碩騰 (ZTS) 2026 Q2 法說會逐字稿

Welcome to the second-quarter 2026 financial results conference call and webcast for Zoetis. Hosting the call today is Steve Frank, Vice President of Investor Relations for Zoetis. The presentation materials and additional financial tables are currently posted on the Investor Relations section of zoetis.com.

歡迎收聽 Zoetis 2026 年第二季財務業績電話會議與網路直播。今天由 Zoetis 投資人關係副總裁 Steve Frank 主持本次會議。簡報資料與其他財務表格目前已張貼於 zoetis.com 的投資人關係專區。

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) The floor will be open for you questions following the presentation. (Operator Instructions)

簡報投影片可由您（觀眾）自行控制，且不會自動往下播放。此外，本次會議結束約兩小時後，可透過撥號或至 zoetis.com 的投資人關係專區收聽重播。（接線員指示）簡報結束後將開放提問。（接線員指示）

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

現在我很高興將電話會議交給 Steve Frank。Steve，您可以開始。

Thank you, operator. Good morning, everyone, and welcome to the Zoetis second quarter 2026 earnings call. I am joined today by Kristin Peck, Chief Executive Officer, and Wetteny Joseph, Chief Financial Officer. This morning, we issued a press release announcing our financial results.

謝謝，接線員。各位早安，歡迎參加 Zoetis 2026 年第二季財報電話會議。今天與我一同出席的有執行長 Kristin Peck，以及財務長 Wetteny Joseph。今天早上，我們已發布新聞稿，公布我們的財務業績。

Before we begin, I would like to remind you that the release and corresponding earnings presentation, which we will reference during this call, are available on the Investor Relations section of our website and that many of our statements today may be considered forward-looking statements and that actual results could differ materially from those projections.

在開始之前，我想提醒各位：本次新聞稿及相對應的財報簡報（我們將在本次會議中引用）可於我們網站的投資人關係專區取得；此外，我們今天的許多陳述可能構成前瞻性陳述，而實際結果可能與這些預測有重大差異。

For a list and description of certain factors that could cause results to differ, I refer you to the forward-looking statements in today's press release and in our company's Exchange Act reports filed with the SEC. Additionally, today's remarks will include certain non-GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable US GAAP measures can be found in the earnings press release and our company's 8-K filing dated today, August 6, 2026.

關於可能導致結果出現差異的若干因素之清單與說明，請參閱今日新聞稿中的前瞻性陳述，以及本公司向美國證券交易委員會（SEC）提交之《證券交易法》報告。另外，今天的發言將包含若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標與最直接可比的美國 GAAP 指標之調節表，可見於財報新聞稿以及本公司今日（2026 年 8 月 6 日）提交的 8-K 文件。

We will also reference reported and organic operational growth. Organic operational growth excludes the effect of foreign currency as well as acquisitions and divestitures, which individually impact Zoetis' growth by 1% or less. Unless otherwise stated, all revenue growth performance metrics will be based on organic operational performance.

我們也將提及申報口徑與有機營運成長。有機營運成長排除外幣影響，以及併購與處分的影響；上述因素各自對 Zoetis 成長的影響為 1% 或以下。除非另有說明，所有營收成長表現指標將以有機營運表現為基礎。

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

接下來，我把電話會議交給 Kristin。

Thank you, Steve. Good morning, everyone, and thank you for joining us today. I will start with the operating environment because it's important context for both our performance and the actions we're taking. As we have discussed in prior quarters, the Companion Animal market is being shaped by several interconnected forces. Those dynamics continued in the second quarter and in some areas, intensified.

謝謝你，Steve。各位早安，感謝今天加入我們。我將先從營運環境談起，因為這是理解我們表現與我們所採取行動的重要背景。如同我們在前幾季所討論的，伴侶動物市場正受到多股相互連動力量的形塑。這些動態在第二季持續存在，且在某些面向更為加劇。

Veterinary clinic visits declined across markets, extending a multiyear trend that has occurred alongside price increases that have outpaced broader consumer inflation. As a result, pet owners have become more selective in how they spend, which is showing up in visitation patterns and purchasing decisions. In parallel, clinic revenue has increasingly shifted toward urgent and emergency care, while premium preventative and chronic care remain under pressure.

各市場的獸醫診所就診次數皆下滑，延續了多年來的趨勢；同時，價格上漲幅度也持續高於整體消費者通膨。因此，飼主在支出上變得更為挑選，這反映在就診型態與購買決策上。與此同時，診所營收也愈來愈偏向急診與緊急照護，而高端預防性照護與慢性照護仍面臨壓力。

These are broad pet care market dynamics and not unique to Zoetis, but they matter more for us because of where we lead. Competitive intensity has increased, and many of the categories facing the greatest pressure are categories Zoetis pioneered or helped establish as standards of care. Historically, when more companies invest behind a therapeutic category, that activity helps expand the market by increasing disease awareness, deepening veterinary engagement, and educating pet owners.

這些是整體寵物照護市場的普遍動態，並非 Zoetis 獨有，但由於我們的領先領域所在，對我們的影響更為關鍵。競爭強度已提高，而承受最大壓力的許多品類，正是 Zoetis 開創或協助建立為照護標準的品類。過去，當更多公司在某一治療領域加大投入時，通常會透過提升疾病認知、深化獸醫端互動、以及教育飼主，來擴大市場規模。

This is not what we are seeing today. Instead, in a slower growth market, the nature of competition has changed. New entrants are using higher levels of discounting, rebates, cross-portfolio bundling, and other incentives to compete for existing patients. And overall, these headwinds have created near-term pressure.

但這並不是我們今天所看到的情況。相反地，在成長較慢的市場中，競爭的本質已經改變。新進者正以更高幅度的折扣、回饋（rebates）、跨產品組合綁售，以及其他誘因，來爭取既有病患。整體而言，這些逆風在短期內造成了壓力。

At the same time, the level of competitive activity reinforces the enduring attractiveness of the categories Zoetis has helped shape over many years. Our ability to maintain leadership positions even amid simultaneous competitive launches gives us confidence in the actions we are taking to strengthen our near-term position and create the right foundation for growth over time.

同時，競爭活動的程度也再次印證：Zoetis 多年來所塑造的這些品類，仍具長期吸引力。即使在競品同步推出新品的情況下，我們仍能維持領導地位，這讓我們對正在採取的行動更有信心，能夠強化短期競爭位置，並為長期成長奠定正確基礎。

With that, I will turn to our second quarter performance, which reflects these dynamics and fell short of our expectations. On an organic operational basis, revenue and adjusted net income declined 1% and 2%, respectively. By segment, revenue grew 6% internationally, supported by broad-based growth in emerging markets, while the US declined 7%. Our diversified portfolio continued to provide resilience with livestock delivering another quarter of strong 11% revenue growth. However, that strength was more than offset by continued pressure across key parts of our Companion Animal portfolio, which declined 6% in the quarter.

接著我將談到第二季表現；這反映了上述動態，且未達我們的預期。以有機營運口徑計算，營收與調整後淨利分別下滑 1% 與 2%。以區域來看，國際市場營收成長 6%，主要受新興市場廣泛成長所支撐；美國市場則下滑 7%。我們多元化的產品組合持續提供韌性，畜牧業務再度繳出強勁表現，營收成長 11%。然而，這股強勁動能仍被伴侶動物產品組合關鍵領域的持續壓力所抵銷，該業務第二季下滑 6%。

Looking ahead, we have updated the outlook for the year to reflect our first half results and the headwinds we expect to continue in the near term. We are moving with urgency as we navigate the current environment. Throughout today's call, you'll hear me discuss the actions we are taking to maintain our leadership and drive growth. We are focused on sharpening commercial execution, strengthening our competitive position, exercising greater cost discipline, and continuing to invest in the innovation that we believe will define the next chapter of growth for Zoetis.

展望未來，我們已更新全年展望，以反映上半年結果以及我們預期短期內仍將持續的逆風。在因應當前環境時，我們正以高度急迫感推進各項工作。在今天的電話會議中，您將聽到我談到我們為維持領導地位並推動成長所採取的行動。我們聚焦於強化商業執行、鞏固競爭地位、採取更嚴謹的成本紀律，並持續投資於我們相信將定義 Zoetis 下一階段成長的創新。

We are also evolving our leadership team to more closely align with our talent and organizational structure with the execution of these initiatives. In June, we promoted Abhay Nayak to EVP and President of our US Commercial Operations. Abhay previously led our Global Diagnostics Division and demonstrated that he is a high-impact leader who can drive strong revenue growth while also advancing innovation and building out key capabilities.

我們也正在調整領導團隊，使其更貼近我們的人才與組織架構，以利推動這些計畫的落實。6 月，我們晉升 Abhay Nayak 為執行副總裁（EVP）暨美國商業營運總裁。Abhay 先前領導我們的全球診斷事業部，並證明他是一位高影響力的領導者，能在推動強勁營收成長的同時，也促進創新並建構關鍵能力。

Now in his new role, Abhay is laser-focused on driving stronger performance and accountability in our US commercial operations. As we announced today alongside our earnings report, Jay Saccaro will also be joining Zoetis as our EVP, Chief Financial Officer and Chief Operating Officer. This is a newly created role that will give Jay broad oversight of all finance functions as well as global manufacturing and supply.

在新職務上，Abhay 將全力聚焦於提升我們美國商業營運的績效與問責。如同我們今天在財報公告中所宣布的，Jay Saccaro 也將加入 Zoetis，擔任執行副總裁（EVP）、財務長（CFO）暨營運長（COO）。這是一個新設立的職位，將使 Jay 對所有財務職能以及全球製造與供應擁有廣泛的監督權責。

We are in an important moment that requires speed and agility, and this change is all about enabling faster decision-making, greater connectivity across the supply chain, and accelerated turnarounds from strategic planning to execution. We are confident that we found the right leader with the right background to step into this new role. Jay possesses the unique combination of skills we are seeking. He comes to Zoetis with an impressive background in life sciences, having served as CFO of both GE Healthcare and Baxter.

我們正處於一個需要速度與敏捷性的關鍵時刻，而這項變動的核心目的，是促成更快速的決策、更強的供應鏈端到端連結，以及從策略規劃到執行的更快轉化。我們有信心已找到具備合適背景、能勝任此新職務的正確領導者。Jay 具備我們所尋求的獨特技能組合。他加入 Zoetis 前在生命科學領域擁有亮眼資歷，曾擔任 GE Healthcare 與 Baxter 兩家公司的財務長。

He also has a track record of designing and executing strategies that balance investments in innovations with operational rigor. I look forward to partnering closely with Jay, and I know he's eager to get started in a few weeks on August 17. And I want to take a moment to express my sincere gratitude to Wetteny. Wetteny has been a valued partner to me at every turn over the past 5 years. I know I speak for the Board and everyone at Zoetis when I thank him for his strong leadership and many important contributions, and we wish him all the best in his next chapter.

他也擁有設計並執行策略的良好紀錄，能在創新投資與營運紀律之間取得平衡。我期待與 Jay 緊密合作，也知道他迫不及待將在幾週後、8 月 17 日開始上任。我也想花點時間向 Wetteny 表達我由衷的感謝。過去 5 年來，Wetteny 在每個關鍵時刻都是我珍視的合作夥伴。我相信我代表董事會以及 Zoetis 的所有同仁，感謝他卓越的領導力與眾多重要貢獻，並祝福他在下一段旅程一切順利。

With that, let's dive deeper into each of our key franchises. I will start with our key Dermatology franchise, where the broader Companion Animal pressures are most visible. The dynamics affecting this franchise remained largely consistent with what we described last quarter, but the pace and intensity of pressure increased in the second quarter and continued to weigh on top-line growth. In Q2, the category itself continued to soften.

