碩騰 (ZTS) 2024 Q3 法說會逐字稿

Welcome to the third quarter 2024 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.

歡迎參加碩騰 2024 年第三季財務業績電話會議及網路廣播。今天主持電話會議的是碩騰投資人關係副總裁 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。簡報幻燈片可以由觀眾您管理，並且不會自動轉發。

In addition, a replay of this call will be available approximately two hours after the conclusion of this call via dial-in or on the Investor Relations section of zoetis.com. (Operator Instructions)

此外，在本次電話會議結束後約兩小時內，您可以透過撥入或在 zoetis.com 的投資者關係部分重播本次電話會議。（操作員說明）

It is now my pleasure to turn the floor over to Steve Frank. Steve, you may begin.

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 Third Quarter 2024 Earnings Call. I am joined today by Kristin Peck, our Chief Executive Officer; and Wetteny Joseph, our Chief Financial Officer. 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.

謝謝你，接線生。大家早安，歡迎參加碩騰 2024 年第三季財報電話會議。今天我們的執行長 Kristin Peck 也加入了我的行列。以及我們的財務長 Wetteny Joseph。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有重大差異。

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. Our remarks today will also include references to certain financial measures, which were not prepared in accordance with generally accepted accounting principles or US GAAP.

有關可能導致結果不同的某些因素的清單和描述，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表格10- Q 上的報告。我們今天的演講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。

A reconciliation of these non-GAAP financial measures to the most directly comparable US GAAP measures is included in the financial tables that accompany our earnings press release and the company's 8-K filing dated today, Monday, November 4, 2024. We also cite operational results, which exclude the impact of foreign exchange.

這些非GAAP 財務指標與最直接可比較的美國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（2024 年11 月4 日星期一）的8-K 備案文件隨附的財務表格中。我們也引用了排除外匯影響的經營績效。

And with that, I will turn the call over to Kristin.

這樣，我會將電話轉給克里斯汀。

Thank you, Steve, and good morning, everyone. Thank you for joining our 2024 third quarter earnings call. Let me start by thanking our dedicated purpose-driven colleagues who helped us deliver another excellent quarter. Building on the strong momentum from the first half of the year, revenue grew 14% operationally and adjusted net income is up 15% operationally.

謝謝你，史蒂夫，大家早安。感謝您參加我們的 2024 年第三季財報電話會議。首先，我要感謝我們敬業、目標驅動的同事，他們幫助我們實現了另一個出色的季度。憑藉著上半年的強勁勢頭，營業收入成長了 14%，調整後淨利潤成長了 15%。

We saw balanced double-digit growth across the business. Driven by steady demand for our key franchises, US grew 15%, and international revenue grew 13% operationally. Our innovative companion animal portfolio grew 15% operationally, while livestock grew 11% on an operational basis. Our consistent growth is fueled by a diverse, durable and science-driven portfolio. carefully crafted through a deep understanding of our customers' evolving needs. By maintaining a strong focus on innovation, we set the standard for improving patient outcomes, higher customer satisfaction and strong partnerships with veterinarians and pet owners.

我們看到整個業務實現了兩位數的平衡成長。在對我們主要特許經營權的穩定需求的推動下，美國營運收入成長了 15%，國際收入成長了 13%。我們的創新伴侶動物組合營運成長了 15%，而牲畜營運增加了 11%。我們的持續成長得益於多元化、耐用且科學驅動的產品組合。透過深入了解客戶不斷變化的需求而精心打造。透過高度關注創新，我們制定了改善患者治療效果、提高客戶滿意度以及與獸醫和寵物主人建立牢固合作關係的標準。

Our osteoarthritis pain franchise, Librela and Valencia continues to make a transformative impact by addressing a critical unmet need, delivering 97% operational revenue growth globally. From our conversations with customers around the world, it's clear that our safe, effective solutions are making a meaningful difference in patients' lives.

我們的骨關節炎疼痛特許經營權 Librela 和 Valencia 透過解決未滿足的關鍵需求，繼續產生變革性影響，在全球範圍內實現 97% 的營運收入成長。從我們與世界各地客戶的對話中可以明顯看出，我們安全、有效的解決方案正在為患者的生活帶來有意義的改變。

We recognize the profound impact of our work, which only strengthens our commitment to developing this market. We have navigated this path before and understand that building a new category of care requires a steady strategic approach. As we lap the US Librela launch, we continue to grow share even in a market where canine pain visits typically slow down from Q2 to Q3. In fact, Librela is actively disrupting this trend by driving more clinic visits and increasing engagement.

我們認識到我們工作的深遠影響，這只會加強我們對開發這個市場的承諾。我們之前已經走過這條道路，並了解建立新的護理類別需要穩定的策略方法。隨著 Librela 在美國的推出，即使在犬類疼痛訪問通常從第二季度到第三季度放緩的市場中，我們的份額也繼續增長。事實上，Librela 正在透過推動更多診所就診和提高參與度來積極顛覆這一趨勢。

With $55 million in US. quarterly sales, we see a significant opportunity to further expand share and utilization. In just 11 months, we have treated 1 million compared to an estimated $8 million receiving other treatments, and Librela has already become the fourth largest product in US pet care. This highlights the demand and long-term growth potential, reinforcing our confidence in the franchise's billion-dollar trajectory.

在美國擁有5500萬美元。從季度銷售額來看，我們看到了進一步擴大份額和利用率的重大機會。在短短 11 個月內，我們已經治療了 100 萬人，而接受其他治療的估計價值為 800 萬美元，Librela 已經成為美國寵物護理領域的第四大產品。這凸顯了需求和長期成長潛力，增強了我們對該系列數十億美元軌蹟的信心。

With record market penetration in the US, we're only scratching the surface of broader utilization potential. We estimate that an additional 17 million dogs are suffering from untreated OA. That's because before Librela ends with the only option for bets, which many untreated dogs could not tolerate due to pre-existing conditions.

隨著美國市場滲透率創歷史新高，我們僅僅觸及了更廣泛利用潛力的表面。我們估計還有 1700 萬隻狗患有未經治療的骨關節炎。這是因為在 Librela 結束之前，這是唯一的投注選擇，許多未經治療的狗由於先前存在的狀況而無法忍受。

Globally, Gabella opportunity is equally significant, with OA pain estimated to affect nearly 40% of dogs. And importantly, in the US, we see a similar nonlinear growth curve to Europe, where revenue grew 18% operationally year-over-year in year four of launch. Given our results there, we are poised to create and expand this market domestically.

在全球範圍內，Gabella 的機會同樣重要，估計近 40% 的狗會受到骨關節炎疼痛的影響。重要的是，在美國，我們看到了與歐洲類似的非線性成長曲線，在推出的第四年，歐洲的營運收入比去年同期成長了 18%。鑑於我們在那裡取得的成果，我們準備在國內創建和擴大這個市場。

Drawing on that experience is key to positioning Librela as the preferred pain treatment by highlighting its safe, effective and convenient choice for bets. We will leverage our strong partnerships and continue collaborating with veterinarians to expand treatment adoption, shifting away from two

借鑒這一經驗是將 Librela 定位為首選疼痛治療藥物的關鍵，強調其安全、有效和方便的投注選擇。我們將利用我們強大的合作夥伴關係，繼續與獸醫合作，擴大治療的採用，從兩種

decades of alliance on NSE. Results and trends like these reaffirm what we've long understood the human-animal bond is undeniable.

NSE 數十年的聯盟。像這樣的結果和趨勢再次證實了我們長期以來所理解的人與動物之間的聯繫是不可否認的。

Today's generation of pet owners do their pets as integral members of their family and expect human quality care, monoclonal antibodies, increasingly important in human health are a prime example of how we're bringing that same kind of innovation to animal health with treatments like Librela and Valencia.

當今世代的寵物主人將寵物視為家庭不可分割的成員，並期望人性化的優質護理，單株抗體在人類健康中日益重要，這是我們如何透過Librela 等治療方法為動物健康帶來同樣創新的一個典型例子和瓦倫西亞。

Our Simparica franchise continues to deliver impressive results as well, growing 27% operationally. While our science-backed innovations have created entirely new categories in animal health, we have also set the standard for competing in established markets. Through close collaboration with customers, we understood that overcoming first-mover advantage requires two differentiation and long-term loyalty is earned with products that stand out in both safety and efficacy.

我們的 Simparica 特許經營權也繼續取得令人矚目的業績，營運成長了 27%。雖然我們以科學為基礎的創新創造了動物健康領域的全新類別，但我們也為成熟市場的競爭制定了標準。透過與客戶的密切合作，我們了解到，克服先發優勢需要兩種差異化，而在安全性和功效方面都表現出色的產品才能贏得長期忠誠度。

The success of our SIMPARICA franchise expanded the total parasiticide market and demonstrated that improving patient outcomes is not 0 sum, especially with a significant unmet needs. In 2020, we pioneered the US triple combination parasite market with Simparica Trio, offering comprehensive protection against flea, tick and heartworm in one monthly chewable.

我們的 SIMPARICA 特許經營權的成功擴大了整個殺蟲劑市場，並證明改善患者治療效果並非零總和，特別是在需求未滿足的情況下。 2020 年，我們以 Simparica Trio 開拓了美國三重組合寄生蟲市場，透過每月咀嚼片提供跳蚤、蜱蟲和心絲蟲的全面保護。

Trio is now the number one vet prescribed parasiticide with over 13 million dogs treated in just four years and 86% of pet owners report high satisfaction. Despite increased competition, Trio prescription rates continue to climb as triple combination products are gaining share, supported by our field force is scale and excellence in driving customer engagement. And our commitment to making our products accessible to the most convenient channel for pet owners has solidified Trio's retail leadership.

Trio 現在是排名第一的獸醫處方寄生蟲藥，在短短四年內治療了超過 1300 萬隻狗，86% 的寵物主人表示非常滿意。儘管競爭日益激烈，但隨著三重組合產品的份額不斷增加，Trio 處方率繼續攀升，這得益於我們現場人員的規模和卓越的客戶參與度。我們致力於讓寵物主人透過最方便的管道獲得我們的產品，這鞏固了 Trio 的零售領導地位。

Looking ahead to 2025, we anticipate a dynamic landscape but received two key outcomes. First, consistent with historic trends, the overall addressable market will grow. Second, having more options will accelerate education of vets and pet owners increasing awareness of the benefits of broad spectrum protection will drive conversion to triple combination treatments. With our significant head start, proven efficacy and convenience, along with our trusted relationships, we believe Simparica Trio will remain the preferred choice even as new products enter the market.

