碩騰 (ZTS) 2025 Q2 法說會逐字稿

Welcome to the second quarter, 2025 financial results conference call and webcast for Zoetis. Hosting the call today is Steven Frank, Vice President of Investor Relations for Zoetis. The presentation materials and additional financial tables are currently posted on the Investor Relations section of Zoettis.com.

歡迎參加 Zoetis 2025 年第二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 Steven Frank。演示材料和其他財務表格目前發佈在 Zoettis.com 的投資者關係部分。

The presentation slides can be managed by you, the viewer, and will not be forwarded automatically. In addition, a replay of this call will be available approximately two hours after the conclusion. Via dial-in or on the Investor Relations section of Zoetis.com.

簡報投影片可以由您（檢視者）管理，並且不會自動轉發。此外，本次通話的重播將在會議結束後約兩小時提供。透過撥入或造訪 Zoetis.com 的投資者關係部分。

(Operator Instructions)

（操作員指示）

It is now my pleasure to turn the call over to your host Steven Frank, Vice President of Investor Relations for Zoetis.

現在我很高興將電話轉給主持人史蒂文·弗蘭克 (Steven Frank)，他是 Zoetis 投資者關係副總裁。

Thank you, operator. Good morning, everyone, and welcome to the Zoetis second quarter 2025 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 2025 年第二季財報電話會議。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)。

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.

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 10K and our reports on Form 10Q.

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 10K 表年度報告和 10Q 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 the 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 8K filing dated today, Tuesday, August 5, 2025.

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 8 月 5 日，星期二）提交的 8K 文件中附帶的財務表中。

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

我們也引用了排除外匯影響的經營績效。說完這些，我會把電話轉給克里斯汀。

Thank you, Steve, and good morning, everyone. Welcome to our second quarter 2025 earnings call. Thanks to the dedication of our colleagues around the world. We delivered strong broad-based 8% organic operational revenue growth, a reflection of the strength of our innovation engine and the excellence of our customer-focused execution. We also grew adjusted net income 10% on an organic operational basis, underscoring our focus on operational efficiency.

謝謝你，史蒂夫，大家早安。歡迎參加我們的 2025 年第二季財報電話會議。感謝世界各地同事的奉獻。我們實現了強勁的 8% 有機營運收入成長，這反映了我們創新引擎的強大以及以客戶為中心的卓越執行力。我們的調整後淨收入在有機營運基礎上成長了 10%，這凸顯了我們對營運效率的關注。

Our International segment grew organic operational revenue 9%, demonstrating our ability to capitalize on key trends that are expanding regional markets. The US grew 7%, excluding the impact of the MFA divestiture. Companion animal grew 8% operationally, while Livestock delivered 6% organic operational growth, driven by sustained demand for our trusted, market-leading solutions.

我們的國際部門有機營運收入成長了 9%，顯示我們有能力利用擴大區域市場的關鍵趨勢。剔除 MFA 剝離的影響，美國經濟成長了 7%。伴侶動物業務營運成長了 8%，而畜牧業實現了 6% 的有機營運成長，這得益於對我們值得信賴、市場領先的解決方案的持續需求。

This quarter's performance highlights the strength of our diversified portfolio, with growth across markets, species, franchises and channels, and balanced contributions from price and volume, a testament to our strategy.

本季的業績凸顯了我們多元化投資組合的實力，跨市場、品種、特許經營和通路均實現成長，價格和銷量的貢獻均衡，證明了我們的策略。

With organic operational revenue of 9% in the first half, we are delivering in line with our plan and are well positioned to carry that progress into the second half. Our consistent performance across economic and competitive cycles reinforces the strength of our business and Animal health as one of the most compelling long-term growth sectors.

上半年有機營業收入成長了 9%，我們的業績符合計劃，並且已準備好將這一進展延續到下半年。我們在經濟和競爭週期中的持續表現增強了我們的業務實力，動物保健成為最引人注目的長期成長領域之一。

Key franchises collectively delivered an order of double-digit performance, underscoring not only their continued momentum, but also the power of our innovation and the disciplined execution that drives value across the business. As you look closer at our Companion Animal growth drivers, it's clear that innovation is not only our core competency. It's the most powerful way we live our purpose.

主要特許經營業務整體實現了兩位數的業績成長，這不僅凸顯了其持續的發展勢頭，也證明了我們的創新力量和推動整個業務價值的嚴格執行。當你仔細觀察我們的伴侶動物成長動力時，你會發現創新不只是我們的核心競爭力。這是我們實現目標的最有力的方式。

And what's equally clear, our key franchises have significant runway for continued durable growth. Our Simparica franchise, for example, grew 17% operationally, even after nearly two years of competition.

同樣明顯的是，我們的主要特許經營權擁有持續持久增長的巨大空間。例如，我們的 Simparica 特許經營權即使經過近兩年的競爭，營運仍成長了 17%。

Demand continues to rise for comprehensive triple combination protection, the fastest-growing segment in the parasiticide market or Simparica Trio is setting the standard of care, delivering 20% operational revenue growth. With new entrants, the overall category continues to expand, fueled in part by increased promotional activity that is raising awareness of the benefits of triple combination protection.

市場對綜合三重組合保護的需求持續上升，寄生蟲殺蟲劑市場中成長最快的部分或 Simparica Trio 正在製定護理標準，實現 20% 的營運收入成長。隨著新進者的加入，整個類別繼續擴大，部分原因是促銷活動的增加提高了人們對三重組合保護優勢的認識。

Thanks to our first-mover advantage strong commercial relationships and preferred position with key veterinary partners, these efforts are often reinforcing our leadership. Trio remains the trusted first choice for veterinarians and pet owners alike.

由於我們的先發優勢、強大的商業關係以及與主要獸醫合作夥伴的優先地位，這些努力常常鞏固我們的領導地位。Trio 仍然是獸醫和寵物主人值得信賴的首選。

In this franchise, our alternative channel strategy, especially in the US the largest market for parasiticides remains a key source of diversification and differentiation, helping us meet customers where they are and driving stronger compliance by ensuring pet owners have convenient ongoing access to trusted products.

在這個特許經營中，我們的替代管道策略，特別是在美國這個最大的殺寄生蟲劑市場，仍然是多樣化和差異化的關鍵來源，幫助我們在客戶所在地滿足他們的需求，並透過確保寵物主人能夠方便地持續獲得值得信賴的產品來推動更強的合規性。

We expect these dynamics to continue for the foreseeable future. More than 10 years since launch and with over 12 million dogs treated, our key dermatology franchise continues to deliver, growing 11% operationally, a testament to how durable true innovation can be.

我們預計這些動態將在可預見的未來持續下去。自推出以來已有 10 多年，已為超過 1200 萬隻狗進行了治療，我們的主要皮膚病學特許經營業務繼續發揮作用，運營增長率為 11%，證明了真正的創新可以持久。

This quarter's performance was fueled by particularly strong results internationally, where we are seeing increased uptake among new patients and higher compliance. What continues to set this franchise apart is its depth and versatility. We didn't just create the derm category, we continue to expand it with complementary treatment options that address a range of needs.

本季的業績受到國際市場強勁業績的推動，我們看到新患者的接受度不斷增加，依從性也不斷提高。這個系列的與眾不同之處在於它的深度和多功能性。我們不僅創造了皮膚科類別，還透過滿足一系列需求的補充治療方案不斷擴展它。

Apoquel Chewable provides added flexibility for pet owners, while Cytopoint is a convenient injectable solution for longer lasting relief. Together, these modalities help personalize care, improve compliance and deliver high satisfaction reducing the likelihood of switching and supporting durable franchise performance.

Apoquel Chewable 為寵物主人提供了額外的靈活性，而 Cytopoint 是一種方便的注射溶液，可以帶來更持久的緩解。這些模式共同幫助實現個人化護理、提高依從性並提供高滿意度，從而降低轉換的可能性並支持持久的特許經營績效。

Even after a decade, we see meaningful runway ahead, driven by two powerful dynamics. The continued importance of compliance in chronic disease management and the opportunity to reach more than 20 million remain under or untreated today.

即使十年過去了，我們仍然看到前方有一條充滿意義的跑道，這得益於兩大強勁動力。慢性病管理中遵從性的重要性依然存在，目前仍有超過 2,000 萬人未接受治療或接受治療。

Our confidence is grounded in what sets us apart. We lead through science, designing solutions that address the most persistent needs in animal health and establishing a standard of care that's not easily surpassed. And as we shared earlier this year, we're confident not only in our market-leading differentiated portfolio today, but in the portfolio of the future already taking shape.

我們的信心源自於我們的與眾不同。我們以科學為先導，設計出符合動物健康最持久需求的解決方案，並建立難以超越的照護標準。正如我們今年稍早所分享的，我們不僅對目前市場領先的差異化產品組合充滿信心，而且對已經形成的未來產品組合充滿信心。

In osteoarthritis or OA pain, Librela declined 7% operationally this quarter. We are actively advancing efforts to accelerate adoption grounded in both the scale of the opportunity and the positive patient impact we continue to see.

在骨關節炎或 OA 疼痛領域，Librela 本季營運下降了 7%。我們正在積極推進加速採用的努力，這既基於機會的規模，也基於我們不斷看到的對患者的正面影響。

In the US alone, 27 million dogs suffer from OA yet only 9 million are currently treated and today, we are reaching just 1 million of them. As with any breakthrough innovation that establishes a new standard of care, adoption rarely follows a straight line. That's why we're taking deliberate steps to develop the market, educating veterinarians and pet owners to ensure a clear understanding of the product's benefit risk profile and the elastin confidence.

光是在美國，就有 2,700 萬隻狗患有 OA，但目前只有 900 萬隻接受治療，而今天，我們只惠及了其中的 100 萬隻。與任何建立新護理標準的突破性創新一樣，採用很少遵循直線。這就是為什麼我們要採取謹慎措施來開發市場，教育獸醫和寵物主人，以確保他們清楚地了解產品的效益風險和彈性蛋白信心。

In fact, more than 75% of US patients past and present report being extremely or very satisfied with Librela's results. Shaping a new market takes time, but we remain confident in our ability to deliver over the long term. We see significant potential in Librela, and we'll continue to invest in unlocking it because the need for chronic pain relief is significant, persistent and lead personal for our customers.

