of BD deals that are elevating the reported rate from an EPS perspective. The only other color I would ask -- add here with respect to the second half from the cadence is, again, we're expecting a very strong second half from a companion animal perspective, versus lifestyle of the comps. I think if you look at the third quarter, we probably saw a bit lower OpEx in the prior year versus the fourth quarter. So I would expect OpEx will also be a little bit higher in Q3 versus Q4 as you look at the balance of the year. But other than that, I think price is something we typically do early in the year. There are certain markets where we may do a midyear price increase as well. But overall, price is something that happens fairly early in the year and pretty consistent with what you've seen in our numbers today.

是的，很高興回答。看，正如我們所說，我們今天的指導中確實反映了兩件事，正如您所說，事實上，上個季度，鑑於我們看到的某些貨幣的波動性，外匯是我們正在關注的一個領域。運營，因此我們更新了外匯收入線的指導，這是負面的。根據報告，增長大約為 75 個基點，這只會影響外匯。所以我們在這裡反映了這一點，但當你將每股收益歸結為 0.03 美元左右時，這實際上是一個積極的貢獻。所以你從調整後的基礎上看到的實際上都是外匯。從報告的角度來看，我們還反映了從幾項 BD 交易中看到的一些收益，這些交易從每股收益的角度提高了報告利率。我要問的唯一其他顏色——在這裡補充一下關於節奏的下半場，我們再次期待從伴侶動物的角度來看，與比賽的生活方式相比，下半場會非常強勁。我認為，如果你看看第三季度，我們可能會發現去年的運營支出比第四季度略低。因此，從今年的餘額來看，我預計第三季度的運營支出也會比第四季度略高一些。但除此之外，我認為價格是我們通常在年初做的事情。在某些市場，我們也可能會在年中提價。但總體而言，價格是今年早些時候發生的事情，並且與您今天在我們的數據中看到的情況非常一致。

We'll take our next question from Chris Schott with JPMorgan.

我們將回答摩根大通的克里斯·肖特 (Chris Schott) 提出的下一個問題。

This is Katerina on for Chris. So first question, on dermatology, can you just remind us where you are in terms of life cycle management, any additional color that you kind of see with the dermatology portfolio kind of evolving over the next several years in terms of maybe potential new mechanisms or mode of administration and then the second question is on Europe. You obviously had a very strong quarter for companion ex U.S. this quarter. Can you just elaborate a bit on the trends that you're seeing there and how you see them holding up in the second half of the year?

這是克里斯的卡特琳娜。所以第一個問題，關於皮膚病學，您能否提醒我們您在生命週期管理方面處於什麼位置，您在皮膚病學組合中看到的任何其他顏色在未來幾年可能會在潛在的新機制或潛在新機制方面不斷發展？第二個問題是關於歐洲的。顯然，本季度除美國以外的其他地區的季度表現非常強勁。您能否詳細說明一下您所看到的趨勢以及您如何看待它們在下半年的持續發展？

Sure. Thanks, Katerina. I'll take your questions and see if Wetteny wants to build on it. Life cycle innovation, obviously, is critical in dermatology -- we're quite focused on it in a number of areas. I think you saw approval in May of -- or in the quarter of Apoquel Chewable which we had approved outside the U.S., but now got approved in the U.S. This is really important for a lot of pet owners who have trouble getting their dogs to take pills. So a chewable has real value there. We're also looking at monoclonal antibodies, looking at more long acting in that space. We're also looking at life cycle innovation around other species. Clearly, dermatology is a significant issue amongst many companion animals. So we'll continue to look for opportunities there. It is a big market. We will continue to lead in innovation and in life cycle innovation across a number of different areas. I said, from small molecules to monoclonal antibodies to additional species. So we are really focused there. As you look at Europe, I mean, I think for most companies that we say, the growth in Europe was ahead of what many of us expected for the year, mostly because I think we were expecting energy to be a much bigger issue certainly through the winter, et cetera. But we've seen a great strength, particularly in Northern Europe. But I would say that if you look at Southern Europe, I don't think it's performing as well as Northern Europe. They've got greater inflationary markets there as well as a number of weather issues with severe heat waves and drought across markets like Spain. But we really see the underlying demand in Europe and Northern Europe remaining strong, and we're seeing strong growth there. So I'm not sure, Wetteny, what new way if you want to build on any of those comments.

