碩騰 (ZTS) 2025 Q4 法說會逐字稿

(Operator Instructions) Welcome to the fourth-quarter and full-year 2025 financial results conference call and webcast for Zoetis. Hosting the call today is Steve Frank, Vice President of Investor Relations for Zoetis.

（操作說明）歡迎參加 Zoetis 2025 年第四季及全年財務業績電話會議和網路直播。今天主持電話會議的是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 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)

演示資料和補充財務表格目前已發佈在zoetis.com的投資者關係頁面上。您可以自行管理簡報投影片，幻燈片不會自動轉發。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）

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

現在我很高興把發言權交給史蒂夫·弗蘭克。史蒂夫，你可以開始了。

Thank you, operator. Good morning, everyone, and welcome to the Zoetis 2025 full-year and fourth-quarter earnings call. I am joined today by Kristin Peck, our Chief Executive Officer; and Wetteny Joseph, our Chief Financial Officer.

謝謝接線生。各位早安，歡迎參加 Zoetis 2025 年全年及第四季財報電話會議。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。

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.

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, Thursday, February 12, 2026. We also cite operational results, which exclude the impact of foreign exchange.

我們今天的演講也將提及一些不符合公認會計原則或美國通用會計準則的財務指標。這些非GAAP財務指標與最直接可比較的美國GAAP指標的調節表包含在我們今天（2026年2月12日，星期四）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 good morning, everyone. Welcome to our fourth-quarter and full-year 2025 earnings call. For the full year, on an organic operational basis, we delivered 6% revenue growth and 7% growth in adjusted net income, in line with expectations. International markets were again a key contributor, delivering 8% organic operational revenue growth while the US delivered 4% organic operational growth, reinforcing the value of our global footprint.

謝謝你，史蒂夫，大家早安。歡迎參加我們2025年第四季及全年業績電話會議。全年來看，以有機營運計算，我們的收入成長了 6%，調整後淨收入成長了 7%，符合預期。國際市場再次成為主要貢獻者，實現了 8% 的有機營運收入成長，而美國市場實現了 4% 的有機營運收入成長，這鞏固了我們全球佈局的價值。

(inaudible) species, Livestock delivered 8% organic operational revenue growth benefiting from a more focused portfolio following the MFA divestiture. Companion Animal grew 5% operationally, reflecting the strength of our diverse and durable portfolio.

（聽不清楚）物種，畜牧業在 MFA 剝離後受益於更集中的投資組合，實現了 8% 的有機營運收入成長。伴侶動物業務營運成長 5%，反映了我們多元化和永續產品組合的實力。

In 2025, we executed with discipline and delivered growth across the portfolio against the backdrop of a dynamic operating environment shaped by macroeconomic and competitive pressures. Importantly, our execution further strengthened the foundation for what's next from advancing long-acting approvals and a robust pipeline that extends our growth runway to strategic actions that sustain growth through competition to sharpening focus in Livestock post-MFA and strengthening our commercial and medical capabilities globally.

2025年，我們在宏觀經濟和競爭壓力塑造的動態經營環境下，以嚴謹的執行力實現了投資組合的整體成長。重要的是，我們的執行進一步鞏固了下一步發展的基礎，從推進長效藥物審批和強大的產品線延長我們的成長空間，到透過競爭維持成長的策略行動，再到在MFA之後更加專注於畜牧業，以及加強我們在全球範圍內的商業和醫療能力。

Before highlighting our performance drivers for the year, I want to share what we've seen in the US since our third-quarter call. as these dynamics show up across the portfolio. In the veterinary channel, we continue to see some economic pressure on Gen Z and millennial pet owners, which has contributed to a decline in therapeutic visits and doses.

在重點介紹我們今年的業績驅動因素之前，我想先分享一下自第三季財報電話會議以來我們在美國市場觀察到的情況，因為這些動態也體現在我們整個投資組合中。在獸醫領域，我們持續看到 Z 世代和千禧世代寵物主人面臨一定的財務壓力，這導致治療就診次數和藥物劑量下降。

At the same time, emergency and urgent care continue to show strength, which reinforces our view that this is not a declining -- decline in underlying demand for care but rather greater price sensitivity and tighter household budgets when it comes to the cost of routine care. We are beginning to see clinics react to this environment by taking a more measured approach to the overall cost of care for head owners.

同時，急診和緊急護理持續保持強勁勢頭，這進一步印證了我們的觀點，即這並非護理需求下降，而是人們對日常護理費用更加敏感，家庭預算也更加緊張。我們開始看到診所對這種環境做出反應，對犬主整體照護成本採取更審慎的態度。

We are also operating in a more competitive landscape, including elevated promotional launch activity, which historically has not been sustainable. In response, we are taking targeted actions to offset these pressures by optimizing our channel mix, increasing recent frequency with veterinarians, while reinforcing our scientific leadership through expanded medical education.

我們也面臨著更激烈的競爭環境，包括不斷增加的促銷活動，而這在歷史上是不可持續的。對此，我們正在採取有針對性的措施來抵消這些壓力，例如優化管道組合、增加與獸醫的近期溝通頻率，同時透過擴大醫學教育來加強我們的科學領導地位。

But stepping back, these near-term dynamics are unfolding within a broader US macro environment that we believe will gradually improve as we move through 2026, and some of our veterinary partners are even beginning to reengage in acquisitions and de novo clinic development. The continued expansion of retail-based clinics, standalone hospitals, and urgent and specialty care centers reflects evolving pet ownership dynamics and the emergence of new operating models across the industry.

但從更宏觀的角度來看，這些近期動態是在美國更廣泛的宏觀環境中展開的，我們相信隨著我們邁入 2026 年，這種宏觀環境將逐漸改善，我們的一些獸醫合作夥伴甚至開始重新參與收購和新建診所的開發。零售診所、獨立醫院以及急診和專科護理中心的持續擴張反映了寵物飼養動態的演變以及整個行業中新營運模式的出現。

These trends underscore a market that is adjusting and evolving even as pressures persist. And despite these near-term headwinds in the US, Zoetis continues to lead across key brands. Our portfolio continues to be differentiated by the pace and scale of our innovation.

這些趨勢表明，即使壓力持續存在，市場仍在不斷調整和發展。儘管美國市場近期面臨這些不利因素，但碩騰在關鍵品牌方面仍保持領先地位。我們產品組合的差異化優勢在於創新的速度和規模。

With more than 185 geographic expansions and life cycle innovations in 2025, we expanded access to proven therapies, addressed additional unmet medical needs, and strengthened our foundation for future growth as the operating environment evolves.

2025 年，我們透過 185 多項地域擴張和生命週期創新，擴大了成熟療法的可及性，滿足了更多未被滿足的醫療需求，並隨著營運環境的演變，加強了我們未來成長的基礎。

Turning to our performance drivers. Our Simparica franchise grew 12% operationally for the year, with double-digit performance in both the US and International markets. Trio continued to be a key driver, growing to 13% operationally.

接下來我們來看看效能驅動因素。我們的 Simparica 特許經營業務在這一年中實現了 12% 的營運成長，在美國和國際市場均取得了兩位數的業績。Trio 繼續成為關鍵驅動力，營運成長率達到 13%。

In the US, sales surpassed $1 billion with continued gains at initiation and the highest puppy share in the clinic. Globally, Trio maintained its position as the number one selling canine brand, reinforcing its position as the standard of care for broad spectrum coverage in the fastest-growing parasiticide segment. That performance also reflects the strength of our omnichannel strategy, helping us navigate headwinds in the clinic.

在美國，銷售額超過 10 億美元，在初期階段持續成長，並且在診所中幼犬份額最高。在全球範圍內，Trio 保持了其作為銷量第一的犬類品牌的地位，鞏固了其在增長最快的驅蟲劑領域中作為廣譜護理標準的地位。這項績效也反映了我們全通路策略的優勢，幫助我們克服了臨床領域的逆境。

By ensuring our products are available wherever customers want them, we continue to grow with double-digit contributions from retail and home delivery, supporting improved compliance, and positioning us well as customers weigh convenience, access, and value across channels. Parasiticides remains the largest category in Companion Animal health. And despite an increasingly competitive market, the Simparica franchise gained share globally in 2025.

透過確保我們的產品在顧客想要的任何地方都能買到，我們持續成長，零售和送貨上門業務貢獻了兩位數的成長，這有助於提高合規性，並使我們在顧客權衡各個管道的便利性、可及性和價值時佔據有利地位。殺寄生蟲藥仍然是伴侶動物保健領域最大的類別。儘管市場競爭日益激烈，但 Simparica 特許經營權在 2025 年獲得了全球市場份額。

Our Key Dermatology franchise grew 6% operationally for the year, with strong international contributions, reflecting the durability of the category we built. The breadth and differentiation of our portfolio continue to support veterinarian choice, pet owner compliance, and consistent patient outcomes.

我們的核心皮膚科特許經營業務在這一年中實現了 6% 的營運成長，其中國際業務貢獻強勁，這反映了我們所建立的品類的持久性。我們產品組合的廣度和差異化將繼續支持獸醫的選擇、寵物主人的依從性以及一致的患者治療效果。

While the category is competitive and expected to remain so, we are executing its focus through direct-to-consumer investment, Apoquel chewable conversion, and targeted outreach to OTC users. That dynamic is especially evident internationally, where continued category expansion and rising awareness are driving adoption and reinforcing long-term franchise confidence.

雖然該品類競爭激烈，而且預計還會持續如此，但我們正在透過直接面向消費者的投資、Apoquel咀嚼片的轉化以及針對非處方藥用戶的定向推廣來推進其發展。這種動態在國際上尤其明顯，品類的持續擴張和意識的不斷提高正在推動產品普及，並增強人們對特許經營的長期信心。

With a large untreated population globally and a clear preference for our proven, trusted therapies, we are competing on a position of strength, built on portfolio diversity and scale. Innovation is central to our strategy. And as we discussed during our innovation webcast, our near-term pipeline is positioned to provide significant growth catalysts and opportunities to drive value.

全球有大量未接受治療的人群，而且他們明顯更傾向於我們經過驗證、值得信賴的療法，因此我們憑藉產品組合的多樣性和規模優勢，在競爭中佔據了有利地位。創新是我們策略的核心。正如我們在創新網路研討會上所討論的那樣，我們近期的產品線將提供重要的成長催化劑和創造價值的機會。

Turning to OA Pain. The franchise declined 3% operationally for the year, and we remain committed to returning it to growth. We continue to see strength in the feline opportunity with Solensia growing 7% operationally. Last year's market approvals of Portela will expand our portfolio in 2026, enhancing our long-term ability to address OA Pain in cats across different patient needs.

轉向骨關節炎疼痛。該特許經營業務本年度營運下滑了 3%，我們仍致力於使其恢復成長。我們持續看到貓科動物市場的發展勢頭強勁，Solensia 的營運成長率達到 7%。去年 Portela 的市場批准將擴大我們在 2026 年的產品組合，增強我們長期解決貓骨關節炎疼痛、滿足不同患者需求的能力。

While Librela declined 6% operationally, we continue to advance our multipronged strategy anchored in education, ensuring veterinarians and pet owners clearly understand the benefit risk profile. We are seeing signs that our strategy is working, supported by stabilizing monthly sales trends and veterinarian and pet owner satisfaction.

儘管 Librela 的營運下滑了 6%，但我們繼續推動以教育為核心的多管齊下的策略，確保獸醫和寵物主人清楚地了解其益處和風險概況。我們看到一些跡象表明我們的策略正在奏效，這體現在月度銷售趨勢的穩定性以及獸醫和寵物主人的滿意度上。

Overall, we remain confident in the long-term strength of Librela, grounded in a significant unmet need, the meaningful impact it is having for dogs and the veterinary who treat them, and the introduction of Lenivia, which will further expand our ability to support OA Pain management across the stages of disease and patient profiles. And as we advance our OA Pain franchise, we continue to engage in ongoing dialogue with regulators around the world to closely monitor and evaluate adverse events, support the safe and effective use of the product, and ensure prescribing information remains up to date.