事實上，超過 75% 的美國過去和現在的患者表示對 Librela 的效果極為滿意或非常滿意。塑造一個新市場需要時間，但我們對自己的長期成就能力充滿信心。我們看到 Librela 的巨大潛力，我們將繼續投資以釋放它，因為對於我們的客戶來說，緩解慢性疼痛的需求是巨大的、持續的和個人化的。

It also reflects how we're thinking more broadly about sustaining growth through continued innovation, access and differentiation. Globally, across these franchises, more patients unaddressed than treated and in many cases, the opportunity to expand care exceeds the current market, particularly outside the US, where rising pet ownership and medicalization are fueling demand for therapies that support longer, healthier lives, including among aging COVID pets.

這也反映了我們如何更廣泛地思考如何透過持續創新、獲取和差異化來維持成長。在全球範圍內，這些特許經營機構中未得到治療的患者數量多於得到治療的患者數量，而且在許多情況下，擴大護理的機會超過了當前的市場，特別是在美國以外，在那裡，寵物擁有量和醫療化的不斷增長正在刺激對支持更長壽、更健康生活的老年療法的需求，包括對老年 COVID 寵物。

In Livestock, demand for our portfolio remains strong with 6% organic operational revenue growth, led by double-digit gains internationally. Across species, this business remains an important driver, reflecting multiple years of strong execution and above-market performance. Broader industry dynamics, including protein consumption continued to reinforce the long-term fundamentals.

在畜牧業方面，我們產品組合的需求依然強勁，有機營業收入成長 6%，其中國際業務實現了兩位數的成長。在各個品種中，該業務仍然是一個重要的驅動力，體現了多年來強勁的執行力和高於市場的表現。包括蛋白質消費在內的更廣泛的行業動態繼續強化長期基本面。

This quarter, we also advanced our pipeline with the conditional license of our Avian Influenza Vaccine for use in lactating dairy cattle in the US. While the revenue impact is limited, it reflects our longer-term focus, a company both on purpose and powered by innovation.

本季度，我們也推進了我們的產品線，並獲得了禽流感疫苗在美國用於哺乳乳牛的有條件許可。雖然收入影響有限，但它反映了我們的長期關注點，即既有目標又由創新驅動的公司。

Altogether, these results highlight the strength and diversity of our portfolio, driving consistent performance from multiple sources of varying market conditions. Based on our strong first half performance and what we see in the current macro environment, we are raising our full year guidance for organic operational revenue growth to 6.5% to 8%. We are also raising our guidance for organic operational growth in adjusted net income to 5.5% to 7.5%, reflected of continued discipline in execution and cost management.

總而言之，這些結果凸顯了我們投資組合的實力和多樣性，並推動了不同市場條件下多個來源的持續表現。根據我們上半年的強勁表現以及當前宏觀環境，我們將全年有機營運收入成長預期上調至 6.5% 至 8%。我們也將調整後淨收入的有機營運成長預期上調至 5.5% 至 7.5%，這反映了我們在執行和成本管理方面的持續嚴格。

Looking ahead, we are well positioned to deliver our full year commitments, supported by durable industry trends and our ability to adapt and execute with focus. Our consistent performance across economic cycles and competitive dynamics reflects the strength of our business, the breadth of our portfolio and our commitment to delivering differentiated value.

展望未來，在持久的行業趨勢以及我們專注適應和執行的能力的支持下，我們已準備好兌現全年承諾。我們在經濟週期和競爭動態中的穩定表現反映了我們業務的實力、產品組合的廣度以及我們對提供差異化價值的承諾。

That resilience is grounded in the strength of our global manufacturing and commercial capabilities, enabling us to deliver reliably, scale effectively and support our customers across geographies and market conditions.

這種韌性源於我們強大的全球製造和商業能力，使我們能夠可靠地交付、有效地擴展並為不同地區和市場條件下的客戶提供支援。

As we look to the second half of the year, our focus remains clear, execute with discipline, advance meaningful innovation and stayed deeply connected to the needs of our customers. With the portfolio build to solve real-world challenges and a pipeline aimed at raising the standard of care, we are well positioned to lead not just to the markets we serve today, but in shaping the future of Animal Health.

展望下半年，我們的重點依然明確，嚴格執行，推動有意義的創新，並與客戶的需求保持緊密聯繫。透過建構解決現實世界挑戰的產品組合和旨在提高護理標準的管道，我們不僅能夠引領我們今天服務的市場，而且能夠塑造動物保健的未來。

Thank you for your continued support. And with that, I'll turn it over to Wetteny to walk through the financials. Wetteny?

感謝您一直以來的支持。接下來，我將把時間交給韋特尼來介紹財務狀況。韋特尼？

Thank you, Kristin, and hello, everyone. In the second quarter, we posted $2.5 billion in revenue growing 4% on a reported basis and 8% on an organic operational basis, which excludes the impact of foreign exchange and the MFA divestiger.

謝謝你，克里斯汀，大家好。在第二季度，我們公佈的收入為 25 億美元，按報告基礎計算增長 4%，按有機運營基礎計算增長 8%，這不包括外匯和 MFA 剝離的影響。

Adjusted net income of $783 million grew 10% on a reported basis and 10% on an organic operational basis. Our organic operational revenue growth was down driven by 4% price and 4% volume. Our performance highlights are diverse and differentiated portfolio with strong growth across species, geographies and channels.

調整後的淨收入為 7.83 億美元，按報告基礎計算成長 10%，以有機營運基礎計算成長 10%。我們的有機營運收入成長因價格下降 4% 和銷量下降 4% 而下降。我們的業績亮點是多元化和差異化的產品組合，在各個品種、地理和通路上均實現強勁成長。

This broad-based growth underscores our ability to compete and win across the markets in which we operate, and to generate durable returns in the face of competition and in challenging macroeconomic environments.

這種廣泛的成長凸顯了我們在經營的市場中競爭和獲勝的能力，以及在競爭和充滿挑戰的宏觀經濟環境中創造持久回報的能力。

Our Companion Animal portfolio posted $1.8 billion in revenue growing 8% operationally. Globally, on an operational basis, our Simparica franchise contributed $448 million, growing 17% and key dermatology posted $460 million, growing 11%.

我們的伴侶動物投資組合收入達 18 億美元，營運成長 8%。在全球範圍內，從營運角度來看，我們的 Simparica 特許經營業務貢獻了 4.48 億美元，成長了 17%，而關鍵皮膚病學業務貢獻了 4.6 億美元，成長了 11%。

Our Global-Livestock portfolio contributed organic operational growth of 6% on $638 million in revenue. Our Livestock business has outperformed our expectations thus far this year, growing 7% on an organic operational basis year-to-date compared to low single-digit market growth projections. This also marks the fifth consecutive quarter of organic operational Livestock growth above 5%. We signaling good momentum that we expect to continue through the remainder of the year.

我們的全球畜牧業投資組合貢獻了 6% 的有機營運成長，收入達到 6.38 億美元。今年迄今為止，我們的畜牧業業務表現超出預期，與低個位數的市場成長預測相比，年初至今的有機營運成長率為 7%。這也標誌著畜牧業有機營運成長率連續第五個季度超過 5%。我們發出良好信號，預計這種勢頭將持續到今年剩餘時間。

Now moving on to our Q2 segment results. US revenue grew 4% on a reported basis and 7% on an organic operational basis. Companion Animal with 9% and Livestock declined 2% on an organic operational basis. The US Companion Animal business was driven by the performance of Simparica and Key Dermatology franchises, partially offset by a decline in sales of our OAP maps.

現在來看看我們第二季的分部業績。美國收入按報告基礎計算增長了 4%，按有機運營基礎計算增長了 7%。伴侶動物下降 9%，牲畜有機運作下降 2%。美國伴侶動物業務受到 Simparica 和 Key Dermatology 特許經營業績的推動，但部分被我們的 OAP 地圖銷售額的下降所抵消。

We have seen vaccine activity improved throughout the quarter versus the lows in February and as expected, our business continues to grow above the market despite increasing competition across two of our key franchises.

與 2 月的低點相比，整個季度的疫苗接種活動都有所改善，正如預期的那樣，儘管我們兩個主要特許經營權之間的競爭日益激烈，但我們的業務仍然繼續高於市場增長。

Both our Simparica and Key Dermatology franchises benefited from strong alternative channel sales in the quarter. In addition to organic growth above the vet channel, we also saw tailwinds from certain retailers increasing their presence in this space.

本季度，我們的 Simparica 和 Key Dermatology 特許經營權均受益於強勁的替代通路銷售。除了獸醫通路的有機成長之外，我們還看到某些零售商在這一領域的存在感增強。

This increased presence will further expand the attractiveness of alternative channels that more and more pet owners are choosing for product fulfillment. Our Simparica franchise grew 18% in the quarter on $329 million in revenue.

這種存在感的增強將進一步擴大越來越多的寵物主人選擇的產品履行替代管道的吸引力。我們的 Simparica 特許經營權在本季度增長了 18%，收入達到 3.29 億美元。

Despite intense competition, Simparica Trio has not experienced year-over-year patient share loss since competition launched almost two years ago. During this time, we have seen triple combination share in vet practices expand from 30% to 45%. In our retail channel sales, which drive significantly better compliance and stickiness have more than doubled.

儘管競爭激烈，但自近兩年前競爭開始以來，Simparica Trio 的患者份額並未出現同比下降。在此期間，我們看到獸醫診所的三重組合份額從 30% 擴大到 45%。在我們的零售通路中，銷售額成長了一倍多，這顯著提高了合規性和黏性。

The Franchise will remains the market leader in the triple combination space and the largest product in the largest therapeutic area in animal health. Key Dermatology sales were $307 million, growing 9% with growth across both Apoquel and Cytopoint, with growth coming more from bottom than price.

該特許經營權將繼續保持三聯組合領域的市場領先地位，並成為動物保健領域最大的治療領域中最大的產品。主要皮膚科產品的銷售額為 3.07 億美元，增長 9%，其中 Apoquel 和 Cytopoint 均實現增長，且增長主要來自底部而非價格。

We continue to see minimal patient share impact due to competition. We see the strongest growth in our Apoquel Chewable formulation, which provides easier administration than a film-coated tablets and remains differentiated from competitive entrants.

