碩騰 (ZTS) 2025 Q3 法說會逐字稿

Please stand by, we are about to begin. Good morning, everyone, and welcome to the third-quarter 2025 financial results conference call and Webcast for Zoetis. Hosting the call today is Steve Frank, Vice President of Investor Relations for Zoetis.

請稍等，我們即將開始。各位早安，歡迎參加 Zoetis 2025 年第三季財務業績電話會議和網路直播。今天主持電話會議的是碩騰公司投資人關係副總裁史蒂夫‧弗蘭克。

The presentation materials and additional financial tables are currently posted on the Investor Relations section of zoetis.com. The presentation slides can be managed by you, the viewer, and will not be forwarded automatically. In addition, a replay of this call will be available approximately two hours after the conclusion of this call via dial-in or on the Investor Relations section of zoetis.com. (Operator Instructions)

簡報資料和補充財務表格目前已發佈在zoetis.com網站的投資者關係頁面。您可以自行管理演示文稿，演示文稿不會自動轉發。此外，本次電話會議結束後約兩小時，可透過撥入或在 zoetis.com 的投資者關係部分收聽本次電話會議的錄音。（操作說明）

I'll now turn the call over to Mr. Steve Frank. Please go ahead, sir.

現在我將把電話交給史蒂夫·弗蘭克先生。請繼續，先生。

Thank you, operator. Good morning, everyone, and welcome to the Zoetis third-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. For a list and description of certain factors that could cause results to differ I refer you to the forward-looking statements in today's press release and our SEC filings, including, but not limited to, our annual report on Form 10-K and our reports on Form 10-Q.

謝謝接線生。各位早安，歡迎參加 Zoetis 2025 年第三季財報電話會議。今天與我一同出席的有我們的執行長克里斯汀·佩克和財務長韋特尼·約瑟夫。在開始之前，我要提醒各位，本次電話會議中使用的幻燈片可在我們網站的投資者關係部分找到。此外，我們今天的演講將包含前瞻性陳述，實際結果可能與這些預測有重大差異。有關可能導致結果出現差異的某些因素的清單和說明，請參閱今天新聞稿中的前瞻性聲明以及我們向美國證券交易委員會提交的文件，包括但不限於我們的 10-K 表格年度報告和 10-Q 表格季度報告。

Our remarks today will also include references to certain financial measures, which were not prepared in accordance with generally accepted accounting principles or US GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable US GAAP measures is included in the financial tables that accompany our earnings press release and the company's 8-K filing dated today, Tuesday, November 4, 2025. We also cite operational results, which exclude the impact of foreign exchange.

我們今天的演講也將提及某些財務指標，這些指標並非依照公認會計原則或美國通用會計準則編制。這些非GAAP財務指標與最直接可比較的美國GAAP指標的調節表包含在我們今天（2025年11月4日，星期二）發布的盈利新聞稿和公司8-K文件中。我們也引用了經營業績，其中不包括外匯的影響。

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

接下來，我會把電話交給克莉絲汀。

Thank you, Steve, and welcome, everyone, to our third quarter earnings call. Today, we reported 4% revenue growth and 9% growth in adjusted net income on an organic operational basis. thanks to the relentless focus and consistent execution of our colleagues across the world. Our International segment delivered 6% organic operational revenue growth with the US contributing 3% growth excluding the impact of the MFA divestiture.

謝謝史蒂夫，也歡迎各位參加我們第三季財報電話會議。今天，我們公佈了有機營運基礎上的營收成長4%和調整後淨利潤成長9%的業績，這要歸功於我們全球同事們的不懈努力和持續執行。我們的國際業務部門實現了 6% 的有機營運收入成長，其中美國貢獻了 3% 的成長（不包括 MFA 剝離的影響）。

By species, companion animal revenue grew 2% operationally and livestock organic operational revenue grew 10%. As we anticipated, growth moderated this quarter driven by a strong year-over-year comp and macro factors, including vet clinic visits and promotional activity. Our resilient growth engine remains strong fueled by our market-leading innovation and pipeline, a diversified portfolio across species and geographies, global reach and trusted brands that continue to lead their categories and remain essential to veterinarians despite some near-term headwinds.

按物種劃分，伴侶動物的營運收入增加了 2%，牲畜的有機營運收入增加了 10%。正如我們預期的那樣，受強勁的同比數據和宏觀因素（包括獸醫診所就診量和促銷活動）的影響，本季度增長有所放緩。我們強大的成長引擎仍然強勁，這得益於我們市場領先的創新和產品線、跨物種和地理的多元化產品組合、全球影響力以及值得信賴的品牌，這些品牌繼續引領各自的品類，儘管面臨一些短期不利因素，但對獸醫而言仍然至關重要。

Now let's turn to our key franchises where we're continuing to drive growth and the market opportunities remain significant. In parasiticides, our Simparica franchise grew 7% operationally with 6% operational growth from Simparica Trio. Internationally, we delivered strong broad-based double-digit growth, driven largely by the continued strength of Trio across all regions, underscoring this strong and growing global demand. And Trio's most recent approval in Brazil further extends that momentum.

現在讓我們來看看我們正在持續推動成長的關鍵特許經營業務，這些業務的市場機會仍然巨大。在殺寄生蟲劑方面，我們的 Simparica 產品線營運成長了 7%，其中 Simparica Trio 的營運成長了 6%。在國際市場，我們實現了強勁的、廣泛基礎的兩位數成長，這主要得益於 Trio 在所有地區的持續強勁表現，凸顯了全球強勁且不斷增長的需求。Trio在巴西的最新獲準進一步延續了這一勢頭。

Another example of how our innovation and geographical expansion continue to fuel the franchise's long-term growth. In the US while broader end market dynamics affected overall franchise performance, we continue to see solid growth in retail and home delivery channels, which drive compliance and convenience for head owners.

這是我們的創新和地理擴張如何持續推動特許經營業務長期成長的又一例證。在美國，儘管更廣泛的終端市場動態影響了特許經營的整體業績，但我們仍然看到零售和送貨上門管道的穩健增長，這提高了總店主的合規性和便利性。

Trio growth moderated against a strong prior year comp with continued strength in the alternative channels, helping to partially offset subdued clinic traffic. We continue to navigate a more competitive US market and hold share with disciplined and focused execution. Trio continues to set the benchmark in the category, supported by the broader strength of the Simparica franchise. Our first mover advantage, strong retail presence and customer loyalty position us well to sustain momentum across the portfolio.

由於去年同期業績強勁，Trio 的成長放緩，但其他管道的持續強勁成長有助於部分抵消診所客流量的疲軟。我們繼續在競爭日益激烈的美國市場中穩步前行，並透過嚴謹專注的執行力來維持市場份額。Trio 繼續在該類別中樹立標桿，這得益於 Simparica 品牌的整體實力。我們的先發優勢、強大的零售網路和客戶忠誠度使我們能夠在整個產品組合中保持成長勢頭。

Parasiticides remains the largest category in Animal Health, and as the clear leader, we are competing from a position of strength with best-in-class innovation and high adoption, driving long-term growth. Our key dermatology franchise grew 3% operationally in the quarter reflecting the resilience of our differentiated and innovative portfolio. In the US, growth was driven by applicable chewable adoption and strong retail performance offset by clinic softness and competitive dynamics in the category.

殺寄生蟲藥仍然是動物保健領域最大的類別，作為該領域的絕對領導者，我們憑藉一流的創新和高普及率，在競爭中佔據優勢地位，推動長期成長。本季我們核心的皮膚科業務實現了 3% 的營運成長，這反映了我們差異化和創新產品組合的韌性。在美國，成長主要得益於咀嚼片的普及和強勁的零售業績，但被診所需求疲軟和該品類的競爭格局所抵消。

Internationally, dermatology grew despite heightened competitive dynamics, including aggressive promotional activity tied to new product launches. At the same time, we continue to expand our differentiated portfolio with Apoquel chewable approved in Chile and Cytopoint receiving an expanded label in Brazil for allergic itch, again, reflecting our approach to geographic expansion and life cycle innovation that support sustained category growth.

儘管競爭日益激烈，包括與新產品上市相關的積極促銷活動，但國際皮膚病學仍然實現了成長。同時，我們繼續擴大差異化產品組合，Apoquel 咀嚼片在智利獲得批准，Cytopoint 在巴西獲得擴大適應症，用於治療過敏性瘙癢，這再次體現了我們透過地域擴張和生命週期創新來支持品類持續增長的方法。

As expected, we saw some minor share shifts during these launch periods, however, we're confident our portfolio will maintain its position as a preferred choice among customers. Even with this competitive backdrop, the overall opportunity in dermatology remains significant. More than half of critic cases globally remain untreated, and we see substantial runway for continued growth and market expansion.

正如預期的那樣，我們在這些產品上市期間看到了一些小的市場份額變化，但是，我們相信我們的產品組合將繼續保持其作為客戶首選的地位。即使在這樣的競爭環境下，皮膚科的整體發展機會依然十分巨大。全球超過一半的危重病例仍未治療，我們看到了持續成長和市場擴張的巨大空間。

In the quarter, our osteoarthritis or OA pain franchise declined 11% operationally. In addition to impact in the US, our performance in primarily English-speaking international markets has also been affected by MIP perceptions amplified on social media, contributing to a 15% operational decline in global Librela sales.

本季度，我們的骨關節炎或 OA 疼痛業務在營運上下降了 11%。除了在美國的影響外，我們在以英語為主要語言的國際市場上的表現也受到了社交媒體上放大的 MIP 認知的影響，導致 Librela 全球銷售額下降了 15%。

We are executing a focused multipronged strategy to return Librela to growth. First, we're increasing awareness that OA is a serious progressive disease requiring early and proactive care to control associated pain and improve a pet's quality of life. Second, we're deepening education and engagement with specialists and veterinarians to reinforce Librela's positive risk-benefit profile and real growth impact. Third, we're continuing to share clear science-based information and amplify the overwhelmingly positive experiences people and pets are having. Finally, beginning in Q4, our Phase 4 research conducted through independent third-party studies aimed to provide vets and specialists with even greater confidence in Librela.