總體而言，我們仍然對 Librela 的長期發展前景充滿信心，這源於其巨大的未滿足需求、對犬隻及其獸醫的顯著影響，以及 Lenivia 的推出，這將進一步擴大我們支持骨關節炎疼痛管理在疾病各個階段和不同患者群體中的能力。隨著我們不斷推進骨關節炎疼痛產品線，我們將繼續與世界各地的監管機構保持持續對話，密切監測和評估不良事件，支持產品的安全有效使用，並確保處方資訊保持最新。

Companion Animal Diagnostics delivered broad-based 13% operational revenue growth for the year, even with ongoing pressure on clinic visits. This is another example of why portfolio balance matters, particularly in a dynamic operating environment. It also reinforces the success of our innovation strategy, including AI-enabled capabilities.

即使診所就診量持續面臨壓力，伴侶動物診斷業務全年仍實現了 13% 的全面營運收入成長。這再次說明了投資組合平衡的重要性，尤其是在動態的經營環境中。這也鞏固了我們創新策略的成功，包括人工智慧賦能能力。

In 2025, we expanded our Diagnostics portfolio with the launch of Vetscan OptiCell, bringing faster, simpler, in-clinic hematology to veterinary practices and AI masses, broadening the best scan images menu, each contributing to a strong platform performance for the year. Similarly, we broadened our laboratory footprint across the UK and Ireland, with the acquisition of Veterinary Pathology Group in November.

2025 年，我們推出了 Vetscan OptiCell，擴展了我們的診斷產品組合，為獸醫診所和廣大 AI 用戶帶來了更快、更簡單的診所內血液學檢測，擴大了最佳掃描圖像菜單，所有這些都為該年度平台的強勁表現做出了貢獻。同樣，我們透過 11 月收購 Veterinary Pathology Group，擴大了我們在英國和愛爾蘭的實驗室規模。

We expect this momentum to continue alongside the anticipated launch of our next-generation chemistry innovation in 2026. Our Diagnostics business strengthens the portfolio today and expands the opportunity over time as we pioneer new diagnosis-driven therapeutic areas.

我們預計這一勢頭將隨著我們下一代化學創新技術在 2026 年的預期推出而繼續保持。我們的診斷業務目前增強了產品組合，並且隨著我們開拓新的診斷驅動型治療領域，未來將擴大機會。

Turning to Livestock. We delivered 8% organic operational revenue growth for the year, with especially strong double-digit contribution internationally. Growth was broad-based across CCs and geographies, with momentum in key cattle and swine markets, driven by consistent demand and solid execution throughout the year.

轉向畜牧業。我們全年實現了 8% 的有機營運收入成長，其中國際業務的貢獻尤為強勁，達到了兩位數。各CC和地區均實現了全面增長，主要牛和豬市場增長勢頭強勁，這得益於全年持續的需求和穩健的執行。

Poultry contributed double-digit growth driven by focused post-MFA execution, strengthened biologics, key account penetration, and geographic expansion of [Perserta]. Aquaculture also delivered especially strong growth, driven by continued more detail in demand, underscoring the importance of disease prevention and the benefit of scale in a high stake production environment as fish remain one of the fastest-growing sources of protein globally. In 2025, our R&D leadership delivered important conditional approvals for HPAI and New World screwworm, reinforcing our ability to address critical challenges facing producers.

家禽業務實現了兩位數成長，這主要得益於MFA實施後重點推進的策略、生物製劑業務的加強、重點客戶滲透率的提高以及地域範圍的擴大。[Perserta].水產養殖業也實現了特別強勁的成長，這得益於需求的不斷細化，凸顯了疾病預防的重要性以及在高風險生產環境中規模化生產的優勢，因為魚類仍然是全球增長最快的蛋白質來源之一。2025 年，我們的研發領導團隊獲得了針對高致病性禽流感和新世界螺旋蠅的重要有條件批准，增強了我們應對生產商面臨的關鍵挑戰的能力。

We continue to believe the long-term fundamentals in Livestock are strong. Globally, protein consumption continues to grow alongside GDP and rising incomes. While in the US, surge in DLT1 use and updated nutritional guidance are expected to drive demand for meat and dairy.

我們仍然認為畜牧業的長期基本面強勁。在全球範圍內，隨著GDP成長和收入提高，蛋白質消費量持續成長。而在美國，DLT1 使用量的激增和更新的營養指南預計將推動對肉類和乳製品的需求。

That shift reinforces the connection between the accessibility, affordability, and safety of the food on our plate and animal health, underscoring the importance of the industry's ongoing shift from treating disease to preventing it altogether. These dynamics play to the strength of our portfolio, and we expect continued momentum.

這種轉變強化了我們餐盤中食物的可及性、可負擔性和安全性與動物健康之間的聯繫，凸顯了該行業從治療疾病轉向徹底預防疾病的重要性。這些動態有利於我們的投資組合，我們預計這種勢頭將持續下去。

Looking ahead to 2026, we are guiding to a range of 3% to 5% organic operational revenue growth and expect 3% to 6% organic operational growth in adjusted net income. This outlook reflects our confidence in our ability to execute across the portfolio while navigating macroeconomic and competitive pressure which we expect to moderate as the year progresses. The essential and resilient nature of animal health, together with secular trends such as an aging pet population and meaningful unmet need, provide a durable foundation for growth.

展望 2026 年，我們預計有機營運收入將成長 3% 至 5%，調整後淨利的有機營運成長預計為 3% 至 6%。這項展望反映了我們對自身在整個投資組合中執行策略的能力充滿信心，同時我們預期隨著今年的推進，宏觀經濟和競爭壓力將會緩解。動物健康的重要性和韌性，以及寵物人口老化和大量未被滿足的需求等長期趨勢，為成長提供了持久的基礎。

In closing, 2025 was a year of meaningful progress across our portfolio and pipeline, with important innovative delivered to customers and continued advancement of a focused strategy. We have been deliberate about where to invest, how to compete, and how to scale innovation in ways that are designed to endure across cycles.

總結而言，2025 年是我們產品組合和研發管線取得實質進展的一年，我們向客戶交付了重要的創新產品，並繼續推動重點策略。我們一直深思熟慮地選擇投資方向、競爭方式以及如何以能夠跨越週期持續發展的方式擴大創新規模。

Today, Zoetis has the industry's most diverse portfolio and a robust pipeline, with 12 potential blockbusters in development, which for us are products with at least $100 million in annual revenue, including innovations that are pioneering entirely new categories of care. Guided by our purpose and our commitment to addressing unmet medical needs, we are not only advancing science but helping shape the future of animal health.

如今，碩騰擁有業界最多元化的產品組合和強大的研發管線，目前有 12 款潛在的重磅產品正在開發中，這些產品在我們看來年收入至少為 1 億美元，其中包括開創全新護理類別的創新產品。在我們的宗旨和致力於滿足未被滿足的醫療需求的指導下，我們不僅在推動科學發展，而且在幫助塑造動物健康的未來。

As the operating environment continues to evolve, Zoetis is competing for a position of strength grounded in a differentiated science to scale model, trusted brands, global scale, and deep, long-standing customer relationships. In 2026 and beyond, our focus remains on a disciplined execution and building on the capabilities we have put in place to drive durable long-term growth and value creation.

隨著經營環境的不斷變化，碩騰正憑藉著差異化的科學規模化模式、值得信賴的品牌、全球規模以及深厚的長期客戶關係，努力爭取優勢地位。展望 2026 年及以後，我們將繼續專注於嚴謹的執行，並鞏固我們已建立的能力，以推動持久的長期成長和價值創造。

And before turning it over, I want to extend my deepest thanks to our purpose-driven colleagues around the world for their unwavering commitment to customers. With that, I'll pass it over to Wetteny before taking your questions.

在將發言稿交出之前，我要向世界各地目標明確的同事們致以最深切的感謝，感謝他們對客戶始終如一的承諾。接下來，我將把發言權交給韋特尼，之後再回答大家的問題。

Thank you, Kristin. Our disciplined execution and ongoing investments in innovation have strengthened our foundation for sustained growth. Despite the dynamic operating environment and the ongoing macroeconomic and competitive pressures Kristin discussed, we delivered solid performance across our diverse portfolio.

謝謝你，克里斯汀。我們嚴謹的執行力和對創新的持續投入，鞏固了我們持續成長的基礎。儘管克里斯汀談到了瞬息萬變的經營環境以及持續的宏觀經濟和競爭壓力，但我們在多元化的業務組合中取得了穩健的表現。

Now I'll walk you through our financial results for the quarter and full year. Our full-year results reflect our ability to grow even in an increasingly competitive environment through the diversity of our portfolio, strength of our commercial relationships, and the value our products provide to our customers.

現在我將帶大家了解我們本季和全年的財務表現。我們的全年業績反映了我們即使在競爭日益激烈的環境中也能實現成長的能力，這得益於我們產品組合的多樣性、我們強大的商業關係以及我們的產品為客戶帶來的價值。

For the year, we reported global revenue of $9.5 billion, growing 2% on a reported basis and 6% on an organic operational basis, with 4% coming from price and 2% from volume. Despite facing a challenging economic environment, we ultimately finished at the high end of our November guidance range. Adjusted net income grew 6% on a reported basis and 7% on an organic operational basis to $2.8 billion.

本年度，我們的全球營收為 95 億美元，按報告基準成長 2%，以有機營運基準成長 6%，其中 4% 來自價格成長，2% 來自銷售成長。儘管面臨充滿挑戰的經濟環境，我們最終還是達到了11月業績預期範圍的高端。經調整後的淨收入按報告基準增長 6%，按有機運營基準增長 7%，達到 28 億美元。

Turning to our franchises. Global revenue growth was driven by our Companion Animal portfolio, which grew 5% operationally in 2025. Leading the way, our Simparica franchise reported $1.5 billion in revenue on the year, growing 12% operationally. Simparica Trio remains the number one selling key parasiticides globally. The triple combination space continues to expand, converting share from older therapies with ample room for market expansion.

轉向我們的加盟店。全球收入成長主要得益於我們的伴侶動物產品組合，該組合在 2025 年實現了 5% 的營運成長。作為業界翹楚，我們的 Simparica 特許經營店全年營收達 15 億美元，營運成長 12%。Simparica Trio 仍然是全球銷售第一的關鍵殺寄生蟲劑。三聯療法市場持續擴張，逐漸從老療法中奪取市場份額，市場仍有很大的擴張空間。

Our Key Dermatology portfolio grew 6% on an operational basis to $1.7 billion in revenue. We continue to drive growth and extend the market in the face of competition through execution, adjusting our distribution strategy, and driving the benefit of our differentiated offerings to win new patients.

我們的核心皮膚病業務組合的營運收入成長了 6%，達到 17 億美元。面對競爭，我們透過執行、調整分銷策略以及發揮差異化產品優勢來贏得新患者，從而繼續推動成長並擴大市場。

Partially offsetting the growth in Companion Animal, our OA Pain monoclonal antibodies declined 3% operationally for the year to $568 million in revenue. Our OA Pain products alone have eclipsed the revenue of the entire OA space prior to their launch, reflecting broader adoption and expansion of the category.

部分抵消了伴侶動物業務的成長，我們的骨關節炎疼痛單株抗體業務全年營運收入下降了 3%，至 5.68 億美元。僅我們的 OA 疼痛產品在上市前就已經超過了整個 OA 領域的收入，這反映出該類別的更廣泛採用和擴張。

We are also very pleased with the strong performance from our Companion Animal Diagnostics business. which grew 13% on an operational basis globally. For the year, we delivered growth ahead of the broader Diagnostics market and saw strong adoption and growth across our portfolio, driven by images, and our newly-launched OptiCell analyzer. In addition to this innovation-led growth, as Kristin mentioned, we continue to expand our reference laboratory footprint and expect these to be strong building blocks from which we can continue to grow.