當然。謝謝，卡特琳娜。我會回答你的問題，看看韋特尼是否願意在此基礎上進一步發展。顯然，生命週期創新對於皮膚病學至關重要——我們在許多領域都非常關注它。我認為您在 5 月或本季度看到了 Apoquel Chewable 的批准，我們曾在美國境外批准該產品，但現在在美國獲得批准。這對於許多難以讓自己的狗服用的寵物主人來說非常重要藥丸。因此咀嚼片在那裡具有真正的價值。我們還在研究單克隆抗體，研究在該領域的長效作用。我們還在研究其他物種的生命週期創新。顯然，皮膚病對於許多伴侶動物來說是一個重要問題。因此我們將繼續在那裡尋找機會。這是一個很大的市場。我們將繼續在多個不同領域的創新和生命週期創新方面處於領先地位。我說，從小分子到單克隆抗體再到其他物種。所以我們真的很關注那裡。當你看歐洲時，我的意思是，我認為對於我們所說的大多數公司來說，歐洲的增長超出了我們許多人今年的預期，主要是因為我認為我們預計能源肯定會成為一個更大的問題冬天等等。但我們看到了巨大的力量，尤其是在北歐。但我想說，如果你看看南歐，我認為它的表現不如北歐。那裡的通貨膨脹市場更加嚴重，而且西班牙等市場也存在一些天氣問題，包括嚴重的熱浪和乾旱。但我們確實看到歐洲和北歐的潛在需求仍然強勁，而且我們看到那裡的強勁增長。所以我不確定，韋特尼，如果你想在這些評論的基礎上繼續發展，會採取什麼新的方式。

Yes. Look, I think just stepping back from a companion animal performance perspective, we've continued to see strength there across our international markets. Even in emerging markets, I was just in Poland recently. You're seeing a real uptick in terms of companion animal continuing to take hold. I think some of the innovation that we have may take some time to take hold in other markets outside the U.S. and it takes longer to get to those peak sales. We're continuing to see really strong derm growth across our international markets and so on. So we believe that is sustainable. The first half, we've seen really strong growth there in terms of companion animal. Across international, we saw 17% operational growth in companion animal in the quarter following a 10% growth in Q1. I would continue to expect double-digit growth, maybe not at the level we saw in Q2 in the back half for international, we continue to see double-digit growth there.

是的。聽著，我認為，從伴侶動物表現的角度來看，我們在國際市場上繼續看到了強勁的勢頭。即使在新興市場，我最近也在波蘭。你會看到伴侶動物繼續佔據主導地位的情況確實有所增加。我認為我們的一些創新可能需要一些時間才能在美國以外的其他市場紮根，並且需要更長的時間才能達到銷售峰值。我們繼續看到國際市場上的真皮增長非常強勁，等等。所以我們相信這是可持續的。上半年，我們看到伴侶動物的增長非常強勁。在國際範圍內，伴侶動物業務繼第一季度增長 10% 後，本季度增長了 17%。我繼續預計國際市場將實現兩位數增長，也許不會達到我們在第二季度下半年看到的水平，但我們將繼續看到國際市場的兩位數增長。

We'll take our next question from Louise Chen with Cantor.

我們將回答 Louise Chen 和 Cantor 提出的下一個問題。

So I want to ask you some of the pushes and pulls to your commitment to the mid- to high single-digit revenue growth that you've talked about over the next 3 to 5 years?

所以我想問一下，對於您所談到的未來 3 到 5 年中高個位數收入增長的承諾，有哪些推動因素和拉動因素？

Sure. Thanks, Louise. We remain committed to the guidance we provided at Investor Day back in May. We really -- I would start with just the resiliency of the animal health industry. The industry itself, historically, as you know, grows at 4% to 6%. We see really strong tailwinds driving the industry over the next medium to long term, increasing medicalization, especially in emerging markets, increases in population, really, the strength of the human animal bond. We're seeing increasing willingness to pay with 86% of pet owners say they'll pay whatever it takes to take care of their pet.