我們仍然看到競爭對患者份額的影響微乎其微。我們發現 Apoquel Chewable 配方的成長最為強勁，它比薄膜包衣片劑更容易服用，並且與競爭對手保持差異化。

Lastly, as a reminder, we saw growth headwinds from the empire initial Apoquel Chewable stocking order in the prior year. This impact offsets the new retail stocking tailwinds I noted earlier. Additionally, our combined OAP maps declined 12% in the US this quarter on $62 million in sales. The Apoquel declined 16% on $45 million in revenue.

最後，提醒一下，我們看到了去年帝國初始 Apoquel Chewable 庫存訂單帶來的成長阻力。這種影響抵消了我之前提到的新的零售庫存順風。此外，本季我們在美國合併的老年人地圖銷售額下降了 12%，為 6,200 萬美元。Apoquel 的營收為 4,500 萬美元，下降了 16%。

As noted last quarter, our ramp-up for Librela in the US has not gone according to expectations with headwinds impacting product adoption and creating barriers for recommendations. As Kristin mentioned, our demand generation efforts remain focused on education to help vet and pet owners overcome perceived safety concerns with Librela.

正如上個季度所指出的，我們在美國對 Librela 的推廣並沒有按照預期進行，不利因素影響了產品的採用並為推薦設置了障礙。正如克里斯汀所提到的，我們的需求生成工作仍然集中在教育上，以幫助獸醫和寵物主人克服對 Librela 的安全擔憂。

Additionally, we are working on Phase IV study to reaffirm the safety and efficacy of Librela, when compared to alternative treatments such as NSAIDs. These efforts will help our return to sustained growth and accelerate our trajectory. We remain confident in Librela long term. Solencia declined 3% from $17 million in sales for the quarter. Organic operational declines of 2% in US Livestock are primarily driven by the timing of supply of supply of here.

此外，我們正在進行第四階段研究，以重申 Librela 與 NSAID 等替代療法相比的安全性和有效性。這些努力將有助於我們恢復持續成長並加速我們的發展軌跡。我們對 Librela 的長期發展仍然充滿信心。Solencia 本季的銷售額從 1,700 萬美元下降了 3%。美國畜牧業有機營運成本下降 2% 主要是因為供應時機問題。

Moving on to our International segment. Revenue grew 3% on a reported basis and 9% on an organic operational basis. Companion Animal grew 8% operationally and Livestock grew 10% on an organic operational basis.

接下來是我們的國際部分。報告營收成長 3%，有機營運收入成長 9%。同伴動物業務的營運成長了 8%，牲畜業務的有機營運成長了 10%。

International Companion Animal growth was driven by our Key Dermatology and Simparica franchises. Our key dermatology franchise grew 5% operationally, posting $153 million in revenue internationally with strong performance across both Apoquel and Cytopoint.

國際伴侶動物業務的成長得益於我們的關鍵皮膚病學和 Simparica 特許經營權。我們的主要皮膚病學特許經營業務運營增長了 5%，國際收入達到 1.53 億美元，Apoquel 和 Cytopoint 均表現強勁。

Our growth has been largely driven by the efforts of our field force who have been instrumental in driving high engagement with our key corporate accounts. This has continued to expand the market in new patient adoption as well as improved clients, especially in chronic cases.

我們的成長很大程度上得益於我們的現場工作人員的努力，他們在推動我們與主要企業客戶的高度互動方面發揮了重要作用。這持續擴大了新患者接收市場並改善了客戶，尤其是慢性病患者。

We continue to see preference for our differentiated products, Apoquel Chewable and Cytopoint, both of which offer benefits in ease of administration and compliance compared to alternatives. Our International Simparica franchise grew 16% operationally on $119 million in sales with double-digit growth across both brands.

我們繼續看到人們對我們的差異化產品 Apoquel Chewable 和 Cytopoint 的偏好，與替代品相比，它們都具有易於管理和依從性的優勢。我們的國際 Simparica 特許經營權的營業額增長了 16%，銷售額達到 1.19 億美元，兩個品牌均實現了兩位數的增長。

Both brands continue to be among the fastest-growing brands across international markets gaining share despite growing competition. Simparica Trio grew 22% internationally on $55 million in sales.

儘管競爭日益激烈，這兩個品牌仍是國際市場上成長最快的品牌之一，市佔率不斷擴大。Simparica Trio 的國際銷售額成長了 22%，達到 5,500 萬美元。

Similar to what we are seeing in the US, where less than half of dogs prescribed a parasiticide by vet are currently receiving triples, many international markets have not yet adopted triple combinations as a standard of care, with 30% of our top 10 markets doing less than $1 million in Trio sales this quarter. This represents a continued opportunity for market expansion for Simparica Franchise. Simparica contributed $64 million in sales, growing 12% operationally.

與我們在美國看到的情況類似，在美國，獸醫開立的驅蟲藥中，目前接受三聯治療的狗不到一半，許多國際市場尚未採用三聯療法作為護理標準，本季度我們排名前 10 位的市場中有 30% 的三聯療法銷售額不到 100 萬美元。這為 Simparica Franchise 帶來了持續的市場擴張機會。Simparica 貢獻了 6,400 萬美元的銷售額，營運成長了 12%。

Our growth in both brands has benefited from strong key account relationships, driving stickiness among competitive conversion as well as increased utilization and expansion of the oral parasiticide market.

這兩個品牌的成長得益於強大的關鍵客戶關係、推動競爭轉化的黏性以及口服殺蟲劑市場的利用率提高和擴張。

Internationally, our OAP maps grew 4% operationally on $83 million in combined revenue. International sales of Librela were $64 million, growing 1% on an operational basis. Despite high vet confidence in Librela and international markets, we are seeing impact to new patient starts from social media headwinds, particularly in English-speaking markets.

在國際上，我們的 OAP 地圖營運成長了 4%，綜合收入為 8,300 萬美元。Librela 的國際銷售額為 6,400 萬美元，營運成長 1%。儘管獸醫對 Librela 和國際市場充滿信心，但我們看到社群媒體逆風對新患者的影響，尤其是在英語市場。

We have begun echoing our US efforts international and to address these concerns. Solensia sales were $19 million, growing 17% operationally in the quarter. We have seen high satisfaction and balanced growth across key markets and expansion into Latin America and Asian markets.

我們已經開始在國際上響應美國的努力並解決這些問題。Solensia 的銷售額為 1,900 萬美元，本季營運成長了 17%。我們看到主要市場滿意度高、成長均衡，並向拉丁美洲和亞洲市場擴張。

International Livestock grew 10% on an organic operational basis in the quarter, with growth across all of our core species. Performance was driven by swine, partly due to tailwinds from China, which are timing related and will gradually normalize in subsequent quarters as well as vaccine growth in Latin America.

本季度，國際畜牧業有機營運成長了 10%，所有核心品種均成長。業績受到豬瘟的推動，部分原因是由於來自中國的順風，這與時間有關，並將在隨後的幾個季度逐漸正常化，以及拉丁美洲疫苗的成長。

Additionally, saw strong performance in our Fish portfolio driven by high demand for our vaccines across both Norway and Chile. Poultry growth came primarily from vaccine performance in the Middle East and Asia driven by increased focus on vaccines after our MFA divestiture. Our cattle business benefited from price contributions, particularly in high inflationary markets.

此外，由於挪威和智利對我們疫苗的需求旺盛，我們的魚類產品組合表現強勁。家禽業務的成長主要得益於中東和亞洲的疫苗表現，這得益於我們剝離 MFA 之後對疫苗的關注度增加。我們的牛肉業務受益於價格貢獻，特別是在高通膨市場。

Now moving on to the P&L for the quarter. Adjusted gross margins of 73.7% grew 200 basis points on a reported basis. Foreign exchange had a favorable impact of 130 basis points. Excluding FX, we saw higher margins due to favorable impact of our MFA divestiture as well as benefits from price. This was partially offset by higher manufacturing costs in line with our expectations, which have been improving as we work through inventory valued at prior year standards.

現在來看看本季的損益表。調整後的毛利率為 73.7%，以報告基礎計算成長了 200 個基點。外匯產生了130個基點的有利影響。除外匯外，由於 MFA 剝離的有利影響以及價格優勢，我們的利潤率有所提高。這部分被符合我們預期的更高的製造成本所抵消，隨著我們處理以上年標準估價的庫存，製造成本一直在改善。

Just an operating expenses increased by 5% operationally. Growth was primarily driven by SG&A increases of 6% operationally, mainly due to the timing of advertising and promotion spend as well as higher compensation-related expenses.

光是營運費用就增加了5％。成長主要得益於營運費用 SG&A 成長 6%，這主要是由於廣告和促銷支出的時間安排以及薪酬相關費用的增加。

Operational R&D growth was 1% in the quarter, with higher compensation-related expenses, partially offset by lower project spend primarily due to timing. Adjusted net income grew 7% operationally and 10% on an organic operational basis. Adjusted diluted EPS was 9% operationally in the quarter and 13% on an organic operational basis.

本季營運研發成長率為 1%，薪酬相關費用增加，但主要因時間原因導致的項目支出減少，部分抵銷了這一成長。調整後的淨收入營運成長 7%，有機營運成長 10%。本季調整後的稀釋每股收益為營運每股收益 9%，有機營運每股收益為 13%。

Now moving to guidance for full year 2025. Please note that guidance reflects foreign exchange rates as of late July. Consistent with last quarter, our guidance does not include any impact of future tariffs or policy changes. The impact of currently enacted and assumptions on announced tariffs on our business is slightly higher than our estimate as of our May guidance update. However, we feel we can absorb the incremental impact.

現在轉向 2025 年全年指導。請注意，該指南反映的是截至 7 月底的外匯匯率。與上一季一致，我們的指引不包括未來關稅或政策變化的任何影響。目前實施的關稅和宣布的關稅假設對我們業務的影響略高於我們 5 月指導更新中的估計值。然而，我們覺得我們可以吸收增量的影響。

For the year, we are guiding revenue between $9.45 billion and $9.6 billion and reaching our organic operational growth to a range of 6.5% to 8% and based on our strong first half performance. While our first half organic operational revenue growth of 9% is above our guidance range, we have highlighted all year that our guidance is reflective of headwinds from launch-related competitive impacts in the second half of the year.