我們對伴侶動物診斷業務的強勁表現也感到非常滿意，該業務在全球範圍內實現了13%的營運成長。今年，我們的成長速度超過了整個診斷市場，在影像技術和我們新推出的 OptiCell 分析儀的推動下，我們的產品組合得到了強勁的採用和成長。除了這種創新驅動的成長之外，正如克里斯汀所提到的，我們還在不斷擴大我們的參考實驗室規模，並期望這些實驗室能夠成為我們繼續發展的堅實基礎。

Our Livestock portfolio had another strong year with $2.8 billion in revenue or 8% organic operational growth. driven by broad-based growth across geographies and species, as well as price and volume.

我們的畜牧業​​務組合又迎來強勁的一年，營收達28億美元，實現8%的有機營運成長。這主要得益於各地區和品種的全面增長，以及價格和銷售的提升。

Moving to our segment performance for the year. Our US segment posted $5.1 billion in revenue, flat on a reported basis, while growing 4% on an organic operational basis. Growth was balanced across both US Companion Animal and Livestock on an organic operational basis.

接下來來看看我們各業務板塊的年度業績。我們的美國業務部門營收為 51 億美元，按報告數據計算與去年同期持平，但以有機營運數據計算成長了 4%。美國伴侶動物和牲畜業務在有機營運基礎上實現了均衡成長。

Our US Companion Animal portfolio grew 4%, driven by the performance of our Simparica franchise and our Key Dermatology franchise. Our Simparica franchise had a $1.1 billion in sales, growing 10%. As Kristin mentioned, Simparica Trio became our first brand to exceed $1 billion in annual sales in the US.

我們的美國伴侶動物業務組合成長了 4%，這主要得益於 Simparica 特許經營權和 Key Dermatology 特許經營權的良好表現。我們的 Simparica 特許經營店銷售額達 11 億美元，成長了 10%。正如克里斯汀所提到的，Simparica Trio 成為我們第一個在美國年銷售額超過 10 億美元的品牌。

Dermatology posted 4% growth on the year and $1.1 billion of revenue. While the highly promotional environment and slower periodic visits in the back half of the year were a headwind to new patient starts, we are pleased with the strong growth from our omnichannel strategy, particularly on delivery.

皮膚科業務年增 4%，營收達 11 億美元。儘管下半年促銷活動頻繁，定期就診量減少，這對新患者的成長構成了不利因素，但我們對全通路策略的強勁成長感到滿意，尤其是在配送方面。

This channel drives existing patient compliance and revenue growth, and we expect they will continue to drive growth as we maintain a leading position in canine Dermatology. Our OA Pain products saw a decline of 12% in the US and $238 million in annual sales.

該管道推動了現有患者的依從性和收入成長，我們預計隨著我們在犬類皮膚病學領域保持領先地位，該管道將繼續推動成長。我們的骨關節炎疼痛產品在美國的銷售量下降了 12%，年銷售額為 2.38 億美元。

Librela posted $169 million in revenue, a decline of 16% versus 2024. As Kristin noted, vet and pet owner satisfaction with Librela remains high, and we saw sales trends stabilize as we move through the fourth quarter. The last year declined 2% to $69 million in revenue.

Librela 公佈的收入為 1.69 億美元，比 2024 年下降了 16%。正如克里斯汀所指出的，獸醫和寵物主人對利必樂的滿意度仍然很高，而且隨著我們進入第四季度，銷售趨勢趨於穩定。去年營收下降2%至6900萬美元。

Our US Companion Animal Diagnostics business grew 14% on the year. We are pleased with our Diagnostics growth in the US and expect additional innovation to drive share attention in the future. Our US Livestock business closed out a solid year with 4% organic operational growth. Growth was driven primarily by our vaccine portfolio and the sales force is focused on prevention following the MFA divestiture. We continue to see low cattle herd sizes, which while limiting the number of animals to treat, does promote favorable producer economics and a higher standard of care due to the value of each animal.

我們的美國伴侶動物診斷業務年增 14%。我們對在美國的診斷業務成長感到滿意，並期待未來更多的創新能推動市場佔有率的提升。我們的美國畜牧業務以4%的有機營運成長率結束了穩健的一年。成長主要由我們的疫苗產品組合推動，在剝離 MFA 之後，銷售團隊專注於預防。我們繼續看到牛群規模較小，雖然這限制了需要治療的動物數量，但由於每頭動物的價值，這確實促進了生產者的經濟效益和更高的護理標準。

Now on to our International segment, which grew 4% on a reported basis and 8% on an organic operational basis for the year. International Companion Animal grew 7% operationally during the year, driven by our Simparica and Key Dermatology franchises as well as our OA Pain mAb.

接下來是我們的國際業務板塊，該板塊按報告數據計算增長了 4%，按有機運營數據計算增長了 8%。國際伴侶動物業務在這一年中實現了 7% 的營運成長，這主要得益於我們的 Simparica 和 Key Dermatology 特許經營業務以及我們的 OA Pain mAb 業務。

The Simparica franchise grew 17% operationally, posting $409 million in sales with double-digit growth across both Simparica Trio and Simparica. Simparica Trio grew 28% operationally to $183 million in revenue, driven by an increasing standard of care in many international markets. Simparica grew 10% operationally to $225 million in sales with high levels of adoption in markets with lower standard of care or where heartworm prevalence is low. We have seen minimal impact from recent competitive launches internationally.

Simparica 特許經營業務的營運成長了 17%，銷售額達到 4.09 億美元，Simparica Trio 和 Simparica 兩大品牌均實現了兩大的成長。受許多國際市場護理標準不斷提高的推動，Simparica Trio 的營運收入成長了 28%，達到 1.83 億美元。Simparica 的營運收入成長了 10%，達到 2.25 億美元，在護理標準較低或犬心絲蟲病流行率較低的市場中，其產品得到了廣泛應用。我們看到，近期國際市場上的競品發布對其影響甚微。

Dermatology posted revenue of $608 million for the year, growing 10% operationally. We saw solid contributions from both Apoquel and Cytopoint. Internationally, we are now taking two old jack competitors. We are driving market expansion with our differentiated offerings by increasing compliance and maximizing the lifetime value of the patient for both Zoetis and veterinary practices.

皮膚科全年營收達 6.08 億美元，營運成長 10%。我們看到 Apoquel 和 Cytopoint 都做出了實際貢獻。在國際上，我們現在正與兩家老牌競爭對手展開較量。我們透過差異化的產品和服務，提高合規性，最大限度地提高 Zoetis 和獸醫診所的患者終身價值，從而推動市場擴張。

Ultimately, we see new entrants competing for shelf space alongside our established portfolio. Strategically, we remain focused on driving conversion to Apoquel, Trio, as well as Cytopoint as we went through differentiation.

最終，我們看到新進入者與我們現有的產品組合爭奪貨架空間。從策略上講，我們仍然專注於推動 Apoquel、Trio 以及 Cytopoint 的轉化，因為我們已經實現了差異化。

Internationally, our OA Pain mAbs grew 5% operationally on $330 million in combined revenue. Librela sales were $254 million, growing 2% operationally. Solensia sales were $76 million, growing 17% average. We are excited for the launch of our long-acting OA Pain products, Lenivia and Portela in certain international markets later this year, which will continue to expand the $1 billion-plus OA Pain market through increased convenience and compliance.

在國際市場，我們的 OA 疼痛 mAb 產品營運收入成長了 5%，總收入達到 3.3 億美元。Librela 的銷售額為 2.54 億美元，營運成長了 2%。Solensia 的銷售額為 7,600 萬美元，平均成長 17%。我們很高興今年稍後在某些國際市場推出我們的長效骨關節炎疼痛產品 Lenivia 和 Portela，這將透過提高便利性和依從性，繼續擴大價值超過 10 億美元的骨關節炎疼痛市場。

Our international Companion Animal Diagnostics business grew 11% operationally on the year. Our International Livestock portfolio grew 10% on an organic operational basis to $1.9 billion in sales for the year. This growth was enough to completely offset the revenue impact of the MFA divestiture, and we saw growth across both price and volume in all major species.

我們的國際伴侶動物診斷業務營運年增 11%。我們的國際畜牧業務組合實現了10%的有機成長，年銷售額達到19億美元。這一增長足以完全抵消 MFA 資產剝離的收入影響，我們看到所有主要物種的價格和銷售都實現了增長。

Cattle was a primary driver of our international Livestock performance, driven by good market momentum across our major cattle markets. Poultry performance was driven by growth in vaccines, especially in emerging markets, aided by full force focus and execution following our MFA divestiture. Our [fish] portfolio continues to drive growth from high demand for our Portela vaccine.

牛是推動我們國際畜牧績效的主要因素，這得益於我們主要牛市良好的市場動能。家禽業績的提升得益於疫苗的成長，尤其是在新興市場，這得益於我們在剝離 MFA 業務後全力以赴的專注和執行。由於市場對我們的波特拉疫苗需求旺盛，我們的[魚類]產品組合持續推動成長。

Moving on to our Q4 results. We posted $2.4 billion in revenue in the quarter, growing 3% on a reported basis and 4% on an organic operational basis with 3% driven by price and 1% from volume. Adjusted net income of $648 million, grew 3% on a reported basis and 4% on an organic operational basis.

接下來是我們的第四季業績。本季營收達 24 億美元，按報告數據計算成長 3%，以有機營運數據計算成長 4%，其中 3% 的成長來自價格上漲，1% 的成長來自銷售成長。經調整後的淨收入為 6.48 億美元，按報告基準增長 3%，按有機營運基準增長 4%。

Our Companion Animal portfolio grew 1% operationally, posting $1.6 billion in revenue. Growth in Companion Animal primarily from our Simparica franchise, which contributed $333 million, growing 3% operationally.

我們的伴侶動物業務組合營運成長了 1%，收入達到 16 億美元。伴侶動物業務的成長主要來自我們的 Simparica 特許經營權，該特許經營權貢獻了 3.33 億美元，營運成長了 3%。

Our ProHeart franchise, which grew 16% operationally and our Key Dermatology franchise, which posted $426 million in revenue, growing 1% operationally. This growth was partially offset by declines in our OA Pain franchise, which declined 11% operationally to $137 million in the quarter.

我們的 ProHeart 特許經營業務營運成長了 16%，我們的 Key Dermatology 特許經營業務收入達到 4.26 億美元，營運成長了 1%。這一成長部分被我們的骨關節炎疼痛業務下滑所抵消，該業務在本季度營運收入下降了 11%，至 1.37 億美元。

Our global Companion Animal Diagnostics business grew 10% operationally in Q4. Our Livestock portfolio contributed $756 million in global revenue, growing 9% on an organic operational basis, with growth across both US and International and in all species, as well as price and volume.

我們的全球伴侶動物診斷業務在第四季度實現了 10% 的營運成長。我們的畜牧業​​務組合貢獻了 7.56 億美元的全球收入，以有機營運基礎增長了 9%，美國和國際市場以及所有品種、價格和銷量均實現了增長。

Now let's move on to our segment results for the quarter. US revenue was flat in the quarter, with Companion Animal declining 1% and Livestock growing 3% on an organic operational basis. Our US Companion Animal decline was driven primarily by headwinds from our OA Pain franchises, which declined 25% in the quarter on $53 million in combined revenue.