接下來，讓我們更深入探討各個核心事業群。我將先從我們的皮膚科核心事業群談起，這裡最能看見整體伴侶動物市場的壓力。影響該事業群的動態大致與我們上季所描述的一致，但第二季壓力的速度與強度加劇，並持續拖累營收成長。在第二季，該品類本身也持續走弱。

In the US, for example, canine pruritic clinic visits remained down more than 2% in the second quarter. Historically, growth in alternative channels, particularly for Apoquel, helped offset softer clinic traffic. But in the current environment, growth in those channels also moderated, reflecting broader end-market softness across the category. At the same time, competitive activity intensified globally with new entrants using higher levels of launch-related promotional incentives to establish share.

例如在美國，犬隻搔癢相關的門診就診次數在第二季仍下滑超過 2%。過去，替代通路的成長（特別是 Apoquel）有助於抵消門診人流轉弱的影響。但在目前環境下，這些通路的成長也趨緩，反映出整個品類終端市場普遍疲弱。同時，全球競爭活動升溫，新進者以更高強度、與上市相關的促銷誘因來建立市占。

This resulted in continued share pressure, especially in a market that is not expanding. Given the market size and intensity, our strategy is clear: compete with discipline, reinforce the differentiated value of our portfolio, and direct incremental sales and marketing dollars where they can have the greatest impact, protecting share, influencing demand, and driving conversion. This is how we manage the portfolio, focusing resources where the need is immediate while continuing to support our broader Companion Animal priorities with discipline.

這導致市占壓力持續，尤其是在市場未擴張的情況下更為明顯。鑑於市場規模與競爭強度，我們的策略很明確：以紀律應戰，強化我們產品組合的差異化價值，並將新增的銷售與行銷資源投入到最能產生影響之處，以守住市占、影響需求並推動轉換。這就是我們管理產品組合的方式：在持續以紀律支持更廣泛的伴侶動物優先事項之同時，把資源聚焦在當下最迫切的需求上。

Targeted pricing and affordability actions are also being deployed where appropriate, helping us stay competitive in the near term while preserving the value of our franchise. And innovation remains central to the strategy. The anticipated US approval of long-acting Cytopoint later this year would strengthen our Dermatology portfolio with another differentiated option, helping veterinarians deliver effective care with greater convenience and value for pet owners.

我們也在適當之處採取精準的定價與可負擔性措施，協助我們在短期內維持競爭力，同時保留該事業群的價值。而創新仍是策略核心。預期今年稍晚在美國獲准的長效型 Cytopoint，將以另一個差異化選項強化我們的皮膚科產品組合，協助獸醫以更高便利性與更佳價值為寵物主人提供有效照護。

In parasiticides, the Simparica franchise was flat in the quarter with double-digit international growth, offset by continued pressure in the US. The dynamics vary by market, but the common thread is that affordability, channel behavior, and promotional activity are playing a larger role in purchase decisions for pet owners and veterinarians. Internationally, the franchise benefited from increased usage as well as the continued launch of Simparica Trio in Brazil, reinforcing the relevance of triple combination protection in markets where adoption is still building.

在驅蟲藥方面，Simparica 事業群本季持平；國際市場呈現兩位數成長，但被美國市場持續的壓力所抵消。各市場動態不盡相同，但共同點在於：可負擔性、通路行為與促銷活動在寵物主人與獸醫的購買決策中扮演更重要的角色。在國際市場，該事業群受惠於使用量提升，以及 Simparica Trio 在巴西持續上市推進，強化三合一防護在仍處於採用建立階段市場中的重要性。

In the US, franchise performance was pressured by continued clinic dynamics, including declines in flea, tick, and heartworm visits as well as a more competitive and promotional environment. Unlike in prior periods, growth in retail was not enough to offset. We are taking targeted actions to stabilize performance, including more competitive pricing, enhanced pet owner promotions, and competitive capture where we see the greatest opportunity to protect and grow volume.

在美國，該事業群表現受到持續的門診動態影響，包括跳蚤、壁蝨與心絲蟲相關就診次數下滑，以及競爭更激烈、促銷更頻繁的環境。不同於以往期間，零售通路的成長不足以抵消上述影響。我們正採取精準措施以穩定表現，包括更具競爭力的定價、加強對寵物主人的促銷，以及在我們看到最大機會之處進行競品客戶攫取，以保護並擴大銷量。

Elsewhere, in our small animal paras portfolio, we benefited from the breadth and diversity of our offerings with Revolution growing on increased feline visits, highlighting the value of having multiple ways to drive essential preventative care in dogs and cats.

此外，在我們的小動物寄生蟲產品組合方面，我們受惠於產品供應的廣度與多元性；Revolution 因貓科就診次數增加而成長，凸顯我們擁有多種方式來推動犬貓必要預防照護的價值。

Turning to Canine OA pain. Revenue declined in the quarter against a strong comparison. While we saw both year-over-year and sequential growth internationally with contributions from Lenivia, US performance remained under pressure with canine pain-related visits declining more than 2% in the quarter.

接著談犬隻骨關節炎（OA）疼痛。本季營收在高基期比較下下滑。儘管國際市場在 Lenivia 的貢獻下呈現年增與季增，但美國表現仍承壓，犬隻疼痛相關就診次數本季下滑超過 2%。

For Canine OA pain, medical affairs remains one of the most important levers for category development. This is a market where specialist engagement and scientific education are essential to strengthening veterinarian confidence and expanding use. With Librela and the early wave of market approvals for long-acting Lenivia, including most recently in Great Britain and Switzerland, we are giving vets greater flexibility and convenience.

就犬隻 OA 疼痛而言，醫學事務仍是推動品類發展最重要的槓桿之一。在這個市場中，專科醫師的參與與科學教育對於強化獸醫信心、擴大使用至關重要。透過 Librela 以及長效型 Lenivia 的早期一波市場核准（最近包括英國與瑞士），我們為獸醫提供更高的彈性與便利性。

Encouraging early experience is driving the acceleration of Lenivia launches in Canada and Europe, reinforcing our conviction in the long-term opportunity and belief that this expanded portfolio can help bring the category back to growth over time. Separately, Feline OA pain grew in the quarter, demonstrating continued traction in a category that remains early in its development. The context here is important.

令人鼓舞的早期使用經驗正推動 Lenivia 在加拿大與歐洲的上市加速，強化我們對長期機會的信念，也相信這個擴充後的產品組合能隨時間推移協助該品類重回成長。另外，貓隻 OA 疼痛本季成長，顯示在仍處於早期發展階段的品類中持續取得進展。此處的背景很重要。

While overall clinic visits remain pressured, feline visits were a positive outlier in the quarter, and recent industry research points to a more durable feline opportunity with (inaudible) cohorts remaining above pre-pandemic baseline. At the same time, cats remain historically under-medicalized with a meaningful gap between the number of cats in households and the number receiving regular veterinary care. That gap is especially relevant in OA pain, where the condition remains underdiagnosed and undertreated.

儘管整體門診就診仍承壓，貓科就診在本季卻是正向的例外；近期產業研究指出，貓科機會可能更具持久性，且（聽不清）族群仍高於疫情前基準。同時，貓在歷史上仍屬醫療化不足，家戶飼養貓的數量與定期接受獸醫照護的貓隻數量之間存在顯著落差。這個落差在 OA 疼痛領域尤其重要，因為該病症仍普遍被低度診斷與低度治療。

Since the launch of Solensia, we have seen how innovation could help begin to close that gap, expanding feline clinic visits and giving vets a new reason to engage cat owners. Portela builds on that progress. With a three-month long-acting profile, its launch in Canada and the EU provides veterinarians a broader set of options and greater convenience in treating feline OA pain. Early feedback has been encouraging, reinforcing our confidence this expanded portfolio can help build the category over time and support continued medicalization.

自 Solensia 上市以來，我們已看到創新如何開始縮小這個落差，帶動貓科門診就診增加，並為獸醫提供與貓主人互動的新理由。Portela 在此基礎上更進一步。憑藉三個月長效特性，其在加拿大與歐盟的上市為獸醫在治療貓隻 OA 疼痛時提供更廣泛的選擇與更高便利性。早期回饋令人鼓舞，強化我們的信心：這個擴充後的產品組合能隨時間推移協助建立品類並支持持續醫療化。

Turning to Companion Animal Diagnostics. Revenue grew 12% in the quarter, reflecting sustained demand for diagnostic tools and services, particularly in urgent and emergency care. During the quarter, we expanded the capabilities of Vetscan OptiCell, further strengthening our point-of-care diagnostic offering. We also completed the acquisition of VitalRADS, a veterinary teleradiology services platform, which will extend our capabilities beyond in vitro testing and into veterinary imaging interpretation, supporting our vision of a more complete end-to-end virtual reference lab.

接著談伴侶動物診斷。本季營收成長 12%，反映對診斷工具與服務的持續需求，尤其是在急診與緊急照護領域。本季我們擴充了 Vetscan OptiCell 的功能，進一步強化我們的即時照護（point-of-care）診斷產品。我們也完成對 VitalRADS 的收購；該公司為獸醫遠距放射影像判讀服務平台，將把我們的能力從體外檢測延伸至獸醫影像判讀，支持我們打造更完整端到端虛擬參考實驗室的願景。

Together, these developments reinforce why diagnostics is an important catalyst for Zoetis and a clear example of how we are deepening our customer relationships. Our platforms strengthen veterinary workflows, increase our daily relevance in the clinic, and help veterinarians move from diagnostic insight to treatment decisions faster. And as earlier detection becomes increasingly important, our diagnostics capabilities can support adoption, reinforce standards of care, and create a stronger launch pathway for our pipeline.

綜合而言，這些進展再次印證診斷對 Zoetis 是重要的成長催化劑，也清楚展現我們如何深化客戶關係。我們的平台能強化獸醫工作流程，提高我們在診所日常中的相關性，並協助獸醫更快從診斷洞察走向治療決策。此外，隨著早期偵測愈發重要，我們的診斷能力可支持採用、強化照護標準，並為我們的研發管線建立更強的上市路徑。

We are also continuing to advance our Diagnostics pipeline with Vetscan OmniMax, our new multimodal chemistry platform and one of our potential blockbuster opportunities with commercial validation still expected by year-end. In Livestock, we delivered strong 11% growth in the quarter with an especially strong contribution from the US Performance was led by cattle and poultry, reflecting continued demand for our broad portfolio of medicines and vaccines that help producers protect animal health, improve productivity, and manage evolving disease threats.

我們也持續推進診斷研發管線，包括 Vetscan OmniMax——我們新的多模態生化平台，也是我們潛在的重磅機會之一，商業驗證仍預期在年底前完成。在經濟動物方面，本季我們實現強勁的 11% 成長，其中美國貢獻尤為突出；表現主要由牛隻與家禽帶動，反映市場對我們廣泛的藥品與疫苗產品組合的持續需求，協助生產者保護動物健康、提升生產力，並因應不斷演變的疾病威脅。

In cattle, increased demand for Dectomax related to New World screwworm incursion underscores the role Zoetis plays as a trusted partner when veterinarians and producers need effective tools quickly. Poultry also contributed meaningfully with growth driven primarily by vaccines in key markets, supported by our hatchery programs, new contracts, and tender wins. I also want to highlight the broad-based strength we saw in emerging markets with contributions across Livestock, Companion Animal, and Diagnostics.