展望 2025 年，我們預期情勢將充滿活力，但取得了兩個關鍵成果。首先，與歷史趨勢一致，整體目標市場將會成長。其次，擁有更多選擇將加速對獸醫和寵物主人的教育，提高對廣譜保育益處的認識，將推動向三重治療的轉變。憑藉我們顯著的領先優勢、經過驗證的功效和便利性，以及我們值得信賴的關係，我們相信即使新產品進入市場，Simparica Trio 仍將是首選。

Similarly, 16% operational revenue growth across our key dermatology franchise demonstrates how disruptive innovation and strategic life cycle enhancement drive sustained growth. Over a decade ago, we identified a crucial unmet need in veterinary medicine, a solution for canine dermatological itch that balance safety and efficacy, each impacts the well-being of both pets and their owners. It's heartbreaking to see dogs struggling to find relief from persistent discomfort.

同樣，我們主要皮膚科特許經營業務的營業收入成長了 16%，這表明顛覆性創新和策略性生命週期增強如何推動持續成長。十多年前，我們發現了獸醫學中一個未得到滿足的關鍵需求，即一種平衡安全性和有效性的犬皮膚瘙癢解決方案，兩者都會影響寵物及其主人的福祉。看到狗狗們努力緩解持續的不適，真是令人心碎。

We were first to address this challenge. Thanks to our relentless focus on innovation and execution in just a decade, the market grew from $70 million to over $1.5 billion and growing. But we didn't just enter the market. We built it, cultivated it and continuously evolved it, creating the industry's first billion-dollar franchise.

我們是第一個應對這項挑戰的人。由於我們在短短十年內對創新和執行的不懈關注，市場從 7,000 萬美元成長到超過 15 億美元，並且還在持續成長。但我們不僅僅是進入市場。我們建造它、培育它並不斷發展它，創造了業界第一個價值十億美元的特許經營權。

As a result, today, APOQUEL is the number one prescribed medication in Animal Health and the market and our customers have grown alongside us. And when best wanted other options, we delivered truly differentiated first-line treatment like Cytopoint, the first monoclonal antibody to treat itch, and applicable chew a convenient chewable that enhances compliance.

因此，如今，APOQUEL 已成為動物健康和市場上排名第一的處方藥，我們的客戶與我們一起成長。當最需要其他選擇時，我們提供了真正差異化的一線治療，例如 Cytopoint（第一種治療瘙癢的單株抗體）和適用的咀嚼片，一種可增強依從性的方便咀嚼片。

These therapies are trusted by veterinarians worldwide, bringing relief to over 23 million dogs globally, and we believe they are the best treatment options. And it's not only our product portfolio that sets us apart, it's our customer-focused approach to development. Vets trust our products for their rigorous safety standards and confidence in dosing regimens that allow for chronic uninterrupted use.

這些療法受到全世界獸醫的信賴，為全球超過 2300 萬隻狗帶來緩解，我們相信它們是最好的治療選擇。讓我們與眾不同的不僅是我們的產品組合，還有我們以客戶為中心的開發方法。獸醫們信任我們的產品，因為它們嚴格的安全標準和對可長期不間斷使用的劑量方案的信心。

Our research-driven approach to JAK inhibition selectively ensures that our treatments can be used safely alongside other medications, including vaccines. With over 20 million dogs globally with untreated or undertreated itch, the derm market growth potential is vast. Our proven performance reflects our commitment to expanding access and providing trusted first-line solutions.

我們以研究為驅動的 JAK 抑制方法選擇性地確保我們的治療方法可以與其他藥物（包括疫苗）一起安全使用。全球有超過 2,000 萬隻狗患有未經治療或治療不足的搔癢症，真皮市場成長潛力巨大。我們經過驗證的性能體現了我們對擴大訪問範圍和提供值得信賴的一線解決方案的承諾。

Similar to our experience in Paris, we expect optionality will grow the overall market, a market where Zoetis has two first-line treatments that are known for being safe, effective and trusted. Even with alternatives, satisfied customers are far less likely to switch, and we continue to deliver the solutions they trust and rely on. innovation, execution and a relentless focus on customer needs are the cornerstones of our key market-leading franchises.

與我們在巴黎的經驗類似，我們預計選擇性將推動整個市場的成長，碩騰在這個市場上擁有兩種以安全、有效和值得信賴而聞名的一線治療方法。即使有其他選擇，滿意的客戶也不太可能更換，我們將繼續提供他們信任和依賴的解決方案。創新、執行力和對客戶需求的不懈關注是我們領先市場的特許經營權的基石。

Turning to livestock, We recently closed the sale of our medicated feed additives and certain water soluble products portfolios to Phibro Animal Health. This transaction is a prime example of Zoetis' disciplined capital allocation strategy allowing us to focus our investments on areas with the highest growth potential, aligned with our core capabilities.

談到牲畜，我們最近結束了向 Phibro Animal Health 出售我們的藥物飼料添加劑和某些水溶性產品組合。這項交易是碩騰嚴格的資本配置策略的典型例子，使我們能夠將投資重點放在具有最高成長潛力、與我們的核心能力一致的領域。

We remain deeply committed to livestock, sharpening our focus on key areas of innovation, including preventative antibiotic alternatives and genetics. For example, in September, we announced a strategic partnership with Danone to leverage Zoetis' genetic testing capabilities and promoting sustainable dairy production.

我們仍然堅定地致力於畜牧業，加強對關鍵創新領域的關注，包括預防性抗生素替代品和遺傳學。例如，9月，我們宣布與達能建立策略夥伴關係，利用碩騰的基因檢測能力，促進永續乳製品生產。

This collaboration aims to help dairy producers in Denon's global supply chain, improve animal health and productivity with a focus on animal well-being. This strengthens long-term industry resilience while also reducing environmental impact. Looking ahead, we anticipate the livestock industry to grow 2% to 4% annually, and we aim to be at the higher end of that range. Innovation will be a key driver of that growth.

此次合作旨在幫助 Denon 全球供應鏈中的乳製品生產商改善動物健康和生產力，並專注於動物福祉。這增強了產業的長期彈性，同時也減少了對環境的影響。展望未來，我們預計畜牧業每年將成長 2% 至 4%，我們的目標是達到該範圍的高端。創新將成為這項成長的關鍵驅動力。

And to that end, we have updated our guidance to reflect strong performance across our key franchises, along with impact primarily from the MFA divestiture. Wetteny will guide into the details there. With 12% operational revenue growth through the first three quarters, we have outpaced our initial expectations, a testament to our agility in navigating a complex environment.

為此，我們更新了指導意見，以反映我們主要特許經營業務的強勁表現，以及主要來自 MFA 剝離的影響。韋特尼將在那裡指導詳細資訊。前三個季度營運收入成長了 12%，超出了我們最初的預期，這證明了我們在複雜環境中的敏捷性。

As we look to Q4, we anticipate a return to our previous levels of above-market growth and remain on track to meet our revised full year guidance with strong momentum going into 2025. This quarter's results highlight the strength of our diverse durable portfolio and unwavering commitment to delivering for our customers.

展望第四季度，我們預計將恢復到先前高於市場成長的水平，並繼續以強勁的勢頭進入 2025 年，以實現修訂後的全年指引。本季度的業績凸顯了我們多元化耐用產品組合的實力以及為客戶提供服務的堅定承諾。

Before I close, I want to extend my sincere gratitude to our colleagues. They embody our purpose, support our customers and drive our exceptional performance. Their dedication is what truly makes the difference. With her passion and commitment, we feel positive about our ability to deliver on the 4 key tenets of our value proposition to grow revenue faster than the market to invest in innovation and growth capabilities. to grow adjusted net income faster than revenue and to return excess capital to shareholders.

在結束之前，我要向我們的同事們致以誠摯的謝意。它們體現了我們的宗旨，支持我們的客戶並推動我們取得卓越的業績。他們的奉獻精神才是真正帶來改變的原因。憑藉她的熱情和承諾，我們對實現價值主張的 4 個關鍵原則的能力感到樂觀，即收入成長速度快於市場，投資於創新和成長能力。調整後淨利的成長速度快於營收成長速度，並將多餘資本回饋給股東。

With that, I'll turn it over to Wetteny.

有了這個，我會把它交給韋特尼。

Thank you, Kristin, and good morning, everyone. To reiterate, innovation and execution underpinned an excellent third quarter, driven by the strength of our diverse and differentiated portfolio, another quarter of double-digit operational growth across species and geographies. The remarkable performance of our companion normal portfolio highlights the willingness of pet owners to spend on the health and well-being of their pets and the value of our products to pet owners and veterinary practices.

謝謝克里斯汀，大家早安。重申一下，在我們多元化和差異化投資組合實力的推動下，創新和執行支撐了第三季度的出色業績，又一個季度跨物種和地區實現了兩位數的運營增長。我們的伴侶正常產品組合的卓越表現凸顯了寵物主人願意為寵物的健康和福祉花錢的意願，以及我們的產品對寵物主人和獸醫實踐的價值。

Our livestock growth underscores the essential and growing need for animal protein around the world and the important role our products play in helping producers keep their herds healthy. But simply, we provide critical solutions central to animal health.

我們的牲畜成長突顯了世界各地對動物性蛋白質的基本需求和不斷增長的需求，以及我們的產品在幫助生產者維持牛群健康方面所扮演的重要角色。但簡單地說，我們提供對動物健康至關重要的關鍵解決方案。

Our success is directly tied to our customers, and our first-to-market innovations continue to fuel the growth and success of their practices. In the third quarter, we posted $2.4 billion in revenue, growing 11% on a reported basis and 14% operationally, with 8%, driven by volume and 6% from price. Adjusted net income of $716 million grew 14% on a reported basis and 15% operationally.

我們的成功與客戶直接相關，我們率先推向市場的創新繼續推動他們實踐的成長和成功。第三季度，我們實現了 24 億美元的收入，按報告計算成長 11%，營運成長 14%，其中 8% 是由數量推動的，6% 是由價格推動的。調整後淨利為 7.16 億美元，按報告計算成長 14%，營運成長 15%。

Revenue growth in the quarter was driven by our innovative companion animal portfolio. Globally, OA Pay mAbs contributed $151 million. Our Simparica franchise posted $333 million, and our key dermatology franchise contributed revenue of $449 million.

本季的收入成長得益於我們創新的伴侶動物產品組合。在全球範圍內，OA Pay mAbs 貢獻了 1.51 億美元。我們的 Simparica 特許經營權收入為 3.33 億美元，我們的主要皮膚科特許經營權貢獻了 4.49 億美元的收入。

Our Lifestyle portfolio also contributed strong growth with $758 million in revenue. Regarding our Oita maps, umbrella and Talenti, in Europe after just 3.5 years on the market, Librela and Culincia are the leading treatments for OA pain and are driving market expansion by broadening treatment options across cases.

我們的生活方式產品組合也貢獻了強勁的成長，營收達 7.58 億美元。關於我們的 Oita 地圖、umurand 和 Talenti，在歐洲上市僅 3.5 年後，Librela 和 Culincia 是骨關節炎疼痛的領先治療藥物，並透過擴大不同病例的治療選擇來推動市場擴張。

As Kristin mentioned, many of these patients were previously untreated because they could not tolerate NSAIDs. In Europe and the US, the Bella expansion into this patient group represents a significant market growth opportunity. In the US, the growing importance of maps cannot be understated. While overall US clinic visits are down, particularly for prescription-only visits that are moving to alternative channels, therapeutic visits such as those for OA are on the rise.