我們正在執行一項重點突出、多管齊下的策略，以使 Librela 恢復成長。首先，我們正在提高人們對骨關節炎的認識，這是一種嚴重的進行性疾病，需要早期積極主動的護理來控制相關疼痛並提高寵物的生命品質。其次，我們正在加深與專家和獸醫的教育和互動，以強化 Librela 的正向風險效益特徵和真正的成長影響。第三，我們將繼續分享清晰的科學訊息，並放大人們和寵物所獲得的壓倒性的正面體驗。最後，從第四季度開始，我們透過獨立的第三方研究進行了第四階段研究，旨在讓獸醫和專家對 Librela 更有信心。

We are encouraged by recent trends showing signs of stabilization, supported by strong satisfaction among the majority of pet owners, giving us confidence in the actions we're taking to support recovery and then how we're applying those learnings to future launches. To that end, we are excited about the first market approval of Lenivia, a distinct long-acting molecule for dog that offers greater choice and flexibility for veterinarians and pet owners in Canada, with a launch expected there in the first half of 2026.

近期的趨勢顯示出穩定的跡象，這令我們感到鼓舞，大多數寵物主人也對此表示高度滿意，這讓我們對正在採取的支持復甦的措施以及我們將如何把這些經驗應用到未來的產品發布中充滿信心。為此，我們很高興Lenivia首次獲得市場批准，Lenivia是一種獨特的長效犬用分子藥物，為加拿大的獸醫和寵物主人提供了更大的選擇和靈活性，預計將於2026年上半年在加拿大上市。

We also received a positive CVMP opinion recommending marketing authorization in Europe. In addition to that, we received European approval for Portela, our long-acting monoclonal antibody for feline OA pain with the launch also expected in the first half of 2026, further extending our leadership in chronic pain management across species. These milestones highlight the durable strength of our innovation engine and our ability to advance a deep pipeline from approvals through launch and we anticipate a major new market approval each year for the next several years.

我們也收到了 CVMP 的正面意見，建議在歐洲取得上市許可。此外，我們的長效單株抗體 Portela 獲得了歐洲的批准，該抗體用於治療貓的骨關節炎疼痛，預計將於 2026 年上半年上市，進一步鞏固了我們在跨物種慢性疼痛管理領域的領先地位。這些里程碑凸顯了我們創新引擎的持久實力，以及我們從審批到上市推進大量產品線的能力，我們預計在未來幾年內每年都會有一項重要的新市場審批。

Together, Librela, Lenivia, Solensia and Portela for a next-generation OA pain portfolio, unmatched in its depth and scientific innovation, offering flexibility, reaching a broader patient population and reinforcing the long-term growth trajectory of this important and underpenetrated market. To enable growth in this expanding portfolio, we're continuing to invest in manufacturing excellence including our new Atlanta Advanced Biologics facility and expanded monocle antibody production capability, ensuring that every innovation we bring to market reaches veterinarians and pet owners with a (inaudible) viability and scale they expect from Zoetis.

Librela、Lenivia、Solensia 和 Portela 共同組成了新一代骨關節炎疼痛產品組合，其深度和科學創新無與倫比，具有靈活性，能夠覆蓋更廣泛的患者群體，並鞏固這一重要且滲透率較低的市場的長期增長軌跡。為了實現這一不斷擴大的產品組合的增長，我們將繼續投資於卓越的製造工藝，包括我們新的亞特蘭大先進生物製劑工廠和擴大的單克隆抗體生產能力，以確保我們推向市場的每一項創新都能以獸醫和寵物主人期望從碩騰獲得的（聽不清）可行性和規模惠及他們。

Beyond our product portfolio, we're evolving our US commercial structure to better serve customers and enhance our agility and efficiency building on the strength of our key companion animal franchises and the critical role in veterinary practices. As the US pet market expands, expectations for more personalized convenience and enhanced care continue to rise.

除了我們的產品組合之外，我們正在改進我們的美國商業結構，以便更好地服務客戶，並增強我們的靈活性和效率，這建立在我們主要的伴侶動物特許經營權和在獸醫實踐中的關鍵作用之上。隨著美國寵物市場的擴張，人們對更個人化的便利性和更優質的照護的期望也越來越高。

To better meet those needs, we're implementing a go-to-market model that sharpens our focus and simplify our structure. The result will be a leaner, more agile field organization with single point of contact coverage, expanding our reach and frequency and deepening engagement with our customers.

為了更好地滿足這些需求，我們正在實施一種市場推廣模式，該模式可以更加聚焦並簡化我們的結構。最終將形成一個更精簡、更靈活的現場組織，實現單一聯繫點覆蓋，擴大我們的覆蓋範圍和頻率，並加深與客戶的互動。

We expect this model will support growth and bolster our competitive positioning, and we will continue evaluating opportunities for similar enhancements across the business into 2026, ensuring we continue delivering the best experience for customers and the strongest value for shareholders. We look forward to sharing updates on our progress.

我們預計這一模式將支持成長並增強我們的競爭地位，我們將繼續評估在 2026 年之前在整個業務範圍內進行類似改進的機會，以確保我們繼續為客戶提供最佳體驗並為股東創造最大價值。我們期待與大家分享我們的進展。

In livestock, organic operational revenue grew 10% in the quarter, reflecting broad-based growth across geographies and species, and we're on track for a third consecutive year of above-market growth in 2025 supported by strong execution and resilient market demand. As an example, poultry continues to benefit from focus and vaccine-led growth following the MFA divestiture with deeper penetration among key accounts, market expansion and growing adoption of Procerta across multiple regions.

在畜牧業方面，本季有機營運收入成長了 10%，反映了各個地區和物種的廣泛成長，在強勁的執行力和堅韌的市場需求的支持下，我們預計在 2025 年連續第三年實現高於市場平均水平的成長。例如，在 MFA 剝離後，家禽業繼續受益於專注和疫苗驅動的成長，在重點客戶中滲透更深，市場擴張，Procerta 在多個地區得到更廣泛的採用。

This progress reflects the strength of our strategy, advancing innovation strengthening partnerships and ensuring our portfolio meets the evolving needs of producers worldwide. Rising protein consumption and the growing role of fish in the global food supply continue to reinforce the long-term fundamentals of this business. And beyond strong performance, we continue to live our purpose through innovation, demonstrated by the speed and effectiveness of our response to emerging zoonotic diseases including recent approvals related to HPAI and New World screwworm.

這項進展體現了我們策略的優勢，即推動創新、加強合作，並確保我們的產品組合能夠滿足全球生產商不斷變化的需求。蛋白質消費量的增加以及魚類在全球食品供應中日益重要的作用，持續鞏固該產業的長期基本面。除了強勁的業績之外，我們還透過創新繼續實踐我們的宗旨，這體現在我們對新出現的動物源性疾病的快速有效的應對上，包括最近與高致病性禽流感和新世界螺旋蠅相關的批准。

Turning to guidance, we are updating our full-year outlook based on our year-to-date performance and expectations for the remainder of the year. For organic operational revenue, we're revising and narrowing our range to 5.5% to 6.5%, given a more measured view of the macro and operational environment in the back half of the year

關於業績展望，我們將根據年初至今的業績表現和今年剩餘時間的預期，更新全年展望。鑑於對下半年宏觀經濟和營運環境的更為審慎的看法，我們將有機營運收入的預期範圍修正並縮小至 5.5% 至 6.5%。

We're also narrowing our organic operational adjusted net income growth range to 5.5% to 7%, supported by continued cost discipline with a balanced approach to investment that enables us to sustain strong profitability and deliver shareholder value even amid near-term variability. Overall, we have the right portfolio, the right strategy and deep connections with customers and pet owners, positioning us not only to navigate the current environment but to capture the significant opportunities ahead.

我們同時將有機營運調整後淨收入成長範圍縮小至 5.5% 至 7%，這得益於持續的成本控制和均衡的投資策略，使我們能夠在短期波動的情況下保持強勁的盈利能力並為股東創造價值。總的來說，我們擁有合適的產品組合、正確的策略以及與客戶和寵物主人的深厚聯繫，這不僅使我們能夠應對當前的環境，而且能夠抓住未來的重要機會。

And we're delivering on the commitments we've made since outlining our innovation time line in January, we've executed on or ahead of schedule. We are continuing to differentiate our portfolio with more than 130 geographic expansion and life cycle innovations this year, several of which you can see in today's slides. Our ability to deliver on our commitments continues to define Zoetis and position us to create significant value for shareholders. It's how we build trust year after year with customers, colleagues and investors alike. We are confident that Zoetis has the most robust comprehensive pipeline in animal health, advancing care across every category and stage, powered by innovation and purpose, we're shaping the future of animal health and creating entirely new categories of care.

自 1 月制定創新時間表以來，我們一直在履行我們所做的承諾，並且已經按時或提前完成了任務。今年，我們透過 130 多項地域擴張和生命週期創新，不斷使我們的產品組合脫穎而出，其中一些創新可以在今天的幻燈片中看到。我們履行承諾的能力一直是碩騰的標誌，也是我們為股東創造巨大價值的關鍵。這就是我們年復一年與客戶、同事和投資者建立信任的方式。我們相信，碩騰擁有動物保健領域最強大的綜合產品線，在各個類別和階段推進護理，以創新和目標為驅動力，我們正在塑造動物保健的未來，並創造全新的護理類別。

And with that in mind, as we announced yesterday, Rob Polzer, our Head of R&D, will retire following a 10-year distinguished career at Zoetis, advancing our innovative pipeline. We are grateful for Roth's incredible contributions. Rob will remain in his role until the end of the year and following his retirement at the end of February will be available to Zoetis as a scientific adviser until the end of 2026, ensuring a smooth transition and continued momentum for Zoetis' pipeline. We are excited to appoint Kevin Esch as Rob's successor, effective January 1. Kevin has held a series of influential roles in our R&D organization over the last decade and is ready to step in and lead Zoetis' R&D into the future.

有鑑於此，正如我們昨天宣布的那樣，我們的研發主管羅伯·波爾澤將在 Zoetis 度過 10 年的傑出職業生涯後退休，他為推進我們的創新產品線做出了巨大貢獻。我們非常感謝羅斯先生所做的卓越貢獻。Rob 將繼續擔任該職位至年底，並在 2 月底退休後，繼續擔任 Zoetis 的科學顧問至 2026 年底，以確保平穩過渡並推動 Zoetis 的產品線持續發展。我們很高興地宣布任命凱文·埃施為羅布的繼任者，自1月1日起生效。在過去的十年裡，凱文在我們研發部門擔任過一系列有影響力的職務，他已準備好接任並領導碩騰的研發工作走向未來。

Kevin has demonstrated a lifelong commitment to advancing animal health. Before joining Zoetis, Kevin was a practicing veterinarian and practice owner for more than 10 years and has a strong scientific background with formal training in public health, immunobiology and pathology. I hope you'll join us on Tuesday, December 2 at 8:30 AM Eastern Time for an innovation webcast where we will provide investors with the latest pipeline updates and the progress we're making to move the industry forward with a resilient business and unmatched pipeline and significant market potential, we remain confident in Zoetis' long-term growth trajectory.

