碩騰 (ZTS) 2024 Q4 法說會逐字稿

Welcome to the fourth quarter and full year 2024 financial results conference call and webcast for Zoetis. Hosting the call today is Steve Frank, Vice President of Investor Relations for Zoetis.

歡迎參加 Zoetis 2024 年第四季和全年財務業績電話會議和網路直播。今天主持電話會議的是 Zoetis 投資者關係副總裁 Steve Frank。

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.

簡報資料和其他財務表目前發佈在 zoetis.com 的投資者關係部分。簡報投影片可以由您（檢視者）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) It is now my pleasure to turn the floor over to Steve Frank. Steve, you may begin.

此外，本次電話會議的重播將在電話會議結束後約兩小時透過撥入方式或在 zoetis.com 的投資者關係部分提供。 （操作員指示）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 fourth quarter and full year 2024 earnings call. I am joined today by Kristin Peck, our Chief Executive Officer; and Wetteny Joseph, our Chief Financial Officer.

謝謝您，接線生。大家早安，歡迎參加 Zoetis 2024 年第四季和全年財報電話會議。今天與我一起出席的是我們的執行長克里斯汀·佩克 (Kristin Peck)；以及我們的財務長 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 that actual results could differ materially from those projections.

在我們開始之前，我要提醒您，本次電話會議上展示的幻燈片可在我們網站的「投資者關係」部分找到，並且我們今天的發言將包括前瞻性陳述，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 statements 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.

有關可能導致結果不同的某些因素的清單和描述，請您參閱今天的新聞稿和我們的 SEC 文件中的前瞻性陳述，包括但不限於我們的 10-K 表年度報告和 10-Q 表報告。

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. 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, Thursday, February 13, 2024. We also cite operational results, which exclude the impact of foreign exchange.

我們今天的演講還將提及某些財務指標，這些指標並非按照公認會計原則或美國 GAAP 編制。這些非 GAAP 財務指標與最直接可比較的美國 GAAP 指標的對帳包含在我們收益新聞稿和公司於今天（星期四，2024 年 2 月 13 日）提交的 8-K 文件中附帶的財務表中。我們也引用了排除外匯影響的營運結果。

With that, I will turn the call over to Kristin.

說完這些，我會把電話轉給克里斯汀。

Thank you, Steve, and good morning, everyone, and welcome to our fourth quarter and full year 2024 earnings call. Today, thanks to the dedication of our purpose-driven colleagues, we reported an excellent full year results in line with the high end of our November guidance.

謝謝，史蒂夫，大家早上好，歡迎參加我們的 2024 年第四季和全年財報電話會議。今天，感謝我們目標明確的同事們的奉獻，我們報告了出色的全年業績，與 11 月份預期的高點一致。

We delivered double-digit operational revenue growth of 11%, highlighting the strength of our strategy and the enduring demand of our brands and our relentless focus on execution drove broad-based growth across the business.

我們實現了 11% 的兩位數營業收入成長，突顯了我們策略的實力和我們品牌的持久需求，而我們對執行的不懈關注推動了整個業務的全面成長。

In the US, revenue grew 11%, while internationally, we grew 10% operationally, marking significant revenue milestones even in a competitive landscape. Our ability to grow, defend and launch products across markets drove 14% operational revenue growth in our companion animal portfolio alongside solid 5% operational revenue growth for our livestock portfolio, reflecting our commitment to shareholders, adjusted net income grew 15% operationally.

在美國，我們的收入成長了 11%，而在國際上，我們的營運成長了 10%，即使在競爭激烈的環境中，這也標誌著重要的收入里程碑。我們在各個市場發展、保護和推出產品的能力推動了我們的伴侶動物產品組合的營業收入增長了 14%，同時我們的畜牧業​​產品組合的營業收入穩步增長了 5%，這反映了我們對股東的承諾，調整後的淨收入營業收入增長了 15%。

As we look ahead to 2025, we are confident that the drivers of our 2024 success are sustainable, positioning us for continued above-market growth in the mid- to high single-digit range for this year and beyond. Our confidence is rooted in the diversity of our business model where multiple growth drivers powered by scientific innovation and commercial excellence works together to create and expand markets.

展望 2025 年，我們相信 2024 年成功的驅動力是可持續的，這將使我們在今年及以後繼續保持高於市場的中高個位數成長。我們的信心源自於我們商業模式的多樣性，在該模式中，由科學創新和商業卓越推動的多種成長動力共同創造和拓展市場。

This combination ensures that our market-leading franchises deliver long and, in some cases, decade-long growth tailwinds with significant room for further expansion. While Wetteny will discuss the quarter, I want to highlight some of the drivers that will carry us into 2025.

這種結合確保了我們市場領先的特許經營權能夠帶來長期的成長勢頭，在某些情況下，甚至是長達十年的成長勢頭，並且具有巨大的進一步擴展空間。雖然韋特尼將討論本季的情況，但我想強調一些將帶領我們進入 2025 年的驅動因素。

Our global comparative franchise grew 28% operationally on the year, even amidst competition. This success is fueled by the ongoing shift for triple combination treatments, a market that has grown over 40% in the past 12 months, currently valued at $2 billion, the global triple combination market pioneered and led by Simparica Trio in the US is projected to more than double to $4.5 billion by 2028.

儘管競爭激烈，但我們的全球比較特許經營業務今年的營運成長率仍為 28%。這一成功得益於三聯療法的持續轉變，該市場在過去 12 個月中增長了 40% 以上，目前價值 20 億美元，由美國 Simparica Trio 開創和領導的全球三聯療法市場預計到 2028 年將增長一倍以上，達到 45 億美元。

Over 50% of in the US are now on triple combination, a clear signal of the market's trajectory. And veterinarians and pet owners tend to stay with trusted, proven solutions, underscoring the importance of our three-year first-mover advantage in triple. This dynamic, combined with the strength of our diverse portfolio and robust channel strategy, driving higher compliance and increasing total value per patient, positions us to continue leading in this critical segment.

現在，美國有超過 50% 的人處於三重組合狀態，這是市場走勢的明顯訊號。獸醫和寵物主人傾向於選擇值得信賴、經過驗證的解決方案，這凸顯了我們在三重領域三年先發優勢的重要性。這種動態，加上我們多元化產品組合和強大的通路策略的優勢，推動了更高的依從性並增加了每位患者的總價值，使我們能夠繼續在這一關鍵領域保持領先地位。

Our osteoarthritis or OA pain franchises, including Librela and Solensia grew revenue 80% operationally in 2024. Librela's US launch is the most successful in our history, cementing its blockbuster status in less than four quarters and has quickly become the fourth largest product in our US pet care portfolio.

我們的骨關節炎或 OA 疼痛特許經營權，包括 Librela 和 Solensia，在 2024 年的營運收入增長了 80%。Librela 在美國的推出是我們歷史上最成功的一次，在不到四個季度的時間內鞏固了其轟動地位，並迅速成為我們美國寵物護理產品組合中第四大產品。

As Wetteny mentioned at the JPMorgan Healthcare Conference in January, true disruptive scientific innovation often follows a nonlinear growth trajectory due to the investment, education and market development required to establish entirely new categories of care.

正如韋特尼在今年 1 月的摩根大通醫療保健會議上所提到的，真正的顛覆性科學創新往往遵循非線性的成長軌跡，因為建立全新的護理類別需要投資、教育和市場開發。

Even so, innovations like Librela are revolutionizing the treatment paradigm, offering new hope for pets and their owners. With nearly 25 million doses distributed globally, we have already helped millions of dogs, regain mobility and improve their quality of life.

即便如此，像 Librela 這樣的創新正在徹底改變治療模式，為寵物及其主人帶來新的希望。我們已在全球分發了近 2500 萬劑疫苗，幫助數百萬隻狗恢復活動能力並改善其生活品質。

Just as Librela is transforming care for dog, Solensia is doing the same for cats. Now a blockbuster product, Solensia has redefined OA pain management driving a meaningful increase in feline veterinary visits. By encouraging proactive care, Solensia is bridging long-standing gaps in medicalization and strengthening the relationship between cat owners and their veterinarians.

正如 Librela 正在改變人們對狗的護理一樣，Solensia 也在為貓做同樣的事情。Solensia 現在是一款轟動的產品，它重新定義了 OA 疼痛管理，推動了貓科動物獸醫就診次數的顯著增加。透過鼓勵主動護理，Solensia 正在彌合長期存在的醫療差距並加強貓主人和獸醫之間的關係。

This momentum underscores a significant opportunity to drive sustainable growth in the underpenetrated feline segment and demand for future therapies and long-acting formulations.

這一勢頭凸顯了推動尚未完全滲透的貓科動物市場可持續成長以及未來治療方法和長效製劑需求的重要機會。

In our key dermatology franchise, we grew revenue 17% operationally for the year. As we shared at JPMorgan, even with over 25 million dogs treated by our differentiated portfolio to curb itch, the total addressable market is projected to grow to $2.5 billion by 2028, an 11% CAGR.

在我們的主要皮膚病學特許經營業務中，我們今年的營運收入成長了 17%。正如我們在摩根大通所分享的那樣，即使有超過 2500 萬隻狗使用我們差異化的產品組合來止癢，預計到 2028 年總目標市場仍將增長到 25 億美元，複合年增長率為 11%。

That's because there are still 20 million dogs worldwide who remain untreated or undertreated. With a long runway for growth ahead, a diverse, safe and effective portfolio supported by strong customer satisfaction, brand loyalty and future long-acting formulations position us to lead and expand the market.

這是因為全世界仍有 2000 萬隻狗未接受治療或治療不足。憑藉未來長期的成長空間、多樣化、安全有效的產品組合、強大的客戶滿意度、品牌忠誠度和未來的長效配方，我們得以引領和拓展市場。

And at the heart of our success is our commitment to living our purpose each day, to nurture the world in humankind by advancing care for animals. That means as customer preferences evolve, ensuring our treatments are available where and when they are needed while always championing the essential role of veterinarians.

我們成功的核心是我們每天都致力於實踐我們的目標，透過促進對動物的關懷來滋養人類世界。這意味著隨著客戶偏好的不斷變化，我們需要確保在需要的時間和地點提供治療，同時始終維護獸醫的重要角色。

This commitment has shaped our omnichannel strategy, meeting customers where they are, whether at the clinics or through alternative channels. As a result, Simparica Trio and Apoquel are the top-selling product in US retail, contributing meaningfully higher compliance.

這項承諾塑造了我們的全通路策略，無論是在診所還是透過其他管道，我們都能隨時隨地為客戶提供服務。因此，Simparica Trio 和 Apoquel 成為美國零售業最暢銷的產品，顯著提高了依從性。

When combining retail and home delivery, approximately 20% of our US pet care portfolio flows through alternative channels, driving growth and expanding the total market. We expect this trend to continue into 2025.

