Thank morning you, everyone. and Kristin good
XXXX November range. year strong and net operationally revenue reported Kristin X% net full operationally. $X.X we income As guidance increasing a a and high on with grew adjusted adjusted revenue end income of $X.X year a billion of mentioned, the X% billion with with had of Full XX% line our X% both in basis on in basis year reported and
to Trio dermatology for of Solensia, X% year in-line and Looking revenue Librela the deeper into from partially Volume X% from volume products. key the and from consisted operational X%. with operational including a new growth of year, decline full Simparica price and X% contributed products, other monoclonal growth products, contributing our offset growth antibodies, X% by
positive top with markets, our revenues of broad-based and was growth approximately XX% make which the XX with growing growth up total operational in X% our U.S. growing each international X%. of operationally Revenue
grew products which our XX% operationally. Our driven innovative companion animal growth our portfolio, new was for in by continued demand
by Our companion geographies. animal challenging XX% in constraints the revenues. portfolio declined livestock due certain partially which operationally, now of offset up our global X% makes generic our competition, supply was market growth primarily business, well as conditions This as to
XX% companion by grew our on Trio million an portfolio, parasiticide in Performance $XXX operational was sales, animal basis. driven an in basis. operational animal generated small on Simparica XX% which growing
$X global time reached for revenue XXXX. in franchise Simparica Our the billion first in
Our XX% markets billion products operationally. derm growth operationally growth both double-digit key international international generated and in XX% dermatology with sales our U.S. was in posting especially the growth in Key strong at strong $X.X of
in see pain. antibodies solid We for monoclonal continue our to growth osteoarthritis
Zoetis’ in Librela’s As expected, the Librela mark late XXXX. year, look $XXX of blockbuster forward sales launch in marking XXth the U.S. on We to expected the eclipsed million product.
$XX XXXX, the a contributed with international solid after penetration late from in million U.S. in markets, primarily year. sales Solensia the in launch in
operationally year, declines Our the offset companion with X% declined in the U.S., partially portfolio by diagnostics animal in growth internationally.
livestock basis. Our operational declined X% an business on
poultry. portfolio Our cheaper as DRAXXIN in to the generic generic expect alternatives to and do in continues We as moderate be to impact begin cattle in to Zoamix XXXX. challenged well by
supply swine driven certain were by as the markets. U.S. declines well market especially Additional as unfavorable livestock products on cattle and China conditions, challenges
XX% which Librela products, billion, $X million key other a Trio an of Solensia X% and from and quarter. results, Adjusted X% a an includes which the while well X% Simparica financial X% products Moving growth operational from closed on revenue price of to income was in-line on new X%. is volume. operational an our Of X% and grew basis QX and reported is on from growth, from of We revenue with consisted of $XXX strong reported XX% of operationally. dermatology another net X% on increase as basis X% as basis. increase Volume and QX products, representing
$XXX in was while in Companion our was Trio Simparica animal operationally to livestock revenue contributor of growth XX% the products for million, XX% representing posting of operational the growth portfolio global flat quarter, quarter. grew the largest the quarter.
oral provide expect market of the for parasiticides collar once fleet products to run-rate the will globally enter even growth for combination conversion revenue taking additional combination market the Trio and to for triple to and hardware addressable Trio market. competing We These future broader products. dynamics from expansion Simparica drive the grow continue top and
key and operational Apoquel XX% prior posting quarter million year growth against Our fourth key representing of of in dermatology growth XXXX. the solid quarter, grew $XXX in revenue, derm XX% products, had which the global a operationally Cytopoint, in robust
posting Our fish growth livestock sales operational were poultry the in offset osteoarthritis dogs and an grow the pain monoclonal cats supply Meanwhile, for in markets. international swine by quarter, continue on $XX flat and quarter, to of constraints million revenue and and the in in of on products. impact of in products basis generics primarily antibodies with cattle
declining by for was billion $X.X and X% livestock in to Now U.S. X%. segment XX% growth revenue growing sales quarter. sales quarter, the by animal with companion moving the revenue growing on
double-digit have is resolved year. earlier that reflects and first to increasing the X% practice X% the we and after-effects companion increased revenue driven we In pandemic some the XX% quarter, peak capacities. returned issues adoption remained visit supply Focusing the on growth numbers per visits of again quarter, veterinary above the The visits pets veterinary our levels. visit in approximately majority workforce this by U.S. impact decline comparison challenges a the well remain strong of XXXX, to despite pre-pandemic growing animal, the in decline from as in of limited clinic as in visit quarter. as clinic clinic Absolute in spending
growth continue retail in growing the in We continues QX, the million retail XX%. quarter to see partners Simparica U.S., sales $XXX other segment our growth to XX%. grew in by with to of the channels. outpacing drive Trio sales In
With growth resolved, drive to the market able we year supply the efforts in were largely the to constraints earlier share from and in regain quarter. leverage promotional
double-digits. Key the growing million each were Apoquel quarter, growing XX% for sales dermatology and product $XXX in the U.S. Cytopoint, with
in restocking We foreseeable continue expected, supply of and well for livestock cattle of in competition for with the third the cattle sales certain generic poultry. declined the U.S. market impact XXXX X% impacted as the to products in quarter as products expansion quarter by of as expect of the the future.