凱文畢生致力於促進動物健康。在加入碩騰之前，凱文曾擔任獸醫和診所老闆超過 10 年，擁有深厚的科學背景，接受過公共衛生、免疫生物學和病理學的正規訓練。我希望您能為美國東部時間 12 月 2 日星期二上午 8:30 加入我們的創新網絡直播，屆時我們將向投資者提供最新的產品線更新以及我們為推動行業發展所取得的進展。憑藉穩健的業務、無與倫比的產品線和巨大的市場潛力，我們對 Zoetis 的長期成長軌跡仍然充滿信心。

And with that, I will turn it over to Wetteny.

接下來，我將把麥克風交給韋特尼。

Thank you, Kristen, and hello, everyone. Let me now provide some additional insights into our third quarter results. We posted $2.4 billion in revenue in the third quarter, growing 1% on a reported basis and 4% on an organic operational basis. This was primarily driven by price as volume was flat in the quarter. As Kristin noted, we anticipated that growth would moderate as we entered the second half of the year.

謝謝你，克里斯汀，大家好。現在讓我再補充一些關於我們第三季業績的資訊。第三季度，我們的營收為 24 億美元，按報告數據計算成長 1%，以有機營運數據計算成長 4%。這主要是由價格因素驅動的，因為該季度銷量持平。正如克里斯汀所指出的，我們預計進入下半年後成長速度會放緩。

Adjusted net income of $754 million was 5% on a reported basis and 9% on an organic operational basis. Our global companion animal portfolio posted revenue of $1.7 billion growing 2% operationally in the quarter. On an operational basis, our Simparica franchise contributed $356 million, growing 7% and key dermatology posted $469 million, growing 3%. This growth was partially offset by our or pain franchise, which declined 11% operationally to $138 million. Our global livestock portfolio grew 10% on an organic operational basis in the quarter, contributing $725 million in revenue with strong balanced performance across segments and species.

調整後的淨收入為 7.54 億美元，按報告基準計算成長 5%，以有機營運基準計算成長 9%。我們的全球伴侶動物業務組合本季營收達 17 億美元，營運成長 2%。從營運層面來看，我們的 Simparica 特許經營業務貢獻了 3.56 億美元，成長了 7%；主要皮膚科業務貢獻了 4.69 億美元，成長了 3%。這一成長部分被我們的疼痛業務特許經營權所抵消，該業務的營運收入下降了 11%，至 1.38 億美元。本季度，我們的全球畜牧業組合實現了 10% 的有機營運成長，貢獻了 7.25 億美元的收入，各業務板塊和品種均表現出強勁均衡的業績。

Again, these results reflect the continued resilience of our business following last year's strong comparison, and they reaffirmed the solid fundamentals driving our growth. Even amid near-term challenges, our core strengths market-leading innovation, a diversified global portfolio in trusted brands continue to position us well for future growth and market expansion.

這些業績再次反映了繼去年強勁的業績基數之後，我們業務的持續韌性，並再次印證了推動我們成長的堅實基本面。即使面臨短期挑戰，我們的核心優勢——市場領先的創新能力、多元化的全球值得信賴的品牌組合——仍然使我們能夠為未來的成長和市場擴張奠定良好的基礎。

Now moving on to our Q3 segment results, as expected, growth moderated in the US as we enter the second half of the year, with revenue down 2% on a reported basis and up 3% on an organic operational basis. Companion animal was flat and livestock grew 14% on an organic operational basis. This moderation primarily reflects the strong comparable period in companion animal, particularly in derm and parasiticides. In the vet channel, we continue to believe clinic revenue is more impactful to our growth than overall visits.

現在來看看我們第三季的分部業績，正如預期的那樣，隨著我們進入下半年，美國市場的成長有所放緩，按報告基準計算的收入下降了 2%，按有機運營基準計算的收入增長了 3%。伴侶動物市場保持平穩，而牲畜市場在有機營運基礎上成長了 14%。這種緩和主要反映了伴侶動物領域，特別是皮膚病和殺寄生蟲藥物領域，同期強勁的成長動能。在獸醫管道，我們仍然認為診所收入對我們的成長比整體就診量更有影響。

That said, we saw declining visits across all major therapeutic areas during the third quarter, which impacted new patient starts. Meanwhile, the distributor inventory dynamics we discussed earlier in the quarter, normalized by quarter end and remain near the low end of the (inaudible).

儘管如此，我們在第三季度看到所有主要治療領域的就診量均有所下降，這影響了新患者的開始治療。同時，我們在本季早些時候討論過的分銷商庫存動態，在季度末已趨於正常化，並仍接近低端水平。（聽不清楚）

The US companion animal business was flat in the quarter with growth in our Simparica and key dermatology franchises, offset by declines in our OA pain meds. Our Simparica franchise grew 2% in the quarter to $263 million in revenue. Our performance builds off a strong comparable period in the prior year where we saw 27% operational growth, driven by a more disciplined approach to our promotional strategy. Growth in alternative channels continues, fueled by pet owner preference and higher compliance.

本季美國伴侶動物業務持平，Simparica 和主要皮膚病特許經營業務有所成長，但骨關節炎疼痛藥物業務下降，抵消了成長。我們的 Simparica 特許經營業務本季成長 2%，營收達到 2.63 億美元。我們的業績建立在上一年同期強勁的成長基礎上，當時我們實現了 27% 的營運成長，這得益於我們更嚴謹的促銷策略。受寵物主人偏好和更高依從性的推動，替代管道持續成長。

This strength has helped sustain Simparica Trio's momentum despite continued softness in the US vet channel. As the leader in triple combination parasiticides, the fastest-growing segment in animal health, Simperica Trio is well positioned for continued growth. driven by our first-mover advantage, world label and strong market presence. Key dermatology sales grew 1% to $306 million, with growth in Apoquel being partially offset by declines in (inaudible) due to lower dermatology clinic visits.

儘管美國獸醫渠道持續疲軟，但這一優勢幫助 Simparica Trio 保持了增長勢頭。作為動物保健領域成長最快的細分市場——三聯殺寄生蟲劑的領導者，Simperica Trio憑藉先發優勢、全球認證和強大的市場地位，已做好持續增長的準備。關鍵皮膚科銷售額成長 1% 至 3.06 億美元，其中 Apoquel 的成長部分被（聽不清楚）的下降所抵消，原因是皮膚科診所就診量減少。

Our growth in the quarter primarily reflects the impact of the initial distributor stocking of the Apoquel film-coated tablet, which was made available to distribution in September. In addition to a strong comparable period in the prior year, we saw modest share loss in the US derm space, primarily driven by competitive discounting and sampling related to new product launches.

本季我們的成長主要反映了 Apoquel 薄膜衣片的初始分銷商庫存的影響，該產品於 9 月開始分銷。除了去年同期業績強勁外，我們還看到美國皮膚科市場份額略有下降，這主要是由於新產品上市相關的競爭性折扣和樣品派發所致。

Based on our experience, these impacts are typically short-lived, and we remain confident in the value of dermatology portfolio provides to vets and pet owners and that our pricing aligns with the quality and outcomes we deliver. We are well positioned to grow and expand the dermatology market moving forward, anchored by our 3 differentiated brands with a proven track record of safety and efficacy and an estimated 11 million medicalized dogs that remain untreated or undertreated for itch in the US alone.

根據我們的經驗，這些影響通常是短暫的，我們仍然對皮膚病產品組合為獸醫和寵物主人提供的價值充滿信心，並且我們的定價與我們提供的品質和結果相符。我們擁有 3 個具有差異化優勢的品牌，這些品牌在安全性和有效性方面都得到了驗證，而且僅在美國就有約 1100 萬隻患有瘙癢症的犬隻未得到治療或治療不足，因此我們有能力在未來發展壯大皮膚病學市場。

Our OA pain products saw a decline of 21% in the US on $58 million in sales. Librela posted $41 million in revenue for the quarter, a decline of 26% versus Q3 of last year. Kristen highlighted our multipronged strategy to return Librela to growth and we are confident that the actions we are taking will help reaccelerate adoption.

我們的骨關節炎疼痛產品在美國的銷售額下降了 21%，達到 5,800 萬美元。Librela 本季營收為 4,100 萬美元，比去年第三季下降了 26%。Kristen 強調了我們為使 Librela 恢復成長而採取的多管齊下的策略，我們相信我們正在採取的行動將有助於重新加速其普及。

Additionally, I will echo that we are seeing early signs that Librela is beginning to stabilize. While this is an early read, we continue to see high satisfaction scores among vets and pet owners who use level, reflecting the meaningful and positive impact this product has on those living with OA. Solensia revenue of $17 million declined 4% in the quarter. Despite the decline in this quarter driven by fewer new patient starts, we remain optimistic about the untapped market potential of the fee line OA space. where currently only 15% of effective cats are receiving treatment.

此外，我也要重申，我們已經看到利布瑞爾開始趨於穩定的早期跡象。雖然這只是初步觀察，但我們持續看到使用 Level 的獸醫和寵物主人的滿意度很高，這反映出該產品對患有骨關節炎的人們產生了有意義的積極影響。Solensia公司本季營收為1,700萬美元，下降4%。儘管本季因新患者數量減少而出現下滑，但我們仍然對自費骨關節炎治療市場的巨大潛力保持樂觀。目前，只有15%的有效貓接受了治療。

Our US Livestock business posted broad-based organic operational growth of 14%, with almost all major brands showing improvement in the quarter. Our performance was primarily driven by improved supply of setter. Additionally, as Kristin mentioned, we have seen an acceleration in our lifelike vaccines, both MSA divestiture due to increased field force focus.

我們的美國畜牧業務實現了14%的全面有機營運成長，幾乎所有主要品牌在本季度都取得了進步。我們的業績主要得益於二傳手供應量的增加。此外，正如 Kristin 所提到的，我們已經看到我們的模擬疫苗加速發展，這既是由於 MSA 剝離，也是由於現場人員的重點增加。

Moving on to our International segment, revenue grew 3% on a reported basis and 6% on an organic operational basis. Companion animal grew 4% operationally, and Livestock grew 8% on an organic operational basis. International companion animal growth was driven by our Simparica and key dermatology franchise. Our international Simparica franchise grew 22% operationally or $93 million in revenue with double-digit growth across both brands. Simparica Trio grew 32% operationally to $41 million in sales bolstered by an increasing standard of care in many international markets.