在牛隻方面，因應新世界螺旋蠅入侵而帶動對 Dectomax 的需求增加，凸顯了當獸醫與生產者需要迅速取得有效工具時，Zoetis 作為值得信賴合作夥伴所扮演的角色。家禽業務亦有顯著貢獻，成長主要由關鍵市場的疫苗所驅動，並受惠於我們的孵化場計畫、新合約與標案得標。我也想強調我們在新興市場看到的廣泛性強勁表現，來自畜牧、伴侶動物與診斷等業務的多方貢獻。

That performance reflects the value of our global footprint and ability to capture demand across a diverse set of markets. Stepping back, these results reinforce 2 important points. First, the near-term pressures affecting parts of our Companion Animal and our full year outlook; and second, the value of our diversified portfolio to provide balance. That combination is why we are staying disciplined on costs, targeted in commercial investment, and focused on advancing the innovation that it can expand markets over time.

這樣的表現反映了我們全球布局的價值，以及在多元市場組合中掌握需求的能力。退一步來看，這些結果再次強化兩個重要觀點。第一，影響我們部分伴侶動物業務與全年展望的短期壓力；第二，我們多元化產品組合所帶來的平衡價值。正因為這樣的組合，我們在成本上保持紀律、在商業投資上精準聚焦，並專注推進能隨時間擴大市場的創新。

With that context, we are revising our full year outlook to reflect the market conditions we expect to persist in the near term and the actions we are taking in response. Since our last call, pressure in parts of our Companion Animal portfolio has been more pronounced than our prior outlook assumed as reflected in our Q2 results, which fell below our expectation. The change is driven primarily by continued clinic visit declines, more value-conscious pet owner behavior, and elevated promotional activity in key categories, particularly Dermatology and US parasiticides.

在此背景下，我們正修訂全年展望，以反映我們預期短期內將持續的市場狀況，以及我們為因應所採取的行動。自上次電話會議以來，我們伴侶動物產品組合部分領域的壓力比先前展望所假設的更為明顯，這也反映在我們第二季的結果中，表現低於預期。此一變化主要由持續的診所就診下滑、更重視性價比的飼主行為，以及關鍵品類促銷活動升溫所驅動，尤其是在皮膚科與美國驅寄生蟲藥品類。

We now expect organic operational revenue growth to decline 3% to 1% and organic operational growth to decline 9% to 5% in adjusted net income. Even as we navigate near-term pressure, we are confident in the long-term fundamentals and in our ability to lead through the cycle by defending leadership positions, investing behind the highest return opportunities, and continuing to build the next wave of innovation. Before I close, I want to recognize our colleagues around the world whose focus and commitment to customers are critical to delivering against our priorities and close with how we are thinking about the path forward.

我們目前預期有機營運收入成長將介於下滑 3% 至下滑 1%，而調整後淨利的有機營運成長將介於下滑 9% 至下滑 5%。即使我們正在因應短期壓力，我們仍對長期基本面以及我們在景氣循環中領先的能力充滿信心：捍衛領導地位、投資於最高報酬機會，並持續打造下一波創新。在我結束之前，我想肯定全球同仁，他們對客戶的專注與承諾對於落實我們的優先事項至關重要，並以我們對未來前進路徑的思考作結。

We are operating in a more competitive and value-conscious environment than we have seen in recent years, and we are not assuming the market gets easier. We are adapting to the market in front of us. We are responding with focus and discipline, sharpening execution in Companion Animal, allocating capital with discipline, exercising greater cost discipline, and continuing to advance the innovation that has always differentiated Zoetis. At the same time, the longer-term fundamentals of animal health remain strong.

我們正處於近年少見、競爭更激烈且更重視性價比的環境中，我們也不假設市場會變得更容易。我們正在適應眼前的市場。我們以聚焦與紀律回應：強化伴侶動物業務的執行力、以紀律配置資本、採取更嚴格的成本控管，並持續推進一直以來使 Zoetis 脫穎而出的創新。同時，動物保健的長期基本面依然強勁。

Our current portfolio gives us scale and resilience. Our pipeline with 12 potential blockbusters over the next several years creates meaningful opportunity to shape standards of care and create new markets. We're also investing in the ecosystem around animal health. Our latest sustainability report highlights the completion of the Driven to Care aspirations we set in 2021 and our continued investment in the resilience of veterinary health care teams around the world because leading in animal health is not only about the products we bring to market, it's about strengthening the system of care.

我們目前的產品組合賦予我們規模與韌性。我們的研發管線在未來數年有 12 個潛在重磅產品，帶來可觀機會以塑造照護標準並創造新市場。我們也正在投資動物保健周邊的生態系。我們最新的永續報告強調：我們已完成 2021 年所設定的 Driven to Care 願景目標，並持續投資於全球獸醫醫療照護團隊的韌性；因為在動物保健領域領先不僅在於我們推出的產品，也在於強化整體照護體系。

Zoetis has built leading categories before. We know how to defend them, evolve them, and build what comes next. So while we are realistic about the near-term environment reflected in our updated guidance, we remain confident in the long-term strength of our business and our ability to lead animal health into the next chapter. Wetteny will walk through our financial results in a moment. But before I hand it over, I want to say thank you again. We appreciate everything he's done over the last 5 years and his commitment to ensuring a smooth transition. So with that, Wetteny?

Zoetis 過去曾打造出領先的品類。我們知道如何捍衛它們、讓它們演進，並打造下一個成長動能。因此，儘管我們對更新後指引所反映的短期環境保持務實，我們仍對公司長期的實力以及引領動物保健邁向下一篇章的能力充滿信心。Wetteny 稍後將說明我們的財務結果。但在我把時間交給他之前，我想再次致謝。我們感謝他過去 5 年所做的一切，以及他致力於確保順利交接的承諾。那麼，Wetteny？

Thank you for the kind words, Kristin. Zoetis is a remarkable company with a strong foundation, talented people, and a bright future ahead. It has been a privilege to serve as CFO for the past five years. As Kristin noted, I remain as a special adviser on financial matters until early 2027 to help ensure a smooth transition for all. I look forward to watching Zoetis' success for years to come. I know great things lie ahead for this team.

謝謝妳的美言，Kristin。Zoetis 是一家卓越的公司，擁有堅實的基礎、優秀的人才，以及光明的未來。過去五年能擔任財務長是一項榮幸。如 Kristin 所提，我將以財務事務特別顧問的身分留任至 2027 年初，以協助確保各方面順利交接。我期待在未來多年見證 Zoetis 的成功。我相信這個團隊的未來將有許多精彩成就。

With that, let me turn to our financial results for the second quarter. Second quarter global revenue was $2.5 billion, flat on a reported basis and down 1% on an organic operational basis, driven by a 1% decline in volume with price approximately flat. In response to competitive conditions, we took select targeted actions across various franchises, ggross-to-net investments in Dermatology, and price adjustments on Cerenia and Convenia in the US in response to generic competition.

接下來，我來說明第二季的財務結果。第二季全球營收為 25 億美元，按報告基礎持平，按有機營運基礎下滑 1%，主要因銷量下滑 1%，價格大致持平。為回應競爭態勢，我們在多個產品線採取部分精準的因應措施，包括在皮膚科進行毛利到淨額（gross-to-net）投資，並因應學名藥競爭在美國調整 Cerenia 與 Convenia 的價格。

These actions weighed on near-term price realization in the quarter as well as on the full year expectations in our revised guidance, but they are deliberate and targeted steps to protect volume, defend share, and support long-term franchise health. Adjusted net income was $781 million, down 2% on an organic operational basis. Importantly, we continue to demonstrate strong P&L discipline, protecting profitability through cost actions while staying focused on the investment behind our highest-return opportunities.

這些行動在本季對短期價格實現造成壓力，也影響我們修訂後指引中的全年預期；但這些都是有意且精準的步驟，旨在保護銷量、捍衛市占，並支持產品線的長期健康發展。調整後淨利為 7.81 億美元，按有機營運基礎下滑 2%。重要的是，我們持續展現強勁的損益表紀律，透過成本措施維持獲利能力，同時仍聚焦於投資在最高報酬的機會上。

Our Global Companion Animal revenue was $1.7 billion, down 6% in the quarter. Key Dermatology was $395 million, down 16%. The category remained affected by softer demand, including lower pruritic visits in the US alongside elevated competitive activity. We have begun taking actions grounded in competing with discipline, reinforcing the differentiated value of our portfolio, and focusing resources where they most effectively protect share and support demand.

我們的全球伴侶動物營收為 17 億美元，本季下滑 6%。皮膚科核心產品為 3.95 億美元，下滑 16%。該品類仍受需求轉弱影響，包括美國搔癢相關就診次數下降，以及競爭活動升溫。我們已開始採取以「有紀律競爭」為基礎的行動，強化我們產品組合的差異化價值，並將資源聚焦於最能有效捍衛市占與支撐需求的領域。

OA pain mAbs delivered $147 million, down 3% globally. Canine OA pain mAbs, which consists of the combined sales of Librela and Lenvia, delivered $105 million, down 8%. Feline OA pain mAbs consisting of Solensia and Portela delivered $42 million, up 12%. We saw early contributions from Lenvia and Portela in the EU and Canada, and we were encouraged by the initial experience program as we broaden the OA pain portfolio internationally. We recently announced full launch in those markets and continue to expect expansion into other markets in the coming year.

骨關節炎（OA）疼痛單株抗體（mAbs）全球營收為 1.47 億美元，下滑 3%。犬用 OA 疼痛 mAbs（由 Librela 與 Lenvia 合併銷售構成）營收為 1.05 億美元，下滑 8%。貓用 OA 疼痛 mAbs（由 Solensia 與 Portela 構成）營收為 4,200 萬美元，上升 12%。我們在歐盟與加拿大看到 Lenvia 與 Portela 的初期貢獻；隨著我們在國際市場擴大 OA 疼痛產品組合，我們也對初期體驗計畫的表現感到鼓舞。我們近期已宣布在上述市場全面上市，並仍預期在未來一年擴展至其他市場。

Simparica franchise was $442 million, flat globally. Simparica Trio posted $350 million, down 1%, while Simparica posted $91 million, up 4%. Internationally, the franchise delivered strong growth driven by Simparica Trio's continued market share gains and broad-based Simparica performance across most markets, while in the US, softer end-market demand and a more competitive environment weighed on both price and volume. We also continue to see generic headwinds on Cerenia and Convenia in the US, and we have adjusted pricing accordingly.

Simparica 產品線營收為 4.42 億美元，全球持平。Simparica Trio 為 3.50 億美元，下滑 1%；Simparica 為 9,100 萬美元，上升 4%。在國際市場，該產品線在 Simparica Trio 持續提升市占以及 Simparica 在多數市場的廣泛性表現帶動下，實現強勁成長；而在美國，終端市場需求轉弱與競爭環境加劇，對價格與銷量皆造成壓力。我們也持續在美國看到 Cerenia 與 Convenia 面臨學名藥逆風，並已據此調整定價。

Companion Animal Diagnostics delivered $118 million, up 12%. Growth was driven by the continued adoption of innovative diagnostic technologies, including Vetscan Imagyst and OptiCell. This business continues to perform well and reinforces the value of our recent innovation in this space. Livestock delivered $731 million, up 11%, supported by broad-based demand for healthy and affordable protein globally, improved supply, and elevated cattle demand, particularly in the US

伴侶動物診斷業務營收達1.18億美元，成長12%。成長動能來自創新診斷技術持續被採用，包括Vetscan Imagyst與OptiCell。該業務持續表現良好，並強化了我們近期在此領域創新的價值。畜牧業務營收達7.31億美元，成長11%，受全球對健康且可負擔蛋白質的廣泛需求、供應改善，以及牛隻需求提升（尤其在美國）所支撐

Now let's move on to our segment results for the quarter. US revenue was $1.3 billion, down 7%. US Companion Animal was $1.0 billion, down 11%. The quarter reflected continued pressure from clinic traffic and affordability dynamics alongside intensifying competition in key franchises. At the same time, we are moving with urgency, sharpening our commercial execution, deploying targeted levers to defend share, and taking the steps necessary to stabilize performance in this environment.