現在讓我們來看看本季各業務區的業績。本季美國業務收入持平，其中伴侶動物業務下降 ​​1%，牲畜業務以有機營運成長 3%。我們美國伴侶動物業務的下滑主要是由於骨關節炎疼痛業務的下滑，該業務本季總收入為 5,300 萬美元，下降了 25%。

While we do expect these headwinds to continue into 2026, the impact on our growth should moderate as we move through the year. Librela posted $36 million in revenue for the quarter, declining 32%. We are continuing to execute on our multipronged strategy and remain confident that our OA Pain portfolio will return to growth.

雖然我們預計這些不利因素會持續到 2026 年，但隨著時間的推移，對我們成長的影響應該會有所緩和。Librela 本季營收為 3,600 萬美元，下降了 32%。我們將繼續執行多管齊下的策略，並仍然相信我們的骨關節炎疼痛產品組合將恢復成長。

Solensia declined 7% on $17 million in revenue. Solensia, like many injectable products, has had headwinds from soft clinic visits but market share remains stable. The OA Pain franchise decline was partially offset by growth in our parasiticide portfolio, specifically ProHeart and our Simparica franchise as well as our Key Dermatology portfolio.

Solensia公司營收1,700萬美元，下跌7%。與許多注射類產品一樣，Solensia 也受到了診所就診量減少的不利影響，但市佔率仍保持穩定。OA 疼痛產品線的下滑部分被我們的殺寄生蟲產品組合的增長所抵消，特別是 ProHeart 和我們的 Simparica 產品線以及我們的 Key 皮膚病產品組合。

Sales of our ProHeart franchise have seen solid growth due to increased usage in clinics that prioritize the maximum hard-work compliance offered by our long-acting injectable products. We continue to see growth in Simparica Trio, which grew 1% in the quarter on $225 million in sales as well as growth in the triple combination segment.

由於診所更加重視我們長效注射產品所提供的最大程度的依從性，因此我們的 ProHeart 系列產品的銷售額實現了穩健成長。我們繼續看到 Simparica Trio 的成長，該季度銷售額成長了 1%，達到 2.25 億美元，同時三重組合產品也實現了成長。

Our US Key Dermatology franchise grew 1% in the quarter to $272 million in revenue for the reasons we discussed earlier. We posted organic operational growth in US Livestock of 3% in the quarter on $234 million in revenue. Growth in our poultry vaccines was the primary driver of growth. We also saw contribution from cattle, which benefited from favorable supply of [septifluor] as well as wealth in vaccines.

由於我們之前討論過的原因，我們的美國關鍵皮膚病特許經營業務在本季度增長了 1%，收入達到 2.72 億美元。本季美國畜牧業有機營運成長3%，營收達2.34億美元。家禽疫苗業務的成長是推動公司發展的主要動力。我們也看到牛群也做出了貢獻，它們受益於[七氟]的良好供應以及疫苗的豐富資源。

Moving to our International segment for the quarter. Revenue grew 8% on a reported basis and 7% on an organic operational basis, posting $1.1 billion in revenue. Our International revenue in the fourth quarter was positively impacted by certain operational changes made in connection with our expected fiscal year alignment for subsidiaries outside the United States.

接下來我們來看看本季的國際業務區。以報告數據計算，營收成長了 8%；以有機營運數據計算，營收成長了 7%，達到 11 億美元。第四季度，由於我們對美國以外子公司的預期財政年度進行了調整，導致某些營運變更，我們的國際收入受到了積極影響。

These operational changes resulted in the acceleration of the timing of sales into the reported fourth quarter of 2025, leading to an approximate 2.5% to 3.5% increase in sales in the International segment in the quarter, a trend that we do not expect to recur at the end of fiscal 2026.

這些營運變化導致銷售時間提前至 2025 年第四季報告期內，使得該季度國際業務的銷售額增長了約 2.5% 至 3.5%，我們預計這一趨勢在 2026 財年末不會重現。

Our International Companion Animal business grew 4% operationally, while Livestock grew 12% on an organic operational basis. International Companion Animal growth was driven by Simparica, Key Dermatology, and OA Pain franchises.

我們的國際伴侶動物業務營運成長了 4%，而畜牧業務有機營運成長了 12%。國際伴侶動物業務的成長主要得益於 Simparica、Key Dermatology 和 OA Pain 這三個品牌的加盟。

Our sales of our Simparica franchise were $90 million internationally, growing 6% operationally. Simparica Trio grew 34% operationally to $41 million in sales, driven by increased adoption in Australia and geographic expansion. Simparica declined 9% operationally and $49 million in sales, largely due to softer macroeconomic conditions in Brazil, our largest international market for Simparica.

我們在國際上的 Simparica 特許經營銷售額為 9,000 萬美元，營運成長了 6%。Simparica Trio 的營運收入成長了 34%，達到 4,100 萬美元，這主要得益於澳洲市場採用率的提高和地理擴張。Simparica 的營運下降了 9%，銷售額下降了 4,900 萬美元，這主要是由於巴西（Simparica 最大的國際市場）的宏觀經濟狀況疲軟所致。

Our Key Dermatology franchise grew 2% operationally, posting $155 million in revenue. Growth was driven by Apoquel chewable and Cytopoint, which remain differentiated. While we have seen some impact on Apoquel share due to competition, switch from Cytopoint and Apoquel chewable has been limited. We continue to drive expansion in the overall market through higher compliance and new patient adoption driven by our direct-to-consumer investments and expect additional insurance to further increase awareness of the methodological treatment options.

我們的 Key Dermatology 特許經營業務營運成長了 2%，收入達到 1.55 億美元。成長主要由 Apoquel 咀嚼片和 Cytopoint 推動，這兩款產品仍保持差異化優勢。雖然競爭對 Apoquel 的市場份額產生了一定影響，但從 Cytopoint 和 Apoquel 咀嚼片的轉換仍然有限。我們透過提高合規性和新患者的接受度，繼續推動整體市場的擴張，這得益於我們直接面向消費者的投資，並期望更多的保險能夠進一步提高人們對治療方法選擇的認識。

Our OA Pain mAbs grew 2% operationally in international markets or $84 million in revenue. International Librela sales were $64 million, down 2% operationally in the quarter. Performance continues to be mixed, with weaker performance in English-speaking markets being partially offset by the rest of the international market. Solensia grew 15% operationally and $21 million in sales.

我們的 OA 疼痛 mAb 在國際市場的營運成長了 2%，即 8,400 萬美元的收入。國際 Librela 銷售額為 6,400 萬美元，本季營運下降 2%。業績表現依然喜憂參半，英語市場表現疲軟的部分被其他國際市場的良好表現所抵銷。Solensia 的營運成長了 15%，銷售額成長了 2,100 萬美元。

International Livestock grew 12% on an organic operational basis in the quarter, with broad-based growth across all of our core species. Growth was driven by the Brazilian capital market, where exports remained high as well as favorable supply on certain products.

國際畜牧業在本季度實現了 12% 的有機營運成長，所有核心品種均實現了全面成長。巴西資本市場推動了經濟成長，出口保持高位，某些產品的供應狀況良好。

Fish continues to show strong growth driven by the performance of vaccines in both Chile and Norway. And our poultry business continued to post strong growth on key account penetration driven by field force focus on vaccines post-MFA divestiture.

受智利和挪威疫苗良好效果的推動，魚類市場持續強勁成長。在 MFA 分拆後，由於現場銷售團隊專注於疫苗，我們的家禽業務在重點客戶滲透方面繼續保持強勁成長。

Before we move down the P&L, I wanted to highlight an important initiative that underscores our ongoing commitment to evolving our business for long-term success. To support our strategy and drive greater speed, productivity, and insight, we're advancing our multiyear, multiphase initiative to transition our ERP system. This initiative leverages our existing strengths, further modernizing the way we operate day-to-day, and enhancing our ability to capture and report insights on our global business.

在深入分析損益表之前，我想重點介紹一項重要舉措，該舉措凸顯了我們為實現業務長期成功而不斷推進的持續承諾。為了支持我們的策略並提高速度、生產力和洞察力，我們正在推進一項多年、多階段的計劃，以過渡我們的 ERP 系統。這項舉措充分利用了我們現有的優勢，進一步實現了我們日常營運方式的現代化，並增強了我們獲取和報告全球業務洞察的能力。

As part of this effort, we are expecting to eliminate the one-month reporting lag of our subsidiaries operating outside the United States, aligning our fiscal year with calendar year 2026 on a global basis. When we adopt the expected fiscal year alignment, we will retroactively apply the new accounting principle to prior financial statement periods enabling a clear comparison of our financial results through historical operations.

作為這項工作的一部分，我們希望消除在美國境外運營的子公司一個月的報告滯後，使我們的財政年度與 2026 年日曆年在全球範圍內保持一致。當我們採用預期的財政年度調整時，我們將追溯性地將新的會計原則應用於先前的財務報表期間，從而能夠透過歷史經營情況對我們的財務表現進行清晰的比較。

In anticipation of this potential change, we've made certain related operational changes as highlighted in our International segment results. These changes resulted in the acceleration of the timing of sales into our reported fourth-quarter 2025.

為了應對這一潛在變化，我們已做出一些相關的營運調整，這些調整已在我們的國際業務部門業績報告中重點闡述。這些變化導致銷售時間提前至我們報告的 2025 年第四季。

Starting in early 2026, we also shifted the timing of annual price increases in certain international subsidiaries. So both the price increase and the related customer buying activity will occur within the same calendar year. Additionally, the processing of certain customer orders from December 2025 was delayed to calendar year 2026.

從 2026 年初開始，我們也調整了某些國際子公司的年度價格上漲時間。因此，價格上漲和相關的顧客購買活動都將在同一年內發生。此外，2025 年 12 月的某些客戶訂單的處理被推遲到 2026 年。

With that in mind, let's move on to the P&L. Full-year adjusted gross margin of 71.9%, grew 120 basis points on a reported basis. Foreign exchange had a favorable impact of 80 basis points. Excluding FX, we saw higher margins due to the favorable impact of our MFA divestiture as well as benefits from price. These benefits were partially offset by higher manufacturing costs in the first half of the year related to inventory valued at prior year standards.

考慮到這一點，我們接下來來看看損益表。全年調整後毛利率為 71.9%，以報告數據計算成長 120 個基點。外匯匯率產生了80個基點的有利影響。剔除外匯因素後，由於我們剝離 MFA 業務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。這些收益被上半年較高的製造成本部分抵消，這些成本與以上年標準估值的庫存有關。

Adjusted operating expenses increased by 2% operationally, reflecting cost discipline as we navigate the challenging macroeconomic environment. Adjusted net income grew 4% operationally and 7% on an organic operational basis. Adjusted diluted EPS grew 6% operationally for the year and 10% on an organic operational basis.

經過調整後的營運費用成長了 2%，這反映了我們在應對充滿挑戰的宏觀經濟環境時所採取的成本控制措施。經調整後的淨收入按營運方式成長了 4%，以有機運作方式成長了 7%。經調整後的稀釋每股盈餘按營運方式成長了 6%，以有機運作方式成長了 10%。

Lastly, I'd like to touch on capital allocation. During the year, we continue to deploy capital in a disciplined manner, balancing ongoing investments in the business with returning capital to shareholders. In December, we completed a convertible bond offering, which supported a $1.75 billion common stock buyback while maintaining a strong balance sheet and capacity for future investments. In total, we returned more than $3.2 billion to shareholders through share buybacks in 2025 and an additional $800 million in dividends, consistent with our long-term approach to capital deployment.

最後，我想談談資本配置問題。年內，我們將繼續以嚴謹的方式部署資本，在持續投資業務的同時，向股東返還資本。12 月，我們完成了可轉換債券發行，這支持了 17.5 億美元的普通股回購，同時保持了強勁的資產負債表和未來投資能力。2025 年，我們透過股票回購向股東返還了超過 32 億美元，並額外派發了 8 億美元的股息，這符合我們對資本部署的長期方針。

Turning to guidance. For 2026, we are guiding to organic operational revenue growth of 3% to 5% and organic operational growth in adjusted net income of 3% to 6%. Our 2026 guidance reflects foreign exchange rates as of late January. On a reported basis, this translates to expected revenue of $9.825 billion to $10.025 billion, with contributions from both price and volume.