接下來看我們的國際業務板塊，按報告數據計算，收入增長了 3%；以有機運營數據計算，收入增長了 6%。伴侶動物業務按營運規模成長了 4%，牲畜業務以有機營運規模成長了 8%。國際伴侶動物業務的成長主要得益於我們的 Simparica 產品和關鍵的皮膚病學產品線。我們的國際 Simparica 特許經營業務營運成長了 22%，收入達到 9,300 萬美元，兩個品牌均實現了兩位數的成長。在許多國際市場護理標準不斷提高的推動下，Simparica Trio 的營運收入成長了 32%，達到 4,100 萬美元。

Simparica grew 15% operationally to $52 million in sales. Growth remains strong, especially in markets that have not yet adopted triple combinations will then have low hardware equivalence. Our key dermatology franchise grew 7% on an operational basis, posting $162 million in revenue, driven by both Apoquel and Cytopoint. Growth was driven primarily by Europe, where we continue to see expansion in new patients and increased compliance in chronic cases. While we saw a share loss to competitors in certain international markets, these declines like those in the US

Simparica 的營運收入成長了 15%，達到 5,200 萬美元的銷售額。成長動能依然強勁，尤其是在尚未採用三合一技術的市場，硬體等效性將會很低。我們的主要皮膚科特許經營業務在營運基礎上成長了 7%，營收達到 1.62 億美元，這主要得益於 Apoquel 和 Cytopoint 的推動。成長主要由歐洲市場推動，我們在歐洲持續看到新患者數量的成長和慢性病患者依從性的提高。雖然我們在某些​​國際市場上的市佔率被競爭對手蠶食，但這些下滑幅度與美國市場的下滑幅度類似。

are losses driven by launch promotions. We continue to see significant room for expansion in our international markets and remain confident in our differentiated franchise of products continuing to be first-line treatment. Our OA pain mAbs declined 3% operationally in international markets on $80 million in revenue. International Librela sales were $62 million, down 6% operationally in the quarter.

虧損是由新品上市促銷活動造成的。我們仍然看到國際市場有很大的發展空間，並且對我們差異化的產品系列繼續作為一線治療方案充滿信心。我們的骨關節炎疼痛單株抗體在國際市場的營運收入下降了 3%，達到 8,000 萬美元。國際 Librela 銷售額為 6,200 萬美元，本季營運下降 6%。

As Kristin highlighted, we continue to see perception challenges primarily in English-speaking countries and are implementing many of the same US tactics to return to growth. Solensia sales grew 9% operationally to $18 million. Solensia's adoption continues to expand as the product redefines the standard of care for free line osteoarthritis, supported by strong and sustained vet satisfaction. We are excited about the recent European approval of our long-acting feline OA pain mAb, Portela. Portela's extended dosing interval delivers meaningful quality of life benefits for cat and pet owners alike, aiming to drive stronger treatment compliance.

正如克里斯汀所強調的，我們仍然看到主要在英語國家面臨認知方面的挑戰，並且正在實施許多與美國相同的策略以恢復成長。Solensia 的營運銷售額成長了 9%，達到 1,800 萬美元。Solensia 的應用範圍不斷擴大，該產品重新定義了自由系骨關節炎的護理標準，並獲得了獸醫的強烈且持續的滿意度支持。我們很高興我們的長效貓骨關節炎疼痛單株抗體 Portela 最近獲得了歐洲的批准。Portela 延長給藥間隔可為貓和寵物主人帶來有意義的生活品質益處，旨在提高治療依從性。

International livestock grew 8% on an organic operational basis in the quarter, with broad-based growth across all species. In cattle, growth was driven by both price and volume across the portfolio. Poultry continues to benefit from focus and execution on vaccine growth. Additionally, we saw increased key account penetration across most geographies. Finally, Fish was driven by price increases as producers recognize the value our products provide in driving healthier fish and lower mortality rates contributing to higher yields.

本季國際畜牧業以有機營運基礎成長了 8%，所有品種均實現了全面成長。在牛業方面，整個產品組合的成長是由價格和銷售量共同推動的。家禽業持續受益於疫苗研發的重點和有效實施。此外，我們看到大多數地區的重點客戶滲透率都有提高。最後，魚類價格上漲推動了魚類產量的成長，因為生產者意識到我們的產品在促進魚類健康、降低死亡率、進而提高產量方面所提供的價值。

Now moving on to the rest of the P&L for the quarter, adjusted gross margins of 71.6% grew 90 basis points on a reported basis. Foreign exchange had a favorable impact of 20 basis points. Excluding the impact of foreign exchange, we saw higher margins due to favorable impact of our MFA divestiture as well as benefits from price.

現在來看本季損益表的其餘部分，經調整後的毛利率為 71.6%，以報告基準計算成長了 90 個基點。外匯匯率產生了20個基點的有利影響。剔除匯率影響，由於 MFA 資產剝離帶來的有利影響以及價格上漲帶來的收益，我們的利潤率有所提高。

Adjusted operating expenses increased by a modest 1% operationally, reflecting our ongoing commitment to cost discipline in a dynamic and inflationary environment. Adjusted net income grew 5% operationally and 9% on an organic operational basis. Adjusted diluted EPS grew 7% operationally in the quarter and 12% on an organic operational basis.

調整後的營運費用小幅增加了 1%，這反映了我們在動態且通貨膨脹的環境中持續堅持成本控制的決心。經調整後的淨收入按營運方式成長了 5%，以有機運作方式成長了 9%。本季經調整後的稀釋每股收益依營運成長7%，按有機營運成長12%。

Now moving to guidance for the full-year 2025, please note that guidance reflects foreign exchange rates as of late October and does not assume any impact of future tariffs or policy changes. We are revising our full-year revenue guidance to a range of $9.4 billion and $9.475 billion and organic operational growth of 5.5% to 6.5%.

現在轉向對 2025 年全年的展望，請注意，該展望反映的是截至 10 月下旬的外匯匯率，並未考慮未來關稅或政策變化的任何影響。我們將全年營收預期調整為 94 億美元至 94.75 億美元，有機營運成長率為 5.5% 至 6.5%。

It's on a more measured view of macro and operational trends in the back half of the year. We now expect adjusted net income to be in the range of $2.8 billion to $2.8.4 billion, reflecting a narrowed organic operational growth range of 5.5% to 7%. Finally, we are maintaining our reported diluted and adjusted diluted EPS guidance range of $5.90 to $6 and $6.30 to $6.40, respectively. We are operating from a position of strength, supported by the broadest portfolio in the industry, even while we are navigating some temporary headwinds. We remain confident in the long-term growth potential of both our business and the broader animal health market.

這是對下半年宏觀和營運趨勢更為審慎的看法。我們現在預計調整後的淨收入將在 28 億美元至 28.4 億美元之間，反映出有機營運成長範圍收窄至 5.5% 至 7%。最後，我們維持先前公佈的稀釋後每股收益預期範圍為 5.90 美元至 6 美元，調整後稀釋後每股收益預期範圍為 6.30 美元至 6.40 美元。我們憑藉著業內最廣泛的產品組合，在實力雄厚的基礎上繼續運營，即使我們目前面臨一些暫時的不利因素。我們對自身業務以及更廣泛的動物保健市場的長期成長潛力仍然充滿信心。

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

現在我將把電話交給接線員，讓他接聽您的問題。操作員。

(Operator Instructions) Erin Wright, Morgan Stanley.

（操作說明）摩根士丹利 Erin Wright。

Great. So first, I just wanted to know kind of what meaningfully changed for you kind of on an intra-quarter basis after you raised guidance last quarter? And what were some of the key surprises that you saw, whether it's competition or destock or otherwise. But also on competition, just you mentioned some of the competitive dynamics in dermatology. I'm just curious how you're seeing practices at this point, how they're looking at the category?

偉大的。首先，我想知道的是，在你上個季度提高業績預期之後，季度內哪些方面發生了實質的變化？您在競爭、庫存削減或其他方面看到了哪些主要驚喜？但說到競爭，就像你剛才提到的皮膚病學領域的一些競爭動態一樣。我只是好奇你目前是如何看待這些做法的，他們是如何看待這個類別的？

Are they carrying both JAK inhibitors in some of those certain international markets that you were talking about? And what do you have embedded now in terms of competition? Like do you think that guidance is conservative enough at this point? And should we anticipate a continuing impact as we head into 2026. How does that fit into your typical 6% to 8% top line growth guidance that you would typically give as we head into next year just given where it's tracking below that year-to-date?

他們是否在您提到的某些國際市場上同時銷售這兩種JAK抑制劑？那麼，你們目前在競爭方面有哪些策略呢？你認為目前的指導意見是否夠保守？我們是否應該預料到，這種影響會持續到 2026 年？鑑於今年迄今為止的業績低於您通常會給出的 6% 至 8% 的營收成長預期，這與您明年通常會給出的預期相符嗎？

Yes. Thanks, Erin. Look, clearly, as we entered the year, we expected some deceleration in the back half of the year compared to how we would start 2025. Certainly, in the quarter, what we saw besides the really strong comp that we anticipated and factored in, besides anticipating competitive launch dynamics in terms of aggressive promotions, we factored into our thinking coming into the year. We certainly saw a bit of a macro impact, particularly in US clinics.

是的。謝謝你，艾琳。很明顯，在年初的時候，我們就預期下半年的成長速度會比 2025 年初有所放緩。當然，在本季度，除了我們預期並考慮到的強勁的同店銷售情況外，除了我們預期的激烈促銷活動等競爭性上市動態外，我們還考慮到了我們在年初制定的策略。我們確實看到了一些宏觀層面的影響，尤其是在美國診所。

Over the last the quarters, we've seen therapeutic visits. As you know, overall visits are not a great gauge for our growth. But therapeutic visits certainly are, and you need those to at least start patients before we can have multiple channels to fulfill those. And so we saw 3 quarters in a real therapeutic visit pressure that has certainly impacted where the quarter landed, and we factored those into our thinking in terms of the remainder of the year and the guidance that we have provided today.

