The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Chris Schott - JPMorgan - Analyst
: Appreciate all those comments here. Maybe just to kick off the Q&A. I would love to just maybe dive in a few of the growth drivers.
I know you laid out the slide some of these non-linear launches with products. It seems like Librela, it's been a lot of the controversies
this year within the portfolio. So maybe can you just first address the recent Dear Vet Letter. What that means for the franchise, how
you're addressing that? How you think about label changes, things like that?
Question: Chris Schott - JPMorgan - Analyst
: Great. And in terms of the label, black box from your perspective is off the table at this point, would you -- would you say?
Question: Chris Schott - JPMorgan - Analyst
: Perfect. The kind of sequential gating of revenue. Just talk a little bit about how we should think about pushes and pulls for Librela
we think about this quarter and beyond?
Question: Chris Schott - JPMorgan - Analyst
: Great. Can I just actually as we're going back to Librela for more question. Just talk -- I know you addressed the long-acting kind of
elements here. Just this one in particular with the long-acting coming in potentially 2025. How do you think about what that means
for the franchise being able to extend out the dosing there? Is that one more impactful than others or some --
Question: Chris Schott - JPMorgan - Analyst
: Great. Speaking of competition, derm, another category where there's been a lot of conversation there. Your competitor launched
a few months ago. Just share what you've been seeing from an Apoquel perspective as Zenrelia kind of come to market?
Question: Chris Schott - JPMorgan - Analyst
: And maybe just anything surprising in terms of how your competitors behaved so far in the launch or is largely as expected?
Question: Chris Schott - JPMorgan - Analyst
: Can I just ask on the derm growth you see over time? How much of that is driven by Apoquel and the JAKs side of the franchise
versus Cytopoint just directionally?
Question: Chris Schott - JPMorgan - Analyst
: Excellent. Maybe last question on derm. I know Merck in our presentation yesterday, I think announced that they're going to have
a product in the derm setting as well. Again, just kind of thinking about that competitive dynamic going from one player to -- the
second player maybe with a little bit of question marks around it and the third coming in. How do you think about pricing dynamics
in the derm market as that plays out?
Question: Chris Schott - JPMorgan - Analyst
: Great. Continuing on some of the bigger products here, Trio, another great year this year, it seems. Just talk about, as we go into
2025, any pushes and pulls we should keep in mind to that one specifically?
Question: Chris Schott - JPMorgan - Analyst
: And I know in the chart, I think you're talking about $6.5 billion for the triples over time. What does that imply in terms of what type
of share you think triples can get of the overall parasiticide market?
Question: Chris Schott - JPMorgan - Analyst
: And on parasiticides, how do you think about innovation? What are you most focused on to keep advancing the portfolio?
Question: Chris Schott - JPMorgan - Analyst
: And on the long-acting injectable like, how do you -- what role does that play in the market from your perspective? Like how big of
a segment is that?
Question: Chris Schott - JPMorgan - Analyst
: I know in the slides, the renal market was a pretty striking number you guys have up there. Talk a little bit about the development
of that market. Is this one that will take time to build out or one that is pretty well identified that you could see a faster uptake once
the product is approved?
Question: Chris Schott - JPMorgan - Analyst
: And I noticed in that chart, it seems like cats were a larger percent than a typical product. Talk about just the accessibility of getting
pet owners to take their cats to the vet for therapy? Just how do you think about that?
Question: Chris Schott - JPMorgan - Analyst
: Great. Just a couple of bigger picture questions. I know in your slides, you talked about the lack of correlation with vat visits. It still
seems like a lot of investors, that's the metric that gets pay attention to most closely. Maybe just on that topic, what is your expectation
on visit trends? Like is -- do you expect that this will eventually normalize? Or are we just in a new environment these days?
Question: Chris Schott - JPMorgan - Analyst
: Maybe just one last question on the bigger picture. Just the aging of maybe some of the COVID pet of bolus that came through. Is
that a tailwind for your business at all as we think about next few years as some of those animals start to get to middle and?
Question: Chris Schott - JPMorgan - Analyst
: Great. I think we're out of time. Thank you so much for the comment. Appreciate it.
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