碩騰 (ZTS) 2025 Q1 法說會逐字稿

Welcome to the first quarter 2025 financial results conference call and webcast for Zoetis. Hosting the call today is Steve Frank, Vice President of Investor Relations for Zoetis. The presentation materials and additional financial tables are currently posted on the Investor Relations section of zoetis.com. The presentation slides can be managed by you, the viewer, and will not be forwarded automatically. In addition, a replay of the call will be available approximately two hours after the conclusion of this call via dial-in or the Investor Relations section of zoetis.com. (Operator instructions)

歡迎參加 Zoetis 2025 年第一季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。演示資料及其他財務表格目前發佈於 zoetis.com 的「投資者關係」板塊。簡報幻燈片可由您（瀏覽者）自行管理，且不會自動轉發。此外，電話會議結束後約兩小時，可透過撥號或 zoetis.com 的投資者關係部分重播本次電話會議。（操作員指示）

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 first quarter 2025 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.

謝謝您，接線生。大家早安，歡迎參加 Zoetis 2025 年第一季財報電話會議。今天與我一同出席的還有我們的執行長克里斯汀‧佩克 (Kristin Peck) 和財務長韋特尼‧約瑟夫 (Wetteny Joseph)。在我們開始之前，我要提醒您，本次電話會議上提供的幻燈片可以在我們網站的「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 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. 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, Tuesday, May 6, 2025. We also cite operational results, which exclude the impact of foreign exchange.

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向美國證券交易委員會提交的文件中前瞻性的陳述，包括但不限於我們的 10-K 表年度報告和 10-Q 表報告。我們今天的演講也將提及某些未按照公認會計原則或美國 GAAP 編制的財務指標。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（2025 年 5 月 6 日，星期二）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 welcome, everyone, to our first quarter 2025 earnings call. By staying laser-focused on delivering for our customers, our colleagues drove strong 9% organic operational revenue growth and grew adjusted net income 6% on an organic operational basis.

謝謝史蒂夫，歡迎大家參加我們 2025 年第一季財報電話會議。透過專注於為客戶提供服務，我們的同事推動了有機營運收入強勁成長 9%，調整後淨收入在有機營運基礎上成長了 6%。

Our International segment led with 11% organic operational revenue growth, highlighting our global scale and diversification, while the US grew 6%, excluding the impact of the MFA divestiture. Growth was balanced across species. Our innovative Companion Animal portfolio grew 9% operationally, fueled by sustained demand for diverse market-leading franchises. Livestock grew 7% on an organic operational basis, driven by broad-based double-digit performance internationally.

我們的國際部門以 11% 的有機營運收入成長領先，突顯了我們的全球規模和多樣化，而美國成長了 6%，不包括 MFA 剝離的影響。不同物種的生長是平衡的。受市場領先多元化特許經營權持續需求的推動，我們創新的伴侶動物產品組合的營運成長了 9%。受國際市場普遍兩位數業績的推動，畜牧業有機營運收入成長了 7%。

Before we go deeper into the quarter, I want to briefly address what is top of mind for many of you. In today's operating environment, the essential nature of our business remains clear. Animals provide companionship and nourishment, and in uncertain times, people will rely on both. It's precisely because of the enduring secular trends and the fundamentals underpinning our innovation-led operating model. Zoetis has consistently proven its resilience, even through economic turbulence.

在我們深入探討本季之前，我想先簡單談談你們當中許多人最關心的問題。在現今的經營環境中，我們業務的本質依然清晰。動物提供陪伴和營養，在不確定的時期，人們將依賴這兩者。這正是因為持久的長期趨勢和支撐我們以創新為主導的營運模式的基本面。即使在經濟動盪時期，碩騰也始終展現出其韌性。

That resilience is embedded in how we operate from our global footprint and diverse, durable portfolio across species and geographies to our omni-channel presence, matrix, manufacturing network, and talented field force. Combined, those dynamics ensure we're operating from a position of strength as we navigate a fluid environment shaped by macroeconomic, regulatory, and geopolitical uncertainty. We are managing these challenges thoughtfully, working to minimize their impact while also seizing opportunities where they exist, so we can continue delivering for our customers, colleagues, and shareholders. That means executing our strategy with discipline, supported by a strong balance sheet, operational excellence, thoughtful and strategic capital allocation, and experienced leadership team, ready to adapt as needed.

這種韌性根植於我們的營運方式中，從我們的全球足跡和跨物種、跨地區的多樣化、持久的產品組合，到我們的全通路業務、矩陣、製造網路和才華橫溢的現場隊伍。這些動態共同確保我們在應對宏觀經濟、監管和地緣政治不確定性所塑造的流動環境時處於強勢地位。我們正在認真應對這些挑戰，並努力將其影響降至最低，同時抓住現有的機遇，以便我們能夠繼續為我們的客戶、同事和股東提供服務。這意味著我們要嚴格執行策略，並由強大的資產負債表、卓越的營運、周到的策略性資本配置以及經驗豐富的領導團隊提供支持，隨時準備根據需要進行調整。

Most importantly, we continue to prioritize what matters most: living our purpose and ensuring our products reach the people and animals who depend on them. With that context, let's pivot back to the quarter. While our performance reflects the strength of our diverse, multi-leverage strategy, I'll touch on a few of the key growth drivers.

最重要的是，我們繼續優先考慮最重要的事情：實現我們的目標並確保我們的產品能夠惠及依賴它們的人和動物。基於此背景，讓我們回顧本季。雖然我們的業績反映了我們多元化、多槓桿策略的優勢，但我將談到幾個關鍵的成長動力。

In Companion Animal, our combined key franchises grew double digits operationally, fueled by exceptional performance in our International segment, where our trusted brands, even after several years on the market, continued to grow by winning new patients and improving compliance with significant runway to further define the standard of care and deliver meaningful outcomes. In parasiticides, our Simparica franchise continues to expand the overall category and is gaining share, driven by our omnichannel strategy, meeting customers where they are, whether in the clinic, through retail, where Simparica Trio is the top-selling parasiticide in the US, or via home delivery.

在同伴動物領域，我們合併後的主要特許經營權在運營上實現了兩位數增長，這得益於我們國際部門的出色表現，我們值得信賴的品牌即使在市場上銷售數年後，仍通過贏得新患者和提高合規性繼續增長，具有重要的發展空間，可以進一步明確護理標準並實現有意義的成果。在驅蟲藥方面，我們的 Simparica 特許經營權繼續擴大整體類別，並在不斷獲得市場份額，這得益於我們的全通路策略，無論客戶身在何處，無論是在診所、透過零售（Simparica Trio 是美國最暢銷的驅蟲藥）還是透過送貨上門。

As you've heard us say, we are seeing increased conversion to broad-spectrum triple combinations, setting us up for an even longer-term growth tailwind. Together, these dynamics positions us well to continue leading through innovation, most recently with Simparica Trio's US label expansion to include flea tapeworm protection.

正如您聽到我們所說的那樣，我們看到向廣譜三重組合的轉換正在增加，這為我們帶來了更長期的成長順風。綜合起來，這些動力使我們能夠繼續透過創新保持領先地位，最近，Simparica Trio 的美國標籤擴展包括了跳蚤絛蟲保護。

Similarly, Key Dermatology has consistently been a high growth category built on innovation, customer trust, and a portfolio that remains the preferred choice for treating allergic itch. Through years of investment and strong partnerships, we have built brand loyalty and established a clear leadership position. We continue to leverage our first mover advantage by capitalizing on the breadth of our portfolio to grow and sustain share in a dynamic environment. We remain focused on what we can control execution, innovation, and customer experience, and we are winning with customers every day.

同樣，Key Dermatology 一直是一個高成長類別，建立在創新、客戶信任和仍然是治療過敏性搔癢的首選產品組合的基礎上。透過多年的投資和強大的合作夥伴關係，我們建立了品牌忠誠度並確立了明顯的領導地位。我們將繼續利用我們的先發優勢，利用我們廣泛的產品組合在動態環境中擴大和維持份額。我們始終專注於我們能夠控制的執行、創新和客戶體驗，並且我們每天都在與客戶一起贏得勝利。

Demand for our portfolio remains strong, fueled by the convenience and the unmatched flexibility we provide to vets and pet owners through our three differentiated products, at the same time, an estimated 20 million dogs still untreated or undertreated for itch. Advances in diagnostics are helping unlock this opportunity, enabling broader access, earlier intervention, and better outcomes. That's why we're confident in the enduring strength of this franchise and our ability to continue leading.

我們透過三種差異化產品為獸醫和寵物主人提供便利性和無與倫比的靈活性，因此對我們產品組合的需求依然強勁，同時，估計仍有 2000 萬隻狗未接受瘙癢治療或治療不足。診斷技術的進步有助於開啟這一機遇，實現更廣泛的獲取、更早的干預和更好的結果。這就是為什麼我們對這個特許經營權的持久實力和我們繼續領先的能力充滿信心。

And similarly, building on our track record of scientific innovation, our Osteoarthritis Pain franchise marks a meaningful advancement in care, delivering strong double-digit growth and approximately 25 million doses distributed globally. While adoption has been more gradual than initially expected, we are encouraged by the foundation we are laying and the long-term potential ahead. We are building and scaling a new category of care, one that requires significant education and engagement.

同樣，基於我們在科學創新方面的記錄，我們的骨關節炎疼痛特許經營權標誌著護理領域的重大進步，實現了強勁的兩位數增長，並在全球分銷了約 2500 萬劑。雖然採用的速度比最初預期的要慢，但我們對正在奠定的基礎和未來的長期潛力感到鼓舞。我們正在建立和擴展一種新的護理類別，這種護理需要大量的教育和參與。

Both veterinarians and pet owners need time and support to fully understand the safety and efficacy profile of newer, more advanced treatments for chronic pain. And in this economic environment, we're seeing pet owners take a more measured approach to managing chronic conditions, making choices that reflect broader consumer spending trends, which could include adjustments to timing or frequency of care. That said, we see the impact of these therapies every day. They are safe, effective, and improving the quality of life for pets and the people who care for them.