過去幾個季度，我們看到了一些治療性探訪。如您所知，總訪問量並不能很好地衡量我們的成長情況。但治療性就診當然是必要的，至少在我們有多種管道滿足這些需求之前，我們需要這些就診來開始接診病人。因此，我們看到三個季度的治療訪問量確實受到了壓力，這無疑影響了季度的最終結果，我們在對今年剩餘時間的思考以及我們今天提供的指導意見中都考慮到了這一點。

To your point around guidance for 2026, as you know, we will look forward to providing that in February. However, I don't see how we're exiting the year in the fourth quarter to be a readthrough to what 2026 will be. I think there are a few pieces here that I think are worth considering. For one, we would typically see price contribution. And as you know, we have consistently done that over the years where typically we're in the 2% to 4% range.

關於您所提到的 2026 年的指導意見，如您所知，我們期待在 2 月提供相關資訊。然而，我不認為我們能透過第四季結束今年的情況來預測 2026 年的情況。我認為這裡有幾件值得考慮的事情。首先，我們通常會看到價格因素的影響。如你所知，多年來我們一直保持著這樣的水平，通常在 2% 到 4% 之間。

We've been above that. If you look at the last couple of years, certainly, and this year, we're running closer to 4%. And I think we can see us in the range that we typically would operate in from a price perspective. Despite what we see historically as launch period aggressive promotions, we have high confidence in continuing to grow our key franchise areas, particularly derm and parasiticides given the significant unmet market opportunity in both of those areas.

我們一直都超越了這一點。如果看看過去幾年，尤其是今年，我們的成長率確實接近 4%。我認為從價格角度來看，我們可以看到我們的價格處於我們通常的營運範圍內。儘管我們從歷史上看到，在產品上市初期會採取激進的促銷措施，但我們對繼續發展我們的主要特許經營領域，特別是皮膚科和殺寄生蟲領域，充滿信心，因為這兩個領域都存在巨大的未滿足的市場機會。

So we see those driving growth for us as you look ahead. And as you said in prepared commentary, we've seen signs of stabilization from a Librela perspective, which certainly has been a headwind for us throughout this year, but particularly in the back half of this year. and the comps have been very strong in Q3 and Librela comp in Q4 remains relatively strong. So as we see signs of stabilization here, we would expect a return to growth in 2026. And a couple of other things I would say here, Erin, is that livestock has continued to demonstrate strength for us.

展望未來，我們認為這些因素將推動我們的成長。正如您在事先準備好的評論中所說，從利培酮（Librela）的角度來看，我們已經看到了穩定的跡象。利培酮今年以來一直給我們帶來不利影響，尤其是在下半年。第三季同店銷售額非常強勁，第四季利培酮的同店銷售額也保持相對強勁。因此，鑑於目前已出現穩定跡象，我們預計2026年經濟將恢復成長。艾琳，我還有幾點要補充，那就是牲畜繼續為我們展現了強大的生命力。

You've seen now in our third year of consecutive growth above market, and we anticipate continuing to see growth in livestock in 2026 as well. So those are the reasons why we would say the exit of this year is not indicative. In terms of where '26 is, though, we're not prepared to give guidance here at this time.

您已經看到我們連續第三年實現了高於市場平均的成長，我們預計2026年畜牧業也將繼續成長。所以，以上就是我們認為今年的最終結果不具代表性的原因。至於「26」具體指什麼，我們目前還不便給予指導意見。

Michael Ryskin, Bank of America.

邁克爾·里斯金，美國銀行。

I want to stick on that topic of what's changed. I mean I hear your answer with me on some of the macro and some of the vet dynamics. I think the pushback I have is that we've seen that be a challenge in the end market for several years now. I think I mean it's 2022 and 2023, where they really started being the case. And Zoetis has really consistently been able to put up better numbers than that in companion in the US really through the second quarter, surprisingly strong.

我想繼續探討一下發生了哪些變化。我的意思是，我聽到了你對一些宏觀因素和一些獸醫動態的看法。我認為我遇到的阻力是，我們已經看到這在終端市場是一個挑戰好幾年了。我覺得我的意思是，這種情況真正開始出現是在 2022 年和 2023 年。而 Zoetis 在美國伴侶市場，尤其是在第二季度，業績一直都比這好得多，表現非常強勁。

We've heard you guys speak a thousand times about how you're insulated from some of those vet challenges about the importance of medication, about some of the alternate channels that you're able to build to and all of that has been able to sustain that growth. So it really is a pretty striking change in the companion outlook in the US and globally, sort of what we've seen over the last couple of years versus 3Q. So I was just wondering the timing with competition coming on you mentioned some of that, but that could be playing a bigger role because that would indicate a little last longer.

我們已經聽你們說過無數次，你們是如何避免一些獸醫面臨的挑戰，例如藥物的重要性，以及你們能夠建立的一些替代管道，所有這些都能夠維持這種增長。因此，與過去幾年相比，美國和全球的伴隨經濟前景確實發生了相當顯著的變化，這與第三季的情況有所不同。所以我想知道，隨著競爭的臨近，時機是否合適？你提到了一些這方面的原因，但這可能發揮了更大的作用，因為這可能意味著持續時間會更長一些。

Just wondering if you could maybe dive in some of those changes a little bit more. And then as a follow-up, you alluded to some of the intra-quarter dynamics being short living by the end of the quarter, seeing better trends. Just anything you could say on distributor levels inventory levels among some of your customers. Can you just sort of thought on that as you look to the fourth quarter and again into next year.

想問您能否更深入地探討一下這些變化。然後，作為後續，您暗示了一些季度內的動態變化，到季度末就會出現更好的趨勢。任何關於您部分客戶經銷商庫存水準的資訊都可以。展望第四季以及明年，您能否思考一下這個問題？

Yes, sure. I'd love to start and see if Kristin wants to add anything in terms of the macro in terms of what we're seeing. Certainly, as you highlighted, Mike, over the last several years, you've seen overall visits being down. and, in fact, down more than they were in the quarter. We think overall visits were down somewhere just of 2% in the quarter.

當然可以。我很樂意先開始，看看克里斯汀是否想就我們目前看到的宏觀形勢補充一些內容。正如你所指出的，麥克，過去幾年裡，整體訪問量一直在下降，而且實際上，下降幅度比季度訪問量還要大。我們認為本季整體訪問量下降了約 2%。

And you've seen worse than that historically. What is different, though, is we have seen over the last 3 quarters, therapeutic visits being down. If you recall last year, despite overall business being down, Derm business were up about 3% or 4% on the year. And OA pain visits have been up, particularly since we launched our OA pain products in the US That has turned this year.

歷史上你見過比這更糟糕的情況。但不同的是，在過去的三個季度裡，我們看到治療性就診次數有所下降。如果你還記得去年，儘管整體業務下滑，但皮膚科業務卻比去年同期成長了約 3% 或 4%。骨關節炎疼痛就診量上升，尤其是自從我們在美國推出骨關節炎疼痛產品以來。今年情況有所好轉。

Certainly, you've seen that impact therapeutic visits. I think flea, tick, heartworm, which are wellness visits have consistently been down, but they've been more than offset by what's happening in the alternative channels if you look at the last 3 years. So the difference here is the therapeutic visits, particularly when you look at derm as well as retain that are translating to fewer patient starts and certainly, we're starting to see that have an impact here. Now what is encouraging is we continue to see really strong growth across alternative channels. Those grew about 21% on the quarter.

當然，您已經看到了這種影響對治療性就診的效果。我認為跳蚤、蜱蟲、心絲蟲等健康檢查的次數一直在下降，但如果你看看過去 3 年的情況，你會發現其他管道的就診量已經遠遠超過了這些下降的幅度。所以，這裡的差異在於治療性就診次數，特別是皮膚科就診次數，以及後續治療次數，這導致患者就診次數減少，而且我們確實開始看到這產生了影響。令人鼓舞的是，我們看到其他管道也持續保持強勁成長。這些數字環比增長了約 21%。

And within that, is actually home delivery coming from vet channels as they continue to see opportunity to really drive and meeting the patients where they are. We are seeing momentum in that area as well. It grew about the same rate as retail within the quarter. Again, something we'll continue to encourage and watch as well as work with our vet clients to continue to drive. So I think those elements certainly continue to be there and are supportive of the business.

其中，獸醫管道實際上也開始提供送貨上門服務，因為他們繼續看到機會，真正地在患者所在的地方為他們提供服務。我們也看到該領域正在蓬勃發展。本季其成長率與零售業的成長率大致相同。我們將繼續鼓勵和關注這一現象，並與我們的獸醫客戶合作，繼續推動這一趨勢。所以我認為這些因素肯定會繼續存在，並且對業務發展起到支持作用。

However, I think what we're seeing in terms of therapeutic where the impact has been. And I think it's a bit of a combination of really significant price increase that our customers have taken over the last few years, both across their products as well as services that is different from our price that we give to them. And we're seeing that impact, particularly the larger corporate accounts as well as we look at the numbers. So sitting here, if you look at our portfolio, have the broadest portfolio in the industry, certainly, our innovation engine continues to cooperate the most productive in the industry as well. So we're confident in our ability to drive growth as we look at the long term, again, why we don't see the fourth quarter as an indication for '26 in particular, and that those give us a lot of profess we look ahead.

但是，我認為就治療效果而言，我們看到的影響已經顯現出來。我認為這在某種程度上是由於過去幾年我們的客戶在產品和服務方面都經歷了非常大的價格上漲，而這與我們提供給他們的價格有所不同。從數據上看，我們已經看到了這種影響，尤其是在大型企業客戶方面。所以，如果你看看我們的產品組合，你會發現我們擁有業界最廣泛的產品組合，當然，我們的創新引擎也一直是業界最有效率的。因此，我們對推動長期成長的能力充滿信心，再次強調，我們不認為第四季能夠預示 2026 年的業績，因為這些都讓我們對未來充滿信心。

In terms of distributor inventory levels, we did highlight those in the middle of the quarter. We have some distributors take -- move -- shift their inventory levels down into a quarter. It did recover within the quarter. And just to put it in the context, Mike, since the beginning of 2023, we have been operating at levels that are below the low end of the range in terms of level of inventory and distribution. We have remained there even as we exit the quarter.

關於分銷商庫存水平，我們重點關注了季度中期的情況。有些分銷商將他們的庫存水準下調到一個季度。該季度內已有所復甦。麥克，為了說明情況，自 2023 年初以來，我們的庫存和分銷水準一直低於正常範圍的下限。即使到了本季末，我們仍然保持著這種狀態。

So while the dip even further below where they have been operating in the last few years, they did recover back, but the level is still below where they have been historically.