當結合零售和送貨上門時，我們大約 20% 的美國寵物護理產品組合透過替代管道流動，​​從而推動成長並擴大整個市場。我們預計這一趨勢將持續到 2025 年。

At the same time, we continue to educate veterinarians and pet owners on the benefits and availability of our treatments, helping to drive informed decisions and better health outcomes. For the year, our livestock portfolio delivered strong 5% operational revenue growth, exceeding our initial expectations and being at the high end of the historical 2% to 4% annual industry growth range.

同時，我們繼續向獸醫和寵物主人宣傳我們治療的好處和可用性，幫助他們做出明智的決定並獲得更好的健康結果。今年，我們的畜牧業​​投資組合實現了 5% 的強勁營業收入成長，超越了我們最初的預期，處於歷史 2% 至 4% 的年度產業成長範圍的高位。

We achieved this result despite the Q4 divestiture of the Medicated Feed Additives product portfolio and certain water soluble products and related assets. The divestiture was a strategic move to streamline our portfolio, enhance operational focus and prioritize high-growth, high-value areas that align with our long-term strategy.

儘管第四季度剝離了藥物飼料添加劑產品組合和某些水溶性產品及相關資產，我們仍然取得了這一業績。此次資產剝離是一項策略性舉措，旨在精簡我們的投資組合，加強營運重點，並優先考慮符合我們長期策略的高成長、高價值領域。

And we remain deeply committed to livestock and to continue to lead with innovative vaccines and life cycle solutions, including antibiotic alternatives and advanced therapies that enhance disease prevention and support sustainability aligned with our core capabilities.

我們依然堅定地致力於畜牧業，並將繼續引領創新疫苗和生命週期解決方案，包括抗生素替代品和先進療法，以增強疾病預防並支持與我們的核心能力一致的可持續性。

As a result of the MFA divestiture, our press release and slides highlight organic operational revenue growth for the full year and fourth quarter, excluding all divested products and adjusted for foreign exchange. Based on this and building on the momentum from 2024, we are guiding to a range of 6% to 8% organic operational revenue growth in 2025, and we'll continue to provide updates on this metric throughout the year. We also expect organic operational growth in adjusted net income in the range of 6% to 8% in 2025.

由於 MFA 剝離，我們的新聞稿和幻燈片重點介紹了全年和第四季度的有機營運收入成長（不包括所有剝離產品並根據外匯進行了調整）。基於此，並延續 2024 年的發展勢頭，我們預計 2025 年有機營運收入成長率將達到 6% 至 8%，並且我們將全年繼續提供此指標的更新。我們也預計，2025 年調整後淨收入的有機營運成長率將在 6% 至 8% 之間。

Excluding the impact of interest and taxes, we expect bottom line growth of 8% to 10%, reflecting the strength of our business fundamentals and the robust secular trends driving our industry. Our strong underlying performance and financial discipline ensures we remain well positioned to deliver on our value proposition.

除去利息和稅收的影響，我們預計利潤增長率將達到 8% 至 10%，這反映了我們業務基本面的強勁以及推動我們行業發展的強勁長期趨勢。我們強勁的基本業績和財務紀律確保我們始終處於有利地位，能夠實現我們的價值主張。

This guidance underscores the strength of our portfolio and commercial engines as we continue to grow our key franchises. The industry remains essential and resilient, driven by strong underlying demand and the indispensable nature of our work.

隨著我們繼續發展我們的主要特許經營權，這項指引強調了我們的產品組合和商業引擎的實力。在強勁的潛在需求和我們工作不可或缺性的推動下，該行業仍然至關重要且具有彈性。

As we look ahead, we will continue balancing strategic investments in innovation and commercial excellence to sustain our track record of profitable growth and generate long-term value for our shareholders.

展望未來，我們將繼續平衡對創新和商業卓越的策略投資，以維持我們的獲利成長記錄並為我們的股東創造長期價值。

In 2025, our success will be anchored in the same key drivers that have propelled us over the past decade. We operate in highly attractive end markets, driven by scientific innovation and market-leading franchises. With our global scale, we can launch therapies across geographies and channels, ensuring veterinarians and pet owners has access to the best treatments available.

2025 年，我們的成功將基於過去十年推動我們前進的關鍵驅動力。我們在極具吸引力的終端市場開展業務，以科學創新和市場領先的特許經營為驅動力。憑藉我們的全球規模，我們可以跨地域和管道推出治療方法，確保獸醫和寵物主人能夠獲得最好的治療。

And while the operating environment evolves every year with new entrants, shifting geopolitical dynamics and an evolving regulatory and trade landscape, our agility positions us to navigate these challenges and capitalize on emerging opportunities. Our success is driven by the strength of our strategy, differentiated execution, innovative pipeline, our colleagues and culture.

儘管經營環境每年都在隨著新進業者、不斷變化的地緣政治動態以及不斷變化的監管和貿易格局而發生變化，但我們的敏捷性使我們能夠應對這些挑戰並利用新興機會。我們的成功源自於我們的策略實力、差異化執行、創新管道、我們的同事和文化。

This is evident in our R&D engine, where we expect at least one major approval annually over the next several years with multiple potential blockbusters in our pipeline. These innovations will drive durable, diversified growth across both companion animal and livestock, reinforcing our commitment to addressing unmet needs.

這在我們的研發引擎中得到了明顯的體現，我們預計未來幾年每年至少會有一個重大批准，並且我們的產品線中有多個潛在的重磅產品。這些創新將推動伴侶動物和牲畜的持久、多樣化成長，加強我們對未滿足需求的承諾。

Above all, we remain committed to our track record of value creation and delivering performances that outpace the market, positioning Zoetis as a trusted leader in animal health now and in the future. And finally, a sincere thank you to our colleagues whose dedication makes these results possible.

最重要的是，我們將繼續致力於創造價值並提供超越市場的業績，將碩騰定位為現在和未來動物保健領域值得信賴的領導者。最後，我們要真誠地感謝我們的同事們，是他們的奉獻才使得這些成果成為可能。

And with that, let me turn it over to Wetteny.

現在，讓我將話題交給韋特尼。

Thank you, Kristin. To echo your enthusiasm, 2024 was an excellent year. Our full year performance reflects broad-based revenue growth across segments, species, price and volume. The foundation of our ability to continually outperform the animal health industry comes from the diversity of our portfolio and the channels and markets in which we lead.

謝謝你，克里斯汀。與您的熱情相呼應，2024 年是極好的一年。我們的全年業績體現了各個部門、品種、價格和數量的廣泛收入成長。我們之所以能夠在動物保健產業中持續領先，其基礎在於我們產品組合的多樣性以及我們領先的通路和市場。

For the year, we posted revenue of $9.3 billion, growing 8% on a reported basis and 11% operationally, with 6% driven by price and 5% from volume. We raised our revenue guidance throughout the year and ultimately finished above the high end of our initial range.

我們全年的營收為 93 億美元，報告成長率為 8%，營運成長率為 11%，其中 6% 受價格推動，5% 受銷售推動。我們全年都提高了收入預期，並最終超過了最初預期的最高值。

Adjusted net income grew 10% on a reported basis and 15% operationally to $2.7 billion. Global revenue growth was driven by our companion animal portfolio, which grew 14% operationally. Leading the way, our Simparica franchise posted $1.4 billion in revenue on the year, growing 28% operationally.

調整後淨收入以報告基礎計算成長 10%，以營運基礎計算成長 15%，達到 27 億美元。全球收入的成長主要得益於我們的伴侶動物產品組合，其營運成長了 14%。領先的是，我們的 Simparica 特許經營權今年的收入達到了 14 億美元，營運成長率為 28%。

Simparica Trio exceeded $1 billion in revenue globally. Simparica Trio remains the number one selling canine parasiticide in the US and the trusted choice for vets and pet owners. As Kristin mentioned, triple combination treatments are the fastest-growing segment in animal health and are less than 40% of prescription treatments signaling significant room for continued growth.

Simparica Trio 的全球收入超過 10 億美元。Simparica Trio 仍然是美國最暢銷的犬類殺寄生蟲劑，也是獸醫和寵物主人值得信賴的選擇。正如克里斯汀所提到的，三聯療法是動物保健領域成長最快的領域，佔處方療法的比重不到 40%，這表明還有很大的持續成長空間。

In OA Pain, we continue to see increased adoption. Librela and Solensia reported combined revenue of $581 million globally for the year, growing 80% operationally. Over a decade since our first launch, our key dermatology franchise posted operational growth of 17%, generating $1.6 billion in revenue.

在骨關節炎疼痛 (OA Pain) 領域，我們持續看到採用率的提高。Librela 和 Solensia 報告稱，今年全球總收入為 5.81 億美元，營運成長 80%。自首次推出以來的十多年裡，我們的主要皮膚病學特許經營業務實現了 17% 的營運成長率，創造了 16 億美元的收入。

We remain steadfast in our confidence to grow the franchise in the face of competition, and we delivered strong double-digit growth balanced across both Apoquel and Cytopoint. We expect continued market expansion, driven by higher compliance and new patient growth as we have highlighted that a significant portion of this market remains untreated or undertreated.

面對激烈的競爭，我們始終堅定信心發展特許經營業務，Apoquel 和 Cytopoint 均實現了強勁的兩位數成長。我們預計市場將繼續擴大，這得益於更高的依從性和新患者的成長，因為我們已經強調，該市場的很大一部分仍未得到治療或治療不足。

Lastly, our livestock portfolio also had a strong year with $2.9 billion in revenue or 5% operational revenue growth, driven primarily by price, while volume growth faced headwinds from the MFA divestiture. On an organic operational basis, livestock grew 7%.

最後，我們的牲畜投資組合今年也表現強勁，實現收入 29 億美元，即營業收入增長 5％，這主要得益於價格上漲，而產量增長則面臨 MFA 資產剝離的阻力。從有機營運角度來看，牲畜產量增加了 7%。

Moving on to segment performance for the year. Both the US and international segments saw impressive double-digit revenue growth. The US posted $5.1 billion in revenue, growing 11% on the year, while our International segment reported revenue of $4.1 billion, growing 10% operationally for the full year.

接下來是年度分部業績。美國和國際市場的收入均實現了令人印象深刻的兩位數成長。美國市場營收為 51 億美元，年增 11%，而國際市場營收為 41 億美元，全年營運成長 10%。

US growth was led by our companion animal portfolio, which grew 15%, driven by the performance of our Simparica franchise, our OA pain and market expansion across our key dermatology franchise. The Simparica franchise reached nearly $1 billion in revenue, growing 26%. Simparica Trio was a primary growth driver with $918 million in sales, growing 30%. With high vet and pet owner satisfaction, Trio is the leading parasiticide product in the US

美國市場的成長主要由我們的伴侶動物產品組合帶動，該組合增長了 15%，這得益於我們的 Simparica 特許經營權、我們的 OA 疼痛治療以及我們的主要皮膚病學特許經營權的市場擴張。Simparica 特許經營的收入達到近 10 億美元，成長 26%。Simparica Trio 是主要的成長動力，銷售額達 9.18 億美元，成長 30%。Trio 是美國領先的殺寄生蟲產品，獸醫和寵物主人對此感到非常滿意

Our ability to grow our volume double digits, while simultaneously taking price by being more targeted in our promotions highlights our first-mover advantage. Our OA pain mAbs reported $271 million in sales in the US, growing 197%. In its first full year in the market, Librela generated $201 million in sales and reached blockbuster status in the US market faster than any product in our history, where it is already the first-line choice for severe OA cases.