獸醫和寵物主人都需要時間和支援來充分了解更新、更先進的慢性疼痛治療​​方法的安全性和有效性。在這種經濟環境下，我們看到寵物主人採取了更謹慎的方式來管理慢性病，所做的選擇反映了更廣泛的消費者支出趨勢，其中可能包括調整照護的時間或頻率。話雖如此，我們每天都能看到這些療法的效果。它們安全、有效，並能提高寵物和照顧它們的人的生活品質。

To accelerate adoption, improve access, and grow the OA Pain market, we are taking focused strategic actions. We are expanding medical education for veterinarians and partnering with key opinion leaders to shape best practices. We're investing in and plan to leverage post-launch studies to generate additional real-world insights for vets. We are engaging directly with pet owners to increase education on the burden of OA pain and the long-term value of treatment. And we are launching 360 campaigns, including targeted direct-to-consumer efforts to build awareness and demand.

為了加速採用、改善訪問並擴大 OA Pain 市場，我們正在採取有針對性的策略行動。我們正在擴大獸醫的醫學教育，並與關鍵意見領袖合作，塑造最佳實踐。我們正在投資並計劃利用發布後的研究來為獸醫提供更多現實世界的見解。我們正在直接與寵物主人接觸，以加強對骨關節炎疼痛負擔和治療的長期價值的教育。我們正在發起 360 度活動，包括有針對性的直接面向消費者的活動，以提高知名度和需求。

Though uptake may be slower in the near term, our long-term confidence remains strong as we build a durable, differentiated market with significant room to grow, especially given the sizable and underpenetrated opportunity ahead.

儘管短期內成長速度可能會放緩，但我們對長期前景仍然充滿信心，因為我們正在建立一個持久、差異化的市場，並且擁有巨大的成長空間，尤其是考慮到未來巨大且尚未完全滲透的機會。

In Livestock, we delivered strong performance with 7% organic operational growth. Through the sale of our MFA portfolio, we consistently reaffirmed our commitment to Livestock and our customers because what makes the unique and reliable is the diversity and durability of our business model. Regardless of portfolio mix, one thing is true: people need to eat, and global demand for animal protein will continue to rise. That's why we continue to invest in solutions that protect the health of food-producing animals and safeguard supply chains.

在畜牧業方面，我們表現強勁，有機營運成長率達到 7%。透過出售我們的 MFA 產品組合，我們始終如一地重申對畜牧業和客戶的承諾，因為正是我們業務模式的多樣性和持久性使得我們獨一無二且值得信賴。無論投資組合如何，有一件事是事實：人們需要吃飯，全球對動物性蛋白質的需求將持續上升。這就是為什麼我們繼續投資於保護食用動物健康和保障供應鏈的解決方案。

Since reporting our results in February, we received conditional licensure from the USDA for Avian Influenza Vaccine for chickens, ensuring we are ready to support customers and regulators wherever the path leads in addressing this evolving threat. And it's during periods of uncertainty that execution matters most. Our experience enables us to rise to the occasion, to stay focused, stay ready, and continue delivering solutions where and when they are needed most.

自二月報告結果以來，我們已獲得美國農業部頒發的雞用禽流感疫苗的有條件許可，確保我們隨時準備為客戶和監管機構提供支持，以應對這一不斷演變的威脅。而在不確定的時期，執行力最為重要。我們的經驗使我們能夠應對挑戰、保持專注、做好準備並在最需要的時間和地點繼續提供解決方案。

As we look to the rest of the year, we're encouraged by our first-quarter performance and the steady demand for our products, along with the resilience we've consistently seen across the animal health industry. We are maintaining our full-year organic operational revenue guidance range of 6% to 8%, reflecting confidence in the differentiation of our portfolio and our ability to execute in the current environment. While the operating backdrop remains unpredictable, we believe this range appropriately reflects what we know today, and we will remain agile in navigating new uncertainties and embracing new opportunities.

展望今年剩餘時間，我們對第一季的業績、產品的穩定需求以及動物保健產業持續呈現的韌性感到鼓舞。我們將全年有機營業收入預期範圍維持在 6% 至 8% 之間，這反映出我們對產品組合差異化以及在當前環境下執行能力的信心。儘管經營環境仍然難以預測，但我們相信這一範圍恰當地反映了我們今天所了解的情況，並且我們將繼續靈活應對新的不確定性並抓住新的機會。

At the same time, based on our current estimates of enacted tariff-related cost impacts, we're updating our full-year organic operational adjusted net income to a range of 5% to 7%. And just to clarify, our outlook does not include any potential impact from future tariffs, as it's still too early to know how the situation will unfold.

同時，根據我們目前對已實施關稅相關成本影響的估計，我們將全年有機營運調整後淨收入更新為 5% 至 7% 的範圍。需要澄清的是，我們的展望不包括未來關稅的任何潛在影響，因為現在判斷情況將如何發展還為時過早。

And with that, I will close with this. The performance we share today reflects the dedication of our colleagues around the world, living our purpose, being a trusted solutions provider to our customers, and delivering results through their relentless focus. Uncertainty is top of mind for everyone, but it's not unique to Zoetis. What sets us apart is how we respond. Zoetis has consistently leveraged its innovation-led customer-first operating model to outperform the market and deliver value for both customers and shareholders.

我的發言就到此結束。我們今天所取得的成績體現了我們世界各地同事的奉獻精神，他們實踐著我們的目標，成為客戶值得信賴的解決方案提供商，並透過不懈的專注取得成果。不確定性是每個人最關心的問題，但這並非碩騰獨有。我們的與眾不同之處在於我們的回應方式。碩騰始終堅持以創新為主導、客戶至上的營運模式，超越市場，為客戶和股東創造價值。

We remain vigilant and agile. We'll draw on our experience navigating complexity, stay clear-eyed in our decision making, and continue moving forward with discipline. We are confident in the strength of our portfolio, in the promise of our pipeline, in our ability to adapt. Most of all, we're confident in the commitment of our teams around the world to lead through change and continue delivering for our customers and shareholders because ultimately, what we do matters for the well-being of animals, people, and communities. That's why animal health is both essential and resilient, an industry fueled by long-term demand and rising expectations for high-quality care. And as a global leader, we recognize our responsibility to lead today and well into the future.

我們保持警覺和敏捷。我們將利用應對複雜情況的經驗，在決策中保持清醒的頭腦，繼續有紀律地前進。我們對我們的產品組合實力、我們的產品線前景以及我們的適應能力充滿信心。最重要的是，我們對全球團隊的承諾充滿信心，他們致力於引領變革並繼續為我們的客戶和股東提供服務，因為最終，我們所做的事情對動物、人類和社區的福祉至關重要。這就是為什麼動物保健既重要又有彈性，它是一個由長期需求和對高品質護理不斷增長的期望推動的行業。身為全球領導者，我們體認到我們今天和未來所肩負的領導責任。

With that, I'll turn it over to Wetteny to walk us through the more detailed financials. Wetteny?

接下來，我將把時間交給韋特尼，讓他向我們介紹更詳細的財務狀況。韋特尼？

Thank you, Kristin. In the first quarter, driven by balanced portfolio growth, we posted $2.2 billion in revenue, growing 1% on a reported basis and 9% on an organic operational basis, which excludes the impact of foreign exchange and the MFA divestiture. Our organic operational growth was driven by 4% price and 5% volume. Adjusted net income of $662 million grew 4% on a reported basis and 6% on an organic operational basis.

謝謝你，克里斯汀。第一季度，在均衡的投資組合成長的推動下，我們實現了 22 億美元的收入，報告基礎上成長 1%，有機營運基礎上成長 9%，這不包括外匯和 MFA 剝離的影響。我們的有機營運成長由 4% 的價格和 5% 的銷售推動。調整後的淨收入為 6.62 億美元，按報告基礎計算成長 4%，以有機營運基礎計算成長 6%。

Our Companion Animal portfolio led the way with $1.5 billion in revenue, growing 9% operationally. Globally and on an operational basis, our Simparica franchise contributed $367 million, growing 19%. Key Dermatology posted $387 million, growing 10%. And our OA Pain mAbs reported $147 million, growing 15% in the quarter. Our Livestock portfolio also contributed organic operational growth of 7% on $645 million in revenue.

我們的伴侶動物產品組合以 15 億美元的收入領先，營運成長率為 9%。在全球範圍內，從營運角度來看，我們的 Simparica 特許經營權貢獻了 3.67 億美元，成長了 19%。Key Dermatology 營收為 3.87 億美元，成長 10%。我們的 OA Pain mAb 銷售額達 1.47 億美元，本季成長了 15%。我們的畜牧業​​投資組合也貢獻了 7% 的有機營運成長，收入達到 6.45 億美元。

Now moving on to our Q1 segment results. US revenue grew 2% on a reported basis and 6% on an organic operational basis in the quarter, with Companion Animal growing 8% and Livestock declining 2% on an organic operational basis. In Companion Animal, US growth was driven by our three key franchises, while vaccines faced headwinds from supply timing, coupled with competitor reentry.

現在來看看我們第一季的分部業績。本季度，美國收入按報告基礎增長 2%，按有機運營基礎增長 6%，其中伴侶動物收入按有機運營基礎增長 8%，牲畜收入按有機運營基礎下降 2%。在 Companion Animal 方面，美國市場的成長主要由我們的三個主要特許經營權推動，而疫苗則面臨供應時機方面的阻力，以及競爭對手的重新進入。

Across the portfolio, alternative channel sales continue to outpace the vet channel, offering greater convenience for pet owners, improving compliance and stickiness.

在整個產品組合中，替代管道的銷售量繼續超過獸醫管道，為寵物主人提供了更大的便利，提高了依從性和黏性。

Driven by strong growth in auto-ship programs that boost compliance and increase the lifetime value of each dog on treatment, our Simparica franchise posted 17% US growth this quarter on $260 million in revenue. Additional competitive entrants are accelerating the market's shift to triple combinations, where we continue to gain share, thanks to the strength of our field force, our first-mover advantage, and ongoing innovation, including expanded label claims.

受自動發貨計劃強勁增長的推動，該計劃提高了依從性並增加了每隻接受治療的狗的終身價值，我們的 Simparica 特許經營權本季度在美國實現了 17% 的增長，收入達到 2.6 億美元。更多競爭者正在加速市場向三重組合的轉變，憑藉我們強大的現場力量、先發優勢和持續的創新（包括擴大的標籤聲明），我們將繼續獲得市場份額。

In Key Dermatology, sales were $249 million, up 7%, with growth across both Apoquel and Cytopoint, while also reflecting the comparison to last year's initial distribution stocking of Apoquel Chewable. Apoquel growth continues to be driven by the retail channel and continued conversion to the chewable, which is easier to administer and promote daily compliance.