對於今年，我們預計營收將在 94.5 億美元至 96 億美元之間，並且基於我們上半年的強勁表現，有機營運成長率將達到 6.5% 至 8%。雖然我們上半年有機營運收入成長率為 9%，高於我們的預期範圍，但我們全年都在強調，我們的預期反映了下半年與產品發布相關的競爭影響所帶來的阻力。

There is still significant uncertainty on the timing of these events. Despite these temporary headwinds, we still see significant room for growth long term. We have been pleased with the growth of our Simparica in Key Dermatology franchises despite headwinds in pain and reiterate our expectation that these combined innovative franchises will grow double digits in 2025.

這些事件發生的時間仍然存在著很大的不確定性。儘管存在這些暫時的不利因素，但我們仍然看到長期的巨大成長空間。儘管在疼痛治療方面面臨阻力，但我們對 Simparica in Key Dermatology 特許經營業務的成長感到滿意，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 年實現兩位數增長。

This commitment, although the strength we have seen in our Livestock business highlight the revenue diversity that is fundamental to our continued above-market growth. We now expect adjusted net income to be in the range of $2.825 billion to $2.875 billion, reflecting operational growth of 5.5% to 7.5% on an organic operational basis.

儘管我們在畜牧業業務中看到了強勁表現，但這項承諾凸顯了收入多樣性，而這對於我們持續實現高於市場的成長至關重要。我們現在預計調整後的淨收入將在 28.25 億美元至 28.75 億美元之間，反映出有機營運基礎上的營運成長 5.5% 至 7.5%。

The increase in our expected adjusted net income is driven by improved margin expectations due primarily to lower manufacturing costs, the higher revenue outlook and expense management, partially offset by the increased impact of tariffs.

我們預期調整後淨收入的成長是由利潤率預期提高所推動的，這主要歸因於製造成本降低、收入前景提高和費用管理，但關稅影響的增加部分抵消了這一增長。

Finally, we expect adjusted diluted EPS to be in the range of $6.30 to $6.40 and reported diluted EPS to be in the range of $5.90 to $6. Consistent with prior guidance, our EPS projections are based on current share counts and do not consider the future favorable impact of our ongoing share repurchase debt.

最後，我們預計調整後的稀釋每股收益在 6.30 美元至 6.40 美元之間，報告的稀釋每股收益在 5.90 美元至 6 美元之間。與先前的指引一致，我們的每股盈餘預測是基於當前的股票數量，並不考慮我們正在進行的股票回購債務的未來有利影響。

The first half of the year has not been without its challenges. We have navigated tariffs on uncertain macro environment, competitive pressures and challenges with Librela.

今年上半年並非沒有挑戰。我們與 Librela 一起應對了不確定的宏觀環境、競爭壓力和挑戰中的關稅問題。

Through all of this, we have driven gross portfolio growth above our expectations that has given us the confidence to raise our guidance. As we progress into the back half of the year, we are confident in our ability to meet our commitments as we have done time and again.

透過這一切，我們推動了投資組合總成長超出了我們的預期，這給了我們提高指導的信心。隨著我們進入下半年，我們有信心我們有能力履行我們的承諾，就像我們一次又一次做到的那樣。

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)

（操作員指示）

Michael Ryskin, Bank of America.

美國銀行的邁克爾·里斯金（Michael Ryskin）。

Great. Congrats on the quarter, guys. I want to start first with the Trio Derm franchise at a high level. You spent a lot of time talking about competition and how you've been able to retain meaningful share not really seeing any incremental erosion. I'm just wondering if you've had any change in your go-to-market strategy in terms of how you approach things as you've seen more and more entrants in both of those markets.

偉大的。大家，恭喜本季取得佳績。我想首先從高水準的 Trio Derm 特許經營開始。您花了很多時間談論競爭以及如何能夠保留有意義的份額而實際上沒有看到任何逐漸侵蝕的現象。我只是想知道，隨著您看到這兩個市場中的進入者越來越多，您的市場進入策略是否發生了任何變化？

Are competitors being more aggressive on price? And you called out retail alternate channels. Is that an area you're leveraging to sort of retain your First-mover Advantage in those markets?

競爭對手的價格是否更具競爭力？您也呼籲零售替代通路。您是否正在利用這個領域來保持您在這些市場的先發優勢？

And then for the follow-up, I want to ask on Librela. Kristin, I know you guys both emphasized the steps you're taking in terms of medical education, post the launch studies, engaging with pet owners.

然後對於後續問題，我想問一下 Librela。克里斯汀，我知道你們都強調了在醫學教育、發布後研究以及與寵物主人互動方面所採取的措施。

Just want to get a sense of your expectations on timing when we'll see the benefit for that. When do you think one to grow if you tie it can start growing again year-over-year later this year or if this is more of a 2026 benefit?

只是想了解您對我們何時能看到其好處的期望。如果您將其與去年同期進行比較，您認為什麼時候可以實現成長？今年稍後是否可以再次實現同比增長？或者這更像是 2026 年的收益？

Look, we have been very pleased with the performance across both our Key Derm as well as Simparica and particularly Simparica Trio. As you know, we've been facing direct competition in Trio a couple of years now, and you've seen the product just absolutely perform. So in the quarter, you saw Trio grow 20%, 19% in the US. Overall Simparica franchise growing 18% on the quarter and following last year with the first full year of their competition, we grew 25%.

你看，我們對 Key Derm 和 Simparica 以及特別是 Simparica Trio 的表現非常滿意。如您所知，幾年來我們在 Trio 方面一直面臨直接競爭，而且您已經看到該產品的性能非常出色。因此，在本季度，您會看到 Trio 在美國成長了 20%、19%。總體而言，Simparica 特許經營權本季增長了 18%，而去年是其競爭對手的第一個全年增長，我們增長了 25%。

Look, as we've been highlighting for some time now, the triple combination space is still relatively new standard of care that we set in the US, and we continue to lead it. Trio, the leading product across combination. This is a market segment that grew 45% last year.

你看，正如我們一段時間以來一直強調的那樣，三重組合空間仍然是我們在美國設定的相對較新的護理標準，我們將繼續引領它。Trio，跨組合的主導產品。這個細分市場去年成長了 45%。

We continue to see strong growth there. And we expect to continue to see that end of the market continue to expand as consumers move from older therapies into triple combinations and even with competitive entrants, we expect that to continue to happen as more awareness will be created by those.

我們繼續看到那裡的強勁成長。我們預計，隨著消費者從舊療法轉向三聯療法，市場將繼續擴大，即使有競爭者進入，我們也預計這種情況將繼續發生，因為這些競爭者將創造更多的認知。

So we're very confident in long term, being able to do that. And what I would say is in terms of our go-to-market, we have not changed anything. We remain very disciplined here. And as you note, last year, in particular, we highlighted and we continue to see better price realization. So we're being very targeted about how we do promotions that will drive long-term growth and patient share in this space.

因此，從長遠來看，我們非常有信心能夠做到這一點。我想說的是，就我們的市場進入而言，我們沒有改變任何東西。我們在這裡保持著高度的紀律。正如您所說，特別是去年，我們強調了這一點，我們繼續看到更好的價格實現。因此，我們非常有針對性地進行促銷活動，以推動該領域的長期成長和患者份額。

This is why you have not seen us have any patient share loss in any quarter since direct competition has come on with Trio.

這就是為什麼自從與 Trio 展開直接競爭以來，您沒有看到我們在任何季度出現任何患者份額損失的原因。

Again, I couldn't be more confident, and we're pleased, quite frankly, with how we're executing on that front. Similarly, with Key Derm, I mean, we grew 17% last year, largely driven by volume. Of course, we saw some price contribution there as well, and you see some price contribution this year. But Key Derm grew 11% on the quarter. It's 13% on a year-to-date basis.

再說一次，我非常有信心，坦白說，我們對我們在這方面的執行感到滿意。同樣，對於 Key Derm 來說，我們去年的成長率為 17%，這主要得益於銷量。當然，我們也看到了一些價格貢獻，今年你也會看到一些價格貢獻。但 Key Derm 本季成長了 11%。今年迄今已達 13%。

We have been saying for some time now. If you look at the market that's available to us, unaddressed, either untreated or undertreated, it is bigger than the market we're treating today. That just spells for room for expansion here.

我們已經說了一段時間了。如果你看一下我們面臨的尚未解決的市場，無論是未處理還是未處理不足的市場，它都比我們今天處理的市場更大。這只是意味著這裡有擴展的空間。

And that's before you even consider compliance, which we're seeing nice tailwind from compliance, particularly, as you mentioned, in alternative channels where you see increasing compliance, both for Trio as well as Key Derm. So again, markets are quite large.

這還沒有考慮合規性，我們看到合規性帶來了良好的推動作用，特別是如您所說，在替代管道中，您看到合規性不斷提高，無論是對於 Trio 還是 Key Derm 而言。所以，市場規模確實相當大。

We are leaders in these markets with multiple products, and we will leverage that leadership position and continue to drive our first-mover advantage to continue to lead and grow long term in these spaces. So I'll let Kristin go ahead and take the Librela question.

我們憑藉多種產品成為這些市場的領導者，我們將利用這一領導地位，繼續發揮我們的先發優勢，在這些領域繼續保持領先地位並長期發展。因此，我讓克里斯汀繼續回答 Librela 的問題。

Sure. Thanks, Mike. I really think by fundamentally improving the quality of life for dogs with OA Pain, Librela is making a big difference. As we mentioned, over 75% of US patients report being extremely or very satisfied with the product. And we are quite focused on how we accelerate the adoption of this.

當然。謝謝，麥克。我真的認為，透過從根本上改善患有骨關節炎疼痛的狗的生活質量，Librela 正在帶來巨大的改變。正如我們所提到的，超過 75% 的美國患者表示對該產品非常滿意。我們非常關注如何加速這項技術的採用。

As you mentioned, we've been focusing a lot on medical education with vets. We've been partnering with key opinion leaders. We even brought in some of our top vets from Europe who had the product for over four years to do a tour in the US, which has been quite impactful.