我們能夠實現銷售兩位數成長，同時透過更有針對性的促銷來提高價格，這凸顯了我們的先發優勢。我們的 OA 疼痛 mAb 在美國的銷售額為 2.71 億美元，成長了 197%。在上市的第一年，Librela 就創造了 2.01 億美元的銷售額，以比我們歷史上任何產品都要快的速度在美國市場成為暢銷產品，它已經成為治療嚴重骨關節炎的一線選擇。

With nearly 40% of dogs suffering from are at some point in their lifetime, we are confident that Librela will be a contributor to growth for years to come. Solensia posted $70 million in US revenue for the year, growing 58%. For the year, Solensia accounted for over 70% of clinic revenue in the feline OA category and has continued to substantially grow the market since launch.

幾乎有 40% 的狗在一生中的某個時刻都會遭受這種疾病的困擾，我們相信 Librela 將在未來幾年內促進狗的發展。Solensia 今年在美國的營收為 7,000 萬美元，成長 58%。今年，Solensia 佔據了貓科動物 OA 類別診所收入的 70% 以上，並且自推出以來一直持續大幅成長市場。

Key dermatology had an exceptional year, posting growth of 16% on $1.1 billion in sales. As we highlighted, there is a substantial population of untreated or undertreated dogs with derm conditions. Our double-digit volume growth in key dermatology demonstrates our ability to convert those patients to our differentiated portfolio of treatment options and highlights the continued expansion opportunity in the derm space.

今年是 Key 皮膚科業務表現出色的一年，銷售額成長 16%，達到 11 億美元。正如我們所強調的，有大量患有皮膚病的狗未經治療或治療不足。我們在主要皮膚病學領域的銷售量實現了兩位數的成長，證明了我們有能力將這些患者轉化為我們差異化的治療方案組合，並凸顯了皮膚病學領域的持續擴張機會。

US livestock business declined 1% on the year due to the MFA divestiture, which closed on October 31. Excluding the impact of MFAs, our organic operational US livestock growth was 6%, which was driven by improved supply of (inaudible)

由於 10 月 31 日完成的 MFA 資產剝離，美國畜牧業業務較去年同期下降了 1%。除去 MFA 的影響，我們的美國畜牧業有機營運成長率為 6%，這得益於畜牧業供應改善。（聽不清楚）

Moving on to our International segment. Revenue grew 5% on a reported basis and 10% operationally for the year. International performance was favorably impacted by price increases, especially in high inflationary markets, including Argentina, which contributed more than 1.5% to our total company growth for the year.

接下來是我們的國際部分。據報道，全年營收成長 5%，營運成長 10%。物價上漲對我們國際業績產生了積極影響，尤其是在阿根廷等高通膨市場，這為我們全年公司整體成長貢獻了 1.5% 以上。

Our international companion animal growth was driven by our Simparica, key dermatology and OA pain mAbs franchises. Our Simparica franchise grew 32% operationally to $357 million in international sales. Performance was driven by Simparica, growing 29% operationally to $212 million in sales, driven by performance in Latin America and Eastern Europe. Simparica Trio grew 39% operationally on $145 million in sales, driven by key account growth in Europe, DTC and the positive impact of our Q1 China launch.

我們的國際伴侶動物成長受到 Simparica、關鍵皮膚病學和 OA 疼痛 mAb 特許經營權的推動。我們的 Simparica 特許經營業務營運成長了 32%，國際銷售額達到 3.57 億美元。業績主要由 Simparica 推動，受拉丁美洲和東歐業績推動，其營運銷售額成長 29%，達到 2.12 億美元。Simparica Trio 的營業收入成長了 39%，達到 1.45 億美元，這得益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。

Key dermatology posted revenues of $551 million for the year, growing 18% operationally. Performance was driven by Apoquel through new patient growth, especially in Europe. Cytopoint also contributed with new patient growth and compliance in existing patients.

Key 皮膚病學部門全年營收為 5.51 億美元，營運成長率為 18%。Apoquel 的表現得益於新患者的成長，尤其是在歐洲。Cytopoint 也促進了新患者的成長和現有患者的依從性。

Internationally, our OA pain mAbs grew 34% operationally, posting $310 million in combined revenue. Sales of Librela were $246 million internationally, growing 33% operationally. Solensia sales were $64 million, growing 39% on an operational basis.

在國際上，我們的 OA 疼痛 mAb 營運成長了 34%，綜合收入達到 3.1 億美元。Librela 的國際銷售額為 2.46 億美元，營運成長 33%。Solensia 的銷售額為 6,400 萬美元，營運成長 39%。

Our International livestock portfolio grew 8% operationally to $1.9 billion in sales for the year, with growth driven by price as well as strong performance in partially offset by headwinds from swine volumes in China.

我們國際牲畜投資組合的營業額全年增長了 8%，達到 19 億美元，增長主要受價格推動，強勁的業績也部分抵消了中國生豬數量下滑的影響。

Moving on to our Q4 results. In the fourth quarter, we posted $2.3 billion in revenue, growing 5% on a reported basis and 6% operationally, with 5% driven by price and 1% from volume. Excluding the impact of our MFA divestiture, our Q4 organic operational growth was 9% with 4% coming from volume.

繼續討論我們的第四季業績。第四季度，我們的營收為 23 億美元，報告基礎上成長 5%，營運成長 6%，其中 5% 受價格推動，1% 受銷售推動。排除 MFA 剝離的影響，我們第四季的有機營運成長率為 9%，其中 4% 來自銷售。

Adjusted net income of $632 million, grew 11% on a reported basis and 9% operationally. Revenue in the quarter was driven by our innovative companion animalk portfolio. Globally, our Simparica franchise contributed $324 million, growing 21% operationally. Our key dermatology franchise posted $417 million or 11% operational growth and our OA pain mAbs contributed revenue of $150 million, growing 20% operationally in the quarter.

調整後淨收入為 6.32 億美元，報告成長 11%，營運成長 9%。本季的收入主要得益於我們創新的伴侶動物產品組合。在全球範圍內，我們的 Simparica 特許經營權貢獻了 3.24 億美元，營運成長了 21%。我們的主要皮膚病學特許經營業務實現了 4.17 億美元的收入，即 11% 的營運成長，我們的 OA 疼痛 mAb 貢獻了 1.5 億美元的收入，本季營運成長了 20%。

Our livestock Lisi portfolio also contributed operational growth of 1% with $726 million in revenue. Livestock organic operational growth in the quarter was 8%. Our global companion animal diagnostics business grew 10% operationally in the quarter on revenues of $96 million.

我們的牲畜 Lisi 投資組合也貢獻了 1% 的營運成長，營收為 7.26 億美元。本季畜牧業有機營運成長率為 8%。我們的全球伴侶動物診斷業務本季營運成長 10%，營收達 9,600 萬美元。

Now let's move on to our segment results for the quarter. US revenue grew 4% in the quarter, with companion animal growing 7% and livestock declining 8% due to our MFA divestiture. On an organic operational basis, excluding the MFA impact, US revenue grew 8% in the quarter with 12% livestock growth.

現在讓我們來看看本季的分部業績。本季美國收入成長了 4%，其中伴侶動物收入增加了 7%，而由於我們剝離了 MFA，牲畜收入下降了 8%。從有機營運角度來看，不包括 MFA 的影響，美國營收本季成長 8%，牲畜產量增加 12%。

In companion animal, US performance was driven by growth in our Simparica, key dermatology and OA pain franchises. Pet owners continue to seek the higher standard of care offered by our innovative products, and vet clinic revenue remains healthy, growing 7% on an average spend per visit basis despite declining visits overall.

在伴侶動物方面，美國業績得益於我們 Simparica、關鍵皮膚病學和 OA 疼痛特許經營權的增長。寵物主人繼續尋求我們創新產品所提供的更高標準的護理，獸醫診所的收入仍然保持健康，儘管總體就診次數有所下降，但每次就診的平均費用仍增長了 7%。

Our mAbs are driving higher therapeutic visits. Our Simparica franchise posted US growth of 17% with $240 million in revenue for the fourth quarter, led by Simparica Trio. As Kristin highlighted, we expect the triple combination parasiticide market to more than double by 2028, and higher triple combo share amongst puppies is a key indicator of where the market is going.

我們的 mAb 正在推動更高的治療訪問量。我們的 Simparica 特許經營權在美國第四季度增長了 17%，收入達到 2.4 億美元，其中 Simparica Trio 佔據主導地位。正如克里斯汀所強調的，我們預計到 2028 年三重組合殺蟲劑市場規模將成長一倍以上，而幼犬中三重組合份額的提高是市場走向的關鍵指標。

Our key dermatology franchise grew 7% in the quarter, generating $270 million in revenue despite clinic stocking headwind from the Apoquel Chewable launch last year. Derm visits were 4% in the quarter, highlighting the willingness of pet owners to treat itch.

我們的主要皮膚病學特許經營權在本季度增長了 7%，儘管去年 Apoquel Chewable 的推出給診所帶來了庫存阻力，但仍創造了 2.7 億美元的收入。本季皮膚科就診率為 4%，凸顯了寵物主人治療搔癢的意願。

Cytopoint was the largest driver of growth, driven by preference for injectable treatments. Apoquel growth continues to be driven by expansion of Apoquel Chewable, benefiting from increased conversion and compliance driven by alternative channels. Our OA pain mAbs with Solensia posted a combined $71 million in US sales in Q4, growing 22%. Our growth in the quarter is reflective of headwinds from initial clinic stocking in Q4 of 2023.

由於注射治療的偏好，Cytopoint 成為最大的成長動力。Apoquel 的成長持續受到 Apoquel Chewable 擴張的推動，受益於替代管道推動的轉換率和合規性的提高。我們與 Solensia 合作的 OA 疼痛 mAb 第四季在美國的總銷售額為 7,100 萬美元，成長了 22%。我們本季的成長反映了 2023 年第四季初始診所庫存帶來的阻力。

Librela, now entering its second year in the market generated $53 million, growing 21% on the quarter and reaching more than 1.2 million patients. We remain confident that the market opportunity is significant. Pain-related vet visits increased 15% in the fourth quarter, highlighting the demand that has propelled Librela, to the fourth largest product in our US business and the most successful launch in animal health history.

Librela 上市現已進入第二年，創造了 5,300 萬美元的收入，環比成長 21%，覆蓋超過 120 萬名患者。我們仍然堅信市場機會龐大。第四季度，與疼痛相關的獸醫就診量增加了 15%，突顯出這一需求推動了 Librela 成為我們美國業務的第四大產品，並成為動物保健史上最成功的產品。

Organic operational growth in US livestock of 12% was primarily driven by the timing of supply of and volume growth in DRAXXIN.