在 Key Dermatology 領域，銷售額為 2.49 億美元，成長 7%，Apoquel 和 Cytopoint 均實現成長，同時也反映了與去年 Apoquel Chewable 初始分銷庫存相比的成長。Apoquel 的成長持續受到零售通路和持續向咀嚼片轉變的推動，咀嚼片更易於管理並促進日常遵從。

Our OA mAbs, Librela and Solensia, posted a combined $65 million in US sales, growing 14%. Librela grew 17% on $47 million in revenue, and Solensia posted $18 million in revenue, growing 7%.

我們的 OA mAb、Librela 和 Solensia 在美國的銷售額總計 6,500 萬美元，成長 14%。Librela 營收成長 17%，達到 4,700 萬美元；Solensia 營收成長 7%，達到 1,800 萬美元。

To reiterate Kirstin's point, building a new category of care takes time, but we remain confident in the sizable market potential. Our foundation is solid, and record penetration confirms that veterinarians want better OA solutions. Organic operational declines of 2% in Livestock are primarily driven by declines in Draxxin due to aggressive price competition and the timing of price adjustments in the prior year, as well as the timing of supply of (inaudible).

重申 Kirstin 的觀點，建立一個新的護理類別需要時間，但我們對巨大的市場潛力仍然充滿信心。我們的基礎是堅實的，記錄滲透證實獸醫想要更好的 OA 解決方案。畜牧業有機營運收入下降 2%，主要是由於 Draxxin 價格競爭激烈、上年價格調整時機以及供應時機不佳導致的。（聽不清楚）。

Moving on to our International segment. Revenue was flat on a reported basis and grew 11% on an organic operational basis. Companion Animal grew 10% operationally, and Livestock grew 12% on an organic operational basis. Similar to the US, International Companion Animal sales were driven by strong performance in our Simparica, Key Dermatology, and OA Pain franchises.

接下來是我們的國際部分。報告收入與上年持平，但有機營運收入成長了 11%。同伴動物業務的營運成長了 10%，牲畜業務的有機營運成長了 12%。與美國類似，國際伴侶動物的銷售受到 Simparica、Key Dermatology 和 OA Pain 特許經營權的強勁表現推動。

Our International Simparica franchise, including Simparica and Simparica Trio, grew 23% operationally on $106 million in sales, with both brands driving strong market share gains. Simparica grew 22% operationally on $61 million in sales, driven by expansion of the combination for (inaudible) market, especially in Latin America and Eastern Europe.

我們的國際 Simparica 特許經營權（包括 Simparica 和 Simparica Trio）的銷售額達到 1.06 億美元，營運成長了 23%，兩個品牌都實現了強勁的市場份額成長。Simparica 的銷售額達到 6,100 萬美元，營運成長率為 22%，這得益於該集團在（聽不清楚）市場（尤其是拉丁美洲和東歐）的擴張。

Simparica contributed $46 million, growing 26% operationally with strong performance across all regions. Our Key Dermatology franchise delivered $138 million in revenue, up 15% operationally, with double-digit growth in both Apoquel and Cytopoint. Our performance was driven by field force engagement with vets, leading to new patient starts and improved compliance, especially among chronic cases.

Simparica 貢獻了 4,600 萬美元，營運成長了 26%，所有地區均表現強勁。我們的主要皮膚病學特許經營業務實現了 1.38 億美元的收入，營運成長 15%，其中 Apoquel 和 Cytopoint 均實現了兩位數成長。我們的表現是由現場人員與獸醫的互動推動的，這帶來了新患者的開始治療並提高了依從性，尤其是在慢性病例中。

As Kristin highlighted, we're executing globally on our Key Derm strategic priorities. We continue to show strong progress, driven by continued conversion of Apoquel Chewable, which now accounts for 57% of doses in Europe.

正如克里斯汀所強調的，我們正在全球執行我們的 Key Derm 戰略重點。我們持續取得強勁進展，這得益於 Apoquel Chewable 的持續轉化，目前該藥物佔歐洲劑量的 57%。

Internationally, our OA Pain mAbs were 16% operationally, posting $82 million in combined revenue. International sales of Librela were $65 million, growing 14% operationally. Our international efforts have had a significant head start over the US as we enter our fifth year in some markets. We continue to drive double-digit sales growth and expand both the market and our share.

在國際上，我們的 OA Pain mAb 營運率為 16%，綜合收入為 8,200 萬美元。Librela 的國際銷售額為 6,500 萬美元，營運成長 14%。在某些市場，我們已經進入第五個年頭，我們的國際化努力已經比美國取得了顯著的領先優勢。我們繼續實現兩位數的銷售成長，擴大市場和份額。

Solensia sales were $18 million, growing 27% operationally in the quarter. Solensia now holds over half of the feline OA market share in international markets, underscoring the strong demand for an OA solution for cats. International Livestock grew 12% on an organic operational basis in the quarter. Growth was driven by higher price, including some impacts from high inflationary markets. Volume growth, excluding the impact of MFAs, was driven by poultry vaccine growth from (inaudible) penetration across Asia, the Middle East, and Latin America.

Solensia 的銷售額為 1,800 萬美元，本季營運成長 27%。Solensia 目前佔據國際市場上超過一半的貓科動物 OA 市場份額，凸顯了對貓科動物 OA 解決方案的強勁需求。本季度，國際畜牧業有機營運成長了 12%。成長是由價格上漲推動的，其中包括高通膨市場的一些影響。排除 MFA 的影響，銷量成長是由亞洲、中東和拉丁美洲的家禽疫苗滲透成長所推動的。

Cattle contributed to growth with a return to a more normal environment in Australia, as well as strong demand across much of South America, Canada, and Mexico. Our Fish business saw good vaccine growth across geographies.

澳洲的市場環境恢復正常，加之南美洲、加拿大和墨西哥大部分地區的需求強勁，牛肉的銷售量也因此成長。我們的魚類疫苗業務在各個地區都實現了良好的成長。

Now moving on to the P&L for the quarter. Adjusted gross margin of 72.1% to 140 basis points on a reported basis. Foreign exchange had a favorable impact of 220 basis points. Excluding FX, we saw lower margins due to higher manufacturing costs, in line with our expectations and included in our initial guidance in February, which should improve as we work through inventory valued at prior year standards and unfavorable product mix. This was partially offset by the favorable impact of our MFA divestiture.

現在來看看本季的損益表。調整後的毛利率為 72.1%，以報告基礎計算為 140 個基點。外匯產生了220個基點的有利影響。除外匯外，由於製造成本上升，我們的利潤率有所下降，這符合我們的預期，並包含在我們 2 月份的初步指導中，隨著我們處理按上年標準估價的庫存和不利的產品組合，利潤率應該會有所改善。這被我們剝離 MFA 的有利影響部分抵消了。

Adjusted operating expenses increased 3% operationally. Growth was driven primarily by SG&A increases of 4% operationally, mainly due to higher competition rate expenses and increased direct-to-consumer advertising. R&D declined 2% operationally this quarter due to lower project spend, primarily due to timing.

調整後的營運費用增加了 3%。成長主要得益於營運費用（SG&A）成長 4%，這主要是由於競爭率費用增加和直接面向消費者的廣告增加。本季研發營運成本下降了 2%，主要是因為時間原因導致專案支出減少。

Adjusted net income with 2% operationally and 6% on an organic operational basis. Adjusted diluted EPS with 4% operationally in the quarter and 8% on an organic operational basis, 2% higher than adjusted net income and reflective of a lower share count as a result of our ongoing share buybacks.

調整後的淨收入為營運淨收入的 2%，有機營運淨收入的 6%。本季調整後的稀釋每股盈餘為營運收益 4%，有機營運收益為 8%，比調整後的淨收入高出 2%，反映了我們持續的股票回購導致的股票數量減少。

Before we get into guidance, I'll expand on the business impact of the tariff landscape. While the current situation remains fluid, we are well positioned to navigate this dynamic environment. We'll be thoughtful and deliberate in our actions with a clear focus on both near and long-term goals. We will leverage the diversity of our revenue across geographies and species to seize opportunities for growth, ensure we work to control expenses, price strategically, and manage inventory. People and animals depend on our products, and we will continue to deliver for customers.

在我們獲得指導之前，我將詳細說明關稅格局對業務的影響。儘管當前局勢依然不穩定，但我們已做好準備，以應對這一動態環境。我們將深思熟慮、慎重採取行動，明確地專注於近期和長期目標。我們將利用不同地區和不同物種的收入多樣性來抓住成長機會，確保我們努力控制費用、制定策略性價格並管理庫存。人類和動物都依賴我們的產品，我們將繼續為客戶提供服務。

Now I'm moving to guidance for the full year 2025, which reflects continued confidence in our operating model while acknowledging that there will be some profitability impact in the near term due to enacted tariffs. Please note that guidance reflects foreign exchange rates as of late April.

現在，我要轉向 2025 年全年的指導，這反映了我們對營運模式的持續信心，同時也承認，由於實施關稅，短期內獲利能力將受到一定影響。請注意，該指南反映的是截至 4 月底的外匯匯率。

For the year, we are guiding revenue between $9.425 billion and $9.575 billion with increases due to favorable foreign exchange when compared to the late January rates used in our initial February guidance and maintaining organic operational growth of 6% to 8%. We recognize that there are external factors that are beyond our control. As such, our current guidance does not include any assumed impact of future tariffs, policy changes, or further worsening of the macro environment.

我們預計今年的收入將在 94.25 億美元至 95.75 億美元之間，與 2 月最初預測中使用的 1 月底匯率相比，由於外匯有利，收入將有所增加，同時有機營運成長率將保持在 6% 至 8%。我們認識到有些外在因素是我們無法控制的。因此，我們目前的指導不包括未來關稅、政策變化或宏觀環境進一步惡化的任何假定影響。

We continue to expect broad-based operational growth across our Simparica, Key Dermatology, and OA Pain franchises and reiterate our expectation that these combined innovative franchises will grow double digits in 2025. We now expect adjusted net income to be in the range of $2.775 billion to $2.825 billion, reflecting the operational growth of 5% to 7% on an organic operational basis. Our revised adjusted net income guidance is reflective of the estimated impact of current enacted tariffs while not accounting for any future changes in the tariff landscape.