當然。謝謝，路易絲。我們仍然致力於五月份投資者日提供的指導。我真的會從動物保健行業的彈性開始。如您所知，從歷史上看，該行業本身的增長率為 4% 至 6%。我們看到，在未來的中長期內，推動該行業發展的強勁動力包括醫療化程度的提高（尤其是在新興市場）、人口的增加，以及人類與動物之間紐帶的強度。我們發現支付意願不斷增強，86% 的寵物主人表示他們願意支付一切費用來照顧寵物。

But really where I think it differentiates Zoetis' innovation. Our innovation across chronic diseases. We look at -- what we can do as we talked about some of our new franchises that we think we'll build over that time period as well. We look at an increasing global population, which is obviously driving the need for more sustainable ways of producing agriculture and meats and proteins, so we really think Zoetis will continue to outperform a market growing 4% to 6%. Historically, we've outperformed close to 3%. And Zoetis is well diversified, and we're the innovation leader. We've got strong franchises today that are continuing to grow. Dermatology to be set, again this year are growing double digit, parasiticides, OA pain. We've got strong diagnostics, emerging markets. So we really believe the industry is very attractive and very resilient. But most importantly, I think Zoetis as a leader in innovation will continue to drive this important space.

但我確實認為碩騰的創新與眾不同。我們在慢性病領域的創新。當我們談論我們認為我們也將在這段時間內建立的一些新特許經營權時，我們著眼於我們可以做什麼。我們看到全球人口不斷增長，這顯然推動了對更可持續的農業、肉類和蛋白質生產方式的需求，因此我們確實認為碩騰將繼續跑贏增長 4% 至 6% 的市場。從歷史上看，我們的表現優於大市近 3%。 Zoetis 非常多元化，我們是創新的領導者。今天，我們擁有強大的特許經營權，並且仍在不斷增長。皮膚科待定，今年再次呈兩位數增長，殺蟲劑、OA疼痛。我們擁有強大的診斷能力和新興市場。所以我們確實相信這個行業非常有吸引力並且非常有彈性。但最重要的是，我認為碩騰作為創新領域的領導者將繼續推動這一重要領域的發展。

We'll take our next question from Balaji Prasad with Barclays.

我們將接受巴克萊銀行巴拉吉·普拉薩德 (Balaji Prasad) 提出的下一個問題。

Good morning. This is [Shah] on for Balaji. A quick one on the global parasiticides market. On the Investor Day, you expect the global parasiticides market to expand from $6.3 billion in 2022 to around $10 billion to $12 billion by 2032, which implies a CAGR of around 6%. You also mentioned that Zoetis expect to grow faster than the market in this segment. So would you give us above half range of the market share of Zoetis's parasiticide business in the next 3 to 5 years? How much your future growth in this segment will be supported by new product launch and how much will be supported by revenue growth of Trio and Revolution [Plus]?

早上好。這是巴拉吉的[Shah]。全球殺蟲劑市場的快速報導。在投資者日，您預計全球寄生蟲殺劑市場將從 2022 年的 63 億美元擴大到 2032 年的 100 億至 120 億美元左右，這意味著複合年增長率約為 6%。您還提到碩騰預計該領域的增長速度將快於市場。那麼您能否告訴我們，碩騰公司在未來3到5年內的殺蟲劑業務市場份額將達到一半以上？新產品的推出將在多大程度上支持您在這一領域的未來增長？Trio 和 Revolution [Plus] 的收入增長將在多大程度上支持您？

Sure. Thanks for the question. I'll start and I'll let obviously Wetteny build there. We are the leader in parasiticides. We're really proud of that. We really see this as an important franchise. We have a broad set of products from Revolution to ProHeart to Simparica to Simparica Trio. We will be continuing to innovate in this important area. It is, by far, as you talked about, the largest therapeutic area in animal health. We really see a few things. Obviously, we're going to lead with innovation. We're going to lead with innovation in products that are easy to use, that really meet the customer demand as well as what our veterinarians are looking for. And we believe there's continued innovation in the space. We're looking at long actives, we're looking at injectables. We're looking at other combinations. Controlling parasites is critical to the overall health of the animal because if you don't, it creates lots of other issues for animals. So we'll continue to grow in this important space. We think it will continue to be a major contributor to Zoetis' growth over the time period. So I don't know Wetteny, you want to add anything there?