現在讓我們進入本季各事業部門的業績表現。美國營收為13億美元，下降7%。美國伴侶動物營收為10億美元，下降11%。本季反映出診所來客量與可負擔性動態持續帶來壓力，同時在關鍵產品線的競爭也日益加劇。同時，我們正以緊迫感推進，強化商業執行力，部署具針對性的槓桿以捍衛市占，並採取必要措施以在此環境中穩定表現。

US Key Dermatology was $251 million, down 18%. For Apoquel, price has become a more prominent factor in prescribing decisions, while softer pruritic visits have created a more challenging demand environment. Together, these factors have a magnifying effect on the impact of competition. We deployed targeted gross-to-net investments to defend volume and slow share loss, which results in lower realized price in Apoquel.

美國皮膚科核心產品線營收為2.51億美元，下降18%。就Apoquel而言，價格已成為處方決策中更突出的因素，而搔癢相關就診量走弱也使需求環境更具挑戰。這些因素共同放大了競爭所帶來的影響。我們投入具針對性的毛到淨（gross-to-net）投資以捍衛銷量並減緩市占流失，導致Apoquel的實現價格降低。

In alternative channels, we faced a tougher comparison from prior year retailer dynamics, but even normalizing for these factors, growth moderated and was not enough to offset clinical declines. Cytopoint's decline in the quarter reflects broader clinic and affordability pressures, creating headwinds for premium therapy adoption broadly across Companion Animal. In the US, our Dermatology franchise remains the clear market leader with approximately 86% of in-clinic share in Q2 despite share declining 5 points sequentially and 10 points year-over-year.

在替代通路方面，我們面臨去年零售商動態所造成的較高比較基期；但即使排除這些因素，成長仍趨緩，且不足以抵消臨床通路的下滑。Cytopoint本季下滑反映出更廣泛的診所與可負擔性壓力，對伴侶動物領域的高端療法採用普遍形成逆風。在美國，儘管市占連續較前一季下降5個百分點、較去年同期下降10個百分點，我們的皮膚科產品線在第二季仍以約86%的院內市占率維持明顯的市場領導地位。

We continue to see a meaningful pool of untreated and undertreated atopic dogs, and we remain focused on demand generation and new patient adoption over time. US Simparica franchise was $308 million, down 6%, reflecting softer flea, tick, and heartworm visits and a more competitive and promotional environment. Simparica Trio maintained its position as the clear market leader in oral parasiticides, holding in-clinic market share of approximately 21% in Q2, nearly double that of its nearest competitor.

我們仍看到相當規模的異位性皮膚炎犬隻未治療或治療不足的族群，並將持續聚焦於需求創造與新病患的長期採用。美國Simparica產品線營收為3.08億美元，下降6%，反映跳蚤、蜱蟲與心絲蟲相關就診量走弱，以及更具競爭性且促銷更頻繁的環境。Simparica Trio持續穩居口服驅蟲藥的明顯市場領導者，第二季院內市占約21%，幾乎是最接近競爭對手的兩倍。

Our puppy share of approximately 28% meaningfully outpaced overall share, signaling continued room for expansion even as the broader market declines and competitive pressure intensified. US OA pain mAbs were $51 million, down 18%. Canine OA pain mAbs were $34 million, down 24%, reflecting a high year-over-year comparison, softer clinic visit trends, and the same value-conscious environment that is impacting other premium therapies.

我們約28%的幼犬市占明顯高於整體市占，顯示即使整體市場下滑且競爭壓力加劇，仍有持續擴張空間。美國骨關節炎（OA）疼痛單株抗體（mAbs）營收為5,100萬美元，下降18%。犬用OA疼痛mAbs營收為3,400萬美元，下降24%，反映去年同期較高比較基期、診所就診趨勢走弱，以及同樣影響其他高端療法的價值導向環境。

Importantly, veterinarian and pet owner satisfaction and confidence in Librela remains high, and the long-term opportunity remains significant. We remain focused on driving patient adoption and access over time as well as broadening our offering with our expected Lenvia approval. Feline OA pain mAbs were $17 million, down 2% as pet owner affordability pressures on premium therapies offset an otherwise encouraging improvement in feline clinic visits in the quarter. Cerenia and Convenia generic competition continued to drive our decline this quarter. Our pricing actions are beginning to support dose recapture, albeit at a lower price point.

重要的是，獸醫與飼主對Librela的滿意度與信心仍然很高，長期機會依然可觀。我們仍專注於隨時間推進病患採用與可近性，同時也將透過預期的Lenvia核准來擴充我們的產品組合。貓用OA疼痛mAbs營收為1,700萬美元，下降2%；飼主對高端療法的可負擔性壓力，抵消了本季貓科診所就診量改善所帶來的正面因素。Cerenia與Convenia的學名藥競爭持續推動本季下滑。我們的定價措施開始支持劑量回收，惟價格水準較低。

US Livestock was $222 million, up 23%, reflecting industry dynamics as well as the strength of our portfolio and the durability of underlying demand across the business. Performance was driven by broad-based strength in cattle, supported by favorable producer economics, improved product supply, and elevated demand for parasiticides in response to the New World screwworm outbreak, a combination that resulted in a particularly strong quarter.

美國畜牧業務營收為2.22億美元，成長23%，反映產業動態，以及我們產品組合的強勁表現與全業務基礎需求的韌性。業績由牛隻業務的全面性強勁所帶動，受惠於有利的生產者經濟、產品供應改善，以及因應新世界螺旋蠅（New World screwworm）疫情而提升的驅蟲藥需求；上述因素組合使本季表現特別強勁。

We do expect second half growth to moderate from Q2's pace to the mid-single-digit range as several of the dynamics that contributed to Q2's outperformance are transitory. Overall, the fundamentals of our US Livestock business remained solid, and we remain confident in the long-term outlook supported by continued strong underlying demand and the breadth of our product portfolio.

我們預期下半年成長將從第二季的速度放緩至中個位數區間，因為促成第二季超預期表現的若干動態屬於短暫性因素。整體而言，我們美國畜牧業務的基本面仍然穩健；在持續強勁的基礎需求與產品組合廣度的支撐下，我們對長期展望仍具信心。

Turning to international performance. We delivered revenue of $1.2 billion, up 6%. Growth was broad-based across parasiticides, OA pain, diagnostics, and livestock, partially offset by continued pressure in Key Dermatology. International Companion Animal delivered $664 million, up 5%. Developed markets, particularly in Europe, remain more competitive and demand has been uneven. Even in that backdrop, we're holding our ground by staying disciplined on price and promotions and executing market-by-market commercial actions.

接著看國際市場表現。我們實現營收12億美元，成長6%。成長動能廣泛來自驅蟲藥、OA疼痛、診斷與畜牧業務，部分被皮膚科核心產品線持續承壓所抵消。國際伴侶動物營收為6.64億美元，成長5%。成熟市場，尤其是歐洲，競爭仍更激烈且需求表現不均。即便在此背景下，我們仍透過在價格與促銷上保持紀律，並按市場逐一執行商業行動來守住陣地。

Emerging markets again provided a meaningful tailwind, supported by continued category development and less competition. International Simparica franchise was $134 million, up 19%. Simparica Trio delivered $67 million, up 34%, reflecting the continued expansion of the triple combination standard of care with broad-based growth driven by market share gains and key account wins. Simparica was $67 million, up 7%, with broad-based demand across regions, reflecting the continued strength of the brand and effective commercial execution, particularly in markets where lower heartworm prevalence drives demand for single-agent protection.

新興市場再次提供顯著助力，受惠於品類持續發展與較少的競爭。國際Simparica產品線營收為1.34億美元，成長19%。Simparica Trio營收為6,700萬美元，成長34%，反映三合一標準治療的持續擴張；在市占提升與關鍵客戶得標的帶動下，各市場均呈現廣泛成長。Simparica營收為6,700萬美元，成長7%，各區域需求普遍強勁，反映品牌持續強勢與有效的商業執行，尤其是在心絲蟲盛行率較低、帶動單一成分防護需求的市場。

Key dermatology was $144 million, down 13%, with the dynamics we described at the segment level playing out most visibly in this franchise. Pressure was most pronounced in developed European markets where competitive penetration has been deepest and the promotional environment most intense. Our approach has been disciplined. We defend share where it matters most, reinforce the differentiated value of our portfolio, and tailor actions market by market to compete effectively while protecting the long-term value of the franchise.

皮膚科核心產品線營收為1.44億美元，下降13%，我們在事業部層級所描述的動態在此產品線中表現得最為明顯。壓力在歐洲成熟市場最為顯著，因競爭滲透最深且促銷環境最為激烈。我們的做法保持紀律。我們在最重要之處捍衛市占，強化產品組合的差異化價值，並按市場量身調整行動，以在有效競爭的同時保護該產品線的長期價值。

International OA pain mAbs was $96 million, up 7% internationally, driven by the early launch contribution of Lenvia and Portela in the EU and Canada, which reflects the broadening of our OA pain franchise internationally. Canine OA pain mAbs delivered $71 million, up 2%, driven by the contributions from Lenvia. We saw some moderation in Librela as patients migrated to the new long-acting formulation, a dynamic we anticipated and one that we view as net positive for the overall franchise.

國際OA疼痛mAbs營收為9,600萬美元，國際成長7%，主要由Lenvia與Portela在歐盟與加拿大的早期上市貢獻所帶動，反映我們OA疼痛產品線在國際市場的擴展。犬用OA疼痛mAbs營收為7,100萬美元，成長2%，由Lenvia的貢獻所帶動。隨著病患轉換至新的長效配方，我們看到Librela略有趨緩；這是我們預期中的動態，且我們認為對整體產品線而言屬於淨正面。

Similarly, our feline OA pain mAbs delivered $24 million, up 24%, driven by the launch of Portela. It is worth noting that the contributions from both Lenvia and Portela this quarter reflect limited early experience launches, making these initial results particularly encouraging as we transition into full launch across the EU and Canada. International Livestock was $509 million, up 6%. Cattle delivered strong growth internationally in the quarter, supported by continued global protein demand and improved product availability across key markets.

同樣地，我們的貓用OA疼痛mAbs營收為2,400萬美元，成長24%，由Portela上市所帶動。值得注意的是，本季Lenvia與Portela的貢獻反映的是有限的早期經驗上市，因此當我們過渡至在歐盟與加拿大的全面上市時，這些初步結果尤其令人鼓舞。國際畜牧業務營收為5.09億美元，成長6%。本季牛隻業務在國際市場實現強勁成長，受全球蛋白質需求持續以及主要市場產品供應改善所支撐。

This strength was partially offset by weaker performance in Brazil, reflecting macroeconomic headwinds and lower medicalization following the end of mandatory foot-and-mouth disease vaccinations. Poultry continued its strong performance, primarily driven by the Middle East and Asia, supported by deeper penetration with key accounts and favorable meat price dynamics.