我們繼續預期 Simparica、Key Dermatology 和 OA Pain 特許經營業務將實現廣泛的營運成長，並重申我們的預期，即這些合併後的創新特許經營業務將在 2025 年實現兩位數成長。我們現在預計調整後的淨收入將在 27.75 億美元至 28.25 億美元之間，反映出有機營運基礎上 5% 至 7% 的營運成長。我們修訂後的淨收入指引反映了目前已頒布關稅的預期影響，但沒有考慮未來關稅格局的任何變化。

Lastly, we expect adjusted diluted EPS to be in the range of $6.20 to $6.30 and reported diluted EPS to be in the range of $5.85 to $5.95. This EPS increase is primarily due to favorable foreign exchange compared to the late January rates, as well as the reduction in our share count due to share repurchases in the quarter, slightly offset by enacted tariffs. As we indicated in February, our EPS projections are based on current share counts and do not consider the future favorable impact of our ongoing share repurchase program.

最後，我們預計調整後稀釋每股收益將在6.20美元至6.30美元之間，報告稀釋每股收益將在5.85美元至5.95美元之間。每股盈餘的成長主要得益於與1月底匯率相比有利的外匯匯率，以及本季股票回購導致的股份數量減少，但因已實施的關稅而略有抵銷。正如我們在二月指出的那樣，我們的每股盈餘預測是基於當前的股票數量，並沒有考慮我們正在進行的股票回購計畫對未來的有利影響。

As we look forward to the remainder of the year, we recognize there is a degree of uncertainty, but we remain confident in our outlook. In the past, our proven diversified model has delivered steady, predictable, and meaningful growth through dynamic environments. We lead into attractive end markets with strong fundamentals, have a portfolio of market leading franchises, a sustainable stream of innovation, and a proven track record of execution.

展望今年剩餘時間，我們認識到存在一定程度的不確定性，但我們對前景仍然充滿信心。過去，我們經過驗證的多元化模式在動態環境中實現了穩定、可預測且有意義的成長。我們憑藉強勁的基本面進入具有吸引力的終端市場，擁有市場領先的特許經營權組合、可持續的創新流和經過驗證的執行記錄。

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

現在，我將把事情交給接線員，以便解答大家的疑問。操作員？

(Operator instructions) Erin Wright, Morgan Stanley.

（操作員指示） 摩根士丹利的 Erin Wright。

Great. Thanks. So first, I'll do Librela first and then on tariffs. I guess, can you speak to what you're seeing across the US market in terms of the Librela label change, how vets are responding relative to bigger expectations there? And how do you think the longer-acting OA Pain products could potentially replace or enhance sort of the OA Pain offering as we head into potentially next year?

偉大的。謝謝。因此，首先，我會先討論 Librela，然後再討論關稅。我想，您能否談談就 Librela 標籤變化而言您在美國市場看到的情況，以及獸醫相對於那裡更大的期望有何反應？您認為，隨著明年的到來，長效骨關節炎疼痛產品將如何取代或增強骨關節炎疼痛產品？

And then on tariffs, can you describe what exactly is embedded in terms of the gross tariff impact and what mitigation efforts you have? And then what does it mean when you say enacted tariffs? I guess, what tariffs or jurisdictions are you incorporating or product categories do you -- where do you have, I guess, the most exposure and what sort of is the tariff impact now embedded in guidance? Thanks.

然後關於關稅，您能否描述一下總關稅影響的具體內容以及您採取了哪些緩解措施？那麼，您說的「制定關稅」是什麼意思呢？我想，您要納入哪些關稅或司法管轄區，或您要納入哪些產品類別—我想，您在哪裡受到最多的影響，以及指導中現在包含什麼樣的關稅影響？謝謝。

Sure. Thanks, Erin. I will take the Librela question. I'll let Wetteny take the tariff question when I'm done.

當然。謝謝，艾琳。我將回答 Librela 的問題。當我講完之後，我會讓韋特尼來回答關稅問題。

As Wetteny sort of mentioned in his prepared remarks, we had about 15% organic operating growth in Librela across the globe and the US having about 17%. We're continuing to grow the market, and that satisfaction remains strong. Our focus right now is building and scaling the new category of care and really focusing on continued education and engagement.

正如韋特尼在其準備好的演講中提到的那樣，Librela 在全球範圍內的有機營運成長率約為 15%，其中美國約為 17%。我們正在繼續擴大市場，並且客戶滿意度仍然很高。我們目前的重點是建立和擴大新的護理類別，並真正專注於繼續教育和參與。

Now that the label is settled, we're really focusing on expanding our medical education. We're investing in a number of post-launch studies, as we've talked about, to generate more real-world data. We're also bringing in some key opinion leaders from Europe who've had the product for over five years to share their experiences in the US, as well as investing in targeted DTC. So we continue to have long-term confidence. It remains strong, and we really think Librela is meeting a significant unmet medical need and remain excited.

現在標籤已經確定，我們真正關注的是擴大我們的醫學教育。正如我們所討論的，我們正在投資一些發布後研究，以產生更多真實世界的數據。我們也邀請了一些來自歐洲的關鍵意見領袖，他們擁有該產品超過五年，分享他們在美國的經驗，並投資於有針對性的 DTC。因此我們仍然抱持長期信心。它依然強勁，我們確實認為 Librela 正在滿足重大未滿足的醫療需求，並且對此感到興奮。

Wetteny, do you want to cover the tariff question?

韋特尼，你想討論關稅問題嗎？

Sure. Look, Erin, our guidance today reflects the net impact of the tariffs that are actually already in place. And so that's net of any mitigation that we've already put together here, although the situation remains fluid. To give you a little bit more color in terms of where the exposure is and what we have reflected today, this is primarily from imports related to [EPIs] for a few of our livestock products coming from China and then some impact from a few of our diagnostics products, as well as certain veterinary accessories.

當然。你看，艾琳，我們今天的指導反映了實際上已經實施的關稅的淨影響。儘管情況仍然不穩定，但這就是我們已經採取的所有緩解措施的淨值。為了讓大家更清楚地了解風險暴露的所在以及我們今天所反映的情況，這主要來自從中國進口的一些牲畜產品（包括與 EPI 相關的產品）的影響，以及一些診斷產品和某些獸醫配件的影響。

Zooming out, the situation remains fluid, obviously. And we continue to monitor, as well as are actively planning various scenarios depending on where tariffs land. Keep in mind we have a broad diverse geographic footprint, and 60% of our manufacturing footprint is actually in the US. So we export more out of the US than we import into the US. And particularly, when you think about Companion Animal, vast majority of our sales are actually produced in the US. And a good portion of the Companion Animal sales outside the US are actually produced in the US.

顯然，從遠處看，情況仍然不穩定。我們將持續監測並根據關稅的實施情況積極規劃各種方案。請記住，我們的地理分佈廣泛且多樣化，其中 60% 的製造業務實際上在美國。因此，我們從美國出口的商品比從美國進口的商品還多。特別是當您想到 Companion Animal 時，我們銷售的絕大部分產品實際上都是在美國生產的。而美國以外銷售的伴侶動物產品中很大一部分實際上是在美國生產的。

And so I think when you think about that, our exposure is really likely more from retaliatory tariffs from other jurisdictions. So most of our exports go to Europe, as well as our imports, are actually coming from Europe. So you think about that in the context. And of course, we continue to monitor those. Given our supply chain, as broad as it is, that gives us lots of mitigation opportunities. So until we know exactly what -- where terrorists land, we won't know exactly how much we will mitigate, but we do feel confident that our footprint allows us quite a bit of flexibility to do that. Those will range in terms of time frame where they can be executed from immediate where maybe movement of inventories all the way to longer term in terms of what does that mean in terms of our footprint.

因此，我認為，當你考慮到這一點時，我們的風險實際上更有可能來自其他司法管轄區的報復性關稅。因此，我們的出口產品大多銷往歐洲，而我們的進口產品其實也都來自歐洲。所以你要結合上下文來思考這個問題。當然，我們會繼續監控這些情況。鑑於我們的供應鏈非常廣泛，這為我們提供了許多緩解機會。因此，在我們確切知道恐怖分子的落腳點之前，我們無法確切知道我們能減輕多少恐怖攻擊，但我們確信，我們的足跡讓我們有相當大的靈活性來做到這一點。這些措施將在時間範圍內變化，從即時執行（可能是庫存移動）到長期執行（就我們的足跡而言意味著什麼）。

So lots of opportunities for us as we look at that. But given our diversity from a geography product, et cetera, standpoint, we feel we are as well positioned to navigate this as anyone else.

從這個角度來看，我們面臨許多機會。但考慮到我們在地理產品等方面的多樣性，我們認為自己和其他人一樣有能力應對這項挑戰。

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great. Thanks for taking the question, guys. I'll start on the competitive side of things. I think Wetteny and Kristin, you guys both called out competitive entrance a little bit more in your prepared remarks. Obviously, you've got -- had NexGard PLUS in the market for a while now and also Credelio Quattro and Librela. Just if you could dive into a little bit more of like where are you seeing the most competitive pressure, how is it taking shape? Is it more in terms of price, anything you're seeing in terms of pre-stocking, pre-selling?

偉大的。謝謝大家回答這個問題。我先從競爭方面談起。我認為韋特尼和克里斯汀，你們在準備好的發言中都更強調了競爭性入場。顯然，NexGard PLUS 已經在市場上銷售一段時間了，此外還有 Credelio Quattro 和 Librela。如果您可以更深入地了解一下，您認為哪裡的競爭壓力最大，那麼它是如何形成的？就價格而言，您是否看到了預存、預售方面的情況？

There's a derm competitor expected later this year as well, so just sort of what have you seen so far? What are you factoring into your guide from the competitive side of things in those categories?

預計今年稍後也會有皮膚病競爭對手出現，那麼到目前為止您看到了什麼？從這些類別的競爭方面來看，您在指南中考慮了哪些因素？

And then a follow-up on Librela on Erin's question there. I just want to -- now that you've had the label change in some of the learnings from the last couple months, is your assumption for fiscal year '25 Librela any different than it was before? Do you think you'll be able to offset some of these as you go through the year? Just wondering if your thoughts on the ramp for this year are any different than they might have been three months ago. Thanks.