當然。謝謝你的提問。我會開始，顯然我會讓韋特尼在那裡建造。我們是殺寄生蟲劑領域的領導者。我們對此感到非常自豪。我們確實認為這是一個重要的特許經營權。我們擁有廣泛的產品，從 Revolution 到 ProHeart、Simparica 到 Simparica Trio。我們將在這一重要領域繼續創新。正如您所說，到目前為止，它是動物健康領域最大的治療領域。我們確實看到了一些事情。顯然，我們將以創新引領。我們將在易於使用的產品創新方面處於領先地位，真正滿足客戶的需求以及我們的獸醫的需求。我們相信該領域會持續創新。我們正在研究長效活性藥物，我們正在研究注射劑。我們正在研究其他組合。控制寄生蟲對於動物的整體健康至關重要，因為如果不這樣做，就會給動物帶來許多其他問題。因此，我們將繼續在這個重要的領域發展。我們認為它將繼續成為碩騰在此期間增長的主要貢獻者。所以我不知道 Wetteny，你想在那裡添加什麼嗎？

Yes. Look, what I would say is parasiticide is the biggest sort of market segment within Animal Health. It's also a very competitive space. Now if you look at Trio combination, all medications, these are relatively new standard of care, and we're going to continue to see those expand the market with respect to the number of doses as well as from a price perspective. And this is the area that we play we play in the oral space largely. And so I would expect us to grow faster than the market. But again, it's a competitive space, and we'll continue to innovate as others do as well.

是的。我想說的是，殺寄生蟲劑是動物保健領域最大的細分市場。這也是一個競爭非常激烈的空間。現在，如果你看看 Trio 組合，所有藥物，這些都是相對較新的護理標準，我們將繼續看到它們在劑量數量以及價格方面擴大市場。這就是我們主要在口腔空間中發揮作用的區域。因此，我預計我們的增長速度將快於市場。但同樣，這是一個競爭激烈的領域，我們將像其他人一樣繼續創新。

Yes. The only thing I'd also add there is that the one other growth that we haven't talked about much today is increase in compliance. I think if you look at retail and auto ship and injectables, I think right now, if you believe that the research will show you the average pet is really on at [bed] 6 to 7 months, when they should be on 12 months for many of these products. So I think if we can do a better job of driving compliance either through auto ship, on e-commerce or home delivery through the vet or as well as injectables where you can guarantee compliance. So we think there's lots of potential growth drivers for Zoetis to continue to drive this market and take share.

是的。我還要補充的唯一一件事是，我們今天沒有太多談論的另一項增長是合規性的提高。我想，如果你看看零售、汽車運輸和注射劑，我想現在，如果你相信研究會告訴你，平均寵物真正在 [床上] 6 到 7 個月大，而他們應該在 12 個月大許多這樣的產品。因此，我認為我們是否可以通過汽車運輸、電子商務或通過獸醫送貨上門或註射劑來更好地推動合規性，從而保證合規性。因此，我們認為碩騰有很多潛在的增長動力來繼續推動這個市場並佔據份額。

We'll take our next question from Steve Scala with TD Cowen.

我們將回答 Steve Scala 和 TD Cowen 提出的下一個問題。

This is Chris on for Steve. We had two questions. First, on the U.S. pet health market. You mentioned U.S. that visits were flat. In the quarter, is this capacity driven? Or is it more related to demand and weakening new patient visits and wellness visits? And then second, do you expect any headwind from the restart of student loan repayments this fall?