尋求指導。2026 年，我們預計有機營運收入將成長 3% 至 5%，調整後淨利的有機營運將成長 3% 至 6%。我們的 2026 年業績指引反映了截至 1 月下旬的外匯匯率。據報告顯示，預計收入為 98.25 億美元至 100.25 億美元，其中價格和銷售均有所貢獻。

I will now provide some of the operating assumptions in our guidance range. We expect Companion Animal business to remain a key growth driver in 2026, supported by a differentiated portfolio, even as competition in parasiticides and canine dermatology intensifies, dynamics that are reflected in the guidance range. While our outlook includes contributions from long-acting products in markets where we have approvals, it does not assume revenues from products or geographies where approvals have not yet been granted.

接下來我將介紹我們指導範圍內的一些營運假設。我們預計，在差異化產品組合的支持下，伴侶動物業務將在 2026 年繼續成為關鍵的成長驅動力，即使寄生蟲藥和犬類皮膚病領域的競爭加劇，這些動態也反映在指導範圍中。雖然我們的展望包括了已獲批准市場中長效產品的貢獻，但並未假設尚未獲得批准的產品或地區會產生收入。

We also expect robust contributions to growth from our Livestock portfolio, aided by global increases in protein demand and favorable reducer economics. We exited 2025 with strong momentum across all of our Livestock species. We expect continued field force focus and disciplined execution to fuel mid-single-digit organic operational growth in 2026.

我們也預計，在全球蛋白質需求成長和減排經濟效益有利的背景下，我們的畜牧業​​業務組合也將為成長做出強勁貢獻。2025 年結束時，我們所有畜牧品種都保持了強勁的發展勢頭。我們預計，持續的現場團隊專注和嚴謹的執行將推動 2026 年實現中等個位數的有機營運成長。

Now moving on to the rest of the P&L. Adjusted cost of sales as a percentage of revenue is expected to be approximately 28%. Adjusted SG&A expenses for the year are expected to be between $2.43 billion and $2.49 billion. Adjusted R&D expenses for 2026 is expected to be between $715 million and $725 million. Adjusted interest expense and other income deductions is affected to be approximately $200 million.

接下來我們來看損益表的其餘部分。調整後的銷售成本佔收入的百分比預計約為 28%。本年度調整後的銷售、一般及行政費用預計將在 24.3 億美元至 24.9 億美元之間。預計 2026 年調整後的研發費用將在 7.15 億美元至 7.25 億美元之間。經調整後的利息支出和其他收入扣除額約為 2 億美元。

Our adjusted effective tax rate for 2026 is expected to be approximately 20.5%. Adjusted net income is expected to be in the range of $2.975 billion to $3.025 billion, representing growth of 3% to 6% on an organic operational basis.

我們預計 2026 年的調整後實際稅率約為 20.5%。經調整後的淨收入預計在 29.75 億美元至 30.25 億美元之間，以有機營運基礎計算成長 3% 至 6%。

Lastly, we expect adjusted diluted EPS to be in the range of $7 to $7.10 and reported diluted EPS to be in the range of $6.65 to $6.75. We estimate that the share repurchase is funded by our recent convertible bond offering will have an impact of roughly $0.22 on EPS for 2026, which is reflected in our guidance.

最後，我們預計調整後攤薄每股收益將在7美元至7.10美元之間，報告攤薄每股收益將在6.65美元至6.75美元之間。我們估計，此次股票回購（資金來自我們近期發行的可轉換債券）將對2026年的每股盈餘產生約0.22美元的影響，這已反映在我們的業績指引中。

In closing, '25 was a year that showcased the resiliency and durability of our diversified portfolio as we delivered solid performance despite varying market conditions and competitive pressures. Our continued investments in innovation, coupled with the breadth of our portfolio and disciplined execution, have laid a strong foundation for the future.

總結而言，2025 年充分展現了我們多元化投資組合的韌性和持久性，儘管市場環境多變，競爭壓力巨大，我們依然取得了穩健的業績。我們對創新的持續投入，加上我們廣泛的產品組合和嚴謹的執行，為未來奠定了堅實的基礎。

Looking ahead to 2026, we remain confident in our ability to build on this momentum, leveraging our differentiated brands, expanding global reach and our unwavering commitment to both operational excellence and long-term value creation. As we advance our multiphase ERP system transition, we are setting the stage for greater speed, productivity, and insight across the business. We are excited for the opportunities that lie ahead, and believe we are well positioned for continued success.

展望 2026 年，我們仍然有信心延續這一發展勢頭，利用我們差異化的品牌、擴大全球影響力以及我們對卓越營運和長期價值創造的堅定承諾。隨著我們推進多階段 ERP 系統過渡，我們正在為提高整個業務的速度、生產力和洞察力奠定基礎。我們對未來的機會感到興奮，並相信我們已經做好充分準備，能夠繼續取得成功。

Now I'll hand it back over to the operator for your questions. Operator?

現在我把麥克風交還給接線員，回答您的問題。操作員？

(Operator Instructions) Michael Ryskin, Bank of America.

（操作員說明）邁克爾·里斯金，美國銀行。

I want to ask sort of explicitly on competition for 2026 and what you're factoring in? Just maybe you could at a high-level frame the level of conservatism you've put in some of the key brands as more competitors enter the market. I mean, for example, in Key Derm, you flagged 6% growth for the year, but it was, I think, 1% in the fourth quarter.

我想具體問一下關於2026年的競爭狀況，以及你們考慮了哪些因素？或許你可以從宏觀層面來檢視一下，隨著更多競爭對手進入市場，你在一些關鍵品牌中展現出的保守程度。我的意思是，例如，在 Key Derm，你們宣布全年成長 6%，但我認為第四季只有 1%。

So it seems like things are moderating a little bit. Just sort of how that affected your thinking on the framing of next year's numbers. And then maybe related to that, just I'll squeeze it in my follow-up now. I would love to hear your comments on price versus volume next year, your ability to take price. I don't know if it's beyond apples to apples, at least, I know you talked about maybe some changes to the timing of price, but any way you could frame that would be helpful.

看來情況正在逐漸緩和。這只是對你們如何建構明年數據的思考方式的一種體現。然後，或許跟這個有關，我就把它塞進我的後續回應裡吧。我很想聽聽您對明年價格與銷售關係的看法，以及您對價格的接受能力。我不知道這是否完全不具有可比性，至少我知道你提到過價格調整的時間安排可能會有一些變化，但如果你能用某種方式來闡述這一點，那就太好了。

Sure, Mike. I'll be happy to take it. Look, your first part of the question is how do we see competition going into 2026. And I remind you, in 2025, we expected certain launches to take place and there are certain much related promotions that we have seen in this space. and we expected those to occur.

當然可以，麥克。我很樂意接受。你看，你問題的第一部分是，我們如何看待 2026 年的競爭格局。我還要提醒各位，我們預計在2025年會有一些產品發布，而且我們已經看到這個領域會有很多相關的推廣活動。這些都是我們預料之中的。

So we knew the back half was going to decelerate based on that point. And we've seen that perhaps a bit more from the macro in the US is what I would say, contributor to that. To your point, Derm landed with 6% growth on the year with deceleration that again, at the back end, closer to 1% in the fourth quarter, again, we should anticipate.

所以根據這一點，我們知道後半程的速度會減慢。我們看到，美國宏觀經濟可能對此有更多影響。正如您所說，Derm 全年增長了 6%，但增速有所放緩，第四季度接近 1%，這也在我們的預料之中。

We always take into consideration various factors in terms of within the range of guidance that we give, we believe is certainly prudent in terms of how we positioned it. We do take various scenarios into consideration, including when we expect competition to launch and the level of aggressive promotions that they will do within that window, and those are factored here.

在我們所提供的指導範圍內，我們總是會考慮各種因素，我們認為，就我們採取的策略而言，這無疑是審慎的。我們會考慮各種情況，包括我們預期競爭對手何時推出產品以及他們在該時間段內將採取的激進促銷措施的程度，這些因素都已考慮在內。

Certainly, when we think about in the derm space, another JAK competitor launching potentially in the US as well as in terms of IL-31 in that sense as well. So all those are factors into our thinking here that we put into the guidance. On price, we've said we will return to our normal range, which is 2% to 3%, which is what you can assume in this guidance with the balance before evolving. So at the low end of the range, you would have potentially 2 to 3 points on price there.

當然，當我們考慮皮膚病學領域時，另一種 JAK 競爭藥物可能會在美國上市，IL-31 也是如此。所以，這些都是我們考慮並納入指導方針的因素。關於價格，我們說過我們會恢復到正常的漲幅範圍，也就是 2% 到 3%，這也是你在本次指導意見中可以預期的，在價格發生變化之前，我們會保持這個漲幅。因此，在價格範圍的低端，你可能會有 2 到 3 個點的差距。

So less volume and then on the higher end of the range, you start to see more balance.

所以，音量會降低，而在音量較大的範圍內，你會開始看到更均衡的口感。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

So the 3% to 5% operational guidance, what does that incorporate with US Companion Animal operational growth? And what are you seeing playing and you talked a little bit about this on the derm category outside of the aggressive promotions from Merck, how is APOQUEL matching up to (inaudible) and others in terms of efficacy. And then one more housekeeping one here. Is there was a significant benefit in the pull forward or the 1-month lag in terms of that fixing in the quarter on the international side.

那麼，3%至5%的營運成長預期，與美國伴侶動物業務的營運成長相比，具體包含哪些內容呢？那麼，除了默克公司積極的推廣之外，您在皮膚科領域還看到了哪些產品正在上市？您剛才也談到了這一點，APOQUEL 在療效方面與（聽不清楚）和其他產品相比如何？然後這裡還有一項家事。在國際方面，提前結算還是延遲一個月結算對該季度的結算有顯著好處？

What does that mean for 2026 revenue on a reported and operational basis? And can you remind us how you're defining organic operational growth here? And how many months of international include versus 2025?

這對 2026 年的報告收入和營運收入意味著什麼？您能否提醒我們一下，您是如何定義這裡的有機營運成長的？與 2025 年相比，國際航班將增加多少個月？

Sure, Erin. I'll try and get each of the (inaudible) here on the question, and if I miss a anything, certainly, we'll get that clarified here. On the guidance in terms of 3% to 5%, again, we do take into consideration what we see in the market currently and how we expect those to transpire over the coming year. And keep in mind, we do have the broadest and deepest portfolio, most innovative portfolio in the space and leadership position across all of the key areas.

當然可以，艾琳。我會盡量解答這裡每個人（聽不清楚）的問題，如果我遺漏了什麼，我們當然會在這裡澄清。關於 3% 到 5% 的成長預期，我們再次強調，我們會考慮目前市場的情況以及我們預計未來一年市場的發展趨勢。請記住，我們擁有業內最廣泛、最深入的產品組合，最具創新性的產品組合，並在所有關鍵領域都處於領先地位。

And so as we look to navigate and execute through the year, these are positions that are very strong that we have that we take into consideration. But of course, we do take a look at what the macro conditions look like. I would say this, really what's important here. When you think about animal health, it remains extremely resilient. So as we look at the macro in the US

因此，在展望和執行今年的各項計畫時，這些都是我們非常重視的優勢，我們會認真考慮這些優勢。當然，我們也會關注宏觀形勢。我想說的是，這才是真正重要的。談到動物健康，你會發現它仍然具有極強的韌性。所以，當我們檢視美國的宏觀經濟時…

and we see some pressure on the consumer. At the same time, they are spending on Animal Health, as Kristin mentioned in the prepared commentary, in the fourth quarter, we saw that 6% growth in clinic revenue. Now of course, that is a bit slanted towards more of the emergency care as well as price that's having some impact on volume and visits. But certainly, with consumers continuing to prioritizing spend in animal. So I think that gives us a strong foundation as we look ahead.