然後對 Erin 提出的問題進行 Librela 的後續後續追蹤。我只是想——既然您已經根據過去幾個月的一些經驗對標籤進行了更改，那麼您對 25 財年的 Librela 的假設與以前有什麼不同嗎？您認為您能在這一年中抵消掉其中的一些影響嗎？我只是想知道您對今年的坡道的想法是否與三個月前有什麼不同。謝謝。

Okay, great. I'll start in on the competitive side and then let Wetteny build off of it. I mean, I think what's really important to note in both dermatology and parasiticide is we were the first mover. And I think that's really important because especially if you look at parasiticides, being the first mover made a big difference, really. We've just been growing our share over time, as we talked about. We obviously had one of the biggest competitors enter over a year ago, and we're printing 19% growth overall for the quarter in Trio, so I think that's incredibly strong.

好的，太好了。我將從競爭方面開始，然後讓韋特尼在此基礎上進一步發展。我的意思是，我認為在皮膚病學和殺寄生蟲學方面真正需要注意的是，我們是先行者。我認為這非常重要，因為特別是如果你看一下殺寄生蟲劑，那麼成為先行者確實會產生很大的影響。正如我們所說的，隨著時間的推移，我們的份額一直在增加。顯然，我們在一年多前就擁有了最大的競爭對手之一，而 Trio 本季的整體成長率達到了 19%，所以我認為這是非常強勁的。

I think what we're really seeing is that there's still 40% growth in a combined flea tick heartworm space. And the more people that enter, the more people get switched into combo therapies from single therapies or topicals or collars. So we continue to see that regardless of who is entering. We have an excellent product. It's continued to compete really well in the. Market, we're really proud of the execution on this in the US and around the globe.

我認為我們真正看到的是，跳蚤蜱心絲蟲的整體感染率仍然有 40% 的增長。就診的人越多，從單一療法、外用療法或頸圈療法轉為組合療法的人就越多。因此，無論誰進入，我們都會看到這種情況。我們有優質的產品。它繼續在競爭中表現出色。市場，我們對在美國和全球範圍內的執行感到非常自豪。

So we've seen competition. We're obviously going to continue to see more competition. I think what's also, something to focus on is that right now, we have a 40% share in puppies. And obviously, once one a dog goes on a product, it's rare that it'll switch. So I think that's a really good indication of where that's going in the future. As we talked about, we are expecting potentially a new competitor in dermatology. What you can get into the specifics that's baked in.

所以我們看到了競爭。我們顯然將繼續看到更多的競爭。我認為還需要關注的是，目前我們的小狗份額為 40%。顯然，一旦狗開始使用某種產品，它很少會更換它。所以我認為這很好地預示了未來的發展方向。正如我們所討論的，我們預計皮膚病學領域可能會出現新的競爭對手。您可以了解到其中蘊含的具體資訊。

But again, I'd say, if you look at dermatology, we have three excellent products that have been in the market for a long time that are accepted, that vets have an over 90% satisfaction rate with those products, and we are the first mover. So I'll let Wetteny talk about what that needs and guidance, et cetera. And then if you want to follow up anything else on Librela, if you want, let me.

但我再說一遍，如果你看看皮膚病學，我們有三種優秀的產品，它們已經在市場上銷售很長時間並且被接受，獸醫對這些產品的滿意度超過 90%，我們是先行者。因此，我會讓韋特尼談談這方面的需求和指導等等。然後，如果您想了解 Librela 的其他任何信息，請告訴我。

Sure. If you look across our three key franchises, and I think this will cross over both your first question on competitive entrance, as well as your question on Librela, and I'll double click on that a little bit, Mike.

當然。如果你看一下我們的三個主要特許經營權，我認為這將涵蓋你關於競爭入口的第一個問題，以及你關於 Librela 的問題，我會稍微雙擊一下，邁克。

So first of all, our large three key franchises, we expect to grow double digits in 2025. They delivered 14% in the first quarter and remained double digits in our guidance. I think if you look at these areas, including those that already have competition or where we expect more entrants to come in, the bigger picture is the opportunity that remains. I think in every area, you have large markets even at the current sizes.

首先，我們預計我們的三大主要特許經營權到 2025 年將實現兩位數的成長。他們在第一季的業績為 14%，並且在我們的預期中仍保持了兩位數的成長。我認為，如果你看看這些領域，包括那些已經存在競爭的領域或我們預計將有更多進入者的領域，那麼更大的圖景就是仍然存在的機會。我認為在每個領域，即使是目前的規模，都有很大的市場。

In Durham, we still have 20 million dogs that are undertreated or untreated. And clearly, with double-digit growth in that category a decade plus later, where we are accessing those expansion opportunities, and we have more to go, particularly when you think about international. If you look at Librela, again, our key franchises are double-digit expectations for the year. We haven't given specific guidance consistently with the first guidance in February on a particular product, but I think I would share this.

在達勒姆，我們仍有 2000 萬隻狗未得到充分治療或治療不足。顯然，十多年後該類別實現了兩位數成長，我們正在獲得這些擴張機會，而且我們還有很大的發展空間，特別是當你考慮國際市場時。如果你再看看 Librela，你會發現我們今年的主要特許經營權預期將達到兩位數。我們還沒有給出與二月份針對特定產品的第一份指導一致的具體指導，但我想我會分享這一點。

We had a very strong launch to this product in terms of penetration in clinics in the US, et cetera. If you look at that, that's a strong foundation for us. And really, if you look at the feedback from vets, they remain very strong in terms of satisfaction. And so with 27 million medicalized dogs in the US alone with OA and only 9 million being treated, 8 million of those on NSAIDs and 1 million on Librela, I don't think I need to spell out just how vast the opportunity is, and we're still early. And clearly, as the adoption curve is lower than we expected, as we said in the prepared commentary, we are doubling down on efforts to drive education and awareness, et cetera.

就美國診所的滲透率等方面而言，我們的這款產品推出後表現非常強勁。如果你看一下，你會發現這對我們來說是一個堅實的基礎。事實上，如果你看看獸醫的回饋，你會發現他們的滿意度仍然很高。因此，光在美國就有 2700 萬隻患有骨關節炎的狗，而只有 900 萬隻接受了治療，其中 800 萬隻使用 NSAID，100 萬隻使用 Librela，我認為我不需要詳細說明這個機會有多大，而且我們還處於早期階段。顯然，由於採用曲線低於我們的預期，正如我們在準備好的評論中所說，我們正在加倍努力推動教育和意識等等。

The industry has seen this before with other products, and we've seen this before. And we're confident in terms of the long-term opportunity here and our position in it as a first mover and the impact it's making on dogs across the world. So we'll continue to drive those.

業界以前在其他產品上見過這種情況，我們也以前見過這種情況。我們對這裡的長期機會、我們作為先行者的地位以及它對全世界狗的影響充滿信心。因此，我們會繼續推動這些工作。

Yeah, and the other thing I'll say is, we're really seeing this as a huge market opportunity of the future. We've talked for a while that we think the overall market opportunity for us in OA is between $2 million and $3 billion. And we're investing, as you know, in a long-acting OA monoclonal antibody that, as we mentioned earlier in the year, we are expecting approval for this year. This would be a long acting three-month injection. It is a new and different antibody than Librela with a unique binding site, and we're expecting the dosing range to be about 10 times lower than Librela.

是的，我想說的另一件事是，我們確實將此視為未來一個巨大的市場機會。我們曾討論過，我們認為 OA 的整體市場機會在 200 萬美元到 30 億美元之間。如您所知，我們正在投資一種長效 OA 單株抗體，正如我們今年稍早所提到的，我們預計該藥物將在今年獲得批准。這將是一種長效三個月的注射劑。它是一種與 Librela 不同的新型抗體，具有獨特的結合位點，我們預計其劑量範圍將比 Librela 低約 10 倍。

So obviously, we have a lot of confidence in continuing to grow this market and the potential for this market, given all the things that Wetteny said, and we'll continue to invest in life cycle innovation behind Librela as well.

因此，顯然，考慮到韋特尼所說的一切，我們對繼續發展這個市場及其潛力充滿信心，我們也將繼續投資於 Librela 背後的生命週期創新。

Jon Block, Stifel.

喬恩·布洛克（Jon Block），斯蒂費爾（Stifel）。

Great. Thanks, guys. Maybe just building on a couple of the prior questions. Let me just -- pretty straightforward, but can you just maybe help us and bridge us to the $0.20 increase to the 2025 EPS guidance because just obviously back of the envelope, but even with the advantageous movement FX, the lower interest expense, and the lower shares, I'm actually having a hard time getting to $0.20. And that's arguably before any tariff headwind. I don't know if you can give us like a gross, or net tariff impact on that side of the equation.

偉大的。謝謝大家。也許只是基於前面幾個問題。讓我…很簡單，但您能否幫我們實現 2025 年每股收益預期 0.20 美元的增幅？這顯然只是理論上的，即使考慮到有利的外匯變動、較低的利息支出和較低的股價，我實際上也很難達到 0.20 美元。而且這可以說是在任何關稅不利因素出現之前。我不知道您是否可以告訴我們這個等式對總關稅或淨關稅的影響。

And then Kristin, I guess it's a little bit more in Librela. Pretty direct question, do we assume or should we assume flat US Librela revenue for the next two to three quarters until the long-acting is out there? I think the target's year-end '25, give or take. Is there anything called in the near term to reaccelerate the US Librela revenues before the long-acting? And then I know you just gave some helpful information on the long-acting. Is that going to carry, call it, a different brand versus Librela? Thanks, guys.

然後是克里斯汀，我想這在 Librela 中會更多一些。非常直接的問題，我們是否假設或應該假設美國 Librela 的收入在未來兩到三個季度內持平，直到長效藥物問世？我認為目標是在 25 年底左右。在長期作用之前，近期是否有任何措施可以重新加速美國 Librela 的收入？然後我知道您剛剛提供了一些有關長效的有用資訊。這是否會成為與 Librela 不同的品牌？謝謝大家。

Yeah, sure. Look, Jon, I'll take the bridge to the EPS raise in dollars for you. If you go back to our initial guidance in February, which use rates from late January versus where rates are as of late April, we are seeing, initially, what we guided to was about a $200 million headwind related to FX on a reported basis. And that was really reflective of the dollar that strengthened, particularly in the second half of 2024.