美國牲畜有機營運成長 12% 主要得益於 DRAXXIN 的供應時間和產量成長。

Moving on to our International segment for the quarter. Revenue grew 6% on a reported basis and 10% excluding the impact of foreign exchange. Companion animal grew 13% operationally and livestock grew 6% operationally. The MFA divestiture did not have a material impact on our international organic operational growth.

我們將繼續討論本季的國際部門。以報告基礎計算，收入增長了 6%，若不計外匯影響，則增長了 10%。伴侶動物營業額成長了 13%，牲畜營業額增加了 6%。MFA 資產剝離並未對我們的國際有機營運成長產生重大影響。

Our International companion animal portfolio growth was driven by our key dermatology products, our Simparica franchise and our OA pain mAbs. Our key dermatology products grew 19% operationally with sales of $147 million in the quarter.

我們國際伴侶動物產品組合的成長得益於我們的關鍵皮膚病學產品、我們的 Simparica 特許經營權和我們的 OA 疼痛 mAb。我們的主要皮膚病學產品本季營運成長了 19%，銷售額達到 1.47 億美元。

Growth in key dermatology was driven by new patients and increased share for both Apoquel and Cytopoint, driven by field force execution and brand marketing campaigns. Preference for chewables continues to increase with conversion to Apoquel Chewable in Europe now at 50%.

主要皮膚病學領域的成長主要得益於新患者的增加，而 Apoquel 和 Cytopoint 的份額則因現場人員執行和品牌行銷活動的推動而增加。人們對咀嚼片的偏好持續增加，目前歐洲使用 Apoquel 咀嚼片的人數已達 50%。

We saw 32% operational growth in our Simparica franchise internationally with revenue of $84 million on the quarter. Simparica was the main growth driver, growing 33% operationally on $53 million in revenues. Simparica Trio was 30% operationally with $31 million in revenues.

我們的 Simparica 國際特許經營業務營運成長了 32%，本季營收達到 8,400 萬美元。Simparica 是主要的成長動力，其營收達 5,300 萬美元，營運成長率為 33%。Simparica Trio 的營運率為 30%，營收為 3,100 萬美元。

Internationally, our OA pain mAbs grew 18% operationally, posting $79 million in combined revenue. Librela posted sales of $62 million in the quarter, growing 15% operationally. We see continuous growth in prescribing rates and penetration and reorder rates remain high.

在國際上，我們的 OA 疼痛 mAb 營運成長了 18%，綜合收入達到 7,900 萬美元。Librela 本季的銷售額為 6,200 萬美元，營運成長了 15%。我們看到處方率持續成長，滲透率和再訂購率仍然很高。

Solensia growth of 28% operationally on $17 million of sales is driven by increases in both returning and new OA patients. International livestock reported sales of $477 million in the fourth quarter, growing 6% operationally. Growth came primarily from price in hyperinflationary markets and in cattle.

Solensia 的營業收入成長了 28%，銷售額達到了 1,700 萬美元，這得益於回訪 OA 患者和新 OA 患者的增加。國際畜牧業第四季銷售額為 4.77 億美元，營運成長 6%。成長主要源自於惡性通貨膨脹的市場和牛的價格。

Moving down the P&L. Full year adjusted gross margins of 70.7%, grew 50 basis points on a reported basis. Foreign exchange had an unfavorable impact of 40 basis points. Excluding FX, we saw higher margins due to price and favorable mix, partially offset by higher manufacturing costs.

降低損益表。全年調整後毛利率為70.7%，以報告基礎計算成長了50個基點。外匯產生了40個基點的不利影響。除外匯外，由於價格和有利的產品組合，我們的利潤率有所提高，但製造成本的提高部分抵消了這一影響。

Adjusted operating expenses increased 10% operationally for the year. Growth was driven primarily by SG&A increases of 9% operationally, largely due to higher compensation-related expenses due in part to company performance.

調整後的營業費用全年增長了 10%。成長主要受營運費用（SG&A）成長 9% 的推動，這主要是由於公司業績導致薪酬相關費用增加。

Full year G&A growth is inclusive of our Q4 growth of 11% operationally, reflective of the acceleration of certain demand-generating activities into Q4 of 2024. R&D spend grew 12% operationally for the year on higher compensation-related expenses due to company performance and increases in project spend related to internal portfolio advancement. Adjusted net income grew faster than revenue at 15% operationally. Adjusted diluted EPS grew 17% operationally for the year.

全年一般及行政開支成長包括我們第四季 11% 的營運成長，這反映了 2024 年第四季某些需求產生活動的加速。由於公司業績表現優異以及與內部投資組合進步相關的項目支出增加，薪酬相關費用增加，導致全年研發支出增加了 12%。調整後的淨收入成長速度高於營運收入，為 15%。全年調整後攤薄每股收益成長 17%。

We remain committed to reinvesting in the business while returning capital to shareholders. In 2024, we repurchased $1.9 billion of Zoetis shares, the most in our history. We also reaffirmed our commitment to buying back shares in August when our Board approved a new multiyear $6 billion share repurchase program.

我們將繼續致力於對業務進行再投資，同時向股東返還資本。2024 年，我們回購了價值 19 億美元的 Zoetis 股票，這是我們歷史上最多的一次。8 月份，董事會批准了一項新的多年期 60 億美元股票回購計劃，我們也重申了回購股票的承諾。

Additionally, we increased our dividend rate 15% during the year, while distributing $786 million back to shareholders. In total, we returned over $2.6 billion to shareholders in 2024, an increase of over $800 million versus the prior year.

此外，我們年內將股息率提高了 15%，同時向股東派發了 7.86 億美元。整體而言，我們在 2024 年向股東返還了超過 26 億美元，比前一年增加了 8 億多美元。

Now moving on to our guidance for the full year 2025. The strengthening US dollar throughout 2024 has been a headwind to our reported revenue and adjusted net income projections. As a reminder, we do not forecast foreign exchange and our guidance reflects rates as of late January. Our 2025 guidance reflects foreign exchange headwinds of approximately $250 million to revenue and $50 million to adjusted net income versus 2024.

現在我們來談談 2025 年全年的指導。2024 年全年美元走強對我們報告的收入和調整後的淨收入預測造成了阻力。提醒一下，我們不預測外匯，我們的指引反映的是 1 月底的匯率。我們的 2025 年指引反映了與 2024 年相比外匯逆風將對收入造成約 2.5 億美元的影響，對調整後淨收入造成 5,000 萬美元的影響。

For 2025, we are projecting revenue between $9.225 billion and $9.375 billion, representing an organic operational growth range of 6% to 8%, with growth across both price and value. We expect our performance to be driven by our companion animal business with broad-based growth across our Simparica, key dermatology and OA pain franchises.

我們預計 2025 年的營收將在 92.25 億美元至 93.75 億美元之間，有機營運成長範圍為 6% 至 8%，價格和價值均實現成長。我們預計，我們的業績將由伴侶動物業務推動，並將在我們的 Simparica、關鍵皮膚病學和 OA 疼痛特許經營權方面實現廣泛增長。

We are projecting, these combined innovative franchises to grow double digits in 2025. Our growth estimates include a range of assumptions for new market entrants and conditions across our business.

我們預計，到 2025 年，這些綜合創新特許經營權將實現兩位數成長。我們的成長預測包括對新市場進入者和整個業務狀況的一系列假設。

As a reminder, our guidance does not include products that have not yet been approved. Additionally, guidance does not account for the impact of recent and potential policy changes, including tariffs, tax reform or other regulatory changes.

提醒一下，我們的指南不包括尚未獲得批准的產品。此外，該指引並未考慮近期和潛在政策變化的影響，包括關稅、稅改或其他監管變化。

For livestock, 2024 growth was favorably impacted by tailwinds from price, particularly in high inflationary markets, including Argentina. Those impacts normalized as the year progressed, and we do not expect similar tailwinds for 2025.

對於牲畜而言，2024 年的成長受到價格順風的正面影響，特別是在阿根廷等高通膨市場。隨著時間的推移，這些影響逐漸正常化，我們預計 2025 年不會出現類似的順風。

Additionally, our reported growth for livestock will be negatively impacted by our MFA divestiture. We will continue to provide organic operational comparisons throughout the year to normalize for this impact. We expect our organic operational livestock growth to be in line with the livestock industry growth for the year.

此外，我們報告的牲畜成長將受到 MFA 剝離的負面影響。我們將繼續全年提供有機營運比較，以規範這種影響。我們預計，今年我們的有機畜牧業營運成長將與畜牧業成長保持一致。

Now moving on to the rest of the P&L. Adjusted cost of sales as a percentage of revenue is expected to be approximately 28%. Our expected margin improvement is driven by favorable product mix, aided by our MFA divestiture. This improvement is partially offset by foreign exchange impacts within our supply chain.

現在繼續討論損益表的其餘部分。調整後的銷售成本佔收入的百分比預計約為28%。我們預期的利潤率改善是由有利的產品組合推動的，並且得益於我們的 MFA 剝離。這項改善被我們供應鏈中的外匯影響部分抵銷。

Adjusted SG&A expenses for the year are expected to be between $2.3 billion and $2.35 billion. This change is reflective of the normalization of compensation increases tied to 2024 performance as well as the acceleration of certain demand-generating activities into Q4 of the prior year.

預計全年調整後的銷售、一般及行政開支將在 23 億至 23.5 億美元之間。這項變更反映了與 2024 年績效掛鉤的薪酬成長的正常化，以及某些需求產生活動在上一年第四季的加速。

Adjusted R&D expenses for 2025 is expected to be between $680 million and $690 million. We are coming off a multiyear cycle of R&D investment at a pace greater than revenue growth, with the output of those investments reflected in the portfolio progress we disclosed at the JPMorgan conference last month.

2025 年調整後的研發費用預計在 6.8 億美元至 6.9 億美元之間。我們剛結束了多年的研發投資週期，其投資速度超過了營收成長的速度，這些投資的產出反映在我們上個月摩根大通會議上揭露的投資組合進展中。

Adjusted interest expense and other income deductions is expected to be approximately $200 million. Our adjusted effective tax rate for 2025 is expected to be approximately 21%. Adjusted net income is expected to be in the range of $2.7 billion to $2.75 billion, representing growth of 2% to 4% on an operational basis and 6% to 8% on an organic operational basis.

調整後的利息支出和其他收入扣除額預計約為 2 億美元。我們預計 2025 年的調整後有效稅率約為 21%。調整後淨收入預計在 27 億美元至 27.5 億美元之間，營運基礎上成長 2% 至 4%，有機營運基礎上成長 6% 至 8%。

Our growth on adjusted net income is impacted by net interest headwinds due to lowering rates on invested cash versus prior years. Additionally, while our adjusted effective tax rate guidance for 2025 is within our historical range, it is at the higher end of the range due to higher taxes on foreign earnings. Our organic operational adjusted net income growth is expected to be 6% to 8%. If we further exclude the impact of interest and taxes, our bottom line growth is expected to be between 8% and 10%.