我們看到消費者面臨一些壓力。與此同時，正如克里斯汀在準備好的評論中提到的那樣，他們在動物保健方面投入了資金。在第四季度，我們看到診所收入成長了 6%。當然，這在某種程度上更偏向於急診護理，而且價格也對就診量和就診次數產生了一定的影響。但可以肯定的是，消費者將繼續優先考慮在動物產品上的支出。所以我認為這為我們展望未來奠定了堅實的基礎。

On the 1-month lag in terms of what that means to 2026, we have taken those into consideration, of course, there are a number of ships that are involved as we make this change that we're contemplating for the first quarter of 2026.

至於 1 個月的滯後對 2026 年意味著什麼，我們已經考慮到了這一點。當然，在進行這項我們正在考慮於 2026 年第一季實施的變更時，會涉及許多船舶。

Those individual shifts across customers, across countries and so forth. So we factored those into what we've given you here. And the basis for our guidance is exactly as it's always been, which is the international segments are on a lag because we have not implemented the fiscal year alignment yet, that will be taking place in Q1 2026.

這些個體差異會因客戶、國家等因素而異。所以，我們將這些因素都考慮在內，呈現給了你們。我們的業績指引依據與以往完全一致，即國際業務板塊存在滯後，因為我們尚未實施財政年度調整，這將在 2026 年第一季實施。

True definition is something we thought we would have a basis or a metric that is very consistent for analysts and investors to be able to to gauge us on. And so what we're doing here is sustaining that metric versus bringing it in and out intermittently. And so that metric is effectively excluding FX. And then any significant acquisitions that would be on an annualized basis, 1% or divestitures for that matter. 1% or more of the prior year revenue.

我們認為，真正的定義應該有一個非常一致的基準或指標，以便分析師和投資者能夠以此來衡量我們。因此，我們在這裡所做的，是維持這一指標，而不是間歇性地引入和移除它。因此，該指標實際上排除了外匯因素。此外，任何重大收購（按年計算，金額佔上一年收入的1%）或資產剝離（金額佔上一年收入的1%或以上）也需納入考慮範圍。

And so if it's 1% or more of the prior year revenue on an annualized basis, we'll adjust it out. Otherwise, it stays in and that's a very consistent way we plan to continue to to report out.

因此，如果按年計算，其金額達到或超過上一年收入的 1%，我們將進行調整。否則，它就會保留在內，這也是我們計劃繼續以非常一致的方式進行報導的方式。

Chris Schott, JPMorgan.

克里斯‧肖特，摩根大通。

Just two questions for me. I guess first on Trio, we've seen a bit lower growth these past 2 quarters. Can you just elaborate a little bit more on the dynamics you're seeing there? And how you're thinking about that growth profile as we enter into 2026. And I just wanted to come back to the accounting dynamics that we're dealing with here.

我只有兩個問題。首先，就 Trio 而言，過去兩個季度的成長速度有所放緩。您能否再詳細闡述您觀察到的這種動態？展望2026年，您如何看待這種成長前景？我只想回到我們正在討論的會計動態。

Just unclear, I think you mentioned some delayed revenue recognition from 4Q into 1Q of '26. Just how big is that deferral? And I just want to make sure I caught the comment, is that deferred revenue part of the 3% to 5% organic? Or is that kind of being normalized in the way you're calculating that?

我不太明白，我記得你提到過 2026 年 4 月到 1 月期間，部分收入確認有所延遲。延期期限究竟有多長？我只是想確認我是否理解了這句話，這個遞延收入是否包含在 3% 到 5% 的自然成長中？或者說，這是你在計算過程中採用的一種標準化方法？

Yes, sure. I'll start with Trio. Look, again, Trio is the leading product in the US has now -- it was $1 billion in revenue in the US alone and continue to be significant room to expand that space as we've talked about many times.

當然可以。我先從 Trio 開始。再說一遍，Trio 目前是美國領先的產品——僅在美國就創造了 10 億美元的收入，而且正如我們多次談到的那樣，它還有很大的擴張空間。

If you look at that patient share, triple combinations are now about 50% has grown from about 30% 2 years ago and certainly significant more room to expand there.

如果你看一下病患份額，三聯療法目前約佔 50%，比兩年前的約 30% 成長了不少，而且肯定還有很大的成長空間。

And again, we have a very strong first mover advantage in that regard. So as we think about 2026, and we think about our drivers of growth, Certainly, within our key franchises, we expect the Simparica franchise to lead the way into this 3% to 5% growth that we have provided here. In terms of the commentary on the various shifts that we've talked about and the operational changes that have caused some either acceleration or delay processing here, we would be -- those, of course, are factored into our guidance here, again, on the same basis as we've always reported with the 1-month lag, and we will be factoring the lag as we look ahead once we have implemented it in the first quarter.

而且，在這方面，我們擁有非常強大的先發優勢。因此，當我們展望 2026 年，思考我們的成長動力時，我們當然希望 Simparica 特許經營權能夠引領我們實現 3% 到 5% 的成長。關於我們討論過的各種變化以及導致一些處理速度加快或延遲的運營變化，我們當然會——這些都已納入我們的指導方針中，同樣是按照我們一直以來報告的1個月滯後時間計算的，我們將在第一季度實施後，在展望未來時考慮這一滯後時間。

Brandon Vazquez, William Blair.

布蘭登·瓦茲奎茲，威廉·布萊爾。

I'll ask in front here. Wetteny, maybe for you, I just want to spend a second on making sure we have all of this clarified because the sequential of the year feel like they're going to be a little bit tricky given the financial accounting, and then -- not seasonality to competition and year-over-year comps. And if I look at -- the Street right now, sales growth expectations for the year are kind of within a 1 point band, that maybe doesn't feel right. So like I don't know if you can give commentary around full year is 3 to 5 operational should first half to be towards the low end of that, if not below it, the second half go above it as some of this stuff normalizes? And then maybe just a macro kind of question as well, like the commentary I'm hearing from you guys that the pet owners financial situation is getting worse?

我當面問。Wetteny，也許對你來說，我只想花點時間確保我們把所有這些都弄清楚了，因為考慮到財務會計，以及季節性因素、競爭和同比數據，今年的順序似乎會有點棘手。如果我看一下華爾街目前的預期，今年的銷售成長預期大概在 1 個百分點以內，感覺可能不太對勁。所以，我不知道您能否就全年營運情況發表一些評論，3到5個營運點是否應該在上半年接近這個範圍的下限，甚至低於這個範圍，而下半年隨著一些因素的正常化，營運點應該會高於這個範圍？或許還可以問一個宏觀的問題，例如我從你們那裡聽到的評論，寵物主人的經濟狀況正在惡化？

Or is it that the vet clinics raised price too much and we need to pull back on pricing increases.

或者說，是獸醫診所漲價過高，我們需要控制漲價幅度？

Yes. Sure, Brendon. I'll go over the first part, I think Kristin will chime in from there. In terms of what the rhythm of the year may look like. I would point you to a few considerations here.

是的。當然可以，布蘭登。我先講第一部分，我想克莉絲汀之後會補充的。就這一年的節奏而言。這裡我想提醒您注意以下幾點。

And so clearly, if you look at how 2025 executed, you would have seen very strong performance, I would say, just based on where the macro conditions started to shift we're halfway through the year.

因此很明顯，如果你看看 2025 年的執行情況，你會看到非常強勁的表現，我認為，僅根據宏觀環境開始轉變的情況來看，現在已經是年中了。

So I would say take that into consideration, we'll be lapping some of those as we get through the first half of 2026. In other words, a little bit tougher comp there. Similarly, if you look at the OA Pain, particularly if you were to build in the US, you started to see some of those impacts until end of the second quarter, going into the second half of the year. again, not only are the various items that we are executing on there, starting to take shape, and we see that in (inaudible), but it still means on a year-over-year basis, the comps remain strong for us in the first half on that. The last point I would make is we have seen, as we anticipated, competitors launched products.

所以我想說，請把這一點考慮進去，到 2026 年上半年，我們將超越其中一些對手。換句話說，那裡的競爭稍微激烈一些。同樣，如果你觀察OA Pain，特別是如果你在美國進行建設，你會發現這些影響一直持續到第二季​​末，進入下半年。此外，我們正在執行的各項計劃不僅開始初見成效（我們在（聽不清楚）中看到了這一點），而且這意味著，與去年同期相比，我們上半年的業績依然強勁。最後一點是，正如我們預期的那樣，競爭對手已經推出了產品。

And when they're in this launch window, they tend to be a bit more aggressive around promotions to drive shelf space. And some of those will be lapping through the year and others will start in the year.

而當產品處於上市初期時，商家往往在促銷方面更積極主動，以爭取貨架空間。其中一些比賽將持續進行，而另一些比賽將在年內開始。

And so given the delay we've seen in terms of a (inaudible) competitor launching in the US that would shift into further into the year, and therefore, a window that they would potentially be more aggressive might extend a little bit more. So hopefully, that's helpful in terms of how you might think about sequentially ticking through 2026. So we got the best (inaudible)

因此，鑑於我們看到（聽不清楚）競爭對手在美國推出產品的延遲，可能會推遲到今年晚些時候，因此，他們可能會採取更積極的策略的時間窗口可能會再延長一些。希望這能幫助你更好地思考如何按順序度過 2026 年。所以我們得到了最好的（聽不清楚）

Yes. And Brandon, to follow up on your other question, just more broadly about the pet owner dynamics. As we mentioned in Q3 and as I mentioned our remarks about Q4, we did continue to see some deceleration from the pet owner perspective in traffic in both therapeutic and wellness. But I think as you look at the overall demand, and I think it is important, the demand stayed high. I think there was really just pricing at the vet clinic was taken a lot over the last 3 years, and I think the be (inaudible) the vet owners, it was a little much.

是的。布蘭登，關於你提出的另一個問題，我想更廣泛地談談寵物主人之間的關係。正如我們在第三季度提到的，以及我之前對第四季度的評論，我們確實繼續看到，從寵物主人的角度來看，無論是治療還是健康方面的客流量都有所下降。但我認為，從整體需求來看（我認為這很重要），需求一直居高不下。我認為在過去三年裡，獸醫診所的定價確實漲了很多，而且我認為（聽不清楚）獸醫診所的老闆們，這有點過分了。

I think really the veterinarians have seen this.

我認為獸醫確實已經注意到這一點了。

They're very focused on providing better value to pet owners. And pet owners still have demand. If you look at when the (inaudible), they're bringing them in. So I continue to think the demand is there, and we're excited to see a lot of new innovative operating models to meet different consumers where they are, and we think this will continue to drive growth. I also think, as you look especially at the large corporates, they're focused on providing special programs for pet owners to encourage them to bring them in is going to help recover some of that.

他們非常注重為寵物主人提供更好的服務。寵物主人仍有需求。如果你看看他們什麼時候（聽不清楚），他們把他們帶進來。所以我仍然認為市場需求仍然存在，我們很高興看到許多新的創新營運模式出現，以滿足不同消費者的需求，我們認為這將繼續推動成長。我也認為，尤其當你觀察那些大型企業時，你會發現他們專注於為寵物主人提供特殊項目，鼓勵他們帶寵物來就診，這將有助於彌補部分損失。

So as we look at the year, as we move forward through the year, we do see an improvement overall in the pet-owner macro situation, and that's certainly what we're expecting.