our products quarter. segment, revenue grew companion Moving XX% flat on our and grew revenue International antibodies a grew and monoclonal X% basis our reported to Increased animal resulted where operationally was dermatology XX% from parasiticides sales in portfolio, of our operationally pain. companion of animal livestock products alleviation and the osteoarthritis growth in for on International operationally. key
very in from international especially animal China. parasiticide had revolution portfolio well supply challenges, franchise, Our a rebounded Growth quarter. by strong small which was driven
in in to the XX% products Our basis double-digit with Apoquel. dermatology an growth grew contributed and Cytopoint growth $XXX markets quarter, continued across and on all key million key revenue of operational
inventory We delivering the slightly of internationally. removal our quarter continue the certain pleased end which the led portfolio to the quarter million below higher with the oral sales of Solensia quarter pain in sales in Librela be fourth in generating markets, at million Librela QX. and due prior allocation with $X dipped of to supply performance to $XX levels
across We expect segment. from contribution see in to XXXX to significant growth coming our Librela International
in Moving on Livestock to grew quarter. which our X% International segment, operationally the
partially driven vaccines markets, The due supply including due weak slight was in protein. for in year poultry to key for operationally by a poultry portfolio offset swine improved due Chile. and and growth XX% declined partially comparative by salmon conditions. in decline increased across grew of certain Norway Growth increased products grew market vaccines Our fish offset to demand was prior which to the swine constraints demand sales, by China, in international. quarter Sales
moving foreign unfavorable of primarily as costs, to gross higher margin driven basis offset price P&L margins Operationally, points charges by inventory as by Now basis quarter. the the points, exchange which to on prior from decreased partially the gross XX year, reported basis were of XXX XX.X% and declined well freight favorable manufacturing mix. compared impacts. the and higher for rest resulting on a Adjusted
and quarter an and lower lower expenses freight and tax expenses the logistics promotion, expenses adjusted income. income lower the increased XX% driven related operationally The spend. EPS due Adjusted SG&A project decreased higher benefit XX% for XX% due operationally diluted for partially basis net in R&D XXX to expenses. X% adjusted and XX.X%, higher higher U.S. grew by points, the of compensation was operationally effective primarily tax increase net foreign-derived advertising and quarter compensation-related lower operating related intangible a X% costs in adjusted with and to the Operationally, quarter. to grew offset rate declining benefits discrete by
dividends. shareholders quarter, in shares million. share million In billion of expenditures $XXX quarter Capital repurchased through fourth were returned repurchases a Zoetis and $XXX approximately over $X.X the combination the to and of we
repurchased In or the For have shareholders. in at billion continuing growth the annual almost XX% our to net we $X.X of adjusted grow dividend faster and over billion December, returned we $X.X Zoetis announced to a our than income. shares commitment dividend year, increase,
exchange January. Now note full foreign late for moving as reflects of guidance that please year on to XXXX, guidance the our rates
at impact a The are quarter. the prior versus income. impact slightly expecting in We revenue exchange foreign half minimal with year, to in adjusted the particularly at have will and versus unfavorable first year accretive year, neutral foreign full exchange prior the impact first the net be
In is of exchange late based the exchange the rates. half expected be the foreign favorable January on second to year,
of range the between $X.XXX X% in billion operational our guidance our we strength OA our to to X% a $X.XXX range revenue of again will expect For at end. continued XXXX, high XXXX pain end projecting and Volume Simparica Trio are primary and diverse dermatology low with driver billion, We portfolio, X% and companion of at expansion be to of X% the growth. animal adoption be representing X% our X% the growth products. to the of key for monoclonal further antibodies the