這是克里斯替史蒂夫發言。我們有兩個問題。首先，關於美國寵物保健市場。您提到美國的訪問量持平。本季度，該產能是否受到驅動？還是與需求以及新患者就診和健康就診的減弱更相關？其次，您預計今年秋天重新啟動學生貸款償還會帶來任何阻力嗎？

Sure. Thanks. As you look at the vet visits, they -- we really have seen them, on average, be flattish for the first half of the year. But to be clear, they're still ahead of where they were pre-pandemic, we do not see that as a demand issue. As we've talked about on previous calls, it's really more of a supply issue in the sense of the veterinary workforce challenges. We're working hard to partner with vets to help address this. Certainly, we're finding new efficiencies in their clinic helping to support as we can, adding more vet tech, et cetera, financial support, you name it, to support it. But we are not seeing any concerns around demand for veterinary healthcare. We're really focused on making sure that the supply is there. So no, we are not seeing , we don't look at the flat bit visits and have a cause for concern. Historically, just so you know, that visits have been, give or take, flat to 1-ish historically. So this is not really concerning. And if you look at the first half of the year, saw a 9% increase in both average revenue per visit and revenue overall in the clinic. So we're continuing to see really strong demand for veterinary care and for our product, and we don't really see that changing. And now on your second question on headwinds from student loan, we're not expecting that to be a significant driver for us in the back half of this year or 2024. Thank you.

當然。謝謝。當你看看獸醫就診的情況時，我們確實看到他們在今年上半年的平均表現持平。但需要明確的是，他們仍然領先於大流行前的水平，我們不認為這是一個需求問題。正如我們在之前的電話會議中談到的那樣，從獸醫勞動力挑戰的意義上來說，這實際上更多是一個供應問題。我們正在努力與獸醫合作來幫助解決這個問題。當然，我們在他們的診所中發現了新的效率，有助於盡我們所能地提供支持，增加更多的獸醫技術等，財務支持，凡是你能想到的，都可以支持它。但我們沒有看到對獸醫保健需求的任何擔憂。我們真正專注於確保供應到位。所以不，我們沒有看到，我們沒有看到平位訪問並且有理由擔心。正如您所知，從歷史上看，訪問量在歷史上一直持平到 1 左右。所以這並不是真正令人擔憂的。如果你看看今年上半年，你會發現每次就診的平均收入和診所的總體收入都增長了 9%。因此，我們繼續看到對獸醫護理和我們產品的強勁需求，但我們並沒有真正看到這種情況發生變化。現在，關於您關於學生貸款不利因素的第二個問題，我們預計這不會成為今年下半年或 2024 年我們的重要推動因素。謝謝。

At this time, we have no further questions in queue. I'll turn the floor over to Kristin Peck for any additional or closing remarks.

目前，我們隊列中沒有其他問題。我將請克里斯汀·派克 (Kristin Peck) 發表任何補充或結束語。

Great. Thank you all for your questions today, and importantly, for your continued interest in Zoetis. Looking ahead, we really want to underscore that we remain confident in our full year guidance really because of sustainable underlying demand for animal health, as we just talked about, especially in uncertain times. We believe that the enduring strength of the human animal bond, their willingness to spend on pet health and the essential need for a safe and affordable food supply are all fundamental drivers of our growth. And I believe no one in the industry has a stronger set of capabilities and colleagues when it comes to meeting these customer needs, to advancing animal care and to creating shareholder value. So we look forward to keeping you updated on our progress, and thank you for your time today. Have a great day.

偉大的。感謝大家今天提出的問題，更重要的是，感謝大家對碩騰的持續關注。展望未來，我們確實想強調，我們對全年指導仍然充滿信心，這實際上是因為正如我們剛才談到的，對動物健康的可持續潛在需求，特別是在不確定時期。我們相信，人類與動物之間的持久紐帶、他們在寵物健康上花錢的意願以及對安全和負擔得起的食品供應的基本需求都是我們增長的根本驅動力。我相信，在滿足這些客戶需求、推進動物護理和創造股東價值方面，業內沒有人擁有更強大的能力和同事。因此，我們期待向您通報我們的最新進展，並感謝您今天抽出時間。祝你有美好的一天。

This does conclude the Zoetis Second Quarter 2023 Financial Results Conference Call and webcast. You may disconnect your line at this time, and have a wonderful day.

Zoetis 2023 年第二季度財務業績電話會議和網絡廣播到此結束。此時您可以斷開線路，度過美好的一天。