這股強勁表現部分被巴西較疲弱的表現所抵銷，反映總體經濟逆風，以及在口蹄疫強制疫苗接種結束後醫療化程度降低。家禽業務延續強勁表現，主要由中東與亞洲帶動，並受惠於對關鍵客戶更深度的滲透以及有利的肉品價格動態。

Now let me walk down the P&L. Adjusted gross margin was 72.9%, down approximately 40 basis points on a reported basis. Foreign exchange was an unfavorable impact of roughly 50 basis points. Excluding FX, gross margin increased about 10 basis points, reflecting lower manufacturing costs and productivity, partially offset by unfavorable mix. Adjusted operating expenses were $764 million, down 2% operationally.

現在我來逐項說明損益表。調整後毛利率為72.9%，以報表口徑計約下降40個基點。外匯帶來約50個基點的不利影響。排除外匯後，毛利率約上升10個基點，反映製造成本下降與生產力提升，但部分被不利的產品組合所抵銷。調整後營業費用為7.64億美元，按營運口徑下降2%。

This reflects continued progress in our comprehensive cost and productivity program and disciplined spend management across the organization while continuing to prioritize investment behind our highest-return growth opportunities and innovation pipeline. Adjusted SG&A was $586 million, down 4% operationally, driven primarily by lower compensation-related expenses and reduced discretionary spend. Adjusted R&D was $173 million, up 4% operationally, driven mainly by timing of project spend. Adjusted net income was $781 million, down 2% on an organic operational basis.

這反映我們在全面成本與生產力計畫上持續取得進展，並在全組織範圍內嚴格管理支出，同時仍優先投入於報酬率最高的成長機會與創新管線。調整後銷售、一般及行政費用（SG&A）為5.86億美元，按營運口徑下降4%，主要由較低的薪酬相關費用與減少的非必要支出所帶動。調整後研發費用為1.73億美元，按營運口徑上升4%，主要由專案支出時點所致。調整後淨利為7.81億美元，按有機營運口徑下降2%。

Turning to capital deployment. We repurchased over $550 million of shares in the quarter, above our historical quarterly average, excluding the convertible-funded buyback in Q4 of last year. We view this level of buyback activity as a deliberate and attractive use of capital at our current valuation, reflecting our confidence in the long-term strength of the business and our commitment to returning value to shareholders. Benefiting from the lower share count, adjusted diluted EPS was $1.87, up 4% year-over-year.

接著談資本配置。本季我們回購超過5.5億美元的股票，高於我們過往的季度平均水準（不含去年第四季以可轉債資金支持的回購）。以我們目前的估值來看，我們認為這樣的回購規模是審慎且具吸引力的資本運用方式，反映我們對業務長期實力的信心，以及回饋股東價值的承諾。受惠於較低的流通股數，調整後稀釋每股盈餘（EPS）為1.87美元，年增4%。

Now turning to our updated guidance for full year 2026. Our outlook reflects the operating environment we see today, particularly in parts of US Companion Animal and the actions we are taking to manage through this period with discipline as well as the strong contribution we have seen from Livestock and Diagnostics and the expectation of continued growth from those businesses. The foreign exchange rates embedded in our guidance are as of late July.

接下來說明我們更新後的2026全年指引。我們的展望反映我們目前所見的營運環境，特別是在美國伴侶動物業務的部分領域，以及我們為了以紀律度過這段期間所採取的行動；同時也反映畜牧與診斷業務的強勁貢獻，以及我們對這些業務持續成長的預期。我們指引中採用的外匯匯率假設截至7月下旬。

We are revising our full year revenue guidance to a range of $9.12 billion to $9.32 billion, representing a decline of 3% to 1% year-over-year on an organic operational basis, reflecting the continued pressure we are seeing across key Companion Animal franchises and ongoing challenges with vet clinic visits and affordability, including our gross-to-net actions to defend share. We are also incorporating sales trends through July, which have not yet indicated market stabilization.

我們將全年營收指引下修至91.2億至93.2億美元區間，按有機營運口徑年減3%至1%，反映我們在主要伴侶動物產品線持續看到的壓力，以及獸醫診所就診與可負擔性方面的持續挑戰，包括我們為捍衛市占而採取的毛到淨（gross-to-net）措施。我們也納入截至7月的銷售趨勢，目前尚未顯示市場已趨於穩定。

The high end of our range assumes contained competitive and pricing pressures in the second half with manageable share losses in Dermatology and parasiticides and continued strength in Livestock and Diagnostics. The low end reflects a scenario where competitive and pricing pressures accelerate with greater Derm and paras share losses, July weakness carrying through the second half, and slower Livestock uptake.

區間上緣假設下半年競爭與定價壓力受控，皮膚科與驅寄生蟲藥的市占流失可控，且畜牧與診斷業務維持強勁。區間下緣則反映一種情境：競爭與定價壓力加速，皮膚科與驅寄生蟲藥市占流失更大，7月的疲弱延續至下半年，且畜牧產品採用速度放緩。

We now expect adjusted net income to be in the range of $2.57 billion to $2.62 billion, representing a decline of 9% to 5% year-over-year on an organic operational basis, reflective of the revenue headwinds noted above, partially offset by the cost and productivity actions we are executing across the organization. Finally, we are updating our EPS expectations. We now expect adjusted diluted EPS of $6.15 to $6.25 and reported diluted EPS of $5.55 to $5.65.

我們目前預期調整後淨利將落在25.7億至26.2億美元區間，按有機營運口徑年減9%至5%，反映上述營收逆風，但部分由我們在全組織推動的成本與生產力措施所抵銷。最後，我們更新每股盈餘預期。我們目前預期調整後稀釋EPS為6.15至6.25美元，報表稀釋EPS為5.55至5.65美元。

Overall, this guidance reflects a realistic view of the near term, while we continue to invest behind the pipeline and take the actions needed to strengthen execution and position the business for improved momentum. To close, we're operating in a dynamic environment. Some US Companion Animal categories are facing near-term pressure, while international Livestock and Diagnostics are performing well and demonstrating the resilience of our portfolio.

整體而言，這份指引反映我們對短期的務實看法；同時我們仍持續投入產品管線，並採取必要行動以強化執行力，讓業務動能改善並做好定位。最後總結，我們正處於一個多變的環境。部分美國伴侶動物品類面臨短期壓力，而國際畜牧與診斷業務表現良好，展現我們產品組合的韌性。

We are focused on what we control, sharpening commercial execution, deploying targeted investments to protect volume and share, and maintaining cost discipline while continuing to advance the innovation that supports long-term growth.

我們聚焦於可控事項，強化商業執行，部署有針對性的投資以守住銷量與市占，並維持成本紀律，同時持續推進支持長期成長的創新。

With that, I'll turn it back to the operator for your questions. Operator?

接下來我把時間交還給接線員，進行提問。接線員？

(Operator Instructions)

（接線員指示）

Erin Wright, Morgan Stanley.

摩根士丹利的Erin Wright。

So I want to talk a little bit about the targeted price actions that you're taking and what's baked into guidance on that front in terms of overall net price realization in the second half? And is this just your primary stabilization lever at this point? And can you talk about some of the timing of those actions?

我想談談你們正在採取的針對性定價措施，以及在指引中就下半年整體淨價格實現（net price realization）而言，這部分納入了哪些假設？另外，這是否是你們目前主要的穩定槓桿？也請談談這些措施的一些時程安排。

Can you detail kind of the overall dollar share loss you anticipate in Derm and Simparica that's embedded in the guide at this point and the levels of conservatism you have in the guide on the US Companion Animal front and kind of how that changed over the course of the quarter in terms of your thoughts there?

你能否說明一下，目前指引中所隱含的皮膚科（Derm）與Simparica預期美元市占流失大約是多少？以及在美國伴侶動物方面，你們在指引中採取了多大程度的保守假設？並且就你們對此的看法而言，這些假設在本季過程中有何變化？

And then just a bigger picture question for Kristin. Taking a step back here, and there's been a number of leadership appointments and organizational changes, not just more recently, but over the past several years. And some of the key functions like Head of R&D, COO, Companion, and others. So I guess, how do you think about the balance of organizational stability and then also your continuing effort to evolve the leadership team? And do you feel like now you're at a point where that's largely in place and you can execute on the strategy? Just wanted to hear your thoughts there.

接著是一個更宏觀、要問Kristin的問題。退一步看，過去幾年不僅是最近，你們進行了多項領導任命與組織調整。包括研發主管、營運長（COO）、伴侶動物業務負責人等一些關鍵職能。所以我想問的是，你如何看待組織穩定性與持續演進領導團隊之間的平衡？你是否覺得現在已大致到位，可以開始執行策略？想聽聽你的看法。

Thanks, Erin. I think that was many questions on very different topics, but we look forward to taking it. I'll start at the top. You asked about the targeted pricing. As we talked about before, I think the demand for pet care and those structural tailwinds remain where they are and remain strong. I think what we're talking about from a pricing perspective, and we've been really actively going after this for the last few months, is looking not at changing overall list price, as we've talked about, it's focusing on gross-to-net.

謝謝你，Erin。我想這包含了很多不同主題的問題，但我們很期待逐一回應。我先從第一個開始。你問到針對性定價。如同我們先前談到的，我認為寵物照護的需求以及那些結構性順風仍然存在，而且依然強勁。從定價角度來看，我們所談的、且過去幾個月一直非常積極推動的，並不是調整整體牌價（list price）；如同我們所說的，我們聚焦在毛到淨（gross-to-net）。

And we're doing this because we think our real focus is protecting our volume and gaining share. And to do that, if you overall change your list price, that is a permanent structural change versus investing in what we're doing, which is gross-to-net investments, which are really targeted, they're time-bound, and they can demonstrate clear value because really, when you're thinking about these things, it's maintaining your share at a clinic, it's at point of sale with a pet owner, it may be a new start.

我們這麼做是因為我們真正的重點是保護銷量並提升市占。為了做到這點，如果你整體調整牌價，那會是一個永久性的結構改變；相較之下，我們所做的是毛到淨投資，這些投資非常有針對性、有時間界限，且能展現明確價值，因為當你在思考這些措施時，重點在於維持你在診所端的市占、在寵物主人端的銷售點（point of sale）表現，甚至可能是帶動新的開始（new start）。

So our real focus around gross-to-net pricing investments, which you saw us do in the quarter, but we're accelerating as we go through the second half, is really focused on our goal, which is how do we maintain our volume or gain it, how do we focus on protecting or gaining share. And that's why we're focused on those overall pricing sets. As we think about the overall guide, we really focus on looking at the environment that we're operating in, Erin. It's understanding both the macro environment that we're operating in as well as some of the competitive pressures.

因此，我們真正聚焦的重點是在毛到淨（gross-to-net）定價投資上——你們在本季已看到我們在做，但我們在下半年推進的同時也在加速——核心是圍繞我們的目標：如何維持或提升我們的銷量，以及如何專注於保護或提升市占率。這也是為什麼我們會聚焦在整體的定價組合上。當我們思考整體指引時，Erin，我們確實著重於檢視我們所處的營運環境。也就是理解我們所處的宏觀環境，以及部分競爭壓力。

And I think Wetteny really talked about that. As we looked at the guide right now, we're assuming the persistence of the trends that we've currently seen, both in the softer end-market demand as well as really believing that in this environment, the competitive situation will be people persisting in more promotional activity. And we're going to be aggressive as we think about gross-to-net investments and rebates and pricing and pet owner point of sale to make sure that we protect our volume in a market that may not be growing as fast.