正如您所說，我們一直非常重視獸醫的醫學教育。我們一直與關鍵意見領袖合作。我們甚至邀請了一些來自歐洲的頂級老將，他們使用該產品已有四年多的時間，來美國巡迴演出，這產生了很大的影響。

We're also, as we talked about before, launching a number -- we're doing some third-party studies. They're underway right now. They should be reading out beginning in Q4 of this year and into next year. We really think this will help provide even more clinical validation and support, a broader understanding of the product and ultimately, adoption. We're also engaging directly with pet owners to educate them on the burden of osteoarthritis and to build awareness and demand.

正如我們之前談到的，我們也正在進行一些第三方研究。他們現在正在路上。他們應該從今年第四季開始並持續到明年。我們確實認為這將有助於提供更多的臨床驗證和支援、對產品的更廣泛了解以及最終的採用。我們也直接與寵物主人接觸，教育他們了解骨關節炎的負擔，並提高他們的意識和需求。

So we remain very committed to this. We're seeing the positive impact that Librela is having, and we're confident in the long-term potential of this product, and we continue to be confident on the safety and efficacy.

因此我們仍然致力於此。我們看到了 Librela 產生的正面影響，我們對該產品的長期潛力充滿信心，並且我們繼續對其安全性和有效性充滿信心。

Erin Wright, Morgan Stanley.

摩根士丹利的艾琳·賴特。

Great, thanks. So it's a little early to talk about 2026, but just in light of the evolving competitive landscape as well as the innovation you have in the pipe, I guess, how are you thinking about your ability to still achieve high single-digit, 6% to 8% operational growth next year and some of those just like higher level headwinds and tailwinds as we head into not only the second half but also next year?

太好了，謝謝。所以現在談論 2026 年還為時過早，但考慮到不斷變化的競爭格局以及您在管道方面的創新，我想，您認為您明年是否還能實現高個位數、6% 至 8% 的運營增長，以及在我們進入下半年和明年時，其中一些是否會像更高層次的逆風和順風一樣呢？

And second question is on margins, were stronger in the quarter. I guess, can you speak to some of the areas that you continue to drive from a cost management perspective? And how do you think about the quarterly progression from an operating margin standpoint from here?

第二個問題是利潤率，本季利潤率更高。我想，您能否從成本管理的角度談談您繼續推動的一些領域？從目前的營業利潤率來看，您如何看待季度進展？

Were there some timing benefits or other dynamics at play in terms of the operating margin in the quarter?

就本季的營業利潤率而言，是否存在一些時間優勢或其他動態因素在起作用？

Thanks, Erin. I'll start and let Wetteny build on this. I mean, I think what you've seen in the first half this year, we keep underscoring, is the broad-based results that we're delivering. They're led by the innovation in our portfolio and also excellence in our execution. When we talk about the diversity and durability of our portfolio, that's across markets, it's across species, our pipeline.

謝謝，艾琳。我先開始，然後讓 Wetteny 繼續進行。我的意思是，我認為您在今年上半年看到的，我們一直強調的是，我們正在取得廣泛的成果。他們受到我們產品組合的創新以及我們執行力的卓越表現的引領。當我們談論投資組合的多樣性和持久性時，指的是跨市場、跨物種、跨渠道。

And we really believe this positions us for above-market growth over the long term. We've also said that we expect a major market approval every year for the next few years across our pipeline, so we remain quite confident that we are a secular grower with really strong fundamentals driving not just the industry, but importantly, Zoetis with our pipeline. So, Wetteny, I don't know if you want to build on that and also address your question on margin.

我們確實相信這將使我們在長期內實現高於市場的成長。我們也表示，我們預計未來幾年我們的產品線每年都會獲得重大市場批准，因此我們仍然非常有信心，我們是一個長期增長者，擁有真正強勁的基本面，不僅推動行業發展，而且重要的是，推動碩騰及其產品線的發展。因此，韋特尼，我不知道您是否想在此基礎上進一步回答您的問題。

No, look, I appreciate the question, and certainly, we're smiling, as Erin wouldn't see that, knowing that it's a bit early to get into any specifics. But I agree, I think the breadth of our portfolio and diversification is what's been really driving our execution and expect that to continue as we move ahead. As I mentioned in the prior question from Mike, significant room to expand across our portfolio. And you've seen really strong momentum in Livestock, right? I mean, you saw growth in Livestock in the quarter at 6%, following 5% and 6%, respectively in the last couple of years, and we see that momentum continuing.

不，你看，我很感謝這個問題，當然，我們都笑了，因為艾琳不會看到這一點，因為她知道現在討論任何細節還為時過早。但我同意，我認為我們投資組合的廣度和多樣化才是真正推動我們執行的因素，並期望隨著我們前進，這種情況將繼續下去。正如我在 Mike 先前的問題中提到的那樣，我們的投資組合還有很大的擴展空間。您已經看到畜牧業發展勢頭非常強勁，對嗎？我的意思是，本季畜牧業的成長率為 6%，而過去幾年的成長率分別為 5% 和 6%，我們看到這種勢頭仍在持續。

So these are all elements that we are considering as we build our plans going into next year. On margins, well, I think you saw, margins have played out, at least in gross margins, largely as we expected coming into the year, marginally favorable as you look at the second quarter. As we said last quarter and when we gave guidance, we do see manufacturing costs being higher, as we work through inventory that was built last year, and that gets better as we go into the second half. That remains the case for us, and we're coming off of the second quarter where we saw that play out again slightly favorably to our plans. You did see us drive 10% growth in adjusted net income on the quarter, really leveraging through cost management.

這些都是我們在製定明年計劃時考慮的因素。至於利潤率，我想你已經看到了，至少在毛利率方面，利潤率基本上已經達到了我們預期的水平，從第二季來看，利潤率略有上漲。正如我們上個季度和給予指引時所說的那樣，隨著我們處理去年建立的庫存，我們確實看到製造成本更高，而進入下半年，情況會好轉。對我們來說情況仍然如此，從第二季開始，我們看到情況再次略微有利於我們的計劃。您確實看到我們本季調整後淨收入成長了 10%，這真正是透過成本管理實現的。

We'll continue to be very mindful and disciplined about how we do that while we keep investing in the long term. I think that's really the balance that we're -- we continue to achieve, and we've demonstrated we're able to do. And then on top of that, you saw at the EPS level, the contributions from our share buybacks. We continuously do on a regular basis consistently.

我們將繼續非常謹慎和嚴謹地對待這個問題，同時繼續進行長期投資。我認為這確實是我們正在繼續實現的平衡，而且我們已經證明我們能夠做到這一點。除此之外，您還可以看到每股盈餘水準上來自我們股票回購的貢獻。我們始終如一地定期這樣做。

And as we guide -- as we raised the guidance here, we continue to not include any forward buybacks in that. It's only the share count, as we exit the current quarter. So those are all elements that will play out. Nothing to note specifically in terms of how that might play out across the second half, I would say. But I would mention in terms of top line you are coming up against the very strong third quarter for us versus last year.

正如我們在此提出的指導方針，我們繼續不包括任何遠期回購。這只是股票數量，因為我們退出了當前季度。這些都是將要發揮作用的因素。我想說，對於下半年將如何發展，沒有什麼值得特別注意的。但我想說的是，就營收而言，與去年相比，我們第三季的業績非常強勁。

Just to remind you, Companion Animal grew 15% last year in the third quarter. The US Companion Animal grew 18%. And our assumptions, of course, as we look at the back half of this year in terms of timing of competitive entrants, particularly for derm, is largely in the fourth quarter. So you have to balance those out in terms of how they play out for the rest of the year.

提醒一下，Companion Animal 去年第三季成長了 15%。美國伴侶動物數量增加了18%。當然，當我們展望今年下半年競爭進入者的時間時，我們的假設主要是在第四季度，尤其是皮膚科。因此，你必須根據它們在今年剩餘時間內的表現來平衡這些因素。

Brandon Vazquez, William Blair.

布蘭登·巴斯克斯、威廉·布萊爾。

Congrats on this quarter. I'll ask two upfront here. One is just on the follow up on Librela. I'm just curious what -- can you talk a little bit about what you're hearing on Librela? Why the slowdown?

恭喜本季。我會在這裡提前問兩個問題。一個是關於 Librela 的後續行動。我只是好奇——您能談談您在 Librela 上聽到的消息嗎？為什麼會放緩？

I think we talked a lot about the positive clinical data around this. I think you even have a randomized controlled trial for Librela that actually read pretty positively against traditional oral medication. So what are you hearing from the doctors? So we can better understand what vets want to see and know in order to reaccelerate the usage there.

我認為我們已經討論了很多關於這方面的積極臨床數據。我認為您甚至對 Librela 進行了隨機對照試驗，結果實際上與傳統口服藥物相比非常積極。那你從醫生那裡聽到了什麼？因此，我們可以更好地了解獸醫想要看到和知道什麼，以便重新加速他們的使用。

And then the follow-up question I'll ask just quickly here is, is there anything more granular, Kristin, you can give us in terms of pipeline, life cycle innovation, anything like that, that we should expect probably, let's call it, over the next 12 to 18 months, just to give investors an idea of what drivers there can be for growth? Thank you.

然後，我想在這裡快速提出的後續問題是，克里斯汀，您能否就管道、生命週期創新等類似方面提供更詳細的信息，我們可以將其稱為未來 12 到 18 個月內預期的信息，只是為了讓投資者了解有哪些增長動力？謝謝。

Thanks, Brandon. I mean, look, what we continue to hear is the difference that Librela is making in the dogs that it's going into. And as we talked about a little earlier, the pet owners are -- over 75% of them are extremely or very satisfied. But clearly, the performance of Librela has been lagging our expectations. And we certainly faced headwinds that have really impacted patient adoption and the willingness of that to recommend.

謝謝，布蘭登。我的意思是，你看，我們不斷聽到的是 Librela 為所研究的狗帶來的變化。正如我們之前談到的，超過 75% 的寵物主人感到非常滿意。但顯然，Librela的表現一直落後於我們的預期。我們確實面臨著真正影響患者接受度和建議意願的阻力。

And what investors are saying is can you empower us with better data to have those conversations. And that's what we've really been focused on the vet education, and importantly, investing in several third-party studies that will give the vets the data they need and they feel they need to better understand the product and to really drive the accelerated adoption of the product.