是的，當然。聽著，喬恩，我會為你搭建以美元計算的 EPS 成長橋樑。如果回顧我們 2 月的初步指導意見，即使用 1 月底的利率與 4 月底的利率進行比較，我們最初看到，根據報告，我們預計與外匯相關的逆風約為 2 億美元。這確實反映了美元的走強，尤其是在 2024 年下半年。

If you look at where rates are at the end of April, largely driven -- two-thirds of this change is driven by the euro, the pound sterling, and the yen. You are looking at most of that, not all of it, nearly all of it, actually, being reversed with the weakening dollar. So that is largely, if not entirely what's driving the EPS change that you see from us, driven by FX. And I would tie this also with trade policy and tariffs and so on. So we talk a lot about the impact that has on the organic operational, but it does have somewhat of the opposite effect in terms of what is going to the dollar and demands for that. So I do want to make sure that that is at least looked at and recognized.

如果你看一下四月底的利率情況，你會發現很大程度上——三分之二的變化是由歐元、英鎊和日圓推動的。你所看到的是，其中大部分，不是全部，而是幾乎所有，實際上，都隨著美元的疲軟而發生了逆轉。因此，這在很大程度上（如果不是全部）就是推動我們所看到的每股盈餘變化的因素，由外匯驅動。我也會將其與貿易政策、關稅等連結起來。因此，我們討論了許多這對有機營運的影響，但就美元的走向和需求而言，它確實產生了一些相反的影響。所以我確實想確保這一點至少能被關注和認可。

And so the impact you see is here. Now in terms of tariffs, net of mitigations, we're calling about $20 million of headwind that we put in here. And keep in mind, in February, we said we did not reflect tariffs, and we would do so as we know more. And based on what's enacted, we have that reflected here today. But for that, our organic operational growth in adjusted net income would be the same as it was in February.

所以，您所看到的影響就在這裡。現在就關稅而言，扣除緩解措施後，我們在這裡投入的逆風約為 2000 萬美元。請記住，我們在二月曾表示，我們沒有反映關稅，但當我們了解更多資訊後，我們會這樣做。根據已頒布的法律，我們今天在這裡反映了這一點。但就此而言，我們的調整後淨收入的有機營運成長將與二月相同。

Again, giving you a little bit more color in terms of what that impact is, and I gave you some more in terms of where how we're positioned as we continue to monitor the situation and where we have mitigation opportunities as we look ahead. Hopefully, that helps in terms of the FX. I do think what you're going to see is it's slightly near flat for the year now with headwinds in the first half and tailwinds in the second half based on where rates are. Again, we don't forecast the rates. We're simply using the spot rates of late April and assume they stay where they are, which we know they won't. This would be the impact. And so that is consistently how we have reflected on FX.

再次，我將向您更詳細地介紹這種影響，並向您介紹我們在繼續監測局勢方面的立場以及展望未來我們有哪些緩解機會。希望這對 FX 有幫助。我確實認為，你會看到，根據利率情況來看，今年的利率水準略微持平，上半年是逆風，下半年是順風。再次強調，我們不預測利率。我們只是使用四月下旬的現貨匯率並假設它們保持現狀，但我們知道它們不會。這就是影響。這就是我們一貫對外匯的看法。

So I'll follow up with your question with regards to Librela. I mean, as you know, we obviously don't give quarterly guidance, but as I mentioned earlier, we're obviously investing to continue to grow and scale this product throughout the year. We're doing all the things we mentioned, obviously, the medical education, the DTC. We're obviously investing in many post-launch studies to generate real-world data. We saw a few of those come out right now. We provided our pharmacovigilance data to Frontier's Journal, which indicated that all individual events are both rare and very rare.

因此，我將跟進您關於 Librela 的問題。我的意思是，如你所知，我們顯然不會提供季度指導，但正如我之前提到的，我們顯然會進行投資以在全年繼續發展和擴大該產品的規模。我們正在做我們提到的所有事情，顯然是醫學教育、DTC。我們顯然正在投資許多發布後研究來產生真實世界的數據。我們現在已經看到其中一些出現了。我們向《Frontier》雜誌提供了我們的藥物警戒數據，該雜誌指出所有個別事件都是罕見的和非常罕見的。

We also did a Librela meloxicam, which had 17 AEs for meloxicam and four for Librela. We're continuing to invest in additional real-world studies to support the brand. So we are investing, obviously, to grow this brand. We are not waiting for growth until we get a long-acting monoclonal antibody, and I think you also said it will obviously have a different brand. It is a unique antibody, and so obviously, it therefore cannot share the brand of Librela, given it's a unique molecule. So that would not have the same branding.

我們也進行了 Librela 美洛昔康試驗，其中美洛昔康有 17 個 AE，Librela 有 4 個 AE。我們將繼續投資更多的真實世界研究來支持​​該品牌。因此，我們顯然正在投資以發展這個品牌。我們不會等到獲得長效單株抗體後才開始成長，我想您也說過它顯然會有不同的品牌。它是一種獨特的抗體，因此顯然它不能與 Librela 共享品牌，因為它是一種獨特的分子。因此不會有相同的品牌。

But look, I just want to reiterate, this is a $2 billion to $3 billion market. We are only $1 million right now on the product. There's 9 million treated in the United States, but I'd argue, by the way, there's 27 million dogs with OA. So beyond even what's treated today, there's an untreated market as well. So as you look at this, so we see this as a significant opportunity that we're going to continue to invest behind.

但是，我只想重申一下，這是一個 20 億到 30 億美元的市場。目前我們在該產品上的投入僅 100 萬美元。在美國，有 900 萬隻狗接受了骨關節炎治療，但我認為，患有骨關節炎的狗有 2700 萬隻。因此，除了目前已處理的市場之外，還存在未處理的市場。所以當你看到這一點時，我們認為這是一個重要的機會，我們將繼續投資。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格、派珀‧桑德勒。

Thanks. I'm going to actually get away from the Librela questions. So Amazon is now selling some of the online drugs, probably, I think it's just singles right now, but maybe get a broad spectrum. Can you talk about any changes in your sales or sales and marketing efforts, both in the terms of educating vets or direct-to-consumer strategies?

謝謝。我實際上要避開 Librela 的問題。因此，亞馬遜現在正在銷售一些線上藥物，可能，我認為現在只是單一藥物，但可能範圍很廣。您能談談您在銷售或銷售和行銷工作方面有哪些變化嗎，包括教育獸醫或直接面向消費者的策略？

And with Amazon, do you see an acceleration of trends to the alternative channel? Or do you think this is just maybe more market share taking, and it would just see the same exact acceleration or the same exact trends we've seen? And then just a really quick one on the FDA and particularly the [CMB]. Can you tell whether or not there is any potential backlogs or delays in the FDA? I know that the actual reviewers, there hasn't been any cuts in order to that, but I mean, I think there would be some maybe in some of the support staff that might have like maybe a downstream effect, but thank you.

對於亞馬遜來說，您是否看到向替代管道的趨勢加速發展？或者您認為這可能只是更多的市場份額的佔據，並且它只會出現與我們所看到的完全相同的加速或完全相同的趨勢？然後簡單介紹一下 FDA，特別是[CMB]。您能否告知 FDA 是否有任何潛在的積壓或延誤？我知道實際的審閱者並沒有因此受到任何削減，但我的意思是，我認為一些支援人員可能會受到一些影響，但還是謝謝你。

Sure, I'll start with your second question first. Yes, we are obviously monitoring any changes to both FDA and USDA closely. There obviously were cuts already at FDA, but we have not seen any slowdowns on any of our pipeline products, as we talked about. We have a very robust pipeline. We work very closely with the FDA. And look, we're working very closely with the administration, with Congress, and with the regulators to help shape that evolving environment. We're looking for opportunities to support their efforts on efficiencies while supporting innovation. We think there's lots of opportunities to speed innovation, and I've spent a lot of time in DC working with them.

當然，我先從你的第二個問題開始。是的，我們顯然正在密切關注 FDA 和 USDA 的任何變化。顯然，FDA 已經進行了削減，但正如我們所說的，我們尚未看到任何管道產品出現任何放緩。我們擁有非常強大的管道。我們與 FDA 密切合作。而且，我們正在與政府、國會和監管機構密切合作，以幫助塑造不斷變化的環境。我們正在尋找機會支持他們提高效率的努力，同時支持創新。我們認為有很多機會可以加速創新，而且我在華盛頓特區花了很多時間與他們一起工作。

We really think that innovation is critical, if you think about the food supply chain, as well as public health, as well as really bringing unmet products to market. So you know it's a real focus of ours here. We have not seen any slowdown in any of our pipeline products currently at the FDA or the USDA, but we are spending a lot of time there making sure we continue to shape this environment.

如果你考慮食品供應鏈、公共衛生以及將未滿足的產品真正推向市場，我們確實認為創新至關重要。所以你知道這是我們真正的關注點。目前，我們在美國食品藥物管理局 (FDA) 或美國農業部 (USDA) 的任何研發產品都沒有出現任何放緩，但我們在那裡花費了大量時間，以確保我們能夠繼續塑造這種環境。

The second question was on retail growth. I'll start there and see what Wetteny's got to build on it. First, I'd underscore that retail in the quarter grew 40%. That was, obviously -- it's a little bit there on some one-time stocking, so what you can get into that. But right now, retail is 21% of our US business, and this has been growing every year. So I mean, I think Amazon's just one more. But Wetteny, do you want to get into some of the specifics there?

第二個問題是關於零售成長。我將從那裡開始，看看韋特尼能在此基礎上做出什麼。首先，我要強調的是，本季零售額成長了 40%。顯然，這是一次性庫存的一小部分，所以你可以從中獲得什麼。但目前，零售占我們美國業務的21％，並且每年都在成長。所以我的意思是，我認為亞馬遜只是其中之一。但是韋特尼，你想了解一些具體細節嗎？

Yeah. I'd be happy to. I think to your point, if you look at retail and when we talk about alternative channels, we have both retail and home delivery, which you're seeing traction there as well. If you look at our retail in the quarter, about 40% growth. Some of that, as we talked about in February, we saw a little bit of inventory decrease at the end of December through the holiday season. Some of that picked back up in January, so a little bit crossing over there. But overall, the trend line continues in terms of the strength that we've seen there.