因此，回顧這一年，隨著時間推移，我們確實看到寵物主人的宏觀狀況總體上有所改善，這當然也是我們所期望的。

David Westenberg, Piper Sandler.

大衛‧韋斯滕伯格，派珀‧桑德勒。

So I want to just get some clarification on the price increases. I think you're calling 2 to 3 price increases. Last year, I think the bulk of the revenue did come from in fact, price increases, not as much volume. So can you talk about some of the changes you can make in terms of pricing strategy to maybe like bundle with clinics or anything to kind of drive volume versus what you've seen in the private -- what you've seen in prior years? And then secondly, just around how you are implementing prices?

所以我想了解一下價格上漲的具體情況。我認為你指的是漲價2到3次。我認為去年大部分收入實際上來自於價格上漲，而不是銷售成長。那麼，您能否談談在定價策略方面可以做出哪些改變，例如與診所捆綁銷售，或者採取其他方式來提高銷量，與您在私營領域——也就是您前幾年所看到的——相比？其次，關於你們如何實施定價策略？

I mean in the year -- in the years past, it's really been raising prices on innovation and kind of keeping that in-line portfolio the same? Is there kind of changes this year relative to previous years in terms of that dynamic? And I get there's competitive reasons so you're not going to get into each individual product, but at a high level.

我的意思是，在過去的幾年裡，它一直在提高創新成本，同時保持現有產品組合不變？今年與往年相比，這種動態方面是否存在一些變化？我知道這其中有競爭原因，所以你不可能深入了解每個產品，但可以從宏觀層面進行分析。

Sure. Look, I would start maybe where you ended on the question, which is, by and large, we don't see significant shifts in our approach to pricing. Our pricing has always been and remains an element that we take into consideration, product by product, market by market and the value -- the clinical value we bring, both vet and pet owners to those products.

當然。你看，我或許會從你最後提出的問題開始回答，那就是，總的來說，我們沒有看到定價方法有重大變化。定價一直是我們考慮的因素，我們會根據產品、市場以及價值——我們為獸醫和寵物主人帶來的臨床價值——來制定價格。

And so we don't make a blanket statement around here's the pricing we intend to get. We run that through, again, that approach, and that remains pretty much consistent. In terms of Look, we certainly are leveraging our sets, right? We have a very broad portfolio, products that are incredibly important to veterinarians as they care for animals across the world, not just in the US And we leveraged those certainly within the confines of what's allowed in certain markets.

因此，我們不會在這裡一概而論地宣布我們打算達到的價格。我們再次採用此方法進行測試，結果基本上保持一致。從外觀上看，我們當然會充分利用我們的佈景，對吧？我們擁有非常廣泛的產品組合，這些產品對於世界各地的獸醫來說都極為重要，因為他們不僅在美國，而且在世界各地照顧動物。我們當然在某些市場允許的範圍內充分利用了這些產品。

So in the US, for example, we are able to leverage across portfolio to drive volumes and so forth with customers. And we do so in other markets, those parameters may be different, and therefore, we navigate based on what is legally allowed in those markets.

例如，在美國，我們能夠利用整個產品組合來推動銷售等，從而更好地服務客戶。在其他市場，我們也這樣做，但這些參數可能有所不同，因此，我們會根據這些市場的法律允許範圍來行事。

But certainly, that is a strength of ours, and will continue to be as we innovate and you've seen the strength of our pipeline. And so that's something we will continue to leverage.

但可以肯定的是，這是我們的優勢，而且隨著我們的創新，這一優勢還會繼續保持下去，你們也已經看到了我們強大的產品線。所以我們會繼續利用這一點。

Jon Block, Stifel.

Jon Block，Stifel。

I've got 2. I'll try to break them up. And Wendy, I know others have tried, but honestly, just from my e-mails, it's still a bit unclear. So do 2026 revenues benefit from this accounting change or, call it, the adjustment changes, it reads in the PR. We get the benefit from 4Q.

我有2個。我會試著讓他們分開。溫迪，我知道其他人也嘗試過，但說實話，僅從我收到的電子郵件來看，情況仍然有點不清楚。新聞稿中寫道，那麼 2026 年的收入是否會受益於這項會計變更，或者說，調整變更呢？我們從第四季受益。

You called it out, it seems like it lands at $30 million. But again, specific to 2026 due to the adjustment, is there an extra, call it, month of international sales that go into as you normalize it, call it, for the calendar. Let me pause there because I think that's really important, and then I'll ask just a tighter follow-up.

你說的沒錯，看來最終成交價是 3,000 萬美元。但同樣，由於 2026 年的調整，是否會額外增加一個月的國際銷售額，以便在日曆中進行正常化處理？我先停一下，因為我覺得這很重要，然後我會問一個更具體的後續問題。

Sure, Jon. use. Look, here's what I would help with (inaudible) here. First, there is not an extra month that we would contemplate. Again, we have not implemented fiscal year alignment.

當然可以，喬恩。使用。你看，我可以幫上忙的（聽不清楚）。首先，我們根本不會考慮再延長一個月。我們再次強調，我們尚未實施財政年度統一化。

I want to make sure that is very clear. The work to do so and the recast of our financials, which we will -- we plan to produce on a recast basis so that you and our investors can have comparable periods to compare as we start to report with our first quarter.

我想確保這一點非常清楚。這項工作以及我們財務報表的重述，我們將——我們計劃以重述為基礎編制，以便您和我們的投資者在開始發布第一季度報告時，可以有可比期間進行比較。

And that work is ongoing, and we have not completed the process yet. And so it is not an effect. What it is, we would anticipate that there would not be an extra month. It will be a 12-month year, both for US and international segments, that year would then start January to December versus starting December to November.

這項工作仍在進行中，我們尚未完成整個過程。所以它不是一種效應。我們預計不會再多出一個月的時間。無論是美國市場還是國際市場，都將實行 12 個月的年度計算方式，即從 1 月到 12 月，而不是從 12 月到 11 月。

And so that's the first point I want to make very clear. Now we did talk about certain shifts that have occurred that have either benefited 2025 or potentially delay processing into 2026 that could have an increase in 2026. However, we will not be measuring because, again, once we implement the change, we'll factor that as well as the results of the first quarter and other dynamics around the business to share with you and our investors.

所以，這是我要明確說明的第一點。現在我們確實討論了一些已經發生的轉變，這些轉變要么有利於 2025 年，要么可能會將處理過程推遲到 2026 年，這可能會在 2026 年帶來增長。但是，我們不會進行衡量，因為一旦我們實施了這項變革，我們將把這項變革以及第一季的業績和業務的其他動態因素考慮在內，以便與您和我們的投資者分享。

Yes. And just to give you a sense, when you get our -- will we provide recast financials we will look at prior periods in the new calendar year, fiscal year aligned perspective, so you can continue to compare. But there's definitely never going to be a year that's 13 months. It will be 12 months. They've got one month of international will ship, but you'll be able to see it in the recap financials.

是的。為了讓您對財務報表有個大致了解，當您收到我們的財務報表時，我們會提供重述後的財務數據，我們會從新日曆年和財政年度的角度來審視之前的時期，以便您可以繼續進行比較。但絕對不會有13個月的一年。需12個月。他們還有一個月的國際發貨時間，但你可以在財務回顧中看到。

Glen Santangelo, Barclays.

Glen Santangelo，巴克萊銀行。

So Kristin, not to delabor the point, but just to sort of follow up on that point you just made. When we look at the cadence of the four quarters for 2026, is it fair to say that the first quarter will have the strongest growth? Or you're saying no because it will be comparable versus restated numbers in 1Q '25?

所以克里斯汀，我不想贅述你剛才提出的觀點，只是想補充。從 2026 年四個季度的節奏來看，第一季的成長最強勁是否合理？或者你的意思是，如果與 2025 年第一季的重述數據相比沒有可比性，那麼結果就不成立了？

Yes. Look, I'll take this. As you know, we don't guide by quarter. Our guidance for the year is between 3% and 5% on the top line, 3% to 6% on the bottom line.

是的。好吧，我收下這個。如你所知，我們不按季度進行指導。我們對全年的業績預期是：營收成長 3% 至 5%，利潤成長 3% 至 6%。

Certainly, we are executing across markets. We're delivering for customers, et cetera. That is our focus. When we report our first quarter 2026, we will be recasting. Obviously, you'll know what the results are for that quarter.

當然，我們正在各個市場開展業務。我們正在為客戶提供服務等等。這是我們的重點。我們將在發布 2026 年第一季業績報告時進行調整。顯然，你會知道那個季度的業績如何。

But again, our guidance is on a full year basis, not a quarter, we've tried to be helpful in terms of some of the puts and takes around timing of when we saw some of the macro ships in the US and some of the competitive launches when they occurred and how those might affect our growth rates as we work through 2026, but we'll give guidance on that particular quarter.

但再次強調，我們的指引是基於全年的，而不是基於季度的。我們已經盡力為一些與美國宏觀船舶和一些競爭對手的下線時間相關的考慮和結果提供一些幫助，並說明這些因素可能會如何影響我們2026年的成長率。但我們會針對特定季度給予指引。

Andrea Alfonso, UBS.

瑞銀集團的安德烈亞·阿方索。

I guess sorry to just (inaudible) this point again regarding the 3% to 5% operational growth that you expect for 2026. So it sounded a little bit like you discussed certain shifts that -- or delay in processing that could increase in 2026. So I guess, is there some sort of clarity on what that figure might be? And does that sort of delay negate kind of the $30 million plus that you saw in 4Q of '25 such that it's sort of a neutral impact?

我想再次（聽不清楚）強調您預計 2026 年營運成長率為 3% 至 5% 的問題。聽起來你們似乎在討論某些轉變——或者說處理延遲——這些轉變可能會在 2026 年增加。所以我想知道，這個數字具體是多少？這種延誤是否會抵消 2025 年第四季超過 3,000 萬美元的收益，從而產生中性影響？

And then, in addition to that, within that 3% to 5% growth, the US was flat on an organic operational basis in 4Q. Should we expect that to be the case as well within that 3% to 5%.

此外，在這 3% 到 5% 的成長中，美國在第四季有機營運方面保持穩定。我們是否也應該預期這種情況會出現在 3% 到 5% 的範圍內？

Sure. Look, in terms of the 3% to 5% operational growth, that is our expectations for 2026 on the same basis that we have always reported and certainly, that factors the baseline, which is 2025 and the performance throughout the year, inclusive of the fourth quarter.

當然。你看，就 3% 到 5% 的營運成長而言，這是我們對 2026 年的預期，其依據與我們一直以來報告的相同，當然，這考慮到了基準線（即 2025 年）以及全年的業績，包括第四季度。

Now put into context here, the amount we're talking about for 2025 is effectively basis points to 40 basis points of the total company for 2025. This is not a significant amount that would swing the range of growth that we're taking for 2026 in a material way is what I would say. And again, we'll provide -- on a like-for-like basis, we casted financials when we implement the fiscal year alignment. And hopefully, that will be very clear for everyone. In terms of what the US

現在結合上下文來看，我們在這裡討論的 2025 年金額實際上相當於公司 2025 年總金額的 40 個基點。我認為，這筆金額並不大，不會對我們預測的 2026 年成長範圍產生實質影響。再次強調，我們將以同等條件為基礎，在實施財政年度調整時，對財務數據進行調整。希望這一點對每個人來說都很清楚。就美國而言

performance may be. Again, we don't guide by segment. But certainly, we've seen the macro and Kristin and I have already discussed some of the elements that we see there. going into next year, we do have some comps that in some respects, are easier in the back half of the year versus the first half and so forth.

表現可能…再次強調，我們不按細分市場進行指導。當然，我們已經看到了宏觀層面的情況，克里斯汀和我已經討論過我們看到的一些因素。展望明年，我們確實有一些比較對象，在某些方面，下半年的比賽會比上半年更容易一些，以此類推。

So we take into consideration However, given our portfolio and the strength of that and our leadership position, we certainly will continue to execute commercially in ways to maximize those and drive our growth, not only US but across a very diverse business we have geographical.