正如克里斯汀所提到的，這些患者中的許多人之前因無法耐受非類固醇抗發炎藥物而未接受治療。在歐洲和美國，貝拉向這群患者的擴張代表著一個重大的市場成長機會。在美國，地圖日益增長的重要性不容小覷。雖然美國整體診所就診次數有所下降，特別是轉向其他管道的純處方就診次數，但骨關節炎等治療就診次數卻在增加。

In the US, Librela has brought almost 0.5 million new patients to the OA pain category since launch by expanding the market with a new standard of care. Our performance within the Simparica franchise highlights our ability to meet the evolving needs of pet owners by delivering safe, effective products to convenient channels such as retail, where Trio is the top-selling pharmaceutical. Parasiticides is the largest, most competitive therapeutic category in animal health, and we have substantially increased our market share by being the first to market in the US with a trusted, differentiated product.

在美國，Librela 自推出以來透過新的護理標準拓展市場，已為 OA 疼痛類別帶來了近 50 萬名新患者。我們在 Simparica 特許經營中的表現凸顯了我們透過向零售等便利管道提供安全、有效的產品來滿足寵物主人不斷變化的需求的能力，其中 Trio 是最暢銷的藥品。殺寄生蟲劑是動物健康領域規模最大、最具競爭力的治療類別，我們是第一個在美國上市的值得信賴的差異化產品，從而大幅提高了我們的市場份額。

Since the launch of Trio, we have gone from number five in this category to number two with clear triple combination market leadership. And in the first year of competition in US triple combinations, we grew revenue by more than 25% and increased our market share. In the US, we estimate almost 60% of medicalized dogs are not on triple combination products. The increased share of voice from new entrants should accelerate the shift to triple combinations where we have the first-to-market advantage.

自 Trio 推出以來，我們已從該類別中的第五名上升到第二名，並擁有明顯的三重組合市場領導地位。在美國三重組合競爭的第一年，我們的收入成長了 25% 以上，並增加了我們的市場份額。在美國，我們估計近 60% 的醫療狗沒有使用三聯產品。新進入者話語權份額的增加應該會加速向三重組合的轉變，在這方面我們擁有先行市場的優勢。

We continue to win with puppies where Trio is the preferred choice for these new patients, signaling strong growth potential. Earlier, Kristin highlighted the deliberate balance between safety and efficacy with our key dermatology products. Apoquel delivered on that and quickly became one of the most important products in clinics. We understood our customers wanted more convenient options for derm treatment, and we delivered. We have multiple derm products with unique value propositions for both the vet and the pet owner.

我們繼續在幼犬方面取得勝利，其中 Trio 是這些新患者的首選，這表明了強勁的成長潛力。早些時候，克里斯汀強調了我們的關鍵皮膚科產品的安全性和功效之間的刻意平衡。Apoquel 實現了這一目標，並迅速成為臨床上最重要的產品之一。我們了解客戶想要更方便的皮膚治療選擇，我們做到了。我們擁有多種皮膚產品，為獸醫和寵物主人提供獨特的價值主張。

All of our products can be used on acute, seasonal and chronic cases and have years of real-world vet and pet owner satisfaction. As we face new competition, we remain confident in our growth trajectory. We have proven experience defending established brands and we are confident that our portfolio of first-line treatments remain among the most important products in vet clinics.

我們所有的產品均可用於急性、季節性和慢性病例，並且多年來得到了現實世界獸醫和寵物主人的滿意。當我們面臨新的競爭時，我們對我們的成長軌跡仍然充滿信心。我們在捍衛知名品牌方面擁有豐富的經驗，我們相信我們的第一線治療產品組合仍然是獸醫診所最重要的產品之一。

Now let's move to segment results. US revenue grew 15% in the quarter, with companion animal growing 18% and livestock growing 5%. US comparing animal performance was driven by our OA maps, including the launch of Librela, as well as continued adoption and compliance of Simparica Trio and our key dermatology franchise. We continue to grow above market, driven by increased therapeutic treatment for OA and dermatology. Veterinarians preference for injectables and evolving pet owner preference for retail convenience and home delivery, which also boost compliance with all medications.

現在讓我們開始將結果細分。本季美國營收成長 15%，其中伴侶動物收入成長 18%，牲畜收入成長 5%。美國比較動物表現是由我們的 OA 地圖推動的，包括 Librela 的推出，以及 Simparica Trio 和我們的關鍵皮膚科特許經營權的持續採用和合規性。在 OA 和皮膚病治療增加的推動下，我們的成長持續高於市場水平。獸醫對注射劑的偏好以及不斷變化的寵物主人對零售便利性和送貨上門的偏好，這也提高了對所有藥物的依從性。

Our OAP maps, the bell and Calencia, posted a combined $73 million in US sales in Q3. Librela generated $55 million primarily on increased clinic utilization. Penetration has reached 85% faster than any product in our history. A crucial first step in our successful launch was ensuring clinic availability. And again, we are just scratching the surface with OA. Just as we've seen with our key dermatology franchise, addressing unmet needs with revolutionary treatment can deliver long-term growth, and we believe Librela will be a growth tailwind for years ahead.

我們的 OAP 地圖「貝爾」和「卡倫西亞」公佈的第三季美國銷售額總計 7,300 萬美元。Librela 的收入為 5500 萬美元，主要是由於診所利用率的提高。滲透率比我們歷史上任何產品都要快 85%。我們成功啟動的關鍵第一步是確保診所的可用性。再說一遍，我們對於 OA 的了解還只是表面。正如我們在關鍵的皮膚科專營權中看到的那樣，透過革命性的治療方法解決未滿足的需求可以帶來長期增長，我們相信 Librela 將成為未來幾年的成長推動力。

Valencia posted $18 million in revenue or 50% growth. While the incidence rate for OA and CAT is similar to dogs at around 40%, there were very few treatment options for cats prior to Valencia. Valencia has launched in the US two years ago, we have seen few line OA patients increased over 70%. With current free-line medicalization rates significantly lower than dogs, boosting fee line treatment presents a significant untapped opportunity.

巴倫西亞公佈收入 1,800 萬美元，成長 50%。雖然 OA 和 CAT 的發生率與狗相似，均為 40% 左右，但在瓦倫西亞之前，針對貓的治療選擇很少。Valencia兩年前在美國推出以來，我們已經看到很少有線OA患者增加超過70%。由於目前的免費醫療率明顯低於狗，因此提高收費線治療提供了一個巨大的未開發機會。

Simparica Trio posted US growth of 29% with $237 million in revenue. We previously highlighted Trio's momentum through the first year with competition, and our expectations remain high. As we have seen with previous generations of priorities, secondary entrance served to accelerate conversion from older therapies. But in the absence of meaningful differentiation, they do not erode market share.

Simparica Trio 在美國的營收成長了 29%，營收達到 2.37 億美元。我們之前強調了 Trio 在第一年的競爭中的勢頭，我們的期望仍然很高。正如我們在前幾代優先事項中看到的那樣，二次進入有助於加速舊療法的轉化。但在缺乏有意義的差異化的情況下，它們不會侵蝕市場佔有率。

In addition to robust volume growth for Trio, we continue to see the benefit of price driven by our lower promotional environment and more thoughtful discounting across our customer base. In US key dermatology, we saw 17% growth or $303 million for the quarter. APOQUEL was the largest driver with outsized contributions from the retail channel.

除了 Trio 銷售的強勁成長之外，我們也持續看到我們較低的促銷環境和整個客戶群更周到的折扣所帶來的價格優勢。在美國主要皮膚科領域，本季成長 17%，即 3.03 億美元。APOQUEL 是最大的推動者，零售通路貢獻巨大。

Apoquel chewable growth outpaced tablet cannibalization declines, benefiting from increased conversion and compliance. Cytopoint growth continues to be driven by preference for injectables. US livestock grew 5% in the quarter, primarily driven by volume growth in cattle, where we continue to see improved supply of Seifer. This growth was partially offset by Jaxon price declines.

Apoquel 咀嚼片的成長速度超過了片劑同類產品的下降速度，這得益於轉換率和依從性的提高。Cytopoint 的成長持續受到對注射劑的偏好的推動。本季美國牲畜成長 5%，主要是受牛數量成長的推動，我們繼續看到 Seifer 供應量的改善。這一增長被 Jaxon 價格下跌部分抵消。

Moving on to our International segment. Revenue grew 7% on a reported basis and 13% operationally in the quarter. International livestock grew 15% operationally and companion animal grew 11% operationally. International last site grew 15% operational in the quarter with equal contributions from volume and price. Cattle was the largest growth contributor driven by the impact of price in high inflationary markets as well as volume growth from higher demand and improved supply. Poultry growth was driven by price and key account penetration.

繼續我們的國際部分。本季報告營收成長 7%，營運收入成長 13%。國際牲畜運作成長 15%，伴侶動物運作成長 11%。國際最後一個網站本季營運成長了 15%，數量和價格的貢獻相同。牛是最大的成長貢獻者，其推動因素包括高通膨市場價格的影響以及需求增加和供應改善帶來的產量成長。家禽成長是由價格和大客戶滲透率推動的。

Lastly, Fish saw strong volume growth in Norway driven by high demand for our vaccines as well as the impact of a soft comparable period last year. International companion animal growth was driven by our Simparica key dermatology and OA pain maps franchises. Our international Simparica franchise grew 28% operationally, with $75 million in sales. Performance was driven by Simparica Trio, growing 39% operationally to $31 million in sales. benefiting from key account growth in Europe, DTC and the positive impact of our Q1 China launch. Simparica grew 22% operationally on $44 million in sales driven primarily by Eastern Europe and Brazil.

最後，由於對我們疫苗的高需求以及去年可比時期疲軟的影響，Fish 在挪威的銷量強勁增長。國際伴侶動物的成長是由我們的 Simparica 關鍵皮膚病學和 OA 疼痛圖特許經營權推動的。我們的 Simparica 國際特許經營業務營運成長了 28%，銷售額達到 7,500 萬美元。Simparica Trio 推動業績成長，營運成長 39%，銷售額達到 3,100 萬美元。受惠於歐洲大客戶的成長、DTC 以及我們第一季在中國推出的正面影響。Simparica 的營運成長了 22%，銷售額達到 4,400 萬美元，主要由東歐和巴西推動。

Our international key dermatology franchise contributed $146 million of revenue and 13% operational growth, with double-digit operational growth in applicable and Cytopoint. Growth was driven by Apoquel with strong DTC success, especially in European markets. Europe is also benefiting from strong adoption of Apoquel chewable, where we now see more than half of doses dispensed coming from the treble formulation. Our key dermatology franchise continues to expand internationally. Many countries are still in the early stages of term market development. and increases in medicalization as well as the benefits that chewable and injectables can offer provide a significant run rate for growth.