由於投資現金利率與前幾年相比下降，導致淨利息阻力影響了調整後淨收入的成長。此外，雖然我們對 2025 年的調整後有效稅率指引在我們的歷史範圍內，但由於對外國收益徵收的稅款較高，因此該指引處於範圍的高端。我們的有機營運調整後淨收入成長預計為 6% 至 8%。如果進一步排除利息和稅收的影響，我們的底線成長預計在8%至10%之間。

Lastly, we expect adjusted diluted EPS to be in the range of $6 to $6.10 and reported diluted EPS to be in the range of $5.70 to $5.80. Our EPS projections are based on current share count and do not consider the future impact of our ongoing share repurchase program.

最後，我們預計調整後的稀釋每股收益在 6 美元至 6.10 美元之間，報告的稀釋每股收益在 5.70 美元至 5.80 美元之間。我們的每股盈餘預測是基於當前股票數量，不考慮我們正在進行的股票回購計畫的未來影響。

In closing, 2024 success was built upon the strength of our broad portfolio and our purpose-driven colleagues. Our success across key brands, geographies and channels is the foundation which gives us confidence in our ability to sustain above-market growth this year and into the future.

最後，2024 年的成功建立在我們廣泛的產品組合和目標明確的同事的力量之上。我們在主要品牌、地區和通路的成功是我們今年及未來保持高於市場成長能力的信心基礎。

Now, I'll hand things over to the operator to open the line for your questions. Operator?

現在，我將把電話交給接線員，以便接聽大家的提問。操作員？

(Operator Instructions) Michael Ryskin, Bank of America.

（操作員指示）美國銀行邁克爾·里斯金（Michael Ryskin）。

I've got two related ones. I'll sneak them in together. So first, Wetteny in your prepared remarks, you sort of said you have a range of assumptions for new market entrants and market conditions in the guide. I want to dive into that. There's a lot of competition in the market this year that you already have one on the market for derm. There's a second major Apoquel competitor expected this summer.

我有兩個相關的。我會把他們一起偷偷帶進去。首先，Wetteny，在您準備好的演講中，您說過您對指南中的新市場進入者和市場條件有一系列假設。我想深入探討一下。今年的市場競爭非常激烈，皮膚科市場上已經有一家公司了。預計今年夏天將出現第二個 Apoquel 主要競爭對手。

So explicitly, could you sort of walk us through what you're factoring into the guide? Whether it's in terms of color for growth for those products? You kind of gave some broad comments on growth expectations, but also just sort of incremental headwinds from competition and how that could play out?

那麼，您能否明確地向我們介紹一下您在指南中考慮到的因素？這些產品的顏色是否有利於生長？您對成長預期給出了一些廣泛的評論，但也提到了競爭帶來的增量阻力以及其將如何發揮作用？

And then tied to that, I guess, are you taking on any incremental investments to support your major brands, derm, combo in terms of go-to-market strategy, commercial efforts, maybe in terms of bundling products together, alternative channels? Just sort of how are you adjusting that in the face of some of that growing competition?

然後與此相關，我想，您是否正在進行任何增量投資來支持您的主要品牌、derm、combo 的行銷策略、商業努力，或許是在捆綁產品、替代管道方面？那麼，面對日益激烈的競爭，您該如何進行調整呢？

Thank you, Mike. Happy to take the question on competition. Look, first of all, we have delivered an outstanding 2024 with 11% growth operationally at revenue of 15% adjusted income. If you look across our key major franchises, we delivered double-digit growth across all three of those major franchises in derm.

謝謝你，麥克。很高興回答有關競爭的問題。首先，我們在 2024 年取得了出色的成績，營運成長 11%，調整後收入成長 15%。如果你看看我們的主要特許經營權，你會發現我們在皮膚科的所有三個主要特許經營權都實現了兩位數的增長。

And we're -- in the context of derm, more than a decade in, we're delivering 17% operational growth. Actually, as we usually do with our guidance as we start the year, we take into consideration a number of factors. We have multiple sources of growth.

就皮膚科領域而言，十多年來，我們的營運成長率達到 17%。實際上，正如我們在年初制定指導方針時通常會做的那樣，我們會考慮許多因素。我們有多種成長來源。

And while we're not providing individual product guidance, what we're saying is these three major franchise areas, we expect to drive double-digit growth for us in 2025, and we see the underlying trends that drove our performance in 2024, into 2025 with momentum.

雖然我們沒有提供單獨的產品指導，但我們所說的是，這三個主要特許經營領域，我們預計在 2025 年將為我們帶來兩位數的增長，並且我們看到了推動我們在 2024 年和 2025 年業績的潛在趨勢。

Now in terms of competition, we are factoring in various scenarios in terms of what competition might look like. In the case of derm, we expect those -- that to be in the second half of the year, again, not providing individual guidance on derm specifically, but certainly, long term, we expect to continue to drive substantial growth in these categories.

現在就競爭而言，我們正在考慮競爭可能出現的各種情況。就皮膚病學而言，我們預計這些將在下半年實現，同樣，我們不提供針對皮膚病學的單獨指導，但可以肯定的是，從長遠來看，我們預計將繼續推動這些類別的大幅增長。

If you look at derm, for example, we're estimating 20 million dogs globally that are not treated or undertreated. We're treating about 12 million today with Apoquel and Cytopoint, there's still 7 million that are on other therapies like steroids, for example, another 13 that are not getting a prescription choice. So clearly, the opportunity that remains here is actually pretty vast and that gives us a lot of confidence in terms of our long-term growth.

以皮膚病學為例，我們估計全球有 2,000 萬隻狗未接受治療或治療不足。目前，我們正在使用 Apoquel 和 Cytopoint 治療約 1,200 萬人，仍有 700 萬人正在接受類固醇等其他療法，另外還有 1,300 萬人沒有獲得處方選擇。因此顯然，這裡剩餘的機會實際上相當巨大，這讓我們對長期成長充滿信心。

In terms of investments, look, I think you've seen us do this quite well. At the same time, we are leveraging other investments we made in our field force, et cetera, to drive operational leverage through the P&L. In the case of putting support behind our key brands, whether it's DTC, whether it's education veterinarians, et cetera, that's something we have demonstrated an ability to do, and they have great returns for us when we do that. We have significant measurements that shows that. And those are areas that we are factoring into our guidance from a spend standpoint.

在投資方面，我想你已經看到我們做得很好。同時，我們正在利用我們在現場人員等方面進行的其他投資，透過損益表來推動營運槓桿。在為我們的主要品牌提供支援方面，無論是 DTC 還是教育獸醫等等，我們已經證明了我們有能力做到這一點，而且當我們這樣做時，他們會給我們帶來豐厚的回報。我們有大量測量數據可以證明這一點。這些都是我們從支出角度來考慮進指導範圍的領域。

Erin, Morgan Stanley.

艾琳，摩根士丹利。

I want to dig a little bit more into Librela. Just can you speak to how bets are responding following the and label change? Like has that helped them in terms of understanding kind of how to prescribe? And you mentioned it's not linear, but how do we think about US Librela contributions in terms of what's embedded in the guide for 2025?

我想更深入地了解 Librela。能談談標籤更改後投注的反應如何嗎？這是否有助於他們了解如何開處方？您提到它不是線性的，但根據 2025 年指南的內容，我們如何看待美國 Librela 的貢獻？

And just to confirm, the long-acting and other pipeline products are not embedded in your guidance for this year? And then just the last one, just on the margin improvement year-to-year in 2025. Can you talk a little bit about what's driving that in terms of the mix shift with the MFA divestiture or anything else to call out?

需要確認的是，長效產品和其他在研產品沒有包含在您今年的指導方針中嗎？最後一點是關於 2025 年利潤率的逐年改善。您能否就 MFA 剝離的組合轉變或其他因素談談推動這項變革的因素？

Thanks, Erin. I'll take Librela questions and let me take the margin question. A quick answer. No new products are included. The long actings are not included in the guidance. I think what we managed what mentioned. Look, we're really pleased with the launch of Librela, with $581 million in sales across Librela and Solensia and 80% growth on the year.

謝謝，艾琳。我會回答 Librela 的問題，並且讓我回答邊際問題。快速回答。不包含任何新產品。該指引未包括長效藥物。我認為我們已經做到了上述所說的。看，我們對 Librela 的推出感到非常高興，Librela 和 Solensia 的銷售額達到 5.81 億美元，年成長 80%。

We're really pleased. It is the most successful launch in history, as we've mentioned. It's also now the fourth largest product for Zoetis with 25 million doses. 40% of dogs suffer from OA. And what we really see as we look forward is continued growth in this category.

我們真的很高興。正如我們所提到的，這是史上最成功的一次發射。它目前也是碩騰公司的第四大產品，銷售量為 2,500 萬劑。 40% 的狗患有 OA。展望未來，我們真正看到的是該類別將繼續成長。

We did get the letter, which helped best understand what the update in adverse events were using real-world data. And we obviously showed you the label that we implemented based on that. And I think that really underscores our commitment for transparency, which we've been doing all along with regards to the adverse events.

我們確實收到了這封信，它幫助我們透過真實世界的數據更了解不良事件的更新情況。我們顯然向您展示了我們基於此實施的標籤。我認為這確實強調了我們對透明度的承諾，對於不良事件我們一直在這樣做。

I would highlight that there were no contraindications, no warnings and no precautions in that label, but we're really pleased to be able to share that with veterinarians, consistent with our purpose and consistent with our commitment. And I think veterinarians have found that quite helpful.

我想強調的是，標籤上沒有禁忌症、警告和注意事項，但我們非常高興能夠與獸醫分享這一點，這與我們的宗旨和承諾一致。我認為獸醫發現這非常有幫助。

That label, as we had mentioned to you many times, is -- we expected it to be consistent with our label and international, where we continue to be driving growth, as you saw throughout 2024. So the US label looks largely like a label in Europe or Canada, and we really look forward to continuing to grow this franchise. Wetteny, do you want to take the second question on margin?

正如我們多次向您提到的那樣，我們希望該標籤與我們的標籤和國際保持一致，正如您在 2024 年看到的那樣，我們將繼續推動成長。因此，美國品牌看起來很像歐洲或加拿大的品牌，我們非常期待繼續發展這個特許經營權。Wetteny，你想在保證金範圍內回答第二個問題嗎？

Sure. Before I get to the margin, maybe just one more point I'll make on Librela. You asked about how we factored that into our guidance. Clearly, we combined the three major franchise areas, and we're calling double-digit growth across those.

當然。在我談到邊際之前，我可能只想再談一下關於 Librela 的觀點。您詢問我們如何將其納入我們的指導範圍。顯然，我們整合了三大特許經營領域，並且預計這些領域都實現了兩大的成長。

As you've seen in Librela, even after three years in the market outside the US and Europe, we delivered 33% growth in Librela in the third year. So we are expecting annual growth to be strong to robust across these franchises, across the OA pain as we go forward, even if we're not giving specific guidance on individual products.