投資人所說的是，您能否為我們提供更好的數據來進行這些對話。這就是我們真正關注獸醫教育的原因，更重要的是，我們投資了幾項第三方研究，為獸醫提供他們需要的數據，讓他們覺得需要更好地了解產品，並真正推動產品的加速採用。

And that's primarily what we're hearing from vets. And with regards to the pipeline, we don't have any new updates versus what we provided at JPMorgan this year. But I do want to underscore, we are expecting a significant approval in a major market every year for the next few years.

這主要是我們從獸醫那裡聽到的。就管道而言，與摩根大通今年提供的內容相比，我們沒有任何新的更新。但我確實想強調的是，我們期待未來幾年每年都能在一個主要市場獲得重大批准。

We talked about long-acting osteoarthritis pain for this year for dog and cat. We talked a lot about what we're expecting in the next 12 to 36 months. You've got approvals within that timeline for a long-acting Cytopoint as well as renal, et cetera. So we have a strong pipeline. We are expecting a major approval every year in a major market.

我們討論了今年狗和貓的長效骨關節炎疼痛。我們談論了很多關於未來 12 到 36 個月的預期。您已在該時間表內獲得了長效 Cytopoint 以及腎臟等藥物的批准。因此我們擁有強大的管道。我們期望每年都能在一個主要市場獲得重大批准。

So we remain very, very excited about that pipeline. And I want to underscore that these markets we're talking about are significant markets. Renal is a $3 billion to $4 billion market. We talked about oncology, over $1.5 billion market, even cardiology. So these are new markets really, where very few products exist today, and renal, actually, there really are no products other than palliative care.

因此，我們對該管道仍然感到非常興奮。我想強調的是，我們所談論的這些市場都是重要的市場。腎臟疾病市場規模達 30 億至 40 億美元。我們討論了腫瘤學、超過 15 億美元的市場，甚至心臟病學。所以這些其實是新市場，目前存在的產品很少，而對於腎臟來說，實際上除了安寧療護之外沒有其他產品。

And I think what we continue to demonstrate is our ability to identify opportunities and unmet needs and then deliver new markets. And so we're really excited about that pipeline.

我認為我們繼續展示的是我們發現機會和未滿足的需求並開拓新市場的能力。因此我們對該管道感到非常興奮。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格、派珀‧桑德勒。

So with just increased competition in oral, dermatology, are there any strategies that are to actively leverage and promote Cytopoint, the injectable alternative in order to maintain and potentially grow market share in the overall dermatology franchise. I know you've mentioned about these under-medicalized pets.

那麼，隨著口腔和皮膚科領域競爭的加劇，是否有任何策略可以積極利用和推廣 Cytopoint 這種注射替代品，以維持並可能增加整個皮膚科特許經營的市場份額。我知道您提到這些未得到充分醫療的寵物。

I mean, is there an opportunity with Cytopoint to go after these and highlight the differentiated benefits of that? And then can you just remind us what the growth rate of Cytopoint is versus the orals? And specifically, have you seen any slowdown in biologics or injectables as a category?

我的意思是，Cytopoint 是否有機會追求這些並突出其差異化優勢？然後您能否提醒我們 Cytopoint 與口服藥物相比的成長率是多少？具體來說，您是否看到生物製劑或註射劑類別的成長有所放緩？

And then for my second question, I just wanted to get a clarification on the contract manufacturing human health. There's a big step-up there. Is that something just one-time? Or is that something that's going to occur? Thank you.

對於我的第二個問題，我只是想澄清一下合約製造人類健康的問題。那裡有一個很大的進步。這只是一次性的事嗎？還是這是即將發生的事情？謝謝。

Sure. I'll start on the derm and let Wetteny build on that and then move to your question on contract manufacturing. I first want to underscore that we have three unique offerings in this space, and we believe all three, to be honest with you, remain highly differentiated. If you look at Apoquel, I don't think you would really underestimate the importance of over 10 years of safety and efficacy data on that product. As you think about chewable, that is a really convenient way to provide Apoquel for pet owners.

當然。我先從皮膚科開始，讓 Wetteny 在此基礎上進一步闡述，然後再回答您關於合約製造的問題。首先我想強調的是，我們在這個領域有三種獨特的產品，我們相信，老實說，這三種產品仍然具有高度的差異化。如果你看一下 Apoquel，我認為你不會低估該產品 10 多年的安全性和功效數據的重要性。當您想到咀嚼片時，這對寵物主人來說是一種非常方便的提供 Apoquel 的方式。

It doesn't have to be taken with food. It's incredibly palatable if not better. I think that remains differentiated. And Cytopoint, we're also investing in a pipeline to support this. So we're also, as we talked about, expecting approval in the 12- to 36-month timeframe for Cytopoint long-acting. So we're going to continue to invest across this. All three have a unique position. Cytopoint still remains a preferred solution for many vets. It provides a long-acting relief. It's very convenient for many of them.

不必與食物一起服用。它的美味程度甚至超過了其他同類產品。我認為這仍然是有區別的。我們也正在投資一條管道來支援 Cytopoint。因此，正如我們所說的，我們也預計 Cytopoint 長效藥物將在 12 至 36 個月內獲得批准。因此我們將繼續在這方面進行投資。這三者都具有獨特的地位。Cytopoint 仍然是許多獸醫的首選解決方案。它能提供長效緩解。對於他們中的許多人來說，這非常方便。

It eliminates the need for compliance and things like that for a lot of pets with chronic issues. So we're going to continue to invest behind all three because, as Wetteny underscored, there is still more of a market to create than exists today. And so we're really focused on growing that market and growing adoption of all of our products, which we believe remain differentiated even in the current landscape.

對於許多患有慢性疾病的寵物來說，它消除了遵守規定等需求。因此，我們將繼續對這三家公司進行投資，因為正如韋特尼所強調的那樣，還有比現在更大的市場有待創造。因此，我們真正專注於擴大該市場並提高我們所有產品的採用率，我們相信即使在當前情況下，我們的產品仍能保持差異化。

I don't know if there's anything you want to build on that, Wetteny, on derm and take his follow-ups.

我不知道您是否想在此基礎上再做一些事情，韋特尼，關於皮膚病學以及他的後續研究。

Sure. Look, the only thing I would mention is, we do talk about the $20 million that are either under-treated or not treated at all. By the way, we are speaking of medicalized dogs here. So this is an addressable market that's out there for us to continue to penetrate. The point is, this is not just something we're talking about that's going to happen in the future.

當然。聽著，我唯一想提的是，我們確實討論了未充分處理或根本沒有處理的 2000 萬美元問題。順便說一下，我們這裡談論的是接受醫療的狗。所以這是一個我們可以繼續滲透的目標市場。重點是，這不僅僅是我們正在談論的、未來會發生的事情。

We have been addressing this, and we have been expanding the market. We're saying we're going to continue to do that. So if you look at last year, where Derm grew 17%, the volume growth is double digits. And so that spells that we are expanding the market, both in terms of new patients and compliance, so both contributing to that. So I think that's really important as we talk about what's going to continue to happen.

我們一直在解決這個問題，並且一直在擴大市場。我們說我們將繼續這樣做。如果你看看去年，Derm 成長了 17%，銷售成長是兩位數。這意味著我們正在擴大市場，無論是在新患者方面還是在依從性方面，這都為此做出了貢獻。因此，我認為，當我們討論接下來會發生什麼時，這一點非常重要。

It's not something that has not been already underway. On contract manufacturing, it's still a relatively small number. I know it moved a higher percentage here, but we're still talking very small for the company. It used to be actually a bit higher. It's come down a bit. You saw a little bit of pickup, but nothing specific to note on that one.

這並不是一件尚未開始的事。就合約製造而言，這個數字仍然相對較少。我知道這裡的百分比有所提高，但對於公司來說，這個比例仍然很小。事實上，以前這個數字還要高一點。已經下降了一點。你看到了一點點回升，但沒有什麼特別值得注意的。

Jon Block, Stifel.

喬恩·布洛克（Jon Block），斯蒂費爾（Stifel）。

Nice quarter. Just a couple. What was the Companion Animal growth in the alternate channel for the quarter, if I've got that framing correct? And then, is there a way to quantify some of the stocking -- I believe that you referenced earlier in the call, just any details you can give there?

不錯的季度。只是一對。如果我理解的正確的話，本季 Companion Animal 在替代管道的成長情況如何？那麼，有沒有辦法量化一些庫存——我相信您在電話中早些時候提到過，您能提供任何細節嗎？

And, Kristin, anything on International Librela? I mean, we're sort of familiar with the struggles or some of the issues in the US. But International, it's been quieter, I think, just from like a headline perspective, yet we did see the growth rate decel in flatlining if you would, year-over-year. So any comments there?

克里斯汀，還有關於國際自由派的任何資訊嗎？我的意思是，我們對美國面臨的一些問題和困難比較熟悉。但我認為，從整體角度來看，國際市場比較平靜，但我們確實看到成長率年減並趨於穩定。有什麼評論嗎？

Yeah, I'll start with alternative channels. We have seen really strong growth here. This is one of the elements of our strategy in terms of omnichannel, where we are meeting the pet owner where they are. This has been continuously and consistently driving growth for us, which is why, again, when we talk about what's happening in the clinic, you also have to bring that piece in.

是的，我將從替代管道開始。我們在這裡看到了真正強勁的成長。這是我們全通路策略的要素之一，我們可以在寵物主人所在的地方與他們會面。這一直在持續不斷地推動著我們的成長，這就是為什麼當我們談論診所發生的事情時，你也必須把這一點考慮進去。

Alternative channels are now about 22% of our total US Companion Animal and has been growing in the mid-20% range, which is what we saw in the quarter between 25% and 30%. What you referred to in terms of the stocking was specifically within retail. So when we speak in terms of alternative channels, that's both retail as well as home delivery.

目前，替代管道約占我們美國 Companion Animal 總量的 22%，並且一直保持 20% 左右的成長率，而本季我們的成長率在 25% 至 30% 之間。您提到的庫存具體是指零售業。因此，當我們談論替代管道時，這既包括零售，也包括送貨上門。

On the retail side, we did see some stocking from a customer that is building a position to, again, continue to drive this momentum that we talked about in alternative channels, which, by the way, helps with compliance, which is a very big advantage going that way. That was largely, if not entirely offset, particularly when you look at derm with what we spoke of last year, which is the launch into distribution for Apoquel Chew.