我們的國際主要皮膚科特許經營業務貢獻了 1.46 億美元的收入和 13% 的營運成長，其中適用和 Cytopoint 實現了兩位數的營運成長。Apoquel 的成長得益於 DTC 的巨大成功，尤其是在歐洲市場。歐洲也受益於 Apoquel 咀嚼片的廣泛採用，我們現在看到超過一半的劑量來自三重配方。我們的主要皮膚科專營權繼續在國際上擴張。許多國家仍處於術語市場發展的早期階段。醫療化的增加以及咀嚼片和注射可以提供的好處為增長提供了顯著的運行速度。

Internationally, our OA pain maps grew 27% operationally, posting $78 million in combined revenue. International sales of Librela were $62 million, growing 26% operationally. World of umbrella was driven by higher use in Europe as well as market expansion and share gains in second wave launch markets. We see opportunity for continued market expansion from converting existing NSAID patients and increasing months on therapy. Talenti sales were $16 million, growing 32% on an operational basis.

在國際範圍內，我們的 OA 疼痛地圖營運成長了 27%，總收入達 7,800 萬美元。Librela 的國際銷售額為 6,200 萬美元，營運成長 26%。歐洲使用量的增加以及第二波市場的市場擴張和份額成長推動了雨傘世界的發展。我們看到了透過改變現有非類固醇抗發炎藥物患者和增加治療月數來持續擴大市場的機會。Talenti 銷售額為 1,600 萬美元，營運基礎上成長了 32%。

Now moving on to the P&L for the quarter. Adjusted gross margin of 70.7% grew 20 basis points with increases from price and mix, offset by higher manufacturing costs. Adjusted operating expenses increased 9% operationally. Growth was driven primarily by SG&A expenses of 9% operationally, largely due to higher compensation-related expenses due to company performance.

現在轉向本季的損益表。調整後的毛利率為 70.7%，由於價格和產品組合的增長而增長了 20 個基點，但被製造成本的上升所抵消。調整後的營運費用增加了 9%。成長主要是由 9% 的營運 SG&A 費用推動的，這主要是由於公司業績導致薪酬相關費用增加。

R&D grew 10% operationally in the quarter on higher compensation related expenses due to company performance and increases in project spend related to internal portfolio advancements. Adjusted net income was faster than revenue at 15% operationally. Adjusted diluted EPS grew 17% operationally for the quarter.

由於公司業績以及與內部投資組合改善相關的專案支出增加，薪酬相關費用增加，本季研發業務成長了 10%。調整後淨利成長速度快於營業收入成長 15%。本季調整後稀釋後每股盈餘營運成長 17%。

Now moving on to guidance for the full year 2024. Our raised revenue guidance reflects continued strong performance of our key franchises partially offset by a reduction to sales for the divestiture of our medicated feed additive product portfolio and certain water soluble products completed October 31. As Kristin highlighted, we remain committed to lifestyle and see opportunities in several therapeutic areas, enhanced by our strategic partnerships and focus. Please note that guidance reflects foreign exchange rates as of mid-October.

現在轉向 2024 年全年指導。我們上調的收入指引反映了我們主要特許經營業務持續強勁的業績，但部分被 10 月 31 日完成的藥物飼料添加劑產品組合和某些水溶性產品剝離導致的銷售額減少所抵消。正如克里斯汀所強調的那樣，我們仍然致力於生活方式，並在多個治療領域看到了機遇，而我們的策略合作夥伴關係和重點也增強了這些機會。請注意，指導反映的是截至 10 月中旬的外匯匯率。

For the year, we expect revenue between $9.2 billion and $9.3 billion, a range of 10% to 11% operational growth. This is both an increase and a narrowing of our revenue range versus our prior full year guidance. We now expect adjusted net income to be in the range of $2.67 billion to $2.695 billion, representing operational growth of 13.5% to 14.5%.

我們預計今年的營收將在 92 億美元至 93 億美元之間，營運成長率為 10% 至 11%。與我們先前的全年指導相比，這既是我們收入範圍的增加也是縮小。我們目前預計調整後淨利潤將在 26.7 億美元至 26.95 億美元之間，營運成長 13.5% 至 14.5%。

We Finally, we expect adjusted diluted EPS to be in the range of $5.86 to $5.92 and reported diluted EPS to be in the range of $5.33 to $5.39. We have seen outstanding performance in 2024 thus far with broad-based growth from our key innovative products across species and geographies, and we remain very positive on the remainder of the year and beyond. Our guidance, combined with our year-to-date results, does signal some expected deceleration in our revenue growth rate for Q4 specifically.

最後，我們預計調整後的稀釋後每股收益將在 5.86 美元至 5.92 美元之間，報告的稀釋後每股收益將在 5.33 美元至 5.39 美元之間。到目前為止，我們在 2024 年取得了出色的業績，我們的關鍵創新產品在各個物種和地區都實現了廣泛的增長，我們對今年剩餘時間及以後仍然非常樂觀。我們的指導，結合我們今年迄今的業績，確實表明我們第四季度的收入成長率預計會有所放緩。

As a reminder, revenue growth in Q4 will be impacted by the MFA divestiture, reflecting a reduction of two months of US sales and one month from our international business out of our results in Q4. Additionally, we also saw the impact of stocking from the launch of both Librela and Apoquel chewable in Q4 of last year. Normalizing for these items, Q4 will be more in line with our historical growth rate. We remain confident in underlying demand and market dynamics as we move into the fourth quarter and then 2025. Our outlook for next year remains positive.

需要提醒的是，第四季度的營收成長將受到 MFA 剝離的影響，反映出第四季度業績中美國銷售額減少了兩個月，國際業務銷售額減少了一個月。此外，我們還看到了去年第四季推出的 Librela 和 Apoquel 咀嚼片帶來的庫存影響。如果這些項目正常化，第四季將更符合我們的歷史成長率。隨著進入第四季度和 2025 年，我們對潛在需求和市場動態仍然充滿信心。我們對明年的前景仍然樂觀。

We continue to see favorable trends in our key franchises, including OA, dermatology and Simparica as well as momentum from alternative channels. While we anticipate the recent tailwinds from higher inflation to normalize, our recent performance has significantly outpaced price-driven gains alone. Additionally, we expect headwinds in China to normalize in Q4 and moving into next year. We estimate these headwinds have had approximately 1% unfavorable impact to our growth this year that should normalize in 2025.

我們繼續看到我們的主要特許經營業務的有利趨勢，包括 OA、皮膚科和 Simparica 以及其他管道的勢頭。雖然我們預期近期通膨上升將帶來正常化的推動力，但我們最近的表現已大大超過僅由價格驅動的收益。此外，我們預計中國的逆風將在第四季和明年正常化。我們估計這些不利因素對我們今年的成長產生了約 1% 的不利影響，這種影響應該會在 2025 年恢復正常。

We are confident in our continued ability to grow above the animal health market, driven by the strength of our portfolio, pipeline and our dedicated colleagues. Now I'll hand things over to the operator to open the line for your questions. Operator?

在我們的產品組合、產品線和敬業的同事的推動下，我們對在動物保健市場上持續成長的能力充滿信心。現在我將把事情交給接線員來解答您的問題。操作員？

(Operator Instructions)

（操作員說明）

Erin Wright of Morgan Stanley.

摩根士丹利的艾琳·賴特。

A 2-parter here. So first on Librela, how should we be thinking about the quarterly progression from here in terms of US Librela? And how has the experience been in terms of reorder rates and the months on therapy relative to your internal expectations? And then just how we should think about that quarterly progression given the stocking dynamics in the fourth quarter and into 2025?

這裡是2人組。首先，關於 Librela，我們應該如何考慮美國 Librela 的季度進展？相對於您的內在期望，就再訂購率和療程月份而言，體驗如何？那麼，考慮到第四季和 2025 年的庫存動態，我們應該如何看待季度進展？

And then as we think about bigger picture here, just several moving pieces into 2020. in 2025 from a profit perspective, I guess you continue to invest in innovation, Librela scale, you have favorable mix also from MSA sale. Like how do you think about the level of investments that you need to make next year and sort of how much you're going to let sort of the enhanced product mix more skewed towards that companion animal actually flow through in terms of margin expansion next year as well. So how do you think about those headwinds and tailwinds, I guess, into 2025?

然後，當我們在這裡思考更大的前景時，只有幾個進入2020 年的移動部分。 MSA 銷售中獲得有利的組合。例如你如何看待明年需要進行的投資水平，以及你將讓多少增強的產品組合更傾向於伴侶動物，以實現明年的利潤擴張。那麼，我想，您如何看待 2025 年的這些逆風和順風呢？

Thanks, Aaron. I'll start with overall umbrella and move to Wetteny on sort of quarterly cadence and the 2025 question you had Look, we are really pleased with the performance globally with Librela with 123% growth really remain committed to being a $1 billion franchise and as you look at just the quarterly progression to date, it's been the most successful launch in our company's history. In the US, we have an 85% penetration rate. Globally, we're averaging over 90%.

謝謝，亞倫。我將從整體開始，然後以季度節奏轉向Wetteny，以及您提出的2025 年問題。而您也將繼續致力於成為價值10 億美元的特許經營公司。在美國，我們的滲透率為 85%。在全球範圍內，我們的平均值超過 90%。

In the first 12 months, we've already got 1 million patients on the product. And we believe we've got a significant runway for growth with only 1 million patients on that and 8 million still on NSA. We think there's a really large addressable market. We can focus on higher compliance. So we're very optimistic on that. I'll let Wetteny get into the quarterly cadence going forward as well as your 2025 question as well.

在前 12 個月裡，我們已經有 100 萬名患者使用該產品。我們相信，我們已經有一個重要的成長跑道，目前只有 100 萬患者接受治療，而 800 萬患者仍在接受 NSA 治療。我們認為有一個非常大的潛在市場。我們可以專注於更高的合規性。所以我們對此非常樂觀。我會讓 Wetteny 介紹一下接下來的季度節奏以及您的 2025 年問題。

Yes, Erin, as Kristin said, Librela has been our most successful launch in the history of the company by every metric that we look at in penetration and also first 12 months revenue and approximately $192 million. As you know, we don't tend to give guidance down to an individual product for an individual quarter.

是的，Erin，正如 Kristin 所說，無論從滲透率還是前 12 個月的收入和約 1.92 億美元的收入來看，Librela 都是我們公司歷史上最成功的產品。如您所知，我們不傾向於針對單一季度的單一產品提供指導。

But what I would say in terms of the cadence of umbrella is that we'll continue to see and exiting this year into next year, we expect to see strong growth given our penetration, as Kristin said, about 1 million dogs being treated compared to NSA that are at about 8 million.