我認為 Wetteny 已經談到這點。就目前的指引來看，我們假設我們目前看到的趨勢會持續存在，包括終端市場需求較疲弱，同時也相信在這樣的環境下，競爭態勢會是各方持續加大促銷活動。因此，在毛到淨投資、回扣、定價，以及寵物主人端的銷售點（POS）措施上，我們會採取更積極的作法，以確保在一個可能成長不那麼快的市場中保護我們的銷量。

As we talk about the leadership question, which you asked me about, overall, I am really excited about the team we have and the team we continue to build. We've had some retirements, obviously, over the last years and some changes. But I'm really focused on ensuring we have the team to focus and be able to deliver in the environment that we have, and that's really been the focus of what we've been doing. So I think that's it. I'm sure we'll get into some of these questions certainly on the guide more as we go through the call.

談到你問我的領導力問題，整體而言，我對我們現有的團隊以及我們持續打造的團隊感到非常振奮。過去幾年我們確實有一些退休，當然也有一些變動。但我真正專注的是確保我們擁有一支能夠聚焦並在目前環境中交付成果的團隊，而這也一直是我們所做工作的重點。所以我想大概就是這些。我相信在電話會議進行的過程中，我們一定會就指引再深入討論其中一些問題。

Brandon Vazquez, William Blair.

Brandon Vazquez，William Blair。

Maybe I'll try to do a two-parter too because one of them is just a clarification on what you had just mentioned, Kristin. But when you're talking about gross-to-net pricing, can you just maybe clarify exactly what that means? There's a lot of questions around the pricing dynamics going on right now. Will Zoetis be realizing a net lower ASP based on that language you're using? What does that mean for margins?

也許我也試著問兩個部分，因為其中一個只是針對你剛才提到的內容做個釐清，Kristin。但當你談到毛到淨定價時，你能否更清楚說明那到底是什麼意思？目前定價動態有很多疑問。依照你使用的措辭，Zoetis 是否會實現更低的淨平均售價（ASP）？這對毛利率意味著什麼？

And then maybe the broader question I had for you guys is, can you just compare and contrast the updated guidance versus the old guidance? What are maybe the 2 or 3 key items that change within those assumptions?

然後我想問一個更廣泛的問題：你們能否比較並對照更新後的指引與舊指引？在這些假設中，可能有哪些 2 到 3 個關鍵項目發生了變化？

Sure. Thanks, Brandon. I'll take your first, and I'll let Wetteny take the more detailed question on the guide. To be clear on the -- what we're talking about with regards to pricing is we are not changing the list price of our products. Again, this is a permanent structural change that really changes the market going forward, and it's very hard to pull back once you do it.

當然。謝謝你，Brandon。我先回答你的第一個問題，至於指引更細節的問題，我讓 Wetteny 來回答。就定價而言，我們要先說清楚：我們並沒有改變產品的牌價（list price）。再次強調，這是一項永久性的結構性變化，一旦做了就會改變市場未來走向，而且之後很難再收回。

What we're talking about is investments in what -- in the industry will call gross-to-net. So a promo to maintain share at a clinic, it might be a cross-portfolio bundling that if you buy a product, you get a discount. It would be at point of sale to a pet owner to make it more affordable. This is what we mean by gross-to-net. We feel strongly about protecting both the short-term volume and share that we have. But while doing that, invest in the long-term value of our franchises.

我們所談的是在產業中所謂的「毛到淨」（gross-to-net）方面的投資。例如，為了在某家診所維持市占而做的促銷；也可能是跨產品組合的綁定方案——買某個產品就能獲得折扣。也可能是在面向寵物主人的銷售點提供優惠，讓產品更可負擔。這就是我們所說的毛到淨。我們非常重視保護我們短期的銷量與市占。但同時也要投資於我們各個產品事業（franchises）的長期價值。

And that's why we want to be clear, we are not -- and we've said this all year, lowering our overall list price, but we are going to be aggressive in defending our volume and protecting our share as we think about promotions and rebates. I'll let Wetteny get into the second question more broadly on guide.

因此我們想要說清楚：我們不是——而且我們今年一直都這麼說——要下調整體牌價（list price）；但在思考促銷與回扣時，我們會積極捍衛銷量並保護市占。我讓 Wetteny 更廣泛地回答第二個關於指引的問題。

Sure, Brandon. In terms of comparing the old guide and the new guide, a few things that I would highlight here. First of all, what Kristin just highlighted with respect to the gross-to-net investments that we're making. In this guidance, not only are we assuming that the level of macro and competitive pressure persists, doesn't reflect that, I would say, on the high end of the guidance.

好的，Brandon。就比較舊指引與新指引而言，我想強調幾點。首先，是 Kristin 剛剛提到的我們正在進行的毛到淨投資。在這份指引中，我們不僅假設宏觀與競爭壓力的程度會持續存在；我會說，在指引的高端並未反映壓力緩解。

On the low end of the guidance, we're contemplating that they would actually accelerate. And if they accelerate, that would mean we would also do so in terms of the actions we're taking from a gross-to-net perspective, which would have additional implications. So that starts to stress test the low end of the guidance for us.

而在指引的低端，我們則考量這些壓力可能會進一步加速。如果壓力加速，代表我們在毛到淨層面的行動也會相應加大，這將帶來額外影響。因此，這就開始對我們的指引低端進行情境壓力測試。

One other thing we have not touched on with respect to this guidance is there has been some more FX headwinds. So I would put it to around $60 million, $65 million of top-line headwind, about $30 million of bottom-line headwind from FX in terms of the dollar implications to your guidance -- the guidance.

另外一點，關於這份指引我們尚未提到的是：外匯（FX）逆風又增加了一些。我會把它估在營收端約 6,000 萬到 6,500 萬美元的逆風，獲利端約 3,000 萬美元的逆風——就美元對你們所看的指引（the guidance）的影響而言。

Michael Ryskin, Bank of America.

Michael Ryskin，美國銀行（Bank of America）。

You touched on price a number of times. I want to ask about some of the other actions you're taking. We've seen through some of our channel checks, some pretty aggressive job cut announcements. You've talked about cost controls. Just wondering how much that's already rolled in, how much you're expecting in the second half? Anything you could say on that front? I guess there's other levers you're taking besides price to maybe try to stem some of the bleeding here.

你們多次提到價格。我想問問你們正在採取的其他行動。我們從一些通路調查中看到，有相當激進的裁員公告。你們也談到成本控管。想請問這些措施目前已經反映了多少、下半年預期還會反映多少？在這方面你們能否分享一些資訊？我想除了價格之外，你們還有其他槓桿可以用來試著止血。

And then if I could squeeze in a quick follow-up. The new '26 guide, you framed the upside and downside scenarios a number of times. But in terms of the competitive landscape, can I ask what your assumptions are sort of like exiting the year? I know you don't have a '27 number yet, but just do you think you can return to growth? Like will we have absorbed all the incremental competition by the end of this year? Or do you think that this is still something we're going to be talking about next year and beyond? Just trying to look forward to how you see this playing out?

然後如果我可以再追問一個簡短的問題。針對新的 2026 年指引，你們多次描述了上行與下行情境。但就競爭格局而言，我想問你們對於年底退出時的假設是什麼？我知道你們還沒有 2027 年的數字，但你們是否認為可以回到成長？例如，到今年底我們是否就能吸收所有新增的競爭？還是你們認為這仍會是明年及更久之後我們還會持續討論的議題？只是想往前看，你們認為這會如何發展？

Sure. I'll take the first one, Mike. You're right. We've been talking about price so far on this call, but there are many other actions that we're taking. Certainly, there's a lot of focus on commercial execution, what we're doing with respect to how we allocate dollars and investments across DTC and how we drive demand with customers, et cetera, et cetera.

好的。Mike，我先回答第一個。你說得對。到目前為止我們在這通電話會議上談了很多價格，但我們還採取了許多其他行動。當然，我們非常聚焦在商業執行力上，包括我們如何在 DTC 等不同面向分配資金與投資，以及我們如何與客戶一起推動需求，等等。

So in that light, we also are managing costs. We alluded to this on the last couple of calls, in fact. And you see the impact of the deliberate and meaningful actions that we're taking across our cost base to align to what the current operating environment is that we are facing while we're still investing in areas that are really important for the long-term growth and value creation of the company.

因此，從這個角度來看，我們也在進行成本管理。事實上，我們在前幾次電話會議中也提到過這點。你們可以看到，我們正針對成本基礎採取審慎且具實質意義的行動，以因應目前所面臨的營運環境，同時我們仍持續投資於對公司長期成長與價值創造真正重要的領域。

So areas like R&D and parts of commercial, et cetera, we're continuing to prioritize, but we're taking the actions that we need. And you see that already playing out in the results. The second quarter, you saw SG&A down 4% year-on-year. And some of those actions are also reflected in our manufacturing costs that are down year-on-year that are contributing to where margins -- gross margins are landing for us.

因此，像是研發（R&D）以及部分商業端等領域，我們仍持續優先投入，但我們也在採取必要的行動。而你們已經可以在結果中看到這些作為正在發揮作用。第二季你們看到SG&A（銷售、一般及行政費用）年減4%。其中一些行動也反映在我們的製造成本上，製造成本同樣年減，並有助於推動我們的毛利率—也就是毛利率落點。

Of course, these will continue to draw benefits as we go through the back half of the year and into next year. And to the extent of the actions that we've been taking, some of which we already contemplated in the prior guidance.

當然，隨著我們走過今年下半年並進入明年，這些措施將持續帶來效益。而就我們正在採取的行動而言，其中有一部分其實已在先前的財測指引中納入考量。

Yes. And to get to your second half of the question, which I think is just looking at, how do we see the competitive environment and how does it evolve as we get to the end of the year and we look into 2027? As you imagine, we're obviously not providing 2027 guidance today. But I mean, look, as I think Wetteny has mentioned and certainly in our script, we talked about, we think with a new competitor entering in Q2 in the US in Derm, we think that our volume and our market share will continue to be under pressure. That is assumed.

是的。至於你問題的後半段，我理解你是在問：我們如何看待競爭環境，以及當我們走到年底並展望2027年時，它會如何演變？如你所想，我們今天當然不會提供2027年的指引。不過，我的意思是，正如Wetteny提到的，而且我們在講稿中也談到，我們認為隨著第二季在美國皮膚科（Derm）領域有新的競爭者進入，我們的銷量與市占率將持續承受壓力。這點已在假設之中。

And I think that will take some time to work out. Is that 6, is that 12, is that 18 months? I can't tell you. And we'll see -- we're really focused on commercial actions to protect that share. But given we just got a new entrant in Q2 in the US and still in other markets around the world, I think we're really looking at the end of '26 and '27 about making sure that our differentiated portfolio across Apoquel, Apoquel Chewable, Cytopoint and importantly, expecting the approval this year of long-acting Cytopoint about defending those and growing those.

而我認為這需要一些時間才能消化。是6個月、12個月，還是18個月？我無法告訴你。我們會觀察—我們非常專注於商業端的行動來保護市占。但鑑於我們在第二季於美國迎來新進入者，且全球其他市場也仍有競爭存在，我認為我們在看2026年底與2027年時，重點是確保我們在Apoquel、Apoquel Chewable、Cytopoint，以及更重要的是預期今年核准的長效型Cytopoint等差異化產品組合上，能夠守住並擴大這些產品的表現。

I mean our hope also is eventually that we continue to grow these markets, which is also our intent right now. But in this highly competitive space we're in now, where the pet owner affordability challenge is meaning some of these markets really aren't growing, particularly in Derm and paras is under pressure. We are going to be aggressive in defending our share and protecting our market share and working to grow those, but making sure if they're not growing that we are at least protecting our share.