正如你在 Librela 中看到的，即使在美國和歐洲以外的市場上銷售三年後，我們在第三年仍然實現了 33% 的成長。因此，即使我們沒有針對單一產品提供具體的指導，我們預計這些特許經營權的年度成長仍將保持強勁，並能克服 OA 痛點。

On margins, you're right, MFA divestiture is accretive to our gross margins and our bottom line margins as well. In addition to that, we have mix as we see more of our growth driven by companion animal products that drives favorable mix for us from a margin standpoint as well.

就利潤率而言，您說得對，MFA 資產剝離有利於提高我們的毛利率和底線利潤率。除此之外，我們也看到了伴侶動物產品的更多成長，從利潤率的角度來看，這也為我們帶來了有利的產品組合。

And from a price, as we've said consistently, we are expecting to see price be above the 2% to 3% that we've typically done historically, but below the 6% we did this year or nearly 5% within the prior year. Part of that is lower contribution from some of these hyperinflationary markets that we saw in the prior year is why you see that, but still, we're taking price and therefore, that's contributing to our margins.

從價格來看，正如我們一直所說的那樣，我們預計價格將高於我們歷史上通常採取的 2% 到 3% 的水平，但低於今年的 6% 或去年同期的近 5%。部分原因是，我們在前一年看到的一些惡性通貨膨脹市場貢獻較低，這就是你看到這種情況的原因，但我們仍然在考慮價格，因此，這有助於我們的利潤率。

One of the offsets as we've seen with the US dollar strength over the last number of years, is FX. And we do see that being an offset in addition to increased manufacturing costs that we have. But net-net -- and on the FX side, it's about 50 basis points headwind at the gross margin level.

正如我們在過去幾年中看到的，抵消美元走強的因素之一是外匯。我們確實看到，除了增加的製造成本之外，這也是一種抵消。但淨額——就外匯方面而言，毛利率水準面臨約 50 個基點的逆風。

Jon Block, Stifel.

喬恩·布洛克（Jon Block），斯蒂費爾（Stifel）。

Just Wetteny, any thoughts on the revenue cadence for 2025? Arguably competition will pick up in some key areas. You called it out, that's more back part of the year. You got arguably an easy comp in the fourth quarter. So curious on the cadence.

只是 Wetteny，對於 2025 年的收入節奏有什麼看法？可以說，一些關鍵領域的競爭將會加劇。您說得對，這已經是今年晚些時候的事情了。你在第四節得到了一次很輕鬆的比賽。對節奏很好奇。

And then, just for R&D, flat year-over-year, you walked through some of that. Is this sort of a new beginning for you guys where this can be considered a more leverageable, call it, line item going forward?

然後，僅就研發而言，與去年同期持平，您已經介紹了其中的一些內容。對你們來說，這是不是一個新的開始？ 這是否可以被視為一個更具槓桿作用的項目？

Yeah. So look, Jon, first, on the revenue cadence, as I mentioned, the most important aspect here is we look at the trends that are driving our business and demand across our products and the momentum we had in 2024, we see that entering into 2025. So that gives us a lot of confidence, and that's baked into our guidance here.

是的。所以喬恩，首先，關於收入節奏，正如我所提到的，這裡最重要的方面是，我們要看推動我們業務和產品需求的趨勢，以及我們在 2024 年的發展勢頭，我們看到這種勢頭將進入 2025 年。這給了我們很大的信心，這也已經融入我們的指導中。

As I said on the earlier question, we are factoring a number of scenarios around new entrants that may come in, and those are more so in the back half of the year. So that would imply a stronger first versus second.

正如我在之前的問題中所說的那樣，我們正在考慮可能出現的新進入者的多種情景，而這些情景更多地發生在今年下半年。所以這意味著第一名比第二名更強大。

I have -- I wouldn't necessarily call out an easy comp in Q4 from an organic operational perspective, maybe from a reported perspective given the divestiture of MFA. As I said in the prepared commentary, when you factor out the MFA, it's a 9% operational growth -- organic operational growth quarter for us.

從有機營運角度來看，我不一定會預測第四季的業績會比較容易，也許從報告的角度來看，考慮到 MFA 的剝離，情況會是這樣。正如我在準備好的評論中所說的那樣，當你將 MFA 考慮在內時，這對我們來說是一個 9% 的營運成長——有機營運成長季度。

And then we had the comps from the prior year where we launched both Librela and Apoquel in the fourth quarter of the prior year. When you add that into consideration, the growth rate in the fourth quarter is above 10%. And so I think that's a solid quarter, and I wouldn't call that in these come necessarily as we look at 2025.

然後，我們與去年同期相比，我們在上一年第四季度推出了 Librela 和 Apoquel。如果把這個因素考慮進去，第四季的成長率是10%以上。因此，我認為這是一個穩健的季度，但展望 2025 年，我並不一定會稱之為季度。

In terms of R&D, look, we're very pleased with the progress that we're seeing across the pipeline, and we showcased those with the updates we provided last month at the JPMorgan conference. We tend to let the pipeline drive where the investment is and not necessarily deliberately drive that as a leverageable component.

在研發方面，我們對整個研發過程中所取得的進展感到非常滿意，我們在上個月的摩根大通會議上展示了這些進展和更新內容。我們傾向於讓管道驅動投資的所在，而不一定刻意將其作為可槓桿化的組成部分。

Now we did see two years ago almost at Investor Day, we expected the R&D line to grow above revenue for some time. And then it would sort of move back towards sort of top line revenue growth rate, and we're seeing that. But I think that's more of a factor of where the pipeline is, certainly, as major items go through certain cycles in development, they tend to drive more spend.

我們確實看到，幾乎在兩年前的投資者日，我們預計研發線的成長將在一段時間內超過收入。然後它就會回到某種頂線收入成長率，我們看到了這一點。但我認為這更多的是一個通路狀況的因素，當然，當主要項目經歷一定的開發週期時，它們往往會帶來更多的支出。

And then as they get on the other side of that, it's not as much. So that will ebb and flow from time to time, but we don't look at that necessarily as a leverageable line item that we're deliberately moving because the long-term delivery of our innovation drives where we drive investments there.

而當他們到達另一邊時，情況就沒那麼好了。因此，這會時不時地起伏，但我們不一定將其視為我們故意移動的可槓桿項目，因為我們創新的長期交付推動著我們在那裡進行投資。

Brandon Vazquez, William Blair.

布蘭登·巴斯克斯、威廉·布萊爾。

This is Russell Yuan on for Brandon Vazquez. So looking at a high level, are you guys able to give us any sense as we go into 2025 on how the entire pet population is kind of trending? Now that we're past over years, are we back to normal growth rates and growing year-over-year?

這是 Brandon Vazquez 的 Russell Yuan。那麼從高層次來看，你們能否告訴我們，當我們進入 2025 年時，整個寵物數量的趨勢將會如何？現在我們已經過去了幾年，我們是否恢復了正常成長率並且逐年成長？

Or if not, is there anything we kind of need to keep in mind for the backdrop to get a normalized growth rate? I know we sometimes hear about a lagging effect from weak macro, where pets are not replaced as they die. So kind of just curious on what you're seeing?

或者如果不是，我們需要記住什麼才能獲得正常化的成長率？我知道我們有時會聽到弱宏觀的滯後效應，即寵物死亡後不會被替換。那麼，我只是好奇您看到了什麼？

Sure. What we continue to see is the strength of the human animal bond and that relationship. If you look back to historical numbers, normally, there's not significant changes in the number of pets. The only one exception, obviously, in the last 12 years was COVID.

當然。我們繼續看到的是人與動物之間的連結和關係的力量。如果回顧歷史數據，通常情況下，寵物的數量不會發生顯著變化。顯然，過去 12 年中唯一的例外是 COVID。

But we're expecting the pet population to remain relatively stable. That's what it's done historically. I think what's really changed and what's driving the fundamental growth of the industry is the fact that the human animal bond makes animal health essential and very resilient.

但我們預期寵物數量將保持相對穩定。從歷史上看，它就是這麼做的。我認為真正發生改變並且推動該行業根本性增長的原因是人與動物之間的紐帶使得動物健康變得至關重要且極具彈性。

86% of pet owners would spend whatever it takes. And those incremental pets that were adopted during COVID are aging. And as they age, they're going to get more diseases of -- chronic diseases, et cetera. So we see very strong fundamental drivers with more millennials and Gen Z adopting pets, their relationship with those pets.

86%的寵物主人願意不惜一切代價。疫情期間收養的那些寵物也正在老化。隨著年齡的增長，他們會患上更多的疾病——慢性病等等。因此，我們看到非常強勁的基本驅動力，越來越多的千禧世代和 Z 世代收養寵物，以及他們與這些寵物的關係。

They're delaying having kids, if they're having kids, and those pets are important parts of their family's life. And they're making sure that those pets are taking care of. So we see very strong growth drivers based on the human animal bond based who's adopting those cuts as well as an aging pet population. So we think those are fundamental drivers that -- so innovation and commercial excellence, will only emphasize more.

如果他們想要孩子的話，他們會推遲生孩子，而寵物是他們家庭生活的重要組成部分。他們正在確保這些寵物得到照顧。因此，我們看到非常強勁的成長動力，這種成長動力是基於人與動物之間的聯繫，基於誰在採用這些削減以及寵物數量的老化。因此，我們認為這些是根本驅動力——因此創新和商業卓越只會更加重要。

Balaji Prasad, Barclays.

巴克萊銀行的巴拉吉‧普拉薩德 (Balaji Prasad)。

A couple of questions for me. Firstly, Wetteny clarified that none of the expected approvals within the next 12 months have been factored into the guidance. Curious to understand, maybe excluding FX, what are the upside risk to guidance that you can see from here?

我有幾個問題。首先，韋特尼澄清說，未來 12 個月內預期獲得的任何批准均未計入該指引。我很好奇，除了外匯之外，您可以從這裡看到哪些指導的上行風險？

And on the same line of the three buckets of approvals on drivers, as you can describe that for -- is there any way to quantify the approval though in the second bucket in the 12 to 36 months, what the TAM for these approvals are and what are the investments into this?

就像您對司機的三項批准一樣，正如您所描述那樣——有沒有辦法量化 12 到 36 個月內第二項批准的 TAM 是多少，以及對此的投資是多少？

Sure. Look, in terms of confirming that we have not factored in new approvals, and that's consistent with how we have approached guidance historically. So those are not in here. We did highlight how much FX headwind we see at the top line, roughly $250 million, given where spot rates are.

當然。您看，就確認我們沒有考慮新的批准而言，這與我們歷史上對待指導的方式一致。因此這些不在這裡。我們確實強調了我們看到的營收外匯逆風有多大，考慮到現貨匯率，約 2.5 億美元。

And as a reminder, we do not forecast FX. So the quantification we're providing is strictly off of the current spot rates versus what the average rates were through 2024. In terms of upside, look, I think we have a very diverse portfolio and diversity stands across geography, across our products, et cetera.