但我想說的是，就保護傘的節奏而言，我們將繼續看到並退出今年到明年，鑑於我們的滲透率，我們預計會看到強勁的增長，正如克里斯汀所說，與去年相比，大約有100 萬隻狗正在接受治療。

And so we know launching these major franchises that are new standards of care take time. And 1 other item that is certainly clear when you look at the historical visits around OA pain, as Kristin said in the prepared commentary, we do tend to see a peak in Q2 coming down in Q3 and then typically comes back up a bit in Q4, but not to the level of Q2.

因此，我們知道推出這些新護理標準的主要特許經營權需要時間。當您查看有關OA 疼痛的歷史訪問時，另一件事肯定很清楚，正如Kristin 在準備好的評論中所說，我們確實傾向於看到第二季度的峰值在第三季度下降，然後通常在第四季回升一點，但還沒達到Q2的水準。

So that's another element that I would give you to sort of consider as you think about what you expect through the end of the year and going into 2025.

因此，當您思考今年年底和 2025 年的預期時，我會建議您考慮另一個因素。

Now with respect to your second part of your question around considerations and profitability, et cetera. Look, we continue to demonstrate our ability to grow above the animal health market. And we certainly see that in our performance this year on a year-to-date basis, we're at 12%. We just raised guidance again for the third time this year, clearly well above the market and are growing our adjusted income faster than our top line, including in this quarter, which, as you recall, last call, we highlighted the fact that we are increasing some of our investments as we exit this year, and we still delivered faster adjusted income.

現在關於你的問題的第二部分，關於考慮因素和盈利能力等。看，我們繼續展示我們在動物保健市場之上發展的能力。我們當然可以看到，從年初至今的表現來看，我們的成長率為 12%。我們今年剛剛第三次再次提高指導，明顯遠高於市場，並且調整後收入的增長速度超過了我們的收入，包括本季度，正如您所記得的，上次電話會議中，我們強調了這樣一個事實：今年我們退出時增加了一些投資，但我們仍然提供了更快的調整後收入。

And so as we look ahead, this is a core tenet of our value proposition that we'll continue to be mindful of and we have the opportunity here as we look ahead to leverage investments we've made in the past, including field force investments in the US, and we see opportunity to continue to leverage those even as we continue to drive growth and launch products across the market. We will continue to see some investments in DTC behind our key brands.

因此，當我們展望未來時，這是我們價值主張的核心原則，我們將繼續牢記這一點，當我們展望未來利用我們過去所做的投資（包括現場人員投資）時，我們有機會在這裡在美國，我們看到了繼續利用這些優勢的機會，即使我們繼續推動成長並在整個市場推出產品。我們將繼續看到我們的主要品牌背後對 DTC 的一些投資。

Again, we're building a market, something we have demonstrated an ability to build markets, expand them and defend them if you look at what we're doing across our portfolio right now and an important part of that will be DTC and advertising promotion behind these products as we go into next year. We would anticipate, again, as I've said before, the business has an inherent ability to grow the online faster than the top as you see the mix as well as price that we're able to take. How much we deliver in any given year may very dependent on the levels of investments we're making, but we remain committed to growing the bottom line faster.

再說一次，我們正在建立一個市場，如果你看看我們現在在整個產品組合中所做的事情，我們已經證明了我們有能力建立市場、擴大市場並捍衛市場，其中一個重要部分將是DTC 和廣告促銷當我們進入明年時，這些產品的背後。正如我之前所說，我們再次預計，當你看到我們能夠接受的組合和價格時，該公司具有比頂級公司更快地增長在線業務的固有能力。我們在任何一年的交付量可能很大程度上取決於我們正在進行的投資水平，但我們仍然致力於更快地提高利潤。

Michael Ryskin of Bank of America.

美國銀行的麥可‧萊斯金。

I want to follow up on a couple of points you touched on there. First, just in the quarter, thinking about Librela progression year-to-date. I know you had some destocking dynamics earlier in the year, just making sure for Librela for Trio for Derm, was there anything like that in the third quarter in terms of inventory management with customers, people stocking for year-end or maybe destocking any promotions, anything like that? I just want to make sure we're looking at "clean numbers here, especially some competing launches going on for some of these things.

我想跟進您提到的幾點。首先，就在本季度，考慮 Librela 年初至今的進展。我知道你們今年早些時候有一些去庫存動態，只是確保 Librela for Trio for Derm 在第三季度與客戶的庫存管理、人們為年底備貨或者可能去庫存任何促銷活動方面是否有類似的情況，類似的事情嗎？我只是想確保我們看到的是「乾淨的數字，特別是針對其中一些東西正在進行的一些競爭性發布。

And then two, I want to touch a little bit on the MFA component. You updated the guide for that divestment for the fourth quarter as you touched on two months in the US, on OUS. How should we think about full year 2025 impact in terms of updating our numbers. I think it's roughly $350 million in annual revenues, but anything you can say in terms of how much SG&A spend, how much R&D spend falls into that just so we can start to true up our models for next year?

第二，我想稍微談談 MFA 組件。當您在 OUS 上談到了美國兩個月的情況時，更新了第四季度的撤資指南。我們應該如何考慮更新資料對 2025 年全年的影響。我認為年收入約為 3.5 億美元，但是您能說一下 SG&A 支出有多少、研發支出有多少屬於其中嗎？

Sure. First, it was a clean quarter across our entire business in the US and abroad. So there's no stocking dynamics or inventory build up there. But I'll let Wetteny take the more detailed question on MSAs.

當然。首先，我們在美國和海外的整個業務在這個季度表現良好。因此，那裡沒有庫存動態或庫存累積。但我會讓 Wetteny 回答有關 MSA 的更詳細問題。

Yes, sure. Look, to Kristin's point, if you look at inventory levels, particularly across distributors in the US, which we have visibility into, not as much visibility obviously across clinics individually. But our inventory levels remain closer to the low end of our historical averages similar to where we were over a year ago in Q1 after destocking. So I would say that. And then with Librela, keep in mind, this is a pollchain product. that is being shipped direct with clinics and not going through distribution.

是的，當然。就克里斯汀的觀點而言，如果你看看庫存水平，特別是美國經銷商的庫存水平，我們可以看到這些水平，但各個診所的可見性顯然不那麼高。但我們的庫存水準仍接近歷史平均水準的低端，與一年多前去庫存後第一季的情況類似。所以我會這麼說。然後，對於 Librela，請記住，這是一個輪詢鏈產品。直接運送到診所，不經過分銷。

So it's really a product and given our penetration levels that we highlighted two quarters ago, there's not incremental penetration to really influence inventory levels here. So I thought I would add that to the answer you already received. With MFAs, just a reminder of what we have disclosed previously, this is a business last year, 2023 full year did about $400 million and about 30% margins.

因此，這實際上是一種產品，考慮到我們兩個季度前強調的滲透水平，沒有增量滲透來真正影響庫存水平。所以我想我會將其添加到您已經收到的答案中。就 MFA 而言，提醒一下我們先前揭露的情況，這是一項去年的業務，2023 年全年營收約 4 億美元，利潤率約為 30%。

So I think that gives you and by the way, seasonality here is roughly linear across the year. So if you look at the divestiture this year, it's about half of a quarter. With two months of the US and one month of international, you can run the numbers here in terms of what the impact is exiting this year. And then what that would be for next year because we have 3.5 quarters in the number 2024 that we'll be comping against. And I think that should give you -- even though not getting to specifics on SG&A versus R&D, et cetera. I think that gives you an impact on through the P&L.

所以我認為這給了你，順便說一句，這裡的季節性在一年中大致呈線性。因此，如果你看看今年的剝離情況，你會發現大約是四分之一。考慮到美國兩個月和國際一個月，您可以根據今年的影響來計算這裡的數字。然後是明年的情況，因為我們將在 2024 年的數字中與 3.5 個季度進行比較。我認為這應該給你——即使沒有詳細說明 SG&A 與 R&D 等方面的細節。我認為這會對損益表產生影響。

Brandon Vasquez of William Blair.

威廉布萊爾的布蘭登瓦斯奎茲。

I want to focus on parasiticides and Simparica Trio. It's been really not a strong segment for you guys, especially Trio. Can you talk a little bit about despite more competition in the market why you guys seem to be taking care, perhaps it's something on the commercial side and maybe some of the execution you guys have there. So just any color there and how much that can continue into '25. And then a quick follow-up is just if there's any -- Wetteny, for you, if there's any price mix commentary you could give us on the quarter, especially in the companion animal side. .

我想專注於殺寄生蟲劑和 Simparica Trio。對你們來說，這確實不是一個強大的部分，尤其是 Trio。您能否談談儘管市場競爭更加激烈，為什麼您似乎還是很關心，也許是商業方面的原因，也許是您在那裡的一些執行力。所以只要有任何顏色，以及可以持續到 25 年的程度。然後是快速跟進，如果有的話 - Wetteny，對你來說，如果有任何價格組合評論，你可以給我們提供有關本季度的價格組合評論，特別是在伴侶動物方面。。

Sure. Thanks, Brandon. Look, we're really proud of the performance of Trio. It is the number one prescribed parasiticide. It's already been used in over 13 million dogs I think that the real focus here for us is SIMPARICA growing 27% globally is really having a phenomenal product. I think it starts with that. I think we were first to market with Trio, which I think has made a big difference -- we've also been able to grow that product tremendously leveraging alternative channels, which today is about 20% of that. But I think what's really underscoring all this is that the oral fleet tick on the hardware market is growing 45% year-over-year. And that growth is moving more people into the oral category.

當然。謝謝，布蘭登。看，我們真的為 Trio 的表現感到自豪。它是排名第一的處方寄生蟲劑。它已經被用於超過 1300 萬隻狗，我認為我們真正關注的是 SIMPARICA 在全球範圍內增長了 27%，這確實是一款非凡的產品。我想一切都是從那開始的。我認為我們是第一個將 Trio 推向市場的公司，我認為這產生了很大的影響——我們也能夠利用替代管道極大地發展該產品，目前這一比例約為 20%。但我認為真正強調這一切的是硬體市場上的口頭車隊數量年增 45%。這種成長正在讓更多的人進入口腔領域。

And as you look at Pupishare, which I think is a really good indicator of where we're going in the future, TRIO has a 35% share in puppies. So I think between being a first mover advantage, having a phenomenal product, that's got comprehensive coverage, it's convenient. It's a chewable. I think it's a great product. And look, we partnered very closely with all of our customers and certainly with our corporates. And I think you're seeing the customers are really pleased with the product.

當你看看 Pupishare 時，我認為它是我們未來發展方向的一個很好的指標，TRIO 在小狗領域擁有 35% 的份額。所以我認為，在先發優勢、擁有出色的產品、全面覆蓋之間，這很方便。這是一種咀嚼片。我認為這是一個很棒的產品。看，我們與所有客戶，當然還有我們的公司，都密切合作。我認為您看到客戶對產品非常滿意。

So we see strong momentum going into next year. And I'll underscore some of the comments that Whitney said in his prepared remarks, which is -- what we've seen continuously as new entrants enter the market is the expansion of the oral fleet tick and hardware market. And that is what we're expecting next year into 2025. So Wetteny, do you want to take the second half of the question?