因此，我們考慮到，鑑於我們的投資組合及其優勢和我們的領導地位，我們當然會繼續以各種方式進行商業運作，以最大限度地發揮這些優勢並推動我們的成長，不僅在美國，而且在我們地理分佈非常廣泛的業務範圍內。

Steven Dechert, KeyBanc.

Steven Dechert，KeyBanc。

Could you just give us an update on where you are in the approval process for (inaudible) with the FDA.

可否請您介紹一下您在FDA審批（聽不清楚）的進展？

Sure. Happy to take that. Yes, we're very excited right now to be launching the (inaudible) for (inaudible) in EU and Canada, and we do expect approval of (inaudible) in the US in 2027. So we're really busy right now getting the early experience ready for you in Canada.

當然。樂意接受。是的，我們現在非常興奮地宣布將在歐盟和加拿大推出（聽不清楚）產品，我們預計（聽不清楚）產品將於 2027 年在美國獲得批准。所以我們現在正忙著為加拿大的各位準備早期體驗項目。

I'm excited to bring those learnings as we launch the product after we get its approval in the US in 2027.

我很期待將這些經驗運用到產品中，該產品預計將於 2027 年在美國獲得批准後正式上市。

Daniel Clark, Leerink Partners.

Daniel Clark，Leerink Partners。

Two for me. One, just wanted to ask about your assumptions for the derm market in 2026 and if you're thinking that that's going to grow and maybe just how you're thinking about the high and the low end of guide based on that. And then secondarily, more of a clarification than anything. Can you just remind us when your key patents on Simparica and APOQUEL when those are through?

我兩個。一、我想問您對 2026 年皮膚科市場的假設，以及您是否認為該市場會成長，還有您基於此對市場高端和低端價格的預期。其次，與其說是其他內容，不如說是一種澄清。您能否提醒我們一下，您在Simparica和APOQUEL方面的關鍵專利何時到期？

Sure. In terms of term assumptions here, we are expecting our key franchises, obviously, to lead the way for us in 2026, we're expecting mid- to high single-digit growth contribution here -- within that, of course, we don't guide by product category or specific franchise, but we do expect term to contribute to growth on year.

當然。就長期假設而言，我們預計我們的主要特許經營業務將在 2026 年引領我們前進，我們預計這將帶來中高個位數的成長貢獻——當然，我們不會按產品類別或特定特許經營業務進行指導，但我們確實預計長期業務將對年度成長做出貢獻。

The Simparica franchise will be the leading driver for us within those. And we have reduced dates around products in terms of when patents expire. So for example, with APOQUEL, we're out to 2032 time frame on that in terms of what our expiry is on that, but I would refer you to our public filings for more specifics.

Simparica特許經營權將成為我們其中的主要驅動力。我們已經縮短了產品專利到期的時間。例如，就 APOQUEL 而言，我們的期限到 2032 年，但具體細節請參閱我們的公開文件。

Navann Ty, BNP Paribas.

Navann Ty，法國巴黎銀行。

On the 3% to 5% guidance, would you say that 2026 is fair pocket before a higher contribution of innovation in 2027? And maybe just one on the parity side, if you could discuss the performance of Simparica Trio in the US as well as ProHeart whether it's driven by (inaudible) quantum?

關於 3% 到 5% 的成長預期，您認為 2026 年是否是合理的盈餘，以便在 2027 年實現更高的創新貢獻？或許可以就平價方面提一點，您能否討論一下 Simparica Trio 在美國的表現以及 ProHeart 是否是由（聽不清楚的）量子技術驅動的？

Sure. Look, your audio cut out a little bit, but I think I got the gist of your question. Certainly, you've seen the company deliver on average 8% top line growth over the last 5 or 6 years, it's been closer to 9%. We believe the guidance we're giving today taking into consideration certain elements, including competitive launches, which we fully expect to be very aggressive to get positioned in terms of penetration in clinics so that they can then start to drive more DTC to drive their growth longer term.

當然。你看，你的音頻斷斷續續的，但我認為我明白了你問題的意思。當然，您也看到了，該公司在過去 5 到 6 年平均實現了 8% 的營收成長，有時甚至接近 9%。我們相信，我們今天給出的指導意見考慮到了某些因素，包括競爭對手的推出，我們完全預期他們會非常積極地爭取在診所滲透方面佔據有利地位，以便他們能夠開始推動更多的直接面向消費者 (DTC) 業務，從而推動其長期增長。

In the past, we have seen those in short-lived, again, with the objective of getting products on shelf. And that those -- including the macro conditions we've talked about factor into what we're putting in here, Certainly, we are very excited about not only the remaining expansion opportunities we see within the products we have on market today, which are in leadership positions. We're very excited about the pipeline. And yes, some of the bigger areas that we have in our pipeline will start to contribute as we look out into the 2027, 2028 time frame. But we are very focused on executing in 2026, as we always have.

過去，我們也曾見過一些曇花一現的做法，其目的同樣是為了讓產品上架。而且，包括我們討論過的宏觀環境在內的這些因素都會影響我們在這裡所做的一切。當然，我們不僅對目前在市場上處於領先地位的產品中看到的剩餘擴張機會感到非常興奮。我們對這條輸油管感到非常興奮。是的，我們計劃中的一些較大領域將在 2027 年、2028 年開始做出貢獻。但我們一如既往，非常專注於在 2026 年實現目標。

And you'll see that both in terms of how we drive those commercially with our existing products and all the way through the P&L. And you see the guidance we've issued inclusive of leverage through the P&L as we continue to drive disciplined execution there as well. On your point around, so performance and Road contributions, if any, coming from Merck's product in terms of quantum. The last part of that, I would say, no, we don't see any meaningful contributions here.

你會發現，無論是在我們如何利用現有產品進行商業推廣，還是在損益表方面，都是如此。您可以看到，我們發布的指導意見中包含了透過損益表進行槓桿操作的內容，同時我們也將繼續在這方面推進嚴格的執行。關於您提到的這一點，那麼默克的產品在性能和道路貢獻方面（如果有的話）在數量上會如何呢？關於最後一點，我想說，不，我們在這裡沒有看到任何有意義的貢獻。

We've seen really consistent growth and performance from ProHeart throughout the year, and it's some existing clinics that value long-term heartworm prevention and those are just using more. And what I would say is over the last 4 quarters, 3 out of the 4, has had double-digit growth, and we don't see that tied to the Merck product in any significant way.

我們看到 ProHeart 在過去一年中取得了非常穩定的成長和業績，一些現有的診所重視長期預防犬心絲蟲病，因此他們正在更多地使用 ProHeart。我想說的是，在過去的四個季度中，有三個季度實現了兩位數的成長，而且我們認為這與默克的產品沒有任何顯著的關聯。

Trio itself great year. Certainly, you saw growth at 13% on the year in trial and 5% is what the growth was in the fourth quarter in the US similar to derm. Due to the macro conditions that we've talked about, saw lower growth in that closer to 1% on the year. Again, I won't repeat all the comments around what's contributing the exam, but certainly, Intreis the clear leader in parasiticides in the US

三重奏本身就是很棒的一年。當然，試驗領域年增了 13%，而美國第四季的成長率為 5%，與皮膚科類似。由於我們之前討論過的宏觀經濟環境，預計今年的成長將放緩至接近 1%。我不會再贅述所有關於考試影響因素的評論，但可以肯定的是，Intreis 是美國殺寄生蟲劑領域的絕對領導者。

And clearly, there in terms of triple combinations, our Puppy share is higher than our overall share in bulk share, which is a very, very good indicator in terms of how we'll be driving this going forward.

顯然，就三合一組合而言，我們的幼犬份額高於我們在散裝份額中的整體份額，這對於我們未來如何推動這一趨勢來說是一個非常非常好的指標。

Chris LoBianco, TD Securities.

Chris LoBianco，TD Securities。

What initial feedback are you doing some debt KOLs on the (inaudible) product profiles of (inaudible)? And second, what is your level of confidence that 2026 will be the year of maximum competitive pressure to Trio and (inaudible)

您正在就（聽不清楚）產品概況與一些債務關鍵意見領袖 (KOL) 進行初步溝通，您目前獲得了哪些回饋？（聽不清楚）？其次，您有多大信心認為2026年將是Trio面臨最大競爭壓力的一年？（聽不清楚）

Okay. I think I heard your question was what are we hearing from KOLs with regards to (inaudible). So as I mentioned earlier, we have not launched Lanivia and Portela yet. So it is not yet in the market. We do have the approvals currently in Canada and the EU, and we are preparing to start early experience, which would be with the specialists and the KOLs that we spoke about.

好的。我想我聽到你的問題是，我們從KOL那裡聽到了關於…的哪些說法（聽不清楚）正如我之前提到的，我們還沒有推出 Lanivia 和 Portela。所以它還沒有上市。我們目前已獲得加拿大和歐盟的批准，並且正在準備開始早期經驗，這將與我們之前談到的專家和關鍵意見領袖合作。

So we'll be excited to share that once that product is out there, but we're just in the preparation of that launch. So there's no feedback there. Wetteny, do you want to take the second part of the question?

所以一旦產品上市，我們會非常興奮地與大家分享，但目前正處於產品發表的準備階段。所以這方面沒有任何回饋。韋特尼，你想回答問題的第二部分嗎？

Yes. It was, again, a little bit difficult to hear specifically, but I got the gist is really in terms of competitive pressure. And what we've seen so far is we have not seeing any significant impact from competitive pressure here. Obviously very limited impact from competitors as we look at Trio and the triple combination space. As I said just a moment ago, significant more room to expand in terms of (inaudible) combinations, which were having a strong first-mover advantage and very, very high level of satisfaction.

是的。雖然還是有點難以聽清具體內容，但我大致明白了，這確實與競爭壓力有關。到目前為止，我們看到的現像是，競爭壓力尚未對這裡產生任何重大影響。從 Trio 和三重組合領域來看，競爭對手的影響顯然非常有限。正如我剛才所說，在（聽不清楚的）組合方面還有很大的擴展空間，這些組合具有強大的先發優勢，並且滿意度非常非常高。

We intend to continue to really leverage our strength there to lead the way in terms of the expansion of this (inaudible) space.

我們打算繼續充分發揮我們在該領域的優勢，引領這一（聽不清楚）領域的擴張。

Okay. As always, I want to thank everyone for their questions today and your continued interest in Zoetis. We're really proud of the progress we made in 2025, and we are energized by the opportunity ahead. We remain focused on disciplined execution, growing our existing portfolio and stewarding a deep and differentiated pipeline and translating innovation into meaningful outcomes for our customers and value for our shareholders. That focus, combined with the essential and resilient nature of animal health gives us confidence we can continue to demonstrate why Zoetis is an indispensable partner for customers around the world.

好的。和往常一樣，我要感謝大家今天提出的問題以及你們對碩騰公司的持續關注。我們為2025年所取得的進展感到非常自豪，也對未來的機會充滿熱情。我們將繼續專注於嚴謹的執行，發展現有產品組合，管理深度和差異化的產品線，並將創新轉化為對客戶有意義的成果，為股東創造價值。這種專注，加上動物健康的重要性和韌性，使我們有信心繼續證明，為什麼碩騰是世界各地客戶不可或缺的合作夥伴。

We look forward to keeping you updated on our progress. Thanks for joining us today.

我們會持續向您報告最新進展。感謝您今天收看我們的節目。

Thank you. This brings us to the end of today's meeting. We appreciate your time and participation. You may now disconnect.

謝謝。今天的會議到此結束。感謝您抽空參與。您現在可以斷開連線了。