是的。我很樂意。我認為，就你的觀點而言，如果你看一下零售業，當我們談論替代管道時，我們既有零售，也有送貨上門，你也會看到這方面的吸引力。如果你看一下我們本季的零售額，你會發現成長了約 40%。正如我們在二月談到的那樣，我們發現從 12 月底到假期期間庫存有所減少。其中一些在一月份有所回升，因此有一點跨越。但總體而言，就我們所見的強度而言，趨勢線仍在繼續。

When I zoom out and I think -- we talk a lot about diversification in this company, right? We talk about product categories, geographies, species, et cetera. I do think alternative channels also presents another level of diversification. We're certainly positioned well to meet the consumer wherever their channel of choice is, and that includes in the clinic. And when products move from the clinic to these alternative channels, we're positioned to capitalize on those as well.

當我縮小視野並思考時——我們談論了很多關於這家公司的多元化問題，對嗎？我們討論產品類別、地理、物種等等。我確實認為替代管道也代表了另一個層次的多樣化。無論消費者選擇哪種管道，包括診所，我們都能夠很好地滿足他們的需求。當產品從診所轉移到這些替代管道時，我們也能利用這些管道。

So I think any move by any party, whether Amazon or anyone else, is going to continue to give more choices to the consumer, and our products are available to them to really drive that. And I think from an economics perspective we talked about on this call before, they're neutral to positive versus the overall. So this is another area that we're well positioned to continue to capitalize on in terms of where our products are.

因此，我認為，無論是亞馬遜還是其他任何一方採取的任何舉措，都將繼續為消費者提供更多選擇，而我們的產品可供消費者使用，真正推動了這一點。我認為，從我們之前在電話會議上討論過的經濟角度來看，它們與整體相比是中性到積極的。因此，就我們的產品而言，這是我們可以繼續利用的另一個領域。

And I think it will also continue to grow the compliance for most of our key products. And/we've got a significant percentage of our sales currently for both Apoquel and Simparica Trio, over 40% of both in the retail channel. So I think, Amazon is just one more entrance there.

我認為它還將繼續提高我們大多數主要產品的合規性。目前，Apoquel 和 Simparica Trio 的銷售額佔比都很大，兩者都超過 40% 來自零售通路。所以我認為，亞馬遜只是那裡的另一個入口。

Brandon Vazquez, William Blair.

布蘭登·巴斯克斯、威廉·布萊爾。

Hey, everyone, thanks for taking the question. Kristin, you made a comment on the Librela side that maybe consumer sentiment or consumer spending was weighing a little bit, maybe on compliance. Can you just talk a little bit about what you guys are seeing through April, given kind of consumer sentiments rolling over a little bit, not just in Librela, but just the broader portfolio? Are you seeing meaningful changes in compliance across the board or not? And just kind of the feeling as we're going through the second quarter.

嘿，大家好，感謝你們提出這個問題。克里斯汀，你對 Librela 方面發表了評論，也許消費者情緒或消費者支出有點影響，也許是合規性。鑑於消費者情緒有所轉變，不僅是在 Librela，而是在更廣泛的投資組合中，您能否稍微談談您在 4 月看到的情況？您是否看到合規性全面發生重大變化？這就是我們進入第二季時的感受。

And then one quick model follow-up question. Wetteny, can you just talk about what price and volume expectations are for the rest of the year as well? Thanks.

然後是一個快速模型後續問題。韋特尼，您能否談談今年剩餘時間的價格和銷售預期？謝謝。

Sure. Yeah, I think what we talked about in our prepared remarks is obviously, adoption has been more gradual as you look at sort of the OA Pain market and honestly, some of the more expensive chronic medications right now than we probably initially expected. But look, we're really encouraged by the foundation that we're building. We are starting to see, in small pockets, a more measured approach to managing chronic conditions. I think consumers are making choices that reflect sort of broader consumer trends.

當然。是的，我認為我們在準備好的發言中談到的是，顯然，當你看 OA 疼痛市場時，採用的速度是比較緩慢的，老實說，目前一些慢性藥物比我們最初預期的要貴。但是，我們正在建立的基礎確實讓我們備受鼓舞。我們開始在小範圍內看到一種更有節制的慢性病管理方法。我認為消費者所做的選擇反映了更廣泛的消費趨勢。

But I think what's great about our portfolio is how broad it is across so many different categories. So maybe that -- the most expensive, we also -- you can look at it, an Apoquel, if you're looking in the derm space. And we're continuing to seeing incredibly strong growth right now and wellness.

但我認為我們的產品組合的優點在於它涵蓋瞭如此多的不同類別。所以也許那是最昂貴的，我們也可以看看它，Apoquel，如果你在皮膚科領域尋找的話。我們現在繼續看到令人難以置信的強勁成長和健康。

So as we always say, we see the animal health industry as incredibly durable and recession resistant. Obviously, we're not recession proof. And I think what really sets the Zoetis apart in this is that we're more resilient than the industry, given the innovation that we bring to market. We have really disruptive products that meet unmet medical needs. And if you look at a growing global population, whether that's, on the food side or on the Companion Animal side, I think, Zoetis has always weather these better than others, and we believe we'll continue to do so. Wetteny, do you want to take the second question?

因此，正如我們常說的那樣，我們認為動物保健產業具有強大的持久性和抗衰退能力。顯然，我們無法抵禦經濟衰退。我認為，碩騰真正的優勢在於，鑑於我們為市場帶來的創新，我們比產業更具韌性。我們擁有真正顛覆性的產品，可以滿足尚未滿足的醫療需求。如果你看看不斷增長的全球人口，無論是在食物方面還是在伴侶動物方面，我認為碩騰總是比其他公司更好地經受住了考驗，我們相信我們會繼續這樣做。Wetteny，你想回答第二個問題嗎？

Sure. Look, our price and volume mix is consistent with how we saw them coming into the year, and I'll remind you of a few points here. In 2024, we saw strong volume growth, particularly across our key franchises, even as we saw price elevated the last couple of years to the tune of 5% to 6%. We came into this year saying we expect price to be above our historical [2] to [3], but below those levels from the last couple of years, and you saw that play out in the first quarter.

當然。你看，我們的價格和數量組合與我們今年看到的情況一致，在這裡我會提醒你幾點。2024 年，我們的銷量將強勁成長，尤其是在我們的主要特許經營店，儘管過去幾年價格上漲了 5% 至 6%。我們今年開始時就表示，預計價格將高於歷史水平 [2] 至 [3]，但低於過去幾年的水平，而您在第一季就看到了這種情況。

Our volume growth out of the 9% organic operational growth was 5% volume and 4% price. Now I would say the direction of travel for the rest of the year would be consistent in terms of that mix. And one last note is last year, we saw higher contributions from our hyperinflationary markets, particularly when you think about Livestock in International, where we're seeing much less of that, though we're seeing some in the first half -- in the first quarter here, much less of that this year versus what we saw last year.

我們的銷售成長在 9% 的有機營運成長中佔比為 5% 而價格成長為 4%。現在我想說的是，今年剩餘時間的旅行方向將與上述組合保持一致。最後要注意的是，去年，我們的惡性通貨膨脹市場貢獻更​​大，特別是當你想到國際牲畜市場時，我們看到的這種貢獻要少得多，儘管我們在上半年看到了一些——在第一季度，今年的貢獻比去年少得多。

Chris Schott, JPMorgan.

摩根大通的克里斯·肖特。

Great. Thanks so much for the questions. Maybe just starting off on derm, can you just remind us of your latest expectations for Merck's entrance into the market? What's kind of reflected in guidance on that? And maybe bigger picture on Apoquel, what percent of the market is Chewable at this point? And how important is that, I guess, in terms of kind of protecting the franchise competitively?

偉大的。非常感謝您的提問。也許只是從皮膚科開始，您能否提醒我們您對默克進入市場的最新期望？指導意見中對此有何體現？也許對 Apoquel 有更大的了解，目前咀嚼片的市佔率是多少？我想，從保護特許經營權的競爭力方面來說，這有多重要？

My second question, obviously, a very solid start to the year. I know you don't give quarterly guidance, but just anything notable we should be watching in terms of quarterly [gating] as we think about the rest of the year from here? Thanks so much.

我的第二個問題是，顯然，今年的開局非常穩健。我知道您沒有提供季度指導，但是當我們考慮今年剩餘時間的走勢時，我們應該關注季度[門控]方面值得注意的事情嗎？非常感謝。

Sure. I'll take this and see if Kristin wants to add to it. So when you look at our guidance today, consistent with February, we put a number of scenarios around the timing of competitive entrances, as well as any short-term promotional activities that they might have. This does not take away from our long-term view in terms of the opportunity to continue to expand these markets and our confidence that we will continue to drive growth in those, particularly given our first-mover advantage. So I want to make sure that is really well understood that our that our consideration is more short-term implications around promotions and not long-term confidence that we continue to have in those.

當然。我會接受這個並看看克里斯汀是否想添加它。因此，當您查看我們今天的指導時，與二月份一致，我們圍繞競爭性入口的時間以及他們可能開展的任何短期促銷活動提出了許多方案。這並不會影響我們對繼續擴大這些市場的機會的長期看法，也不會影響我們將繼續推動這些市場成長的信心，特別是考慮到我們的先發優勢。因此，我想確保大家能夠充分理解，我們考慮的更多的是促銷活動的短期影響，而不是我們對此持續抱持的長期信心。

On Apoquel, particularly, in terms of Chewable conversion, if you look at the US, we exited the first quarter around 31% in the aggregate, a little bit higher in the vet clinics and so forth. If you look at International, we're seeing about 50% conversion across International, but in Europe it's actually about 57%. So we'll continue to see that climb in terms of our position.

就 Apoquel 而言，特別是在咀嚼片轉換方面，如果你看看美國，我們在第一季的整體轉換率約為 31%，在獸醫診所等的轉換率略高一些。如果你看國際市場，我們會看到整個國際市場的轉換率約為 50%，但在歐洲，這一比例實際上約為 57%。因此，我們的地位將繼續上升。

And the last thing I'll say is, coming into a year ago with the launch of [Chew], we would have anticipated, as we said before, a higher conversion of [Chew] but I think it's the stickiness of Apoquel, particularly when you think about the satisfaction levels amongst vets and pet owners, auto-ship, et cetera, that is actually driving the conversion rate to be lower than we would have said. And I think that's a good signal for us as we compare -- prepare for competition and then of course, longer term in terms of expanding the market.