因此，儘管跌幅甚至比過去幾年的營運水準還要大，但他們確實有所回升，不過目前的水準仍然低於歷史水準。

Jon Block, Stifel.

Jon Block，Stifel。

Sorry to sort of harbor the same thing. But cash you on the 4Q '25 exit not being sort of indicative for '26. We're calcing (inaudible) implied 3% organic operational in 4Q. Hopefully, we've got that right. it's off of a comp that eases materially.

抱歉，我也有點類似的想法。但別指望 2025 年第四季的退出情況能夠預示 2026 年的情況。我們正在計算（聽不清楚）第四季隱含的3%有機營運成長率。希望我們的判斷是正確的。這是基於一個大幅放緩的基準數據得出的結論。

But just to take a step back, I would think that sort of implies 0-ish volume in the back half of '25. You said volume was 0 this quarter, price was up $4. So if you think about like 0 valves in 2H '25, competition increasing further in some key franchises, notably derm, we never know exactly what's going to happen, but that seems to be the case why wouldn't that be indicative? In other words, what changes between the price/volume algo does price go higher? Or does valves balance and it follows bounce why would that sort of a backdrop.

但退一步來看，我認為這似乎意味著 2025 年下半年銷售量接近 0。你說這季度成交量為 0，價格上漲了 4 美元。所以，如果你考慮到 2025 年下半年 0 個閥門，一些關鍵系列（尤其是皮膚科）的競爭進一步加劇，我們永遠無法確切地知道將會發生什麼，但這似乎就是事實，這難道不是一個預兆嗎？換句話說，價格/成交量演算法中哪些變化會導致價格上漲？或者閥門平衡並跟隨反彈，為什麼會是那種背景？

Yes, John, I'll start. Look, I think what we said in terms of the fourth quarter exit and you're roughly right in terms of your calculation. I'll remind you of a few things. And again, at the risk of being repetitive on this to some extent. We are exiting with -- though we have year-over-year comps with respect to Librela that continue to be challenging we are exiting with that showing signs of stabilizing.

好的，約翰，我先來。你看，我認為我們之前對第四季度退出情況的預測，以及你的計算結果，大致都是正確的。我提醒你幾件事。再次重申，我可能有點老生常談了。儘管 Librela 的同比數據仍然具有挑戰性，但我們退出時，它已顯示出穩定的跡象。

And so again, we expect that to turn to growth as we get into 2026. Look, we came into this year expecting to see some competitive pressure as they launch their products and are looking to gain some traction given the high satisfaction level we have in our products in the number of years that we have -- particularly when you think about derm. We've been in the market for 11 years. We're roughly 120 million doses in when you look at a combination of Apoquel and Cytopoint. The (inaudible) fashion with customers, both pet-owner as well as vets is very, very high.

因此，我們預計到 2026 年，這種情況將轉為成長。你看，我們今年一開始就預料到會面臨一些競爭壓力，因為他們會推出產品，鑑於我們多年來產品的高滿意度，我們希望能夠獲得一些市場份額——尤其是在皮膚科領域。我們進入市場已有11年了。如果將 Apoquel 和 Cytopoint 合併使用，我們已經使用了大約 1.2 億劑。（聽不清楚）顧客對寵物主人和獸醫的喜愛程度非常非常高。

So competitors, as they launch their products are up against that strong position and are, as we anticipated, being very aggressive to look to get positioned. And if you look at where they are from a patient share perspective, it's still very limited. Now I think this is where the macro comes in. And I think if you look at the macro in a market where you're seeing fewer therapeutic visits, then the impact of those competitive pressures will be felt a little bit more than when you have extension. Now if you look at derm and International, that grew 7% on the quarter.

因此，競爭對手在推出產品時會面臨這種強大的市場地位，正如我們預期的那樣，他們正積極尋求佔據有利位置。從患者份額的角度來看，他們的份額仍然非常有限。現在我覺得這就是宏的作用所在了。我認為，如果你從宏觀角度來看，在一個治療就診量減少的市場中，競爭壓力帶來的影響會比治療量增加時更大。如果看一下皮膚科和國際業務，該季度成長了 7%。

And that's despite in certain markets where you've seen very aggressive competitive pressure, but you are seeing expansion of those markets. And while I want to sit here and predict how long the macro will be there. our position, though, in terms of our products in our portfolio couldn't be stronger. And so again, I don't see this as a permanent feature. And as you've seen historically, these initial launch promotions tend to be short-lived.

儘管在某些市場競爭非常激烈，但這些市場仍在擴張。雖然我很想坐在這裡預測宏觀經濟情勢會持續多久，但就我們產品組合而言，我們的地位再強不過了。所以，我再次強調，我不認為這會是一個永久性的功能。從以往的經驗來看，這些最初的上市促銷活動往往持續時間很短。

And so we'll make adjustments where we see necessary, but we'll be disciplined as we execute in this market. we've been there before. And so we'll continue to do that, and we're very strong in terms of our portfolio as well as with coming in terms of where we're starting to see approvals on already.

因此，我們會根據需要做出調整，但在這個市場中，我們會保持嚴謹的執行力。我們以前經歷過這種情況。因此我們將繼續這樣做，而且我們在產品組合方面非常強大，我們已經開始看到一些項目獲得批准。

Brandon Vazquez, William Blair.

布蘭登·瓦茲奎茲，威廉·布萊爾。

I wanted to switch a little bit and talk about the new long-acting OA drugs that have been approved or are upcoming. The question being -- but clearly, Librela has launched didn't go as planned. I think the safety and efficacy stands behind it, but social media kind of got a little bit ahead of the drug and impacted its adoption as we're seeing, what have you guys learned what's going to change as you launch these new long-acting OA drugs because a successful launch of these into 2026 feels like it could be one of the key levers to remain within that 6% to 8% organic growth that you guys have talked about for a long time. Just curious on thoughts on what that launch might look like relative to what Librela was? And what gives you the confidence that can kind of have a more successful ramp from there.

我想稍微轉換一下話題，談談已經獲準或即將獲準的新型長效骨關節炎藥物。問題是——但很顯然，Librela 的上市並沒有按計劃進行。我認為安全性和有效性是有保障的，但社群媒體在某種程度上有點領先於藥物本身，並影響了它的普及。正如我們所看到的，你們從中學到了哪些經驗教訓？隨著這些新的長效骨關節炎藥物的推出，會發生哪些變化？因為如果這些藥物能在 2026 年成功上市，這感覺像是你們長期以來一直在談論的 6% 到 8% 的自然增長的關鍵槓桿之一。我很好奇大家覺得這次的上市狀況會跟Librela相比如何？是什麼讓你有信心從那裡開始，取得更成功的進展？

Thanks, Brandan. I'll take that one. We're very pleased with the approval in Canada and the positive opinion in the EU on Lenivia. I think another example of delivering on our commitments across our innovation pipeline. We are really excited about that as well as Portela, which received its first approval in the EU I think we are going to make sure that we apply all the learnings we had from Librela to these new launches.

謝謝你，布蘭登。我選那個。我們對Lenivia在加拿大獲得批准以及在歐盟獲得正面評價感到非常高興。我認為這是我們在創新產品線中履行承諾的另一個例子。我們對此感到非常興奮，Portela 也獲得了歐盟的首次批准。我認為我們將確保從 Librela 中獲得的所有經驗應用到這些新產品的上市中。

We are expecting launch as we mentioned, in the first half of '26 for Lenivia. And we're going to fight the learnings from Librela. We're going to start, as we talked about with early experience with specialists, make sure they understand the product well and then they can help us as we launch more into the general veterinary population. We're going to make sure we continue to raise awareness of OA as a serious disease that requires a proactive approach to manage the pain. It's a progressive disease.

正如我們之前提到的，Lenivia預計將於2026年上半年發布。我們將抵制從 Librela 中學到的教訓。正如我們之前討論過的，我們將從與專家的早期合作經驗入手，確保他們充分了解產品，這樣當我們向更廣泛的獸醫群體推廣產品時，他們就能幫助我們。我們將繼續提高人們對骨關節炎的認識，並將其視為一種需要積極主動地控制疼痛的嚴重疾病。這是一種進行性疾病。

We're going to make sure we continue to deepen education with specialists first, and also with that. And we're going to -- the same way we're doing with Librela, we're investing in long-term Phase IV research to make sure specialists and veterinarians continue to understand how best to use the products. We're really excited with these new products. As you think about Lenivia, it will add convenience. A 3-month administration will help us expand the market some and put a lower barrier to entry, I think will also help us increase compliance.

我們將確保繼續深化與專家的教育，首先如此，其次也是如此。我們將像對待 Librela 一樣，投資於長期的 IV 期研究，以確保專家和獸醫能夠繼續了解如何最好地使用這些產品。我們對這些新產品感到非常興奮。考慮到Lenivia，它會給您帶來便利。為期 3 個月的行政管理將有助於我們擴大市場，降低進入門檻，我認為這也有助於我們提高合規性。

As we talked about before, Lenivia will target a different location on NGF. It's a different molecule than Librela. It provides long-lasting relief at 10x lower the dose. So we do expect it to expand the market and provide incremental revenues, although obviously, we'll cannibalize some of Librela. But I think it's an exciting new opportunity I would say the same with Portela which is, again, a different area of NGF that is targeting and again, is a different molecule.

正如我們之前討論過的，Lenivia 將瞄準 NGF 上的另一個位置。它與利布洛芬的分子結構不同。它以十分之一的劑量即可提供持久的緩解效果。因此，我們預計它將擴大市場並帶來增量收入，儘管很顯然，我們會蠶食 Librela 的一些市場份額。但我認為這是一個令人興奮的新機會。我對 Portela 也持同樣的看法，它針對的是 NGF 的另一個不同領域，而且它針對的分子也不同。

But I think especially if you think about cat, you can help us expand that market in cats where bringing your cat in every month is a big barrier as we know, for cat, and we're seeing strong growth in cat. Solensia grew in the quarter, as you saw. And we see cat visits being the bright spot and visits overall with cat visits increasing. And we really believe that Solensia is one of the reasons that's helping drive that cat visit growth. So we are excited about both of those launches and their ability to expand the market for OA pain for us in 2026.