因此，我們看到明年將出現強勁的勢頭。我將強調惠特尼在他準備好的演講中所說的一些評論，隨著新進入者進入市場，我們不斷看到的是口服車隊滴答聲和硬體市場的擴張。這就是我們對明年到 2025 年的期望。Wetteny，你想回答問題的後半部嗎？

Sure. In terms of price mix and volume here, as you heard in the prepared commentary, the 14% operational growth in the quarter was 8% volume and 6% price. Now your question, if it's related specifically to operate in the trial performance, I would say it's about balanced with a slightly more volume than price, Here, keep in mind, as we've stated previously, we have more targeted promotions as well as discounts to our customers, which is actually driving better price realization and not just price increases, if you will here on this product, which, again, has been a phenomenal execution, I would say, and contribution to the growth that you're seeing on Trio specifically.

當然。就價格組合和銷量而言，正如您在準備好的評論中聽到的那樣，本季 14% 的營運成長是銷量 8% 和價格 6%。現在你的問題是，如果它與試用性能中的具體操作有關，我會說它是關於平衡的，數量略大於價格，在這裡，請記住，正如我們之前所說，我們有更有針對性的促銷活動以及向我們的客戶提供折扣，這實際上推動了更好的價格實現，而不僅僅是價格上漲，如果你願意在這個產品上的話，我想說，這再次是一個驚人的執行，並對你所看到的成長做出了貢獻特別是在三重奏上。

Jon Block of Stifel.

斯蒂菲爾的喬恩·布洛克。

First one, are there any different marching orders for the sales force is US Librela now largely moves from, call it, new practice adoption to more driving utilization and getting into model to moderate. Maybe the tack on to that would be any specific thoughts about 4Q revenue from US Librela, did you commit to Q-over-Q growth?

首先，美國 Librela 的銷售團隊現在有什麼不同的行進命令嗎？也許對此的解決方案是對美國 Librela 第四季度收入的任何具體想法，您是否承諾實現環比增長？

Because I just want to follow-up there seems to be the only noise in the quarter, quite honestly. And then the second one would just be any high-level building blocks for 2025 revenue Wendy, you mentioned China headwinds of 1 point this year. I'm guessing for the most part, that unwinds. You've got Librela, their trajectory, obviously, some of the other key franchises. So again, even at a high level, any building blocks for us to take into consideration.

因為我只是想跟進，老實說，這似乎是本季唯一的噪音。第二個就是 2025 年收入的任何高層建構模組，溫迪，你提到今年中國面臨 1 個百分點的阻力。我猜大多數情況下，這會放鬆。你有 Librela，他們的軌跡，顯然，還有其他一些關鍵的特許經營權。因此，即使在較高的層面上，我們也需要考慮任何建置模組。

Sure. I would say there's not any new sales marching orders. I think it's a lot more of continuing to focus on getting clinics have more experience across not just severe but moving into moderate, which we started probably a little while ago. That was a key focus even for us at launch. So we'll continue to focus on growing the brand there. But I think it's really sticking with the key messages of the safety of the product, the efficacy of the product and really demonstrating continuously the opportunity to look at the 8 million patients currently on NSAIDs and switching those NSAID patients over to Librela, assuming that that's the right product for that pet overall.

當然。我想說的是，沒有任何新的銷售行軍訂單。我認為更多的是繼續專注於讓診所擁有更多的經驗，不僅是針對嚴重的，而且是進入中度的，我們可能不久前就開始了。即使對我們來說，這也是我們在發佈時的一個重點。因此，我們將繼續專注於在那裡發展品牌。但我認為它確實堅持了產品安全性、產品功效的關鍵信息，並真正持續展示了觀察目前使用 NSAID 的 800 萬患者並將這些 NSAID 患者轉為 Librela 的機會，假設這是整體上適合該寵物的產品。

So we remain, again, very, very pleased with this launch. And given how pleased we are at the launch, I think we're going to continue down the same tactics that we have now that we've got the penetration, it's really focusing on expanding the use out of just not just severe but obviously in moderate as well as really talking about the opportunity given the different pet's medical needs to switch from NSAID. So I'll turn the second part of the question over to Wetteny on building box for '25.

因此，我們對這次發布仍然非常非常滿意。考慮到我們對發布感到多麼高興，我認為我們將繼續採用我們現在已經獲得滲透的相同策略，它真正關注的是擴大使用範圍，不僅是嚴重的，而且顯然是在溫和以及真正談論考慮到不同寵物的醫療需求從非類固醇抗發炎藥轉換的機會。因此，我將把問題的第二部分交給 Wetteny，討論 '25 的建造盒子。

Sure, John. Look, we look forward to sharing our 2025 guidance on our next call in February. And just maybe a few reminders here that might be helpful in terms of directionally where we're headed, right? We have several sources of growth, and we continue to see strong underlying demand across our portfolio in most markets. where we operate.

當然，約翰。我們期待在 2 月的下一次電話會議上分享我們的 2025 年指導。也許這裡的一些提醒可能對我們前進的方向有所幫助，對嗎？我們有多種成長來源，我們繼續看到大多數市場的投資組合都有強勁的潛在需求。我們經營的地方。

Our outlook for derm and for Trio remain very positive exiting this year and going into next year. We expect to see continued strong growth across our OA pain franchise on a year-over-year basis. And even if you have more normalized pricing, we would expect those to be above -- slightly above our historical pricing contribution of 2% to 3%.

從今年開始到明年，我們對 derm 和 Trio 的前景仍然非常樂觀。我們預計我們的 OA 疼痛系列產品將年比持續強勁成長。即使您有更標準化的定價，我們預計這些定價將略高於我們歷史定價貢獻的 2% 至 3%。

And as I covered in the prepared commentary, China will be more normalized as we exit this year starting in Q4 and into next year. And so you have less of an headwind going into next year, which was almost a full point in the current year. The last piece I would give is just a reminder on the MFA and water salable product portfolio, removing those and I shared those numbers already in terms of what that -- those products did last year. So hopefully, that's helpful in terms of getting you into some sort of ballpark here.

正如我在準備好的評論中所提到的，隨著我們從今年第四季開始一直到明年退出，中國將更加正常化。因此，進入明年的阻力就會減少，而這幾乎是今年的一個完整點。我要給的最後一篇文章只是提醒大家注意 MFA 和水銷售產品組合，刪除這些內容，我已經根據這些產品去年的表現分享了這些數字。希望這對讓您了解某種情況有所幫助。

David Westenberg of Piper Sandler. .

派珀‧桑德勒 (Piper Sandler) 的大衛‧韋斯特伯格 (David Westenberg)。。

Congrats on great quarter. A little bit touch on macro real quick. Just in terms of how you price relative to veterinary CPI? Is that ever a consideration and as we go into next year, do you also consider some of the clinic growth assumptions that we've seen Yes, you are isolated in a lot of ways because you can buy off channel. However, those initial scripts do need to come on visits, and we've seen visits for the last year being quite down.

恭喜這個偉大的季度。快速接觸一下宏觀。僅就您相對於獸醫消費物價指數的定價而言？這是一個考慮因素嗎？然而，這些最初的腳本確實需要訪問，而且我們發現去年的訪問量相當低。

Now -- and then just a second on a clarification, Whitney, I think you said in your prepared remarks, a reasonable promotion environment or something along the lines of that. Can you clarify what you mean if you meant Zoetis an industry-wide -- and specifically, I'm thinking about some of the promotion environments, beginning of next year as we enter a parasiticide season. You'll have a full season of Quattro might be lapping some of the promotions from NexGuard Plus, I don't know anything like that. So if I could just get a clarity there.

現在 - 然後請澄清一下，惠特尼，我想你在準備好的發言中說過，合理的晉升環境或類似的內容。如果您指的是碩騰整個行業，您能澄清一下您的意思嗎？你將擁有一整季的 Quattro 可能會享受 NexGuard Plus 的一些促銷活動，我不知道類似的事情。所以如果我能弄清楚的話。

Sure. Thanks, David. I'll start with your first 1 and wet me if I miss anything, please build on it. As we think about pricing, obviously, we start with the pricing environment and the overall inflation environment in any given market where we compete -- but the primary thing that we really focus on is a product-by-product SKU by SKU view of our differentiation in the marketplace overall. And I know you referenced that visits were down. I mean we continue to say visits are not a good proxy for how animal health and more particularly how Zoetis does.

當然。謝謝，大衛。我會從你的第一個開始，如果我錯過了什麼，請繼續努力。顯然，當我們考慮定價時，我們首先會考慮我們競爭的任何特定市場的定價環境和整體通膨環境，但我們真正關注的首要問題是我們的逐個產品 SKU 視圖。我知道你提到訪問量下降了。我的意思是，我們繼續說訪問並不能很好地代表動物的健康狀況，尤其是碩騰的健康狀況。

Really, what you're seeing is some of those wellness visits and a lot of those are products pick up products visits. And a lot of that is going over to the alternative channel, which continues to grow very strongly. But if you look at the visits for our particular products, around derm or around pain, they're up. And so I think we're really focused on what is the innovation and what is the value that our product provides to both the vet and the pet owner. And I think that is what really primarily drives our pricing strategy overall. I'll turn the second question on the pricing -- the promotional environment to you, Wetteny.

實際上，您所看到的是其中一些健康訪問，其中許多是產品選擇產品訪問。其中很大一部分都流向了替代渠道，該渠道繼續強勁增長。但如果你看看我們特定產品的訪問量，無論是皮膚還是疼痛，它們都在上升。因此，我認為我們真正關注的是創新是什麼以及我們的產品為獸醫和寵物主人提供的價值是什麼。我認為這才是真正推動我們整體定價策略的主要因素。我將向你提出有關定價的第二個問題——促銷環境，Wetteny。

Sure. Look, the only thing I would add to the visits is even as overall visits are down in the US. If you look at the key therapeutic areas for us, OA Pain business up double digits. Derm visits are up even as more and more of our Apoquel products are being sold through the retail channel. So I think that really spells it and consistent with what we've been sharing for some time now.

當然。聽著，我唯一要增加的訪問量是，即使美國的整體訪問量下降了。如果你看看我們的關鍵治療領域，你會發現 OA 疼痛業務成長了兩位數。儘管我們越來越多的 Apoquel 產品透過零售通路銷售，但皮膚訪問量仍在增加。所以我認為這確實說明了這一點，並且與我們一段時間以來所分享的內容一致。

And then if you look at alternative channels, it has been a significant growth driver for us. across the US. pet care, which, of course, reduces some of the dependency on clearing visits as well as the auto ship and higher compliance that, that drives. Alternative channels were up actually 34% year-on-year on the quarter, again, demonstrating that point.