需要提醒的是，我們不預測外匯。因此，我們提供的量化嚴格基於當前現貨匯率與 2024 年平均匯率。從好的方面來看，我認為我們擁有非常多樣化的產品組合，而且多樣化體現在各個地域、各個產品等等。

You saw us deliver across our three major franchises in companion animal, all three had double-digit growth, and double-digit growth in terms of volumes as well. So I think the underlying trends here are strong as we enter into 2025, we could not be more pleased.

您看到我們在伴侶動物領域的三大特許經營業務都取得了進展，這三個業務都實現了兩位數的增長，而且銷量也實現了兩大的增長。因此我認為，當我們進入 2025 年時，這裡的潛在趨勢仍然強勁，我們感到非常高興。

Of course, the factors that we put in, in terms of where competitive entrants might come in could be a factor that might move us in any direction in terms of the timing of those in what some of the short-term sort of dynamics might be around those.

當然，我們考慮的因素，例如競爭者的進入地點，都可能影響我們進入的時間安排以及圍繞這些因素可能出現的短期動態。

And those are the things that might move us one way or the other, which is why we provide a range in our guidance. But we're very, very excited about how we're entering the year and the demand profile that we're seeing across our products and the opportunities we have before us.

這些因素可能會影響我們的走向，這也是我們在指導中提供範圍的原因。但我們對新一年的前景、我們產品的需求狀況以及我們面臨的機會感到非常興奮。

I can pick up the second question on the TAM for the new product categories. I mean I wanted to start with, we have more drivers of growth to improve the standard of care than any other company. And we -- as we talked about in our pipeline, we have multiple blockbusters. And at JPMorgan, we discussed with the totable addressable market for some of these new therapies would be.

我可以回答關於新產品類別的 TAM 的第二個問題。首先，我們比其他公司擁有更多的成長動力來提高護理標準。正如我們之前談到的，我們有多部大片。在摩根大通，我們討論了一些新療法的潛在市場。

To your point, in the 12 to 36 months window, we have chronic kidney disease products. And as we mentioned, that's a $3 billion to $4 billion market. We also mentioned oncology, and that's a $1.2 billion to $1.7 billion market.

正如您所說，在 12 至 36 個月的時間範圍內，我們有慢性腎臟病產品。正如我們所提到的，這是一個 30 億到 40 億美元的市場。我們也提到了腫瘤學，這是一個價值 12 億至 17 億美元的市場。

And then in the longer term, we were also talking about cardiology. I also just want to double click for a second on the long-acting portfolio because I really think these are going to be significant growth drivers. There's a lot of people who can make it in every month.

長遠來看，我們還在討論心臟病學。我還想雙擊一下長效投資組合，因為我真的認為這些都會成為重要的成長動力。每個月都有很多人能來。

So it will both increase compliance, which will grow the market as well as meet a lot of pet owners who just the monthly too much for them, and they would be much more convenient to come in four times a year versus 12 times a year.

因此，它既可以提高依從性，從而促進市場成長，又可以滿足許多寵物主人的需求，他們覺得每月的寵物清潔對他們來說太過繁重，而且每年來四次比來十二次要方便得多。

So we really think as we look at potential approvals, approval every year for the next several years and really more drivers of growth for the short, medium and long term for the company, we remain really excited about the potential unmet needs that we can address.

因此，我們確實認為，當我們考慮潛在的批准、未來幾年每年的批准以及公司短期、中期和長期的更多成長動力時，我們仍然對我們可以解決的潛在未滿足需求感到非常興奮。

Chris Schott, JPMorgan.

摩根大通的克里斯·肖特 (Chris Schott)。

Just two for me. First on Librela. Is there any updates in terms of how you're seeing veterinarians approach patient selection as think about severe patients versus moderate? Is it still skewed more towards severe? Are you starting to make progress on the moderate side?

對我來說只要兩個。首先是 Librela。您是否看到獸醫在選擇重症患者和中度患者方面有了新的變化？是否仍然更加偏向嚴重？您是否開始在溫和方面取得進展？

And the second question was on Simparica Trio, obviously, very healthy growth in 2024. Just any pushes and pulls we should think about for that product specifically in '25?

第二個問題是關於 Simparica Trio 的，顯然，到 2024 年將實現非常健康的成長。我們應該特別考慮在 25 年針對該產品採取哪些推拉措施嗎？

Sure. With regards to Librela, we continue to see, in Europe, more of our patients be mild to moderate. And that trend has continued. In the US, the beginning part of the launch, we were seeing more severe. They are moving more into moderate again, you get to know the product better.

當然。關於 Librela，我們在歐洲繼續看到更多的患者病情為輕度至中度。而且這種趨勢一直持續著。在美國，在新冠疫情發布的初期，我們看到了更嚴峻的情況。他們再次變得更加溫和，您可以更好地了解產品。

So that will be a key focus of the growth in the US as we move more into the moderate patients. We continue to do blind studies with veterinarians, and they continue to be very satisfied with the product, and they continue to intend to prescribe.

因此，隨著我們更多地轉向中度患者，這將成為美國成長的重點。我們繼續與獸醫進行盲法研究，他們繼續對產品非常滿意，並且繼續打算開處方。

And I think the more we do and get those into moderate patients will see continued growth there. With regards to assumptions in Trio, we had a phenomenal franchise year. Trio is now exceeding $1 billion. It is the Number1 seller in the US And it's been on the market four years.

我認為，我們做得越多，讓這些患者成為中度患者，就越能看到持續的成長。就 Trio 的假設而言，我們度過了非凡的特許經營年。Trio 的市值現已超過 10 億美元。它是美國銷售第一的產品並且已經上市四年了。

Even with significant competition, we saw about a 28% growth. I think what's important to really remind people is there's still significant growth in this category today. We've got 50% of puppies, which means 50% of puppies are still not on a triple combination.

即使競爭非常激烈，我們仍然實現了約 28% 的成長率。我認為真正需要提醒人們的是，今天這一類別仍有顯著的成長。我們已經收留 50% 的小狗，這意味著 50% 的小狗仍未接受三重組合疫苗接種。

We think that will continue to grow the market. We think also, as you have more and more people on auto ship, once you start a parasiticide, you're very unlikely to switch. So this is a very sticky category. So even as we see new competition, we continue to believe just as we did when we got there that we could continue to grow this market and grow our share. And I think we continue to demonstrate our ability to do that.

我們認為市場將會持續成長。我們也認為，隨著自動船上的人越來越多，一旦開始使用殺蟲劑，你就不太可能再更換了。所以這是一個非常棘手的類別。因此，即使我們面臨新的競爭，我們仍然堅信，正如我們剛進入這個市場時一樣，我們可以繼續發展這個市場，擴大我們的份額。我認為我們將繼續證明我們有能力做到這一點。

Glen Santangelo, Jefferies.

傑富瑞的格倫桑坦傑洛。

I just wanted to follow up on some of the comments you made with respect to the organic growth. If you look at the sort of pricing expectation you're building into your assumption this year. I think you said it would be better than your 2% to 3% normalized expectation.

我只是想跟進您關於有機增長的一些評論。如果你看一下你今年在假設中所建立的定價預期類型。我認為您說的會比您預期的 2% 到 3% 的正常化程度更好。

So with sort of half of the operational growth coming from pricing, it seems like you're assuming some modest slowdown on the volume side, just sort of given that you expect significant double-digit growth in your three major franchises.

因此，由於一半的營運成長都來自於定價，似乎你認為銷售方面會出現一些小幅放緩，只是因為你預計三大特許經營權都會實現顯著的兩位數增長。

I guess maybe talk about if either you or Kristin can talk about maybe some of the other areas of the portfolio where you may be seeing some levels of deceleration in volume and maybe that's just some level of conservatism you're building into your guidance?

我想也許您或克里斯汀可以談談投資組合的其他一些領域，您可能會看到交易量在某種程度上出現減速，也許這只是您在指導中建立的某種程度的保守主義？

Sure. Happy to do that. As I said, our pricing expectations for 2025 are a bit north of our historical 2% to 3%, but below the 6% we planted in 2024 and roughly 4.5% to 5% prior two years. So that is certainly a consideration. One other thing I will remind you is we saw livestock growth in 2024 at roughly 5%.

當然。很高興這麼做。正如我所說，我們對 2025 年的定價預期略高於歷史水準的 2% 至 3%，但低於我們在 2024 年設定的 6% 和前兩年的約 4.5% 至 5%。所以這當然是一個考慮因素。我要提醒你的另一件事是，我們看到 2024 年的畜牧業成長率約為 5%。

And if you take the MFA divestiture out, it's actually 6% on 2024, we are calling 2% to 4%, which is what the industry growth rate is from a livestock standpoint. Again, I will repeat this point, which is really, really important. The underlying trends that we see driving demand for our products are entering into 2025.

如果剔除 MFA 剝離，到 2024 年，其成長率實際上為 6%，我們預期為 2% 至 4%，這是從畜牧業角度來看的產業成長率。我要再次重申這一點，這非常非常重要。我們看到推動我們產品需求的潛在趨勢將進入 2025 年。

And so that gives us a lot of confidence in what we're going to see, which is a double-digit volume growth across these major franchises in 2024. We are factoring a certain competition in there. And so depending on how you look at the range, the 6% to 8%, if taking what I'm saying on price.

因此，這讓我們對即將看到的結果充滿信心，即到 2024 年這些主要特許經營店的銷量將實現兩位數的增長。我們正在考慮其中的一定的競爭。所以，這取決於你如何看待這個範圍，如果按照我所說的價格來算，那麼 6% 到 8% 就是一個數字。

At the lower end of the range, yes, you would have slightly more price than volume. At the higher end of the range, you would actually have a balance between price and volume, which is what you saw from us excluding hyperinflationary markets in 2024. So that feels about the same is what we're seeing in 2025, depending on where you fall in the range that we're providing on guidance.

在該範圍的低端，是的，價格會略高於數量。在該範圍的高端，價格和數量之間實際上會保持平衡，這就是我們在 2024 年排除惡性通貨膨脹市場後看到的情況。因此，這與我們在 2025 年看到的情況差不多，這取決於您所處在我們所提供的指導範圍內的哪個位置。

Navann Ty, BNP

Navann Ty，法國國家銀行

I have two questions, please. The first one on Librela, if you -- can you discuss any expected impact of the US label changes, if any, on the transition to the moderate population in the US? And then my second question is on innovation. If you can comment on the blockbuster potential of the expected approvals that you have listed?

我有兩個問題，請問一下。第一個問題是關於 Librela 的，您能討論一下美國標籤變化對美國中等人口過渡的預期影響嗎？我的第二個問題是關於創新。您能否評論一下您列出的預期批准的轟動性潛力？

Sure. We were very pleased to implement the new label. We think it helps that to understand the latest data on real-world adverse events. We've continued to be incredibly transparent throughout with regards to what we were seeing in other markets, and we shared that data.