我的意思是，我們也希望最終能持續擴大這些市場，這也是我們目前的意圖。但在我們目前所處的高度競爭環境下，加上飼主負擔能力的挑戰，使得部分市場其實並未成長，特別是皮膚科（Derm）以及寄生蟲（paras）領域正承受壓力。我們將積極捍衛並保護我們的市占，並努力推動成長；但也要確保若市場不成長，我們至少能守住市占。

And so we'll continue to do that. And I think as you saw in our guide on both the low and the high end, we're assuming the competitive environment that we're operating in and some of the macro challenges that are certainly compounding that, that we're going to be aggressive in this environment.

因此我們會持續這麼做。而且我認為，正如你在我們指引的低端與高端所看到的，我們已將所處的競爭環境以及一些確實加劇影響的總體挑戰納入假設，我們會在這樣的環境中採取更積極的作法。

Dave Westenberg, Piper Sandler.

Dave Westenberg，Piper Sandler。

First, I wanted to maybe compliment on the guide here. You missed by in the tens of millions and you are lowering by almost $0.5 billion, which -- obviously, we're getting really good feedback from investors right now about that. Saying that, we still need to talk about that Q2. So it's a little bit of a continuation of Erin's question around that.

首先，我想也許可以稱讚一下這次的指引。你們只差了幾千萬美元，卻把指引下調了將近5億美元；這—顯然，我們現在從投資人那邊得到非常好的回饋。話雖如此，我們還是得談談第二季（Q2）。所以這有點延續Erin剛才的問題。

Can you clarify how much of the Q2 deterioration now is market contraction versus maybe some competitive pressure? And if there is a way to maybe quantify ASPs, I know you're not talking about pricing, you're talking about more like rebates, but it will have a net impact on ASPs. So if you can quantify that, that would be great.

你能否釐清目前第二季惡化的部分，有多少是市場收縮（market contraction），又有多少可能是競爭壓力？另外，如果可以的話，能否量化ASP（平均銷售價格）？我知道你們不是在談定價，而是更像回扣（rebates），但它會對ASP產生淨影響。所以如果你能量化，那就太好了。

And then just to pivot on the kind of the same topic. You laid a great plan around like SG&A and the strategic rebates. I know a lot of contracts, particularly like with corporate groups and whatnot tend to have these 2-year kind of things. So how do we think about changes in rebates and that kind of thing, knowing that some of your customers have a two-year basis? And again, sorry for the length, but I also -- I did want to at least call out the prudence in the guide there.

然後同樣是轉到類似的主題。你們提出了一個很好的計畫，涵蓋像SG&A以及策略性回扣。我知道很多合約，特別是與企業集團等客戶，往往是這種兩年期的安排。因此，考量到部分客戶是以兩年為基礎，我們該如何看待回扣與相關條款的變動？另外，不好意思講得有點長，但我也—至少想指出這次指引的審慎性。

Do you want to take that first one?

你要先回答第一個問題嗎？

Yes, Dave, I'll take the first one. In terms of what we're seeing in Q2, certainly, we don't guide by quarter. So it's a matter of what our expectations are for the year and what we're tracking internally. And certainly, I would describe Q2 as coming in below our expectations. Now to the core of your question, trying to bifurcate between what is macro versus what is competitive, and it's not something that we would give precision around.

好的，Dave，我先回答第一個。就我們在第二季看到的情況而言，當然，我們不會按季度提供指引。因此重點在於我們對全年預期是什麼，以及我們內部追蹤的狀況。我會說第二季的表現確實低於我們的預期。至於你問題的核心，想把總體因素與競爭因素拆分來看，我們不會就此提供精確的量化。

However, I would say both are impactful and meaningfully impactful and they start to converge on each other because in a market that is not growing, certainly, the competitive actions last longer and they're more impactful. And our response to those also more meaningful with respect to the gross-to-net. So now that becomes something we do.

不過我會說兩者都有影響，而且是具實質影響；而且它們開始彼此交織，因為在一個不成長的市場中，競爭行動的持續時間更長、影響也更大。而我們對此的回應，在毛到淨（gross-to-net）方面也更為顯著。所以這就成為我們現在正在做的事情。

Just to give you a couple of examples, if you look at the broad macro, certainly, visits, therapeutic visits and wellness visits in the US, flea, tick, and heartworm was down about 7%. Across every major category, you see down trends on visits that have an impact. OA pain are down. So were Derm north of 2%. So in each of those areas, that's a macro reflection.

舉幾個例子來說，如果你看整體總體面，在美國，門診就診次數、治療性就診以及健康檢查就診方面，跳蚤、蜱蟲與心絲蟲相關項目大約下滑了7%。在每一個主要品類，你都會看到就診量的下滑趨勢，這會帶來影響。OA疼痛（骨關節炎疼痛）也在下滑。皮膚科（Derm）也下滑了2%以上。因此在這些領域，這反映的是總體面的影響。

And by the way, a product like Cytopoint, for example, we saw some headwinds that are largely, if not entirely related to that macro versus some competitive friction. So I would say it's not a bifurcation that I can give you, but both were certainly impactful and the response that we're doing is also contributing to it.

順帶一提，以Cytopoint這類產品為例，我們看到的一些逆風主要—如果不是全部的話—都與總體因素相關，而非某些競爭摩擦。所以我會說，我無法給你一個可以清楚二分的拆解，但兩者確實都有顯著影響，而我們正在採取的回應也在其中有所貢獻。

Yes. I mean, I appreciate that it's very easy for you all to see list price, to see a gross-to-net is very hard to see. And it's very hard to see because it will be dependent by promos we'll run in a given month. It may be dependent to your other point on specific contracts with a customer. So for example, it may be for customers to put us as their first and to say, they'll give us X share, we give Y pricing.

是的。我的意思是，我理解你們很容易看到牌價（list price），但毛到淨（gross-to-net）非常難看出來。而之所以很難，是因為它會取決於我們在某個月份會跑哪些促銷（promos）。也可能取決於你提到的另一點：與某個客戶的特定合約。例如，可能是客戶把我們列為首選，並承諾給我們X的份額，我們則提供Y的價格。

So the contracts that we do are generally give or take, two to three years. And so some of those are locked in right now, but some of those are up. And so those are -- I know for you all going to be a little bit hard to see. I think we'll try to help you. But to sort of build on that, we're going to make sure that we take the actions we need to protect share and to protect volume. And so that's what you'll see in the gross-to-net.

因此，我們簽訂的合約一般大約是兩到三年，前後可能有些差異。所以其中有些目前已經鎖定，但也有一些即將到期。因此這些——我知道對各位來說可能會有點難看清楚。我想我們會盡量協助你們。不過在此基礎上，我們會確保採取必要行動來保護市占並保護銷量。因此你們會在毛到淨（gross-to-net）中看到這些。

There's no way to really see that as an overall because that would be, again, customer-specific, maybe event specific. So it might be a new start, et cetera. So that's where you're going to see some of those overall.

沒有辦法真正把它當作整體來看，因為那會是——再一次——因客戶而異，可能也因事件而異。所以可能是新的啟動案等等。因此你們會在某些整體項目中看到其中一些。

Chris Schott, JPMorgan.

Chris Schott，摩根大通。

I just wanted to just touch a little bit more on the duration of some of these promotions. Are these initiatives we should assume continue until macro gets better? Or is this more about the competitive dynamics you're facing with these new launches and as that competitive landscape normalizes? I'm just really trying to get my hands around what it's going to take or your ability to back off these promotions at the right time, like how -- what the factors we should be watching that would enable that?

我只是想再多觸及一下這些促銷活動的持續期間。我們是否應該假設這些措施會持續到總體環境變好為止？還是這更多是因為你們面臨的新產品上市所帶來的競爭動態，並且隨著競爭格局正常化而調整？我主要是想更清楚掌握：要達到什麼條件、或你們在適當時點回收這些促銷的能力——也就是說，我們應該觀察哪些因素，會讓你們能夠這麼做？

My second question was maybe also just on Livestock. Obviously, a very strong quarter. I think you said some of that was transitory. Can you just give us a sense of what type of growth it's realistic to expect for the livestock business as we think about the second half of the year?

我的第二個問題可能也關於畜牧業務。顯然這是一個非常強勁的季度。我想你提到其中一部分是短暫性的。你能否讓我們了解一下，當我們思考今年下半年時，畜牧業務合理可期待的成長大概會是什麼樣的水準？

Sure. So I'll take your first question, which is really on how -- what's the duration of some of these promos. I mean there's always been some promotional activity as you've seen in our industry. So that's not new. I would say the intensity of the promotions is both a combination. I'll talk about where it comes in to both the macro and the competitive situation.

好的。我先回答你的第一個問題，也就是這些促銷的持續時間大概會如何。我的意思是，如你在我們產業中所見，一直都存在一些促銷活動。所以這並不新鮮。我會說，促銷的強度是兩者的組合。我會談談它如何同時受到總體環境與競爭情勢的影響。

And so where you see cross portfolio and things like that, I think that's really focused for us right now on the competitive space that we're in. So I think as you look at some of the dedicated promos on competition, that will be quite different. So in any given therapeutic area, there is either more of a headwind. So I think Wetteny just mentioned it, as you think about Cytopoint, that's pretty much macro. We don't really have a competitor that's got in full supply against that product.

因此，當你看到跨產品組合之類的做法時，我認為那對我們而言目前主要是聚焦在我們所處的競爭領域。所以我認為，當你看一些針對競品的專門促銷時，情況會很不一樣。在任何特定治療領域，都可能面臨較大的逆風。所以我想 Wetteny 剛剛提到，當你想到 Cytopoint，那幾乎完全是總體因素。我們並沒有一個競爭對手能在供應充足的情況下全面對打那個產品。

I think let's be clear, as you think about Derm, it is mostly a competitive situation that is driving the Derm situation. As you think about paras, I think it's a little more macro. And then we say that because as you look at both wellness visits down 7% overall in the quarter, but importantly, the deceleration of growth across alternative channels which had been making up for. Again, you've seen paras under attack in a sense from a wellness visit for a while now.

我想我們要講清楚：當你想到皮膚科（Derm），主要是競爭情勢在驅動皮膚科的狀況。當你想到驅蟲（paras），我認為就比較偏總體因素一些。我們之所以這麼說，是因為你看本季整體健康檢查就診（wellness visits）下降了 7%，但更重要的是，先前一直在彌補缺口的替代通路，其成長也在放緩。同樣地，你也看到驅蟲品類在某種程度上，早就受到健康檢查就診下滑的影響一段時間了。

But I think what's really changed in the parasiticides category has been also alternative channels. So in any given therapeutic area, it might be more competition or it might be more the macro situation. But I think what we're really seeing and what would be the signs, I think that's really the essence of your question, what we see.

但我認為在驅蟲劑（parasiticides）類別中，真正改變的也包括替代通路。所以在任何特定治療領域，可能更多是競爭，也可能更多是總體環境。但我認為我們真正看到的、以及會是哪些訊號——我想這就是你問題的核心——就是我們所觀察到的那些跡象。

As we get to more of a stabilization of share, as we look at quarter-over-quarter, that starts to stabilize, I think you'll see us pull back because, again, our aggressive promos and rebating and point of sale right now is focused, as I mentioned, on protecting our share and making sure we protect our volume. So as we see that stabilize, I think those are going to be the signs that would say that we'll step off some of those gross-to-net investments.