如果你看看其他管道，你會發現它一直是我們的重要成長動力。遍佈美國。寵物護理，當然，這減少了對清理訪問以及汽車運輸的依賴，並提高了合規性。本季度替代管道實際上同比增長了 34%，再次證明了這一點。

As far as promotional activities, my comment here is you see far more disciplined promotional environment this year, particularly when you compare it to last year when we were up against a new competitor in the civil combination parasiticide space. So that comment really is to say there's not as much promotional activity here and that we are more targeted in terms of our discounting to our customers.

就促銷活動而言，我在這裡的評論是，今年的促銷環境更加嚴格，特別是與去年相比，去年我們在民用組合殺蟲劑領域面臨新的競爭對手。所以這個評論實際上是說這裡沒有那麼多促銷活動，而且我們在向客戶提供折扣方面更有針對性。

Balaji Prasad of Barclays. .

巴克萊銀行的巴拉吉·普拉薩德。。

Two from me, 1 speaking a bit more about 2025. Could you comment about -- comment on the incremental growth drivers and headwinds, especially that you see. And Wetteny, especially as we think about OpEx, again, I don't want to get into guidance, but if you can just comment on the pushes and pulls towards your OpEx spend in the year. Secondly, with regard to Simparica Trio again, can you comment on what kind of move -- in terms of the $5 million -- 57 million dogs that you have provided that could move to soils what's the pace of conversion that could be achieved on a real estate basis?

我寫了兩篇文章，其中一篇多講了一些關於 2025 年的事。您能否評論一下增量成長動力和阻力，尤其是您看到的。Wetteny，特別是當我們再次考慮營運支出時，我不想提供指導，但如果您能評論一下今年營運支出支出的推動和拉動。其次，再次關於 Simparica Trio，您能否評論一下您提供的 5700 萬隻狗可以採取什麼樣的行動（以 500 萬美元計），這些狗可以轉移到土壤中？

Sure. Wetteny, do you want to take this?

當然。韋特尼，你想要這個嗎？

Sure. The first point in terms of next year, and again, I look forward to providing more specific guidance in February here. Balaji, look, I think as we've said at Investor Day, we see opportunity to leverage our SG&A from an OpEx perspective. We have been running R&D driven by our portfolio and our pipeline progression faster than revenue. I think you see that coming in closer to revenue this year. We'll get into more detail in that in terms of what we would expect into next year, but that's certainly one consideration.

當然。第一點是關於明年的，我再次期待在二月在這裡提供更具體的指導。Balaji，聽著，我認為正如我們在投資者日所說的那樣，我們看到了從營運支出角度利用我們的 SG&A 的機會。我們的研發一直由我們的產品組合和管道進展速度快於收入驅動。我想你會看到今年的收入更接近了。我們將根據我們對明年的預期進行更詳細的介紹，但這肯定是一個考慮因素。

I think when I think about other pushes and pulls, there's been a lot of conversations around Argentina this year. I think 1 thing to keep in mind is, as we have highlighted, the pricing that we have taken in Argentina this year you get in other hyperinflationary markets for that matter.

我想當我想到其他的推動和拉動時，今年圍繞阿根廷發生了很多對話。我認為需要記住的一件事是，正如我們所強調的，今年我們在阿根廷採取的定價與其他惡性通膨市場的定價相同。

Again, if you expect a more normalized pricing environment, and we would anticipate slightly above where our historical rate is that incremental price you see from Argentina this year, which is actually on a declining basis. So Q1 was the peak we've come down in Q2 and in Q3, and we expect Q4 to be closer to 1% I think that would be an item to consider as we go through next year.

同樣，如果您期望一個更正常化的定價環境，我們預計今年阿根廷的增量價格將略高於我們的歷史水平，而實際上正在下降。因此，第一季是我們在第二季和第三季下降的峰值，我們預計第四季將接近 1%，我認為這將是我們明年需要考慮的一個項目。

But 1 important point though is if you work down the P&L, that has actually had significant headwinds through inflation through the middle of the P&L. And then from an FX perspective, if you look at the reported results, the net impact of Argentina year-over-year is actually negative across the P&L. So I think that's really important points to keep in mind as you're thinking about SG&A?

但重要的一點是，如果你降低損益表，就會發現損益表中間的通膨其實帶來了巨大的阻力。然後從外匯角度來看，如果你看報告的結果，阿根廷的淨影響其實對損益表來說是負的。所以我認為，當您考慮 SG&A 時，記住這一點非常重要？

And then the other point on -- as we look at the parasiticide market and what we expect to happen here, we've seen this before. This is the same that we saw, say, almost a decade ago with the launch of all exasolines, you saw really continual transition into those that continue to grow the market substantially. And clearly, when we look at the percentage of puppies that are getting put on a triple combination, which is much higher than the overall percentage of dogs that are on Paris.

然後是另一點——當我們觀察殺蟲劑市場以及我們期望在這裡發生的情況時，我們以前已經看到過這一點。這與我們所看到的情況是一樣的，比如說，大約十年前，隨著所有 exasolines 的推出，你看到了真正不斷的過渡到那些繼續大幅增長市場的產品。顯然，當我們觀察三重組合的小狗百分比時，這遠高於巴黎狗的總體百分比。

So about one-third of the prescription parasiticides are in triple combinations, but over 50% of puppies are and so that gives you a strong indication of what's going to continue to happen in that market. The split between how much is going from other oils versus collars and topic is not something we have a specificity on, but needless to say, that is where the market is going is towards those triple combinations.

因此，大約三分之一的處方殺蟲劑採用三重組合，但超過 50% 的幼犬採用三重組合，這為您提供了一個強有力的跡象，表明該市場將繼續發生什麼。其他油與項圈和主題之間的區別並不是我們具體討論的問題，但不用說，市場的發展方向就是這些三重組合。

Yes. And Balaji, I would just encourage you to look at our slides from today because we show you some of the graphs of what that actually looks like. And I think with a double-digit growth the fourth year on the market, I think it speaks for itself as well. .

是的。巴拉吉，我只是鼓勵您觀看今天的幻燈片，因為我們向您展示了一些實際情況的圖表。我認為市場第四年實現了兩位數的成長，我認為這也是不言而喻的。。

Jonathan Block Stifel, Nicolaus & Company, Incorporated

喬納森·布洛克·斯蒂菲爾尼古拉斯公司

Kristen, it sounds like the company is confident in its ability to take another year of above-average price increases. And I'm kind of curious like what's sort of given you that confidence and given the evolving competitive landscape and current macro climate? And then just a sort of part of that, could you give us an update on what percentage of the companion business is flowing through alternate site versus the vet office and if that's having any impact on any sort of pricing or customer trends that we should be aware of?

克里斯汀，聽起來該公司對自己能夠再承受一年高於平均的價格上漲充滿信心。我有點好奇，考慮到不斷變化的競爭格局和當前的宏觀氣候，是什麼給了你這樣的信心？然後，只是其中的一部分，您能否向我們提供最新信息，說明伴隨業務流經備用站點與獸醫辦公室的比例有多少，以及這是否對我們應該採取的任何類型的定價或客戶趨勢產生任何影響知道嗎？

Sure. I'll start with your second question. Retail grew 34%. I think it's a little bit over. I mean, Wetteny, you can correct me, around 10% of the US business at this point? What is it will have?

當然。我將從你的第二個問題開始。零售業成長 34%。我覺得有點結束了。我的意思是，Wetteny，你可以糾正我嗎，目前美國業務的 10% 左右？它會有什麼？

It's closer to 15%. If you look at all alternative channels, that's retail online as well as big more delivery as well combined.

接近15%。如果你看看所有替代管道，那就是線上零售以及更多的送貨管道。

Yes. No, I think it's growing very strongly in the US. I mean, look, as we look at overall pricing, again, I'd go back to where I started before, which is look product by product and the innovation we're bringing. And I think what we've really talked about continuously is the diverse, durable and innovative portfolio that Zoetis has across species and globally.

是的。不，我認為它在美國的成長非常強勁。我的意思是，當我們考慮整體定價時，我會再次回到之前開始的地方，即逐一產品地查看我們帶來的創新。我認為我們真正不斷討論的是碩騰在跨物種和全球範圍內擁有的多樣化、耐用和創新的產品組合。

And so that's how we price our products. And we've continued, as we've seen competition, for example, in parasiticides, been continuously taking price there as well where we see the convenience and the benefits that Simparica Trio offer. So I don't have anything new to add here. I'm not sure Wetteny, you do.

這就是我們為產品定價的方式。正如我們所看到的競爭，例如在殺蟲劑領域，我們繼續不斷地提高價格，同時我們也看到了 Simparica Trio 提供的便利性和好處。所以我在這裡沒有任何新內容要添加。我不確定韋特尼，你知道。

Look, I think if you look at this year, right, we are taking price. If you take Argentina out, it's somewhere in the 4.5% to 5% range across the rest of our portfolio, right? And despite that, you see significant volume growth. This quarter, I think, is a testament to that 8% volume growth and 6% price. And so if you look at our key product areas, Derm you see price as well as substantial volume growth. So we think there's room for us to continue that, given the value that we bring with these innovations.

聽著，我想如果你看看今年，對吧，我們正在定價。如果你把阿根廷排除在外，那麼我們投資組合的其餘部分的佔比在 4.5% 到 5% 之間，對吧？儘管如此，您還是看到了銷量的顯著成長。我認為，本季是 8% 的銷售成長和 6% 的價格成長的證明。因此，如果您查看我們的關鍵產品領域 Derm，您會看到價格和銷售量的大幅成長。因此，考慮到我們透過這些創新帶來的價值，我們認為我們還有繼續這樣做的空間。

Chris Schott of JPMorgan.

摩根大通的克里斯·肖特。

Just two questions for me. Maybe first on APOQUEL, can you just elaborate a little bit about how you're thinking about the impact from the Zynrelia launch -- and maybe specifically, should we anticipate any slowdown to your growth due to some of their promotion activities are you expecting relatively limited impact there?

對我來說只有兩個問題。也許首先關於 APOQUEL，您能否詳細說明您如何看待 Zynrelia 發布的影響——也許具體來說，我們是否應該預計您的增長會因為他們的一些促銷活動而放緩，您相對預期是這樣的影響有限嗎？

And then my second question would be on umbrella uptake. Just any comments on how US compliance is trending relative to your expectations? I know it's early, but just anything notable in some of those initial trends.

我的第二個問題是關於雨傘的使用情況。您對美國合規趨勢與您的預期有何評論？我知道現在還為時過早，但在一些最初的趨勢中，有一些值得注意的地方。

Sure. I'll start with Apoquel and then Wetteny, if you want to build on Librela uptake question. Yes, I mean another strong quarter, obviously, from Apoquel had 16% growth across the quarter. I think it's the number one product out there.