最後我要說的是，一年前推出 [Chew] 時，正如我們之前所說，我們預計 [Chew] 的轉化率會更高，但我認為是 Apoquel 的粘性，特別是當你考慮到獸醫和寵物主人的滿意度、自動發貨等因素時，才導致轉化率低於我們的預期。我認為這對我們來說是一個很好的訊號——為競爭做好準備，當然，從長遠來看，也是為了擴大市場。

Navann Ty, BNP Paribas.

法國巴黎銀行的 Navann Ty。

Thanks for taking my question. One on Librela, do you expect to pivot back to accessing the moderate population in the US at some point? And a follow-up on the FDA, could you expect the FDA head count reduction to impact your competitors' timeline in derm? And finally, can you discuss the new flea tapeworm indication for Simparica Trio versus Elanco's Credelio Quattro? Thank you.

感謝您回答我的問題。關於 Librela，您是否希望在某個時候重新轉向接觸美國的中等收入人群？關於 FDA 的後續情況，您是否預期 FDA 員工人數的減少會影響您的競爭對手在皮膚科的時間表？最後，您能討論 Simparica Trio 與 Elanco 的 Credelio Quattro 相比針對跳蚤絛蟲的新適應症嗎？謝謝。

Sure. I'll start with your last one. Yes, we did get approval for the prevention of flea tapeworm. As we said before, we didn't see that as critically important. Obviously, we've mentioned this previously. This is just a nice incremental. It certainly makes it very little differentiation between us and others. But as we said before, we don't see this as a major driver. We didn't think it was a major issue before.

當然。我先從你的最後一個開始。是的，我們確實獲得了預防跳蚤絛蟲的批准。正如我們之前所說，我們並不認為那至關重要。顯然，我們之前已經提到過這一點。這只是一個很好的增量。這確實使得我們和其他人之間的差異變得很小。但正如我們之前所說，我們並不認為這是一個主要驅動因素。我們之前並不認為這是一個大問題。

With regards to your question on Librela and the shift to moderate patients, that's obviously a key part of our focus right now and is consistent with all the different levers that we're really focused on right now on making sure we expand medical education, bringing in the international KOLs, et cetera, is moving into that.

關於您關於 Librela 和轉向中度患者的問題，這顯然是我們目前關注的關鍵部分，並且與我們目前真正關注的所有不同槓桿相一致，以確保我們擴大醫學教育，引入國際 KOL 等，我們正在朝著這個方向發展。

Your last question was on the FDA and the impact on either competitors or a long-acting. As I said, we have not experienced any delays at the FDA. We would think others would share the same view at this point. I obviously can't speak for them, so we're not expecting any issues with the FDA at the moment based on what we know today to be slowing down ours or anyone else's pipeline.

您的最後一個問題是關於 FDA 及其對競爭對手或長效藥物的影響。正如我所說，我們在 FDA 沒有遇到任何延誤。我們認為其他人也會持有同樣的看法。我顯然不能代表他們發言，所以根據我們今天所了解的情況，我們目前預計 FDA 不會出現任何問題，這些問題會減緩我們或任何其他人的研發進程。

Steve Scala, TD Cowen.

史蒂夫·斯卡拉 (Steve Scala)，TD Cowen。

This is [Chris] on for Steve. Thanks for taking our question. We have two just on tariffs. First, it seems like the Trump administration is pursuing pharmaceutical tariffs under a Section 232 national security claim. Based on your interactions with Washington on animal health products viewed as critical to US national security, and what's the likelihood that US pet products could be excluded from broader sector tariffs? Thank you.

我是 [Chris]，替史蒂夫轉播。感謝您回答我們的問題。我們就關稅問題提出了兩項建議。首先，川普政府似乎是根據第 232 條國家安全條款徵收藥品關稅。根據您與華盛頓就對美國國家安全至關重要的動物保健產品的互動，美國寵物產品被排除在更廣泛的行業關稅之外的可能性有多大？謝謝。

Sure. Our team here and me personally spent a lot of time in DC on the issue of the 232 sectoral tariffs on pharmaceuticals. What we've advocated for and have had a great audience for is what they're trying to solve is not the problem that we see in animal health and certainly not Zoetis' problem. I actually said, if you want to be the poster child, I think Zoetis is it. [60%] of our total manufacturing is in the United States. 75% of what we sell in the United States, we make in the United States, and we are a net exporter.

當然。我們的團隊和我自己在華盛頓花了很多時間討論藥品 232 產業關稅問題。我們所倡導的並且得到了廣大聽眾的支持的是，他們試圖解決的不是我們在動物健康方面看到的問題，當然也不是 Zoetis 的問題。我實際上說過，如果你想成為典型代表，我認為碩騰就是這樣。我們總製造量的 [60%] 在美國進行。我們在美國銷售的產品中有 75% 是在美國生產的，我們是淨出口國。

So in the sense of the desire for security in pharmaceuticals in the United States, I don't really think that animal health or Zoetis is the challenge. We've shared this point of view with a number of people. I think it's too early to tell, which is why we were quite clear in the guidance that this obviously only included currently enacted tariffs. I would definitely not want to presume where they will ultimately come out on it, but I think we have a very strong argument. And we've been spending a lot of time making sure they understand the differences between animal health and human health and where our manufacturing is.

因此，從美國對藥品安全的渴望來看，我並不認為動物保健或碩騰是真正的挑戰。我們已經與許多人分享了這一觀點。我認為現在下結論還為時過早，這就是為什麼我們在指南中明確表示這顯然只包括目前已頒布的關稅。我絕對不想猜測他們最終會得出什麼結論，但我認為我們有一個非常有力的論點。我們花了大量時間確保他們了解動物健康和人類健康之間的差異以及我們的製造地點。

Importantly, we've made the case of where our intellectual property is, which is also in the United States and where the vast majority of our R&D dollars are, which are also in the United States. So I think we've had a good audience, but I wouldn't presume to predict what the administration will do here.

重要的是，我們已經說明了我們的智慧財產權在哪裡，它也在美國，我們的絕大部分研發資金也在美國。所以我認為我們的聽眾很好，但我不敢預測政府會採取什麼行動。

Daniel Clark, Leerink Partners.

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

Great. Thank you. Just another question on Librela. When you think about how the launches progress versus your initial expectations, is it really on the patient start side or on the months on therapy side that you've seen like a bigger divergence from where you thought performance was going to be? That's my question. Thank you.

偉大的。謝謝。關於 Librela 的另一個問題。當您思考產品發布的進展與您最初的預期相比如何時，您發現在患者開始治療方面還是在治療的幾個月內與您預想的表現存在較大差異嗎？這就是我的問題。謝謝。

So look, I think if you look at the performance of Librela, first of all, just to see just how much interest there is in terms of vets looking for solutions for pain, you saw 86% penetration across clinics. And we continue to see very strong satisfaction levels for vets who are using the product. So I think that really is a great foundation for us. We've seen a transition into more moderate cases and patient starts and expansion of the market with those that were previously not treated by NSAIDs in Europe. And that continues to be our focus in the US through education of veterinarians and pet owners in terms of the long-term impacts of OA pain over time, which I think are important to note and will continue to drive those.

所以，我認為如果你看一下 Librela 的表現，首先，看看獸醫對尋找疼痛解決方案的興趣有多大，你會看到診所的滲透率為 86%。我們持續看到使用該產品的獸醫的滿意度非常高。所以我認為這對我們來說確實是一個很好的基礎。我們已經看到病情逐漸好轉，患者數量開始增加，市場也開始擴大，尤其是那些先前在歐洲未接受過 NSAID 治療的患者。這仍然是我們在美國關注的重點，透過對獸醫和寵物主人進行教育，讓他們了解骨關節炎疼痛的長期影響，我認為這是值得注意的重要事項，並將繼續推動這些影響。

So as we said, the uptake hasn't been as fast on the ramp as we like, but I think the foundation is strong, and certainly, undoubtedly, the size of the opportunity remains very vast.

因此，正如我們所說，雖然成長速度不如我們所希望的那麼快，但我認為基礎是牢固的，毫無疑問，機會規模仍然非常巨大。

As there are no further questions at this time, I'd like to turn the floor back over to management for any additional or closing comments.

由於目前沒有其他問題，我想將發言權交還給管理層，以便他們發表任何補充或結束評論。

Thank you. As always, I want to thank everyone for joining today for your questions and importantly for your continued interest in Zoetis. Just to summarize, we have the industry's most diverse and durable portfolio. And animal health is essential, and both the industry and Zoetis have proven to be resilient across many different economic cycles and all different types of market conditions. And that's why we continue to see steady, sustainable demand for our products across species and geographies.

謝謝。像往常一樣，我要感謝大家今天的提問，更重要的是感謝大家對 Zoetis 的持續關注。總而言之，我們擁有業界最多樣化和最持久的產品組合。動物健康至關重要，事實證明，該行業和碩騰都能夠適應多種不同的經濟週期和各種不同類型的市場條件。這就是為什麼我們繼續看到不同物種和地區對我們的產品有穩定、可持續的需求。

And as we look ahead, we remain focused on executing our strategy with discipline while staying agile and responsive to the dynamic world around us. We strongly believe that with our innovation, our global reach, and our dedicated teams, we are confident in our ability to continue to lead this industry forward. So thanks, everyone, for joining us, and have a great day.

展望未來，我們將繼續專注於嚴格執行我們的策略，同時保持敏捷，並對周圍動態的世界做出回應。我們堅信，憑藉我們的創新、全球影響力和敬業的團隊，我們有信心繼續引領這個行業向前發展。感謝大家的參與，祝福大家有愉快的一天。

Thank you. Once again, ladies and gentlemen, that will conclude today's Zoetis event. Thank you for your participation. You may disconnect at this time and have a wonderful rest of your day.

謝謝。女士們、先生們，今天的 Zoetis 活動就到此結束了。感謝您的參與。現在您可以斷開連接並享受美好的一天剩餘時間。