在零售方面，我們確實看到一些客戶的庫存，他們正在建立倉位，再次繼續推動我們在替代管道中談到的這種勢頭，順便說一句，這有助於合規，這是一個非常大的優勢。這在很大程度上（如果不是完全）被抵消了，特別是當你看看我們去年談到的皮膚病學時，那就是 Apoquel Chew 的分銷啟動。

So we talked about that being a headwind for the quarter, and in actuality, it became muted or offset by this element. So roughly around the same. So, again, no contribution there. I would say, as you look at the puts and takes, whether it's this one on the retail side, alternative channel, or China, where we did due to tariffs see a bit of an uptick in the quarter that we talked about.

因此，我們認為這是本季的不利因素，但實際上，這一因素已經減弱或抵消了這一不利因素。大致相同。所以，再說一次，那裡沒有任何貢獻。我想說的是，當你看到收益和收益時，無論是零售方面、替代管道還是中國，由於關稅，我們在談到的這個季度確實看到了一些上漲。

That will work itself out through the next couple of quarters or supply in the US for livestock, which is timing. When you put all these together, they all wash themselves out, and it becomes a very straightforward quarter in terms of what you saw from us.

這將透過未來幾個季度或美國牲畜供應來解決，這就是時機。當你把所有這些因素綜合起來時，它們就不言而喻了，就我們所看到的情況而言，這是一個非常簡單的季度。

Yeah. And just to answer your question on Librela and International, we're continuing to see really strong information from both vets and pet owners around how Librela continues to make a significant difference in dogs' lives. I think what you saw in the quarter is some of the bleed over from some of the US headwinds. And I think our strategy to address it is really where you saw some of the slowdown was in the English-speaking markets, where some of the social media bleeds over there.

是的。為了回答您關於 Librela 和國際的問題，我們不斷從獸醫和寵物主人那裡看到關於 Librela 如何繼續為狗的生活帶來重大改變的有力信息。我認為您在本季看到的是美國一些不利因素造成的一些影響。我認為，我們解決這個問題的策略實際上是在英語市場出現了一些放緩，一些社交媒體在那裡流失。

But we're really focused on the same strategy you see in the US, which is providing these vets greater third-party data to really underscore the difference it's making clinically to build their understanding and to drive and accelerate adoption. So the strategy in International is the same as the US. They've got more experience.

但我們真正關注的是與美國相同的策略，即為這些獸醫提供更多的第三方數據，以真正強調其在臨床上產生的差異，以加深他們的理解並推動和加速採用。因此，國際上的戰略與美國相同。他們擁有更多的經驗。

As you've seen there, we're already moved not just from severe, but into moderate dogs, international, and we're really focused on continuing to grow that. But most of the headwinds we saw were really in more of the English-speaking markets and international in the quarter. But we really remain confident in the long-term potential globally for this product, certainly in International, but also in the US.

正如您所看到的，我們不再僅僅關注重度犬，而是關注中度犬，國際化的進程中，我們真正專注於繼續發展這一領域。但本季我們看到的大多數阻力實際上都集中在英語市場和國際市場。但我們確實對該產品在全球的長期潛力充滿信心，當然在國際上，也在美國。

Chris Schott, JPMorgan.

摩根大通的克里斯·肖特。

I just want to come back to parasiticides, I think you mentioned in the US, you've now moved to about 45% share in debt practices for triples. I was just curious in terms of where you think that market can go over time. So kind of what inning of the transition to these newer products are we currently? And maybe while also sticking on prices, it sounds like there hasn't been much of an impact from Quattro, but can you just elaborate a bit more what you're seeing competitively with that new entrant coming this year?

我只是想回到殺寄生蟲劑的話題，我想你提到過，在美國，你們現在已經將三倍債務實踐的份額提高到約 45%。我只是好奇您認為這個市場隨著時間的推移會走向何方。那麼，我們目前正處於向這些新產品過渡的哪個階段？也許在堅持價格的同時，聽起來 Quattro 似乎並沒有帶來太大的影響，但您能否更詳細地說明一下，您認為今年新進業者的競爭情況如何？

Sure, Chris, I'll take the call. Look, in terms of parasiticides, as we've talked about, this is really an exciting end of the market that has substantial more room to expand. As we said in January, we expect the continued move into triple combinations as you saw that increase significantly through the vet channel and clearly happening across alternative channels as well.

當然，克里斯，我會接電話。就殺寄生蟲劑而言，正如我們所討論的，這確實是一個令人興奮的市場，並且還有很大的擴展空間。正如我們在一月份所說的那樣，我們預計三聯療法將繼續發展，正如您所看到的，透過獸醫管道，三聯療法的使用量顯著增加，而且在其他管道中也明顯如此。

We expect triple combinations to double by the end of 2028. So that gives you a pretty strong trajectory, which we are seeing play out both, again, last year and this year. And as the first-mover here in the US, the largest market, we continue to be well positioned. I think you've seen this also show up in terms of puppy shares, right? So about 60% of puppies are immediately going right on to a triple combination in addition to those that will convert over time from older therapies to triple.

我們預計到 2028 年底三重組合的數量將翻倍。因此，這給了你一個相當強勁的軌跡，我們在去年和今年都看到了這一軌蹟的發揮。作為美國這個最大市場的先驅，我們繼續保持有利地位。我想您在小狗分享方面也看到了這一點，對嗎？因此，除了那些隨著時間的推移從舊療法轉換為三聯療法的小狗之外，大約 60% 的小狗會立即轉而接受三聯療法。

So we are seeing this play out, which is why the second part of your question, in terms of what we're seeing from Quattro, has been relatively small in terms of anything there, again, given a very high growth in this segment.

所以我們看到了這種情況，這就是為什麼你問題的第二部分，就我們從 Quattro 看到的情況而言，就其本身而言相對較小，因為這一領域的成長非常快。

As that market expands, more entrants will do more advertising, more awareness to DTC that triple combinations are the latest standard of care, will drive more traffic through the clinic, where we have an advantage and very high level of satisfaction for our product that's been in the market for about five years.

隨著市場擴大，更多的進入者會做更多的廣告，讓更多的人意識到 DTC 是最新護理標準，從而為診所帶來更多的客流量，而我們的產品在市場上已經銷售了大約五年，具有優勢，並且滿意度很高。

Steve Scala, TD Securities.

道明證券的史蒂夫‧斯卡拉 (Steve Scala)。

This is Chris on for Steve Scala. On tariffs, has Animal Health been granted an exemption from recently announced EU pharma tariffs? And at a high level, are you seeing any impact of the overall tariff environment on consumer share while it's spent on animal health or on the share of consumer pet spending dedicated to vet visits and animal health products? Thank you.

這是克里斯 (Chris) 為史蒂夫·斯卡拉 (Steve Scala) 主持的節目。關於關稅，動物保健品是否獲得了最近宣布的歐盟藥品關稅豁免？從總體上看，您是否看到整體關稅環境對消費者在動物保健方面的支出份額或對用於獸醫就診和動物保健產品的寵物消費者支出份額有任何影響？謝謝。

Sure. Thanks, Chris. Look, I think the tariff environment obviously remains dynamic. I think I want to underscore that Zoetis specifically in Animal Health is incredibly resilient with strong secular trends. And I think what we're really leaning into is our scale, our diversification, our robust supply chain and portfolio, which gives us confidence in our outlook, not just for this year, but going forward.

當然。謝謝，克里斯。我認為關稅環境顯然仍保持動態。我想強調的是，碩騰特別是在動物保健領域具有強烈的韌性和強勁的長期趨勢。我認為我們真正依賴的是我們的規模、我們的多樣化、我們強大的供應鏈和產品組合，這讓我們對前景充滿信心，不僅是今年，而且是未來。

Specifically, with regards to your question on, are we included, it's not clear as you probably heard from other pharmaceutical CEOs. It's not clear on the announcement, for example, in the UK, when that takes place, what is exactly in, what it applies to. I think I want to underscore, Animal Health is different than human health. We -- specifically, Zoetis is different than most human health companies.

具體來說，關於您提出的問題，我們是否包括在內，這一點並不明確，因為您可能從其他製藥公司的執行長那裡聽說過。例如，目前尚不清楚英國何時發佈公告、公告內容具體是什麼以及公告適用於哪些對象。我想強調的是，動物健康與人類健康不同。我們——具體來說，碩騰與大多數人類健康公司不同。

As you think about our manufacturing, 60% of our global manufacturing is in the US. We've been investing in US manufacturing for years. And if you think about what we sell in the US, 75% of what we sell in the US, we make in the US. We don't have third-party payers.

想想我們的製造業，我們全球 60% 的製造業都在美國。多年來我們一直在投資美國製造業。如果您想想我們在美國銷售的產品，您會發現 75% 的產品都是在美國生產的。我們沒有第三方付款人。

We've got a very diversified supply chain. We've been spending a lot of time in DC advocating for the fact that if they are looking at 232 for a national security issue, we don't think that applies to Animal Health. Obviously, the decision on 232 has not come down yet, so we do not know whether we have been excluded, and it still remains pretty unclear with regards to the announcement even with regards to Europe as to where that stands.

我們擁有非常多樣化的供應鏈。我們在華盛頓特區花了很多時間去宣傳這樣一個事實：如果他們出於國家安全問題考慮 232 法案，我們認為這不適用於動物健康。顯然，關於 232 的決定尚未做出，因此我們不知道我們是否被排除在外，而且對於該公告，甚至對於歐洲而言，情況仍然不太清楚。

But look, we've embedded in our guidance for the year, anything that's already been enacted or what's announced, and we're pretty confident that we can manage costs and we've got the discipline to deliver on the results -- on the guidance what we gave earlier even in that environment.

但是，你看，我們已經將已經頒布或宣布的任何內容都嵌入到了今年的指導中，我們非常有信心我們能夠管理成本，並且我們有紀律地實現結果——即使在那種環境下，我們也能按照我們之前給出的指導來實現。

So again, we are a strong, resilient industry. We've got multiple strategies to address this over multiple time horizons.

所以，我們是一個強大而有韌性的產業。我們有多種策略來在多個時間範圍內解決這個問題。

(Operator Instructions) Navann Ty, BNP Paribas.