當我們看到市占更趨於穩定、以季度對季度來看開始穩住時，我認為你會看到我們回收一些力度；因為如我所提，我們目前積極的促銷、回扣以及銷售點（point of sale）措施，重點在於保護市占並確保保護銷量。所以當我們看到那樣的穩定，我認為那些就會是訊號，表示我們會降低部分毛到淨（gross-to-net）的投入。

And I'll take, Chris, the question on Livestock. Look, we've been very pleased with the performance on Livestock, not only in the quarter, but also on a year-to-date basis. I would say there are strong fundamentals here that we believe to be sustainable, likely in the mid- to high single-digit range when we look at this year.

Chris，我來回答關於畜牧業務的問題。你看，我們對畜牧業務的表現非常滿意，不僅是本季，年初至今也是如此。我會說，我們看到一些強勁的基本面，我們相信是可持續的；就今年而言，我們看大概會落在中到高個位數成長的區間。

We look at the second quarter, particularly in the US, we grew total globally 11%, right? The US was up 23%. Now in that context, we're saying some of the drivers were transitory. For example, timing of supply for certain products that we had really affected the quarter as well as demand that we're seeing for injectable parasiticides driven by New World screwworm, for example, in the US.

我們看第二季，特別是在美國，我們全球總體成長 11%，對吧？美國成長 23%。在這個背景下，我們說其中一些驅動因素是短暫性的。例如，某些產品的供應時點安排確實影響了本季；以及我們看到對注射型驅蟲劑的需求，受到例如美國新世界螺旋蠅（New World screwworm）所驅動。

So when we parse those out, we would put the quarter in the US into the high single-digit range, I would say, on a normalized basis. And again, for the year, we continue to expect strong fundamentals to drive Livestock performance.

所以當我們把這些因素拆解後，我會說在常態化基礎下，本季美國的表現大概會落在高個位數成長區間。同樣地，就全年而言，我們仍預期強勁的基本面將驅動畜牧業務的表現。

Jon Block, Stifel.

Jon Block，Stifel。

Also a two-parter. Wetteny, what's the update for 2026 price realization? Has that changed versus, I think, prior, it was 1% to 2% guidance for price this year? And I just want to verify that the gross-to-net would show in that updated number, if there is one, and where that update is coming from? Is it key franchises? Is it other when you fight back against the generics?

我也有兩個問題。Wetteny，2026 年的價格實現（price realization）最新狀況如何？這是否相較於先前有所改變？我記得之前對今年價格的指引是 1% 到 2%。我也想確認一下：毛到淨（gross-to-net）是否會反映在那個更新後的數字裡（如果有更新的話），以及這個更新是從哪裡來的？是關鍵產品線（key franchises）嗎？還是當你們對抗學名藥時的其他項目？

And then, Kristin, regarding the promos, is it Derm? Is it paras? Is it both? I thought you mentioned it's US specific. I just want to verify that. And just to tack on to that last one, maybe a difficult question. Kristin, do you have the better products? Like do you have the better AD JAK product? Apoquel was revolutionary, but it's 10 years old. Trio was revolutionary, but you do have others that are resonating with a marketing approach. So it's one thing to ramp up the promos, but I think the other key question here is the products in the field and are they up -- just enough to compete effectively?

然後，Kristin，關於促銷，是皮膚科（Derm）嗎？是驅蟲（paras）嗎？還是兩者都有？我以為你提到這是美國特定的。我只是想確認一下。另外再補問最後一個，可能是個比較難的問題。Kristin，你們的產品更好嗎？例如你們是否擁有更好的異位性皮膚炎（AD）JAK 產品？Apoquel 曾經是革命性的，但它已經 10 年了。Trio 曾經是革命性的，但你們確實也有其他產品透過行銷方式而引起共鳴。所以，提高促銷力度是一回事，但我認為另一個關鍵問題是：現場的產品本身如何？它們是否——足以有效競爭？

So I'll take the first part of your question, Jon. Certainly, you saw in the quarter, price was flat. You're seeing the impact of the gross-to-net responses that we've already covered on this call at length, at least, I won't repeat those. And so what that would translate into, if you look at the guidance we just issued, on the range, it could be in the 0% to negative 1%, potentially negative 2% as you get towards the low end of the guidance, given our response will also be accelerated with respect to what competitors are doing, which are largely competing on price today in these categories. So that's why I would range bound it for you in terms of what this means for the year.

Jon，我先回答你問題的第一部分。當然，你在本季看到價格持平。你看到的是我們在本次電話會議中已經詳細說明過的毛額到淨額（gross-to-net）因應措施的影響，至少我就不再重複了。因此，如果你看我們剛發布的財測指引區間，換算下來可能是0%到負1%，在指引區間偏低端時，可能接近負2%，因為相較於競爭對手的作法，我們的應對也會加速；而目前在這些類別中，競爭對手主要是在價格上競爭。所以這就是我會用區間方式來界定，這對全年意味著什麼。

Yes. And to answer your second question, which is on the promos, is it just Derm? Are we talking about paras? Are we talking about both? It is most definitely both. And we're also looking at cross-portfolio bundling because I think we have a very strong portfolio. We continue, and we said on every call that we continue to have differentiated products in each of these categories.

是的。至於你第二個問題，也就是關於促銷，是只有皮膚科（Derm）嗎？我們是在談寄生蟲（paras）嗎？還是兩者都包括？絕對是兩者都有。而且我們也在看跨產品組合的綑綁方案，因為我認為我們的產品組合非常強。我們持續如此，而且我們在每次電話會議都說過，我們在這些類別中的每一個都持續擁有具差異化的產品。

But when pet owner affordability becomes a big issue, there becomes a question of good enough. We absolutely have differentiation in both Trio, in Apoquel, in Apoquel Chewable, we have a chewable. We have more safety, more efficacy than anybody else who we're competing against in these markets. Whether we talk about Cytopoint, even Cytopoint long-acting, we will continue to defend that differentiation.

但當寵物飼主的負擔能力成為重大議題時，就會出現「夠用就好」的問題。我們在Trio、Apoquel、Apoquel Chewable（咀嚼錠）上都確實具備差異化，我們有咀嚼錠劑型。在這些市場中，與我們競爭的任何對手相比，我們的安全性與療效都更好。不論我們談Cytopoint，甚至是Cytopoint長效型，我們都會持續捍衛這種差異化。

But we're also -- we don't want to be naive and believe that in this competitive environment with people offering significant promotional or rebate discounts, does someone now say, well, I'll try the other one and see how it is. We are starting to see in Europe, people switch back after experiencing it. But our focus has to be on overall value. And our value is in the differentiation in the safety and efficacy of our products.

但我們也——我們不想天真地以為，在這種競爭環境下，當有人提供大幅促銷或回饋折扣時，消費者不會說：「那我就試試另一個，看看效果如何。」我們開始在歐洲看到，人們在體驗之後會再換回來。但我們的重點必須放在整體價值上。而我們的價值在於產品在安全性與療效上的差異化。

But right now, we also have to admit that in a macro environment where affordability is a much bigger issue, we don't -- we want to make sure that we're meeting our customers where they are and understanding that we need to be defending the share. And if a low enough price makes someone try another product, we want to discourage that behavior. So we're really focused again on the differentiation on the overall value, but understanding the macro environment we operate in is a little bit different than it used to be.

但就目前而言，我們也必須承認，在一個負擔能力成為更大議題的總體環境下，我們——我們希望確保能在客戶所處的位置與他們對接，並理解我們需要捍衛市占。如果足夠低的價格會讓人去嘗試另一個產品，我們希望抑制這種行為。因此我們再次把重點放在整體價值的差異化上，同時也理解我們所處的總體環境，和過去相比已經有些不同。

Daniel Grosslight, Citi.

Daniel Grosslight，花旗（Citi）。

One of your competitors noted that there's been a very high correlation between direct-to-consumer channel investment and market share gains. I know you mentioned the alt channel has decelerated a bit this quarter into the back half of the year. But I'm curious how, if at all, are you changing your marketing channel strategy, your investments in DTC and if you are also seeing a correlation between or a high ROI between direct-to-consumer investment and market share retention?

你們的一位競爭對手提到，直面消費者（DTC）通路投資與市占提升之間有非常高的相關性。我知道你提到替代通路（alt channel）在本季到下半年稍微放緩。但我想了解的是：你們是否、以及在多大程度上，正在改變你們的行銷通路策略、你們在DTC上的投資？另外，你們是否也看到直面消費者投資與市占維持之間存在相關性，或是DTC投資具有很高的投資報酬率（ROI）？

Sure. We -- obviously, we are heavily invested in direct-to-consumer. But importantly, to this question, part of direct-to-consumer is actually advertising on -- at a retail center or on an online site. And we do see very strong ROI. And you see the strongest ROI, and this would be obvious because you're really focusing when you're on those sites on conversion. So you already have someone who you know is looking for the product and you're converting it.

當然。我們——很明顯地，我們在直面消費者方面投入很大。但就這個問題而言，重要的是，DTC的一部分其實是在——在零售端，或在某個線上網站上投放廣告。而我們確實看到非常強的ROI。而你會看到最強的ROI——這也很直觀，因為當你在那些網站上時，你真正聚焦的是轉換。所以你已經有一個你知道正在找這個產品的人，而你是在把他轉換成購買。

So by far, we would absolutely agree. The highest ROI in direct-to-consumer advertising is like at the retailer where someone is actually searching for a product and you're helping convert them and you already have an interested party. We've also been really focused on continuing to grow markets as well.

所以毫無疑問，我們絕對同意。直面消費者廣告中最高的ROI，是在零售商端——也就是有人正在搜尋某個產品時，你協助促成轉換，而且你已經有一位有興趣的受眾。我們也一直非常專注於持續擴大市場。

That ROI is important, but that's a longer-term ROI versus the ROI we're seeing as you invest at point of sale, either in the clinic or in retail, et cetera. So we are very focused as we think about these gross-to-net investments and this direct-to-consumer advertising at point of sale, whether that be in a clinic, whether that be on a website or whether that be in a store.

那個ROI很重要，但相較於你在銷售端（point of sale）投資時所看到的ROI——不論是在診所或零售端等等——那是一個更長期的ROI。因此，當我們思考這些毛額到淨額（gross-to-net）投資，以及在銷售端的直面消費者廣告時，我們非常專注——不論是在診所、不論是在網站上，或是不論是在店內。

At this time, we've reached our allotted time for questions. I'll now turn the call back over to the CEO, Kristin Peck, for any additional or closing remarks.

目前我們已到達提問的預定時間。我現在把電話會議交回給執行長Kristin Peck，請她做任何補充或結語。

Great. Thanks, everybody, for joining us today. And as always, really appreciate your questions and your interest in Zoetis. We know this is a moment that demands even greater focus and execution, and we look forward to keeping you updated on our progress. I also want to reiterate that we remain confident in the long-term fundamentals of animal health in the strength and differentiation of our portfolio and our pipeline and our ability to create value. Thanks for joining us.

很好。感謝各位今天加入我們。也一如既往，非常感謝你們的提問以及對Zoetis的關注。我們知道此刻需要更高程度的專注與執行力，我們也期待持續向各位更新我們的進展。我也想再次重申，我們對動物保健長期基本面、我們產品組合與研發管線的實力與差異化，以及我們創造價值的能力，仍然充滿信心。感謝各位參與。

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。感謝各位撥冗與會並參與。各位現在可以掛線。