當然。我們非常高興能夠實施新的標籤。我們認為這有助於了解現實世界不良事件的最新數據。對於我們在其他市場看到的情況，我們始終保持高度透明，並分享這些數據。

So we really see this as just helping best better understand. It's consistent with what we have been sharing with them all along. So we don't really think it changes the trajectory much. We think what we're seeing in the US is more moderate patients and continuing to grow that market.

因此，我們確實認為這只是有助於更好地理解。這與我們一直以來與他們分享的內容一致。所以我們不認為它會對軌跡產生太大的改變。我們認為，我們在美國看到的是中度患者增多並且該市場還在持續成長。

And as I mentioned before, the surveys we're doing with vets, they are satisfied with the product, and they continue to have an intent to prescribe. What we're really seeing is just the impact it's making on improving the quality of life for so many pets. So we really see continued growth overall in that.

正如我之前提到的，我們對獸醫進行的調查顯示，他們對產品很滿意，並且有繼續開處方的意願。我們真正看到的是它對改善許多寵物的生活品質所產生的影響。因此我們確實看到整體上持續成長。

And with your second question on the multiple blockbusters, we're really seeing, as we talked about the total addressable market for some of these new unmet needs being very significant. The one I'd really focus on the largest is obviously chronic kidney disease.

關於您提到的第二個問題，關於多部大片，我們確實看到，正如我們所討論的那樣，這些新的未滿足需求的總目標市場非常巨大。我真正最關注的顯然是慢性腎臟病。

That's both for dogs and for cats, and there really are no treatment today. And we expanded the size of the total addressable market from our Investor Day. And that was really about better understanding the molecules that we have today and really how they're going to meet that unmet medical need.

這對狗和貓都是如此，目前尚無治療方法。我們從投資者日開始就擴大了整個潛在市場的規模。這實際上是為了更好地了解我們今天擁有的分子，以及它們如何滿足尚未滿足的醫療需求。

But also importantly, increases and improvements in diagnostics to be able to better diagnose animals to make sure that we're getting the right patient population aligned with the potential of the product. So we're very excited as we look at chronic kidney disease, oncology as well as cardiology to really meet new unmet medical needs that the market has really been looking at.

但同樣重要的是，提高和改進診斷技術，以便能夠更好地診斷動物，確保我們獲得與產品潛力一致的正確的患者群體。因此，我們非常高興地研究慢性腎臟病、腫瘤學以及心臟病學，以真正滿足市場一直在關注的新的未滿足的醫療需求。

And as I mentioned before, we have more drivers of growth for the short, medium and long term to improve the standard of care.

正如我之前提到的，我們擁有更多的短期、中期和長期成長動力來提高照護標準。

Steve Scala, TD Securities.

道明證券的史蒂夫‧斯卡拉 (Steve Scala)。

Okay. This is Christopher LoBianco on for Steve Scala. We just had a question on the pipeline -- risk-adjusted the pipeline opportunities renalk and oncology, have these assets generated pivotal data yet? And does Zoetis have multiple shots on goal, i.e., multiple late-stage assets for each of these opportunities? And could these products be placed at a premium compared to Zoetis' OA pain mAbs?

好的。這是 Christopher LoBianco，取代 Steve Scala 演出。我們剛剛對管道提出了一個問題 - 風險調整後的管道機會腎病和腫瘤學，這些資產是否已經產生了關鍵數據？那麼，碩騰是否有多個機會，即針對每個機會，是否有多個後期資產？與 Zoetis 的 OA 疼痛 mAb 相比，這些產品的價格是否會更高？

Sure. We don't give specific information with regard to our modules in animal health. So the guidance that we provided with regards to product launching is the guidance that we've got.

當然。我們沒有提供有關動物健康模組的具體資訊。因此，我們在產品發布方面提供的指導就是我們所得到的指導。

Andrea Alfonso, UBS.

瑞銀的安德里亞·阿方索 (Andrea Alfonso)。

I specifically wanted to ask about the dermatology franchise and how you're thinking about your positioning in 2025 from a pricing versus mix standpoint in light of competitive entries? And have you had to amplify some of your education and awareness efforts around efficacy relatively? And then I guess finally, what's sort of your view on kind of the mix shift between Cytopoint and Apoquel?

我特別想問一下皮膚病學特許經營的情況，以及考慮到競爭激烈的市場，您如何從定價與產品組合的角度考慮您在 2025 年的定位？您是否必須相對加強一些有關功效的教育和宣傳力度？最後，我想問一下，您對 Cytopoint 和 Apoquel 之間的混合轉變有何看法？

Sure. We are very excited for the performance of dermatology in 2024 with 17% growth with a $1.64 billion portfolio. Importantly, even with competition in Q4, we had 11% revenue growth. And we really are seeing growth in this market overall.

當然。我們對 2024 年皮膚科業務的表現感到非常興奮，其投資組合價值為 16.4 億美元，成長率為 17%。重要的是，即使第四季競爭激烈，我們的營收仍成長了 11%。我們確實看到這個市場整體上正在成長。

I think Wetteny mentioned in his remarks before, we're seeing this market grow 11%, we think by 2028, it will grow to $2.5 billion. And there are 20 million dogs that still remain untreated or undertreated that we can still focus on.

我記得韋特尼之前在評論中提到過，我們看到這個市場成長了 11%，我們認為到 2028 年，它將成長到 25 億美元。目前仍有 2000 萬隻狗未接受治療或治療不足，我們仍需重點關注。

So we see growth here in a few areas. First, higher compliance, getting more animals on autoship. Obviously, looking at long-acting portfolio coming as well, we see that as potentially improving compliance and really going after the undertreated dogs today as well as the untreated dog.

因此我們看到一些領域出現了成長。首先，更高的合規性，可以自動運送更多的動物。顯然，從長效產品組合來看，我們認為這有可能提高依從性，並真正追蹤目前治療不足的狗以及未經治療的狗。

So we see significant continued growth here the overall market, even with competition. What we continue to see in other franchises and in other categories is with new competition, you have new awareness, and we continue to grow the category overall.

因此，即使存在競爭，我們也看到整體市場仍持續顯著成長。我們在其他特許經營和其他類別中繼續看到的是，隨著新的競爭，你有了新的認識，並且我們整體上繼續發展該類別。

Yeah. I will just add, from a pricing standpoint, we don't provide product-specific pricing considerations, but I would remind you in 2024 we saw 17% operational growth and double-digit volume growth despite robust price here. So we do believe there's opportunity given the remaining untreated pets in this space and opportunity to continue to grow.

是的。我只想補充一點，從定價的角度來看，我們不提供特定於產品的定價考慮，但我要提醒你，在 2024 年，儘管價格強勁，但我們仍實現了 17% 的運營增長和兩位數的銷量增長。因此，我們確實相信，對於這個領域剩餘的未經治療的寵物來說，存在著機會和繼續增長的機會。

In terms of the balance, look, we see strong demand for both products. If you look at Cytopoint and Apoquel. Cytopoint in the clinic is preferred, both from a compliance standpoint and having the volume through the clinic.

從平衡角度來看，我們看到兩種產品的需求都很強勁。如果你看一下 Cytopoint 和 Apoquel。無論從合規性角度還是從診所的業務量來看，Cytopoint 都是診所的首選。

Apoquel in alternative channels when you combine both retail and home delivery, that total is about 40% of our Apoquel volume, and you're seeing that convenience factor, the compliance that that drives drive significant growth as well. So in '24, we actually saw a balanced growth between the two, which is very, very encouraging as we go into 2025.

當您將零售和送貨上門相結合時，替代管道中的 Apoquel 總量約占我們 Apoquel 銷量的 40%，而且您會看到便利性因素以及由此推動的合規性也推動了顯著增長。因此，在 24 年，我們實際上看到兩者之間的平衡增長，這對我們進入 2025 年來說非常非常令人鼓舞。

Daniel Clark, Leerink Partners.

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

Just wanted to drill down a little bit on your the 50% of puppies are on triple combo parasiticide. What are the different pushes and pulls that you think could maybe drive that number higher? And how are you thinking about that for 2025?

只是想深入了解一下 50% 的小狗使用三重組合殺蟲劑的情況。您認為有哪些不同的推動因素可能會使該數字進一步上升？您對於 2025 年有何看法？

Sure. Again, we think awareness and growth. If you look at it right now, the triple combination therapy still is less than 40% overall, and it's growing at 40%. So we think that you'll continue to see the more you add new puppies, the more they're on.

當然。再一次，我們考慮意識和成長。如果你現在看，三合一療法整體上仍然不到40%，而且成長率為40%。因此我們認為，你會看到，你添加的小狗越多，它們就越多。

And once they go on, they're very unlikely to go off. We really are excited to see this growth. And what we continue to see is new entrants enter, it only brings more attention to triple combinations, which is the fastest-growing segment of parasiticides overall.

而且一旦它們繼續下去，就不太可能消失。我們確實很高興看到這種增長。而且我們不斷看到新進入者的進入，這只會為三聯組合帶來更多關注，而三重組合是殺蟲劑中成長最快的部分。

And the triple market today is $2 billion. And we're expecting, as we mentioned before, to grow to $4.5 billion by 2028. So we just see the natural growth here. And as someone who was first year, we've had four years and the additional three years on the market ahead of anybody else, we see really that lead making a big difference in continuing to grow our share and to grow the market overall.

而今天的三重市場規模是 20 億美元。正如我們之前提到的，我們預計到 2028 年將成長到 45 億美元。所以我們在這裡看到的是自然成長。作為第一年成立的公司，我們已經領先其他公司四年，並且又領先市場三年，我們確實看到，領先優勢對於我們繼續擴大份額以及整個市場的成長發揮了巨大作用。

There are no further questions at this time. I'll turn it to Kristin for closing remarks.

目前沒有其他問題。現在請克里斯汀作最後發言。

Okay. Great. As always, thank you, everyone, for your questions. And importantly, for your continued interest in Zoetis. As you heard today, we are extremely pleased with our excellent performance in 2024 and eager to really build on this momentum as we move into 2025.

好的。偉大的。一如既往，感謝大家的提問。更重要的是，感謝您對 Zoetis 的持續關注。正如大家今天所聽到的，我們對 2024 年的出色表現感到非常滿意，並渴望在邁入 2025 年時真正延續這一勢頭。

We remain confident in the steady demand for our diverse and our innovative portfolio, which continues to deliver value to our customers and to advance animal health globally. And we're driven by our purpose to advance care for animals, and we remain focused on executing our strategy and filling confidence in our stakeholders and reinforcing our unwavering commitment to our value proposition.

我們對我們的多元化和創新產品組合的穩定需求充滿信心，這將繼續為我們的客戶提供價值並促進全球動物健康。我們以促進動物照護為目標，並始終專注於執行我們的策略，增強利害關係人的信心，並加強我們對價值主張的堅定承諾。

We look forward to keeping you updated on our progress as the year progresses. Thanks, everybody.

我們期待隨著時間的推移向您通報我們的進展。謝謝大家。

Thank you. This does conclude today's program. Thank you for your participation. You may disconnect at any time.

謝謝。今天的節目到此結束。感謝您的參與。您可以隨時斷開連線。