但我認為，特別是如果你考慮到貓，你可以幫助我們擴大貓的市場，因為我們知道，對於貓來說，每個月帶貓來看病是一個很大的障礙，而我們看到貓的市場正在強勁增長。正如你所看到的，這區域長滿了索倫西亞草。我們看到，帶貓上門服務的訪客數量是亮點，而且帶貓上門服務的訪客總數也在增加。我們堅信，Solensia 是推動貓咪就診量成長的原因之一。因此，我們對這兩項產品的推出感到興奮，並期待它們能在 2026 年為我們擴大骨關節炎疼痛的市場。

Chris Schott, JPMorgan.

克里斯‧肖特，摩根大通。

I'm just still trying to get my hands around what happened with US Derm this quarter. I know you've talked a lot about the comps and macro. But can you just elaborate a little bit more in terms of what we're seeing either with Zenrelia or positioning ahead of a potential Merck launch, it just seems like we saw quite a trend break this quarter relative to the past year. I was trying to get a little bit more color there.

我還在努力弄清楚這季度美國皮膚病學領域到底發生了什麼事。我知道你已經談了很多關於陣容和宏觀策略的話題。但您能否再詳細闡述我們目前在 Zenrelia 方面看到的情況，或者在默克公司可能推出產品之前的市場定位？感覺我們本季相對於去年同期出現了相當大的趨勢轉變。我當時想讓那裡的顏色更豐富一些。

And just as a follow-up, on the therapeutic visit side, it sounds like from your commentary that we need to see some of these visit trends improved to get new starts in the right place, et cetera. Can you just elaborate a little bit more in terms of what your outlook of when we could see that recovery or more just qualitatively, what it's going to take to get these to recover again?

另外，關於治療性就診方面，從你的評論來看，我們似乎需要改進一些就診趨勢，以便讓新患者在合適的地方開始治療等等。您能否再詳細說明您對何時能夠看到復甦的看法，或者更具體地說，從定性角度來看，需要哪些條件才能使這些行業再次復甦？

Sure. Look, I think as we discussed, the competitive positioning here isn't significantly different than what we anticipated coming into the year or even as we saw quarter ago. Again, the -- if you look at the patient share gains in here, they're relatively limited. Now as we look at Q4, we are factoring in a full launch of a competitive product in Europe coming in with Numelvy, which started in the third quarter. So we are anticipating that and that's factored into our guidance, certainly.

當然。你看，我認為正如我們討論的那樣，目前的競爭格局與我們年初的預期，甚至與上個季度的情況相比，並沒有顯著不同。再說一遍，如果你看一下這方面的病患份額成長，你會發現成長幅度相對有限。現在展望第四季度，我們正在考慮 Numelvy 在歐洲全面推出具有競爭力的產品，該產品已於第三季度開始上市。因此，我們已經預料到這種情況，並且這肯定已經納入了我們的指導方針中。

No word yet in terms of exactly when the Merck approval will be in the US as they have said, they expected approval late this year, early next year. So that's not really a potential topic here as we exit the year. However, the (inaudible) again, piece isn't significantly different. I think the difference here, Chris, is truly what is the impact of therapeutic visits, which were up the last few years, even as overall business were down that turn this year, where we're seeing therapists for derm declining on the year and the cumulative effect of those as we got into this quarter, we're seeing that impact in terms of patient starts.

目前還沒有關於默克公司何時在美國獲得批准的具體消息，正如他們所說，他們預計在今年年底或明年年初獲得批准。所以，在年末之際，這並不是一個值得探討的議題。然而，（聽不清楚）再次，這部分內容並沒有顯著不同。克里斯，我認為真正的差異在於治療就診量的影響。過去幾年，治療就診量有所上升，儘管今年整體業務有所下滑，但我們看到皮膚科醫生的數量正在下降，而隨著本季度的到來，這些因素的累積效應也反映在患者數量上。

Exactly when we will see those turn around, I won't venture to give you here, but we are assuming the macro continues into the fourth quarter, certainly, what you see impacting here, and we will update those in terms of what that means in terms of guidance in February. One last point I will give is as we factor these trends, again, very encouraging to see Librela showing since civilization and so on, those are areas that we are looking forward to as we enter into 2026.

至於這些情況何時會好轉，我不敢妄下斷言，但我們假設宏觀經濟情勢會持續到第四季度，當然，您看到的這些影響因素也會影響到我們，我們將在2月份更新這些影響因素對業績指引的意義。最後我想補充一點，當我們考慮這些趨勢時，再次看到 Librela 自文明發展以來表現出色，這非常令人鼓舞，這些都是我們進入 2026 年所期待的領域。

But it's not last point in terms of the guidance. Very pleased if you look at the disciplined execution from an expense management perspective, not only in terms of the performance on the quarter with 12% growth in adjusted diluted EPS, but we are maintaining our guidance from an EPS perspective in terms of bottom line for the year versus the guidance that we gave back in August. Again, these are elements that I want to want to remind you.

但這並非指導意見的最後一點。從費用管理的角度來看，我們執行得非常有紀律，這讓我們非常滿意。不僅本季調整後稀釋每股收益成長了 12%，而且我們維持了全年每股收益的預期，與我們 8 月給出的預期一致。再次強調，這些都是我想提醒你們的重點。

I don't know if Kristin wants to add anything.

我不知道克里斯汀是否還有什麼要補充的。

No. The only thing I'll build on with regards to Librela is, Librela remains widely used with over 30 million doses distributed globally, and we do remain confident in Librela's growth potential I think executing on our multipronged strategy as we're starting to see the signs of stabilization right now, it gives us confidence that the actions we're taking are going to return Librela to growth and as we mentioned, we believe it will return to growth in 2026. So what gives us that confidence is watching the trends over the last few months, we look over trends of 4 to 6 weeks at a time rolling and that's what gives us confidence that it will be stabilizing and we'll return to growth in 2026. I think it's really strong execution across our multi-prong strategy.

不。關於利布瑞拉，我唯一要補充的是，利布瑞拉仍然被廣泛使用，全球已分發超過3000萬劑，我們對利布瑞拉的成長潛力仍然充滿信心。我認為，隨著我們開始看到市場趨於穩定的跡象，我們執行的多管齊下策略讓我們相信，我們正在採取的措施將使利布瑞拉恢復成長，正如我們所提到的，我們相信它將在2026年恢復成長。因此，讓我們充滿信心的是我們觀察了過去幾個月的趨勢，我們每次觀察 4 到 6 週的滾動趨勢，這讓我們相信經濟將會趨於穩定，我們將在 2026 年恢復成長。我認為這是我們多管齊下策略執行得非常出色體現。

Steve Scala, TD Securities.

史蒂夫·斯卡拉，TD證券。

This is Chris, on for Steve. Just one question on livestock, had another very strong quarter. How doable are these growth drivers as you look ahead to 2026.

我是克里斯，替史蒂夫發言。關於牲畜方面只有一個問題，這個季度表現依然非常強勁。展望 2026 年，這些成長驅動因素的可行性如何？

Yes. We're very, very pleased with double-digit growth in livestock on the quarter. Livestock has now demonstrated growth above market the last two years. This is the third year in a row. And we are anticipating that continuing in terms of growth in next year.

是的。我們對本季畜牧業兩位數的成長感到非常非常滿意。過去兩年，畜牧業的成長速度已超過市場平均。這已經是連續第三年了。我們預計明年將繼續保持成長動能。

I think the underlying demand picture in Livestock and if you look at the secular trends that are driving that are sustainable. You see increased demand for protein. You see population growth as well as growth in emerging middle class as well as organization driving these trends globally. And again, we're very pleased to see the performance on in the quarter. I think this really demonstrates one of our core strengths with diversification across the portfolio.

我認為畜牧業的潛在需求前景以及推動這種需求的長期趨勢都是可持續的。蛋白質需求量不斷增加。在全球範圍內，人口成長、新興中產階級的成長以及組織的發展都在推動這些趨勢。再次強調，我們對本季的業績表現非常滿意。我認為這充分體現了我們在投資組合多元化方面的核心優勢之一。

you have a double-digit growth in livestock in the quarter where you see some headwinds in terms of macro, particularly in US companion animal. And again, this is what makes Zoetis great in terms of if you look at our portfolio and the breadth of it. across species and across therapeutic areas, et cetera.

本季畜牧業實現了兩位數的成長，儘管宏觀經濟方面存在一些不利因素，尤其是在美國伴侶動物領域。再說一遍，如果你看看我們的產品組合及其廣度，你會發現這正是碩騰公司如此強大的原因。我們的產品涵蓋多個物種和治療領域等等。

Navann Ty, BNP Paribas.

Navann Ty，法國巴黎銀行。

One on the derm portfolio, if you could quantify maybe how much is due to distributor inventory dynamics versus the competitive pressure from Zenrelia and Numelvy in Europe. And also on Librela, when do you see signs of stabilization? And what are the drivers of that in your view?

在皮膚科產品組合方面，如果可以量化的話，或許可以了解一下，有多少是由於分銷商的庫存動態，又有多少是由於來自歐洲 Zenrelia 和 Numelvy 的競爭壓力。另外，服用利布洛芬（Librela）時，何時才能看到病情穩定的跡象？你認為造成這種情況的原因是什麼？

Yes, sure. Really, distributor inventory levels were not a point to really raise here other than, as we said in the prepared commentary, we did move Apoquel into distribution on the quarter that was about a $10 million contribution if you look at the derm figures in the US. But there's not a point here in terms of distribution impact to speak of in terms of overall performance.

當然可以。實際上，分銷商的庫存水平並不是一個值得在此重點討論的問題，正如我們在準備好的評論中所說，我們確實在本季度將 Apoquel 投入分銷，如果你看一下美國的皮膚科數據，這大約貢獻了 1000 萬美元。但就分銷影響而言，就整體性能而言，這裡沒有什麼值得一提的意義。

And again, with respect to Zenrelia, both in the US and across international markets, the level of patient share that they are gaining here is certainly in line with our expectations, it's not below it. So we don't see that really being a key factor that's different from what we came into the year with and it's been limited in terms of the impact. I'll turn over to Kristin on the Librela question.

再說一遍，關於 Zenrelia，無論是在美國還是在國際市場上，他們所獲得的患者份額水平肯定符合我們的預期，並沒有低於預期。因此，我們認為這並沒有真正成為一個與年初時不同的關鍵因素，而且其影響也十分有限。關於 Librela 的問題，我請 Kristin 回答。

Yes. I mean I'll just reiterate, we're encouraged that we've seen the recent signs of sequential stabilization, and that really gives us confidence to the actions we're taking are working, and that's what gives us confidence that we'll return to growth in 2026.

