Zoetis Inc at Piper Sandler Healthcare Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: David Westenberg - Piper Sandler & Co. - Analyst : So we'll get right into Q&A. You're coming off your R&D Day. One of the things that we did find pretty interesting is your likelihood of approval. Can you remind investors of why your R&D efficiency is so high? And then can you talk about some of the products you're most excited about coming on Innovation Day?

Question: David Westenberg - Piper Sandler & Co. - Analyst : It was on the pipeline update, most exciting key takeaways on the pipeline disclosure from Tuesday's call. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 04, 2025 / 2:30PM, ZTS.N - Zoetis Inc at Piper Sandler Healthcare Conference

Question: David Westenberg - Piper Sandler & Co. - Analyst : Got it. Well, admittedly, I haven't gone to the full Tuesday call, but I think on the highlights, I think the key -- the CKD in 2027, I think you gave the exact timelines of second half of '27. I don't think you've ever talked about that in the past. So can you provide more details on the launch and expectation? And why are you so confident that something that is two years out is you're going to hit that timeline?

Question: David Westenberg - Piper Sandler & Co. - Analyst : Got you. I think you mentioned the US -- or sorry, Librela is stabilizing in the US. Can you tell us what you're seeing that give you confidence that that is indeed happening and about sequential growth in Q4 versus Q3, if that is a possibility? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 04, 2025 / 2:30PM, ZTS.N - Zoetis Inc at Piper