（操作員指示）Navann Ty，法國巴黎銀行。

One pipeline question, if you -- do you still expect approval of the long-acting OA Pain this year? And how is the dialogue with the FDA and/or the EC? And we know that the long acting will be marketed under a different brand name than Librela and better dosing and COGS, and could you discuss your expectation on the safety profile, if possible? Thank you.

一個管道問題，如果您——您是否仍預計今年將批准長效 OA Pain？與 FDA 和/或 EC 的對話如何？我們知道，長效藥物將以與 Librela 不同的品牌名稱銷售，並具有更好的劑量和 COGS，如果可能的話，您能談談對安全性的預期嗎？謝謝。

Sure. We are -- we have not -- we are still expecting approval in a major market for OA Pain that's similar to the guidance we gave before this year for both OA Pain in dog and in cat. And to answer your question, this new long-acting monoclonal antibody for OA Pain will be a three-month product that would have a longer duration, which we really think gives both vets and pet owners a more convenient option.

當然。我們——我們還沒有——仍然期待在骨關節炎疼痛治療的主要市場獲得批准，這與我們今年之前針對狗和貓的骨關節炎疼痛治療給出的指導類似。回答您的問題，這種用於治療骨關節炎疼痛的新型長效單株抗體將是一種為期三個月的產品，其持續時間會更長，我們真的認為這為獸醫和寵物主人提供了更方便的選擇。

It is a new antibody, as you mentioned before, and it's targeting a unique binding site, which we believe will lead to longer lasting effects with a 10x lower dose, and we are obviously in current conversations, so I certainly can't comment on a label that does not exist yet. But we're very excited for this, and our guidance for an approval this year has not changed.

正如您之前提到的，它是一種新型抗體，針對的是獨特的結合位點，我們相信，以 10 倍更低的劑量就能產生更持久的效果，而且我們顯然正在進行討論，所以我當然無法對尚不存在的標籤發表評論。但我們對此感到非常興奮，並且我們對今年批准的指導沒有改變。

Dan Clark, Leerink Partners.

Dan Clark，Leerink Partners。

I appreciate the color that you now expect the competing launch in Derm to be in 4Q. Just wanted to clarify, was that always when you expect it to launch? And if that's changed, like how did that impact your expectations for the year?

我很欣賞您現在預計 Derm 中的競爭產品將在第四季度推出。只是想澄清一下，您一直都期望它在這個時間發射嗎？如果情況發生了變化，這對您對今年的期望有何影響？

Yeah. Look, we have been very consistent, though our approach to guidance, as always, is we expect certain launch-related promotional activity, which are not long term in nature to happen when there's a launch. And so when we come into guidance, we modeled a number of scenarios across the spectrum, both in terms of the time horizon as well as what the label might look like and what the -- and how aggressive a competitor might be, again, in that short-term window for launch.

是的。你看，我們一直非常一致，儘管我們的指導方法一如既往，我們預計某些與發布相關的促銷活動不會在發佈時發生長期性質的。因此，當我們制定指導意見時，我們模擬了一系列場景，包括時間範圍、標籤可能會是什麼樣子以及競爭對手在短期發布窗口期內的積極程度。

And so it puts us across the spectrum, similar to the range of guidance that we give. And so it was always in the back half of the year with various scenarios that span across that. And as we learn more, we continue to fine tune those as well. So that all is reflected in the guidance that we gave today, by the way, which includes a raise both at the revenue and adjusted net income considering these areas as well as the current macro environment that we're operating in.

因此，它使我們涵蓋整個範圍，類似於我們給出的指導範圍。因此，它總是出現在下半年，並會出現各種跨越這段時期的情況。隨著我們了解更多，我們也會繼續對其進行微調。順便說一下，這一切都反映在我們今天給出的指導中，其中包括考慮到這些領域以及我們目前營運的宏觀環境，提高收入和調整後的淨收入。

Sid Sahoo, HSBC.

匯豐銀行的 Sid Sahoo。

Congrats on the quarter. I just wanted a quick clarification on the OA Pain franchise as in earlier in May, you have said that you had clubbed it under other franchise, expected to grow double digit this year. So what is the current expectation in the second half?

恭喜本季取得佳績。我只是想快速澄清一下 OA Pain 特許經營權，因為早在 5 月初，您就說過您已將其併入其他特許經營權，預計今年將實現兩位數增長。那麼目前對下半年的預期是什麼？

And my second question would be slightly longer term. How do you see a faster bottom-line growth in terms of when most of the portfolio is basically maturing? Where are the opportunities to control cost?

我的第二個問題涉及的時間稍微長一些。當大多數投資組合基本上成熟時，您如何看待更快的底線成長？控製成本的機會在哪裡？

Yeah. The sound wasn't great, but I think I got the gist of the question. We came into the year indicating that we expect our key franchises, so this is across Derm, Simparica as well as OA Pain combined will grow double digits. You saw us post 14% growth in the first quarter across those 11% growth in the second quarter, including the performance on Librela, which we said was below our expectations. We still delivered double digits.

是的。聲音不是很好，但我想我明白了問題的要點。進入新的一年，我們預計我們的主要特許經營權，包括 Derm、Simparica 以及 OA Pain 的總和將實現兩位數增長。您看到我們在第一季實現了 14% 的成長，而第二季實現了 11% 的成長，其中包括 Librela 的表現，我們認為這低於我們的預期。我們仍然取得了兩位數的成績。

And in the prepared commentary, we are indicating we continue to expect double-digit growth across those three. We have not given product-specific guidance. And so your question related to OA Pain specifically, this is consistent with how we've approached guidance, and so, we won't go into specific expectations for that, but maintain our expectation to double-digit growth across the key franchises.

在準備好的評論中，我們表示我們繼續預計這三個行業將實現兩位數的成長。我們沒有提供特定產品的指導。因此，您的問題具體與骨關節炎疼痛有關，這與我們的指導方針一致，因此，我們不會對此進行具體的預期，但我們會維持對主要特許經營權實現兩位數增長的預期。

I think the second question you asked, certainly, we remain very disciplined. We continue to look at ways to manage costs across the landscape. That also is important, as we continue to look at driving investment in areas that we see growth for the business. However, I will particularly address one piece, which is maturing portfolio.

我認為您提出的第二個問題，當然，我們仍然非常自律。我們將繼續尋找管理整個領域成本的方法。這也很重要，因為我們會繼續專注於推動我們認為有利於業務成長的領域的投資。然而，我要特別談一個部分，那就是成熟的投資組合。

I couldn't -- I think if you look at -- across our key franchises I just spoke about, as I mentioned earlier, when we look at the addressable market, and we size the addressable market by the way, in terms of medicalized pets. So they're already seeing a vet on a regular basis. So they're very much attainable. And we're seeing that size is greater than what we are currently serving today. That gives us ample room in those areas.

我無法 - 我想如果你看一下 - 我剛才談到的我們的主要特許經營權，正如我之前提到的，當我們看可尋址市場時，順便說一下，我們在醫療寵物方面確定可尋址市場的規模。所以他們已經定期去看獸醫了。所以這些目標都是可以實現的。我們發現其規模比我們目前服務的規模更大。這為我們在這些領域提供了充足的空間。

I think the fact that Derm has been around, we revolutionized the space 11 years ago, and we're continuing to talk about how much more room there is to grow because in Animal Health, it does take longer to build these markets, and we continue to expand them as we've demonstrated time again.

我認為，事實上 Derm 已經存在，我們在 11 年前徹底改變了這個領域，我們將繼續談論還有多少成長空間，因為在動物保健領域，建立這些市場確實需要更長的時間，而且正如我們再次證明的那樣，我們將繼續擴大它們。

This is not a signal that these markets are mature, and we have differentiated products across them. That's not the reason to be disciplined around cost management, that is just good business and to drive delivery to our customers and continue to innovate.

這並不表示這些市場已經成熟，我們在這些市場中擁有差異化的產品。這並不是嚴格控製成本管理的理由，這只是良好的業務行為，可以推動向客戶交付產品並不斷創新。

And there are no further questions on the line at this time. I'll turn the program back to our CEO, Kristin Peck, for any closing comments.

目前我們還沒有其他問題。我將把節目交還給我們的執行長克里斯汀佩克 (Kristin Peck)，請她發表最後的評論。

Thank you. As always, I want to thank everybody for joining the call today, and obviously, for your questions. I hope with what you saw in our performance and in our discussion today is that our strategy is clear. We are customer-first and purpose-led as an organization, and we've been able to adapt. We are really built to adapt, and we really strongly believe this positions us for sustainable long-term growth, which will create enduring value for our shareholders.

謝謝。像往常一樣，我要感謝大家今天參加電話會議，當然也感謝大家提出的問題。我希望透過今天我們的表現和討論，大家能夠明白我們的策略是明確的。作為一個組織，我們以客戶為先、以目標為導向，並且我們能夠適應。我們確實具有適應能力，我們堅信這將使我們實現可持續的長期成長，從而為我們的股東創造持久的價值。

As a leader in what we think is still a very young and fast-growing industry, we have set the standard for innovation and execution. We've been outperforming the market in a complex environment, and we're continuously raising the bar to meet the evolving needs of our industry.

作為我們認為仍非常年輕且快速發展的行業的領導者，我們為創新和執行設定了標準。我們在複雜的環境中表現優於市場，並且不斷提高標準以滿足行業不斷變化的需求。

And I really think this quarter's performance is a direct result of our colleagues' efforts around the world. And as we came together in July to celebrate Purpose Month across Zoetis, it was really honestly a powerful reminder of our shared purpose and how that can deliver for animals and for the people who care for them and the communities we serve.

我確實認為本季的業績是我們全球同事努力的直接成果。當我們在七月齊聚一堂慶祝碩騰的「目標月」時，這確實有力地提醒了我們共同的目標，以及如何為動物、照顧動物的人們和我們服務的社區帶來益處。

So thank you all so much for joining us today. We look forward to continuing the discussion.

非常感謝大家今天加入我們。我們期待繼續討論。

This does conclude the second-quarter 2025 financial results conference call and webcast for Zoetis.

這確實結束了 Zoetis 2025 年第二季財務業績電話會議和網路直播。