當然。如果您想以 Librela 的吸收問題為基礎，我將從 Apoquel 開始，然後是 Wetteny。是的，我的意思是 Apoquel 的另一個強勁季度，整個季度增長了 16%。我認為這是排名第一的產品。

It's got 11 years of safety, huge satisfaction rates across both consumers and veterinarians with a 90% satisfaction rate and I think our focus with the product is continuing to grow the category. We think there's an opportunity for higher compliance to address under or untreated dogs to convert to 3 million dogs or on other treatments and 8 million dogs currently not on therapy.

它擁有 11 年的安全性，消費者和獸醫的滿意度高達 90%，我認為我們對該產品的關注是繼續擴大這個類別。我們認為，有機會提高依從性，以解決未接受治療或未接受治療的狗的問題，使 300 萬隻狗轉為接受其他治療，以及 800 萬隻目前未接受治療的狗。

We're very confident in our ability to compete with this product given the satisfaction, given the safety and given the efficacy overall. We're very proud of the performance of this, and we look forward to strong performance obviously going forward in 2025 and beyond. You want to take the a update?

考慮到滿意度、安全性和整體功效，我們對與該產品競爭的能力非常有信心。我們對此的表現感到非常自豪，我們期待 2025 年及以後的強勁表現。您想接受更新嗎？

Yes, sure. Look, I think as we've said before, this is our most successful launch cover in the company's history. And I think while it's a little bit early to get into a ton of detail around compliance in the US specifically, I always like to look at our international markets, which will continue to see strong double-digit growth across those markets for years out. And when we look at the transition into more moderate cases, which now represent more than 60% of our -- of cases in -- across Europe, for example, that's driving up Musson therapy to be above seven months and compliance rates that are exceptionally high in that market.

是的，當然。看，我認為正如我們之前所說，這是我們公司歷史上最成功的發布會封面。我認為，雖然現在詳細了解美國的合規性細節還為時過早，但我總是喜歡關注我們的國際市場，這些市場在未來幾年將繼續保持兩位數的強勁增長。例如，當我們看到向較溫和病例的轉變時，這些病例目前佔整個歐洲病例的 60% 以上，這使得 Musson 治療時間延長至 7 個月以上，並且依從率非常高在那個市場上很高。

So I think this gives you an indication of where the market is and given the efficacy and the revolutionary profile of this product, what it can do and what is actually doing across markets outside the US, and we're very pleased with where we are in the launch trajectory here in the US as well.

因此，我認為這可以讓您了解市場的情況，並考慮到該產品的功效和革命性概況，它可以做什麼以及在美國以外的市場上實際做了什麼，我們對我們所處的位置非常滿意在美國的發射軌跡也是如此。

Steve Scala of TD Cowen. .

TD Cowen 的 Steve Scala。。

This is Chris on for Steve Scala, At from a strong quarter a First, Zoetis has its best confidence in above-industry average sales growth, what is your level of confidence in being able to maintain this growth long term based only on current on-market products without contributions from pipeline of business development? And then second, how many competitive matches are you expecting in 2025? And how is this uncertainty impacting your thoughts on how conservative initial 2025 guidance will be?

這是史蒂夫·斯卡拉(Steve Scala) 的克里斯(Chris) 的發言，首先，碩騰(Zoetis) 對高於行業平均水平的銷售增長充滿信心，您對僅基於當前的情況就能長期維持這種成長的信心有多大？其次，您預計 2025 年會有多少場競技比賽？這種不確定性如何影響您對 2025 年初始指引的保守程度的看法？

Sure. I'll give that a shot. Look, I think if you look at our history over a decade, we have outperformed the market by 3 points on average. I would argue, if you look at the market growth rates this year, it's even above that. Now your question is how -- what's our confidence level and be able to sustain that. We're very confident in our ability to sustain that given our existing portfolio and bifurcating between existing portfolio and new launches is not something I'm going to venture into because that is ingrained into how we go to market and how we continue to invest in solving for our customers' greatest challenges.

當然。我會嘗試一下。我想，如果你看看我們十多年來的歷史，我們的表現平均比市場高出 3 個百分點。我認為，如果你看看今年的市場成長率，你會發現它甚至高於這個數字。現在你的問題是──我們的信心水準是多少，並且能夠維持這種信心水準。考慮到我們現有的投資組合，我們對維持這一目標的能力非常有信心，而現有投資組合和新產品之間的分歧不是我要冒險的事情，因為這根深蒂固於我們如何進入市場以及我們如何繼續投資解決客戶面臨的最大挑戰。

It's hard for me to give you what the growth rate would be without that. But what I would say is it's really important to note that it's not only when we launch a brand new innovation in a new area is a continued life cycle innovation that we drive, which is almost historically 50% of our R&D spend. So we continue to grow the market and expand the market, adding additional claims as we go along the way, which is how we, over time, build markets.

我很難告訴你如果沒有這個的話增長率會是多少。但我想說的是，值得注意的是，我們不僅在新領域推出全新創新，而且還推動持續的生命週期創新，從歷史上看，這幾乎占我們研發支出的 50%。因此，我們繼續發展市場並擴大市場，一路走來增加額外的索賠，這就是我們隨著時間的推移建立市場的方式。

And I know there's a lot of questions around sequential growth, et cetera, it's not really about the sequential growth. It's never really super linear it's over time, building the market that once you build it, it's also very sticky because you've established the standard and someone else has to come with something that is significantly differentiated in order to overtake you. And that's what drives our business. So we're very confident in continuing to be able to outperform the industry.

我知道圍繞著連續成長存在著許多問題，等等，這並不是真正的連續成長。它從來都不是真正的超級線性，而是隨著時間的推移而建立的市場，一旦你建立了它，它也非常粘，因為你已經建立了標準，而其他人必須提供顯著差異化的東西才能超越你。這就是我們業務的驅動力。所以我們非常有信心能夠繼續跑贏行業。

(Operator Instructions)

（操作員說明）

Navann Ty of BNP Paribas.

法國巴黎銀行的 Navann Ty。

One on competition and 1 on innovation. So on competition, can you expand on which levers is what is using to defend Apoquel versus Anvia? Would that be -- or is about the safety at both near-term pricing or anything else. And for Credelio Cuatro, did you plan any promotions around that launch maybe to a lesser extent that when you were facing Nexa -- and then on innovation, are you able to discuss progress around the long-acting injectables, monoclonal antibodies and parasiticide and longer term innovation in CKD, oncology and cardiology?

一項關於競爭，一項關於創新。那麼在競爭方面，你能詳細說明是用哪些槓桿來捍衛 Apoquel 和 Anvia 的嗎？這會是——或者是關於近期定價或其他方面的安全性。對於Credelio Cuatro，您是否計劃圍繞此次發布進行任何促銷活動，程度可能會比您面對Nexa 時的程度要小一些？ 然後在創新方面，您是否能夠討論長效注射劑、單克隆抗體和殺寄生蟲劑等方面的進展？

Sure. With regards to competition, and your first question, I think, was on the derm space, -- we remain very confident in our ability to continue to grow our overall dermatology franchise whether that's APOQUEL, APOQUEL, towable or Cytopoint even with the new competition. We think, again, our 11 years of safety and efficacy competing against a product with a box warning I think is quite strong. I think our satisfaction, we'll continue to do the same tactics we always did. We don't see any need to change any of those. That's really around building deep relationships with our customers, sharing the performance of the product, investing in direct-to-consumer. We don't really see a need given the competition either with them really or also Credelio Quattro.

當然。關於競爭，我認為你的第一個問題是關於皮膚科領域的——即使面對新的競爭，我們仍然對繼續發展我們的整體皮膚科專營權的能力非常有信心，無論是APOQUEL、APOQUEL、 towable 還是Cytopoint 。我們再次認為，我們 11 年的安全性和有效性與帶有方框警告的產品競爭，我認為是相當強大的。我認為我們很滿意，我們將繼續採取我們一貫的策略。我們認為沒有必要改變其中任何一個。這其實是圍繞著與客戶建立深厚的關係、分享產品的性能、投資於直接面向消費者的方式。考慮到與他們或與 Credelio Quattro 的競爭，我們確實認為沒有必要。

What we continue to see is Wetteny remarked in his opening statement, is that really when new entrants come, it grows the market overall. They invest more in direct-to-consumer advertising and you'll see more of a conversion over to the oral FX-tylene class. So we remain very confident. We're not planning on changing any of our promotional tactics when you think about both the entrant and derm as well as the additional entrant into the parts. And look, we expect everyone will enter Paris, and that will only grow the category overall.

我們繼續看到，韋特尼在他的開場白中指出，當新進者到來時，整個市場都會成長。他們在直接面向消費者的廣告上投入更多，你會看到更多的人轉向口服 FX-tylene 類藥物。所以我們仍然非常有信心。當你考慮到進入者和真皮以及零件的​​其他進入者時，我們不打算改變任何促銷策略。看，我們預計每個人都會進入巴黎，這只會整體上增加該類別。

As you think about innovation, as we talked about at our Investor Day, we really see long acting across all of our key franchises, an important driver of growth haven't yet given specific guidance on when those launches will be, but those will be more of the near-term launches, as we mentioned in previous sessions.

當你想到創新時，正如我們在投資者日談到的那樣，我們確實看到了我們所有關鍵特許經營權的長期行動，這是增長的重要驅動力，尚未就這些發布的時間給出具體指導，但這些將是正如我們在先前的會議中所提到的，更多的近期發布。

And there are no further questions at this time. I'd be happy to return the call to Kristin Peck for closing comments.

目前沒有其他問題。我很樂意回電給 Kristin Peck 以徵求結束意見。

Thanks, and thank you all for joining us. As always, we really appreciate your questions and importantly, your interest in Zoetis. The animal health industries are treated proven, it's resilient, and our work remains essential, not only for animals, but for the people and the communities and the economy is impacted globally. So looking ahead, we are excited to strengthen our market leadership by leveraging this resilience and driving long-term growth and value creation.

謝謝，也謝謝大家加入我們。一如既往，我們非常感謝您提出的問題，更重要的是，我們非常感謝您對碩騰的興趣。動物保健產業經過驗證，具有彈性，我們的工作仍然至關重要，不僅對動物，而且對人民和社區，經濟在全球範圍內受到影響。因此，展望未來，我們很高興能夠透過利用這種彈性並推動長期成長和價值創造來加強我們的市場領導地位。

And with that, I want to thank you for your continued trust as you move forward with confidence and purpose committed to shaping the future of Animal Health. Thanks for joining us.

在此，我要感謝您一直以來的信任，因為您滿懷信心和目標，致力於塑造動物健康的未來。感謝您加入我們。

Thank you. This does conclude today's call. You may now disconnect, and everyone, have a great day.

謝謝。今天的電話會議到此結束。您現在可以斷開連接，祝大家有個愉快的一天。