conditions of high in particularly strong. modest by levels decline standard and declines impact pre-COVID driven DRAXXIN fundamentals demand market will poultry to livestock partially in last fundamental revenue sales, visits U.S. in clinic growth planning on for as an be the fish. as industry poultry, the business increased well as XXXX, by remain product at the intact. well offset and remain driven above as anticipate unfavorable Despite cattle. in launches remain new year, The We an which all-time half as trends by vet make is the generic in essential care increase. continues declines protein Business first These livestock
underpin growth. touch revenue assumptions like that the upon to I’d our expectation for key
to will we launch in triple in we of product companion against the combination Trio. a For compete animal, U.S. first half assume XXXX Simparica the
Trio. products, significant XXXX topicals triple not expect Apoquel help our collars key project this Cytopoint. competitive and or growth expect and entrants combination do will in drive to We for dermatology conversion the entrant Trio parasiticides from We for still and
derm year market growth from portfolio robust of dermatology expansion price. continued of and the our coming key expect We of another
to about next in franchise markets excited continued OA year. are several growth and We our the plan in launch new
increases mix as costs. For higher is a of the of be exchange expected the where P&L, of foreign remainder the by and offset adjusted XX%, XX.X% price range input in sales product of cost partially revenue favorable percentage are to to
billion, Adjusted of the drivers to primary are SG&A XXXX, to year-over-year. This for increase expenses those be for billion XXXX on growth. between our million both R&D supporting revenue is $X.XX new from as expected and of can is focused Adjusted advancing pipeline. million. with and in spend be expenses year R&D the reflective $XXX $XXX between expected investment projects as fluctuate increased $X.X well
ensuring in million. to expected Zoetis because is capital the novel and to reductions other in R&D our income leader commitment health animal are disruptive products bring cycle of This market. prioritizes innovation, reflects and be increase Adjusted innovation. approximately life the we $XXX the allocation to our enhancements expenses interest
to rate tax income billion XX% is of net expected the for billion, in $X.XX effective Adjusted X% expected adjusted $X.XX is in XX%. X%. to to range range growth XXXX be representing of be to to Our operational the of
of than again growing our once revenue. adjusted line faster guidance with the revenue Our value and in growing reflects faster proposition or net than market income
adjusted the in and expect diluted $X.XX. to $X.XX $X.XX range EPS $X.XX reported We to the to in of diluted range be of EPS be to
anticipating in We $XXX billion. capital expenditures are million to to increase XXXX $X to
our make dosage. We monoclonal growth, manufacturing well to solid investments as continue future as support including capacity oral to antibodies for
the industry and resilient health of economic Finally, headwinds. Zoetis the in animal remain face
range guidance challenges. labor conditions impact veterinary reflective uncertain the of XXXX is clinic macroeconomic and of Our
low full represents is guidance the of a variety QX to to due below expected year growth the for guidance our our full While reasons. end operational year, the rate revenue expectations of be in
constraints force minimal impact quarter our began robust which from as limited in we field XXXX clinic from QX growth vet saw QX. diagnostics First, labor change, as as strong model disruption was a with comparable well
in wave in China. expect quarter, we impacts the the COVID of lingering latest Additionally, see to
inventory sales income versus certain XXXX. channel U.S., share expect as short-term. the In of decline the QX net Simparica Lastly, well to which which restocking and in increased in in as as we prior not start of a in well timing low promotions a as off also modest the QX, in force return regain base result subsequent extension year XXXX did the channel the the our modestly including adjusted XXXX investment levels QX products, earlier, in the Trio, supply noted a is as R&D of QX, until on
year XXXX line. significantly and we despite summarize. bottom growing the market another strong line the take was challenges, to to outperformed top than faster continue Now some share, all while the
grow to again faster our and by innovative we our As we market markets in begin in. products successfully new launch of for compete XXXX, ability market, expand driven existing spaces to portfolio, we the the expect than the our end once the confidence strength and dynamics
I’ll hand Now line things questions. to your operator over to for the the Operator? open