是的。我的意思是，我再重申一遍，我們感到鼓舞的是，我們看到了近期經濟逐步發展的跡象，這確實讓我們相信我們正在採取的措施是有效的，也正是這一點讓我們有信心在 2026 年恢復成長。

Daniel Clark, Leerink Partners.

Daniel Clark，Leerink Partners。

Just wanted to circle back on some guidance you gave last quarter on double-digit growth across the derm Trio and OA pain franchises? How is that tracking at this point? And how should we kind of think about the growth of those three going forward, given all the dynamics you've laid on the call?

我想再次確認您上個季度給出的關於皮膚科三重奏和骨關節炎疼痛產品線實現兩位數增長的指導意見？目前進展如何？鑑於您在電話會議中提出的所有動態，我們應該如何看待這三者未來的發展？

Yes, Daniel, Happy to take that. Look, we came into the year and you've seen our key franchises that includes derm, parasiticides with Simparica as well as the Librela and OA Pain driving double-digit growth for the year. And through the first 3 quarters, even with the headwinds we've seen from (inaudible) Pain, particularly in the US they're tracking to about 9% on a year-to-date basis. They're about 2% on the quarter.

是的，丹尼爾，我很樂意接受。你看，今年年初，我們的主要業務板塊，包括皮膚科、殺寄生蟲藥（如 Simparica）、利布瑞拉和骨關節炎疼痛治療產品，都實現了兩位數的增長。前三個季度，儘管我們受到了（聽不清楚）疼痛等不利因素的影響，尤其是在美國，但今年迄今為止，他們的成長率仍達到了約 9%。本季約佔2%。

And so we now expect those key franchises to be high single digits on the year. I won't -- again, I will venture into what forecast might be as we go into next year, we'll provide more clarity on those in February. Certainly, we look forward to that. However, I would say, again, the stabilization we're seeing in OA pain is certainly helpful to see -- if you look at the OA pain in terms of the impact on the quarter. Certainly, you can see how that played out, particularly in these 3 franchise areas.

因此，我們現在預計這些關鍵特許經營權的年均勝率將達到個位數。我不會——再說一遍，我會嘗試預測明年的情況，我們會在二月提供更清晰的資訊。當然，我們期待著這一點。不過，我還是要說，我們看到的骨關節炎疼痛的穩定性無疑是令人欣慰的——如果你從骨關節炎疼痛對季度的影響來看的話。當然，你可以看到結果如何，尤其是在這三個特許經營領域。

But it is encouraging to see the civilization in terms of Librela and to the therapeutic business that we talked about, those have been down for the last three quarters. But if you [give] derm, for example, visits for therapeutics in derm in the US clinics were down less than 1% down, where they were down more in the last couple of quarters. So we are encouraged by some of those, again, not necessarily forecasting what the macro will look like as we look ahead.

但令人鼓舞的是，就 Librela 和我們之前談到的治療業務而言，文明正在復蘇，儘管這些業務在過去三個季度都出現了下滑。但如果你以皮膚科為例，美國診所的皮膚科治療就診量下降不到 1%，而最近幾季的下降幅度更大。因此，我們對其中一些結果感到鼓舞，但這並不意味著我們能夠預測未來宏觀經濟的走向。

Andrea Alfonso, UBS.

瑞銀集團的安德烈亞·阿方索。

I wanted to just probe a little bit more on the Simparica Trio franchise in the US in the quarter outside of the tough comp. I guess, I would be curious if you could provide any color on the actual dosage share and debt clinics particularly among new puppies, did you retain or seed some share? And also curious if you could speak to maybe some of the pricing spreads versus the competitors? Have they narrowed some of those new launches.

我想稍微深入地探討一下 Simparica Trio 系列在美國市場的表現，尤其是在這個季度，而不是在競爭激烈的市場環境下。我想問的是，您能否提供一些關於實際劑量分配和債務診所的具體信息，特別是對於新來的幼犬，您是否保留或分配了一些份額？另外，能否請您談談貴公司與競爭對手之間的價格差異？他們是否縮小了部分新產品的發表範圍？

And then separately, but sort of the same topic is in one of your slides in the investor deck, there was some mention of new canine parasiticides and the innovation road map slide. just curious at all, if you can comment, are those simply long-acting, maybe any new efficacy and breadth that you expect to roll out there?

另外，在你們的投資人簡報中，有一張投影片也提到了類似的話題，其中提到了新型犬類驅蟲藥和創新路線圖。我很好奇，如果您方便的話，能否解釋一下，這些驅蟲藥僅僅是長效的嗎？或者你們計劃推出的這些產品在功效和覆蓋範圍方面會有什麼新的突破？

Yes. I'll take the overall question and see if Kristin wants to chime in on the pipeline here. Look, as we look at Trio, I know you said despite the tough comp, but I do think that is probably the biggest factor here. in addition to the macro that we've already talked about. If you look at where Trio performed a year ago in the third quarter, Trio was up 27% on the quarter.

是的。我會先回答這個問題，看看克莉絲汀是否願意就這條管道發表一下看法。你看，說到三人組隊，我知道你說過陣容很強，但我認為這可能是最大的影響因素，除了我們之前討論過的宏觀因素之外。如果看一下 Trio 去年第三季的表現，Trio 當時的股價上漲了 27%。

So I think, clearly, that is a very strong comparative period and strong performance that we're up against, and we knew that and coming in, which is why we factored some of that in. But I do think it's important. In terms of share, we are largely maintaining our share across the vet clinic. I think the reduction in flea, tick, heartworm visits that we're seeing from a therapeutic category perspective is part of the impact here. But again, the competitive share gains from a patient share perspective that we're seeing here are not significant.

所以我認為，很明顯，我們面臨的是一個非常強勁的對比時期和強勁的表現，我們事先就知道這一點，所以我們在製定策略時也考慮到了這一點。但我認為這很重要。就市場佔有率而言，我們在整個獸醫診所的市佔率基本上保持不變。我認為從治療類別的角度來看，跳蚤、蜱蟲、心絲蟲就診次數的減少是造成這種影響的一部分。但從患者份額的角度來看，我們目前看到的競爭份額成長並不顯著。

Again, they've been limited here. We are continuing to see expansion though of the overall flea, tick, heartworm particularly a triple combination space as we look ahead. And so there's still significant room to grow here over the last couple of years. You've seen that share of prescribed oral medications go from 30% to 47% over the last 2 years with substantial more room to go. And Trio is the market leader here, certainly in the US

他們在這裡再次受到了限制。展望未來，我們將繼續看到跳蚤、蜱蟲、心絲蟲，特別是三重療法的整體市場擴張。因此，在過去幾年裡，這方面仍有很大的發展空間。過去兩年，處方口服藥物的比例從 30% 上升到 47%，而且還有很大的成長空間。Trio是這方面的市場領導者，尤其是在美國。

and we continue to see our opportunity to continue to capitalize on that as a first mover and very, very high satisfaction rates from customers here. I won't get into the specifics in terms of pricing spreads here. Again, there are some dynamics that we anticipate in terms of what happens during the period of launch. Historically, those have been short-lived, and we won't get too deep into those other than to say, we're confident in our position. We're confident in our product, we confine differentiation that we have across our products, and that gives us a reason to be very disciplined as we cycle through those periods.

我們仍然看到我們作為先行者所擁有的機會，並且在這裡我們獲得了非常非常高的客戶滿意度。這裡我就不詳細討論價格價差了。同樣，我們預計在產品發布期間會出現一些動態變化。從歷史上看，這些情況都持續時間很短，我們不會深入探討這些情況，只想說，我們對自己的地位充滿信心。我們對自己的產品充滿信心，我們堅持產品間的差異化，這讓我們有理由在週期性變化中保持高度自律。

Yes. I'll just go on your second question, which had to do with the pipeline. As I mentioned before, we're really excited continuing to deliver on our commitments across our pipeline. I think you're referencing a slide from our JPMorgan presentation, we continue to be on or ahead of schedule with the overall pipeline, and we look forward to providing very specific updates on the progress of that pipeline, including our K9 Paris, which remain an important part of that pipeline on our webcast on December 2 on innovation. So we'll give you a fulsome review of the pipeline progress and more information on it on the December 2nd webcast.

是的。我就回答你的第二個問題，這個問題跟管道有關。正如我之前提到的，我們非常高興能夠繼續履行我們在各個產品線中的承諾。我想您指的是我們在摩根大通演示文稿中的一張幻燈片，我們整體的研發進度仍然按計劃進行或提前完成，我們期待在 12 月 2 日的創新網絡直播中提供關於該研發項目進展的非常具體的更新信息，包括我們的 K9 Paris 項目，該項目仍然是該研發項目的重要組成部分。因此，我們將在 12 月 2 日的網路直播中為您全面介紹管道進展以及更多相關資訊。

And ladies and gentlemen, that is all the time we have for questions this morning. Ms. Peck. I'd like to turn the conference back to you, ma'am for any closing comments.

女士們、先生們，今天早上的提問時間就到此為止了。佩克女士。女士，現在我想把會議交還給您，請您作總結發言。

Well, thanks, everyone, for joining us today and for your thoughtful questions. We're proud of another solid quarter that reflects the consistency of execution and the strength of our portfolio and the focus of our colleagues around the world. As we look ahead, we'll continue to advance our strategy and investment innovation that is driving our sustainable growth. And as always, we remain committed to delivering long-term value for our shareholders and look forward to sharing continued progress on our innovation pipeline during the upcoming innovation webcast. We look forward to speaking to you that. Have a great day, everybody.

謝謝大家今天收看我們的節目，也謝謝大家提出的寶貴問題。我們為又一個穩健的季度業績感到自豪，這反映了我們執行力的穩定性、我們產品組合的實力以及我們全球同事的專注精神。展望未來，我們將繼續推動推動永續成長的策略和投資創新。一如既往，我們將繼續致力於為股東創造長期價值，並期待在即將舉行的創新網路研討會上分享我們在創新產品線方面取得的持續進展。我們期待與您進行那次談話。祝大家今天過得愉快。

Thank you very much, Ms. Peck, and thank you, Mr. Joseph. Again, ladies and gentlemen, this will bring us to the conclusion of Zoetis' third-quarter 2025 financial results conference Call. Again, thanks so much for joining us, everyone, and we wish you all a great day. Good-bye.

非常感謝佩克女士，也感謝約瑟夫先生。女士們、先生們，Zoetis 2025 年第三季財務業績電話會議到此結束。再次感謝各位的參與，祝福大家今天過得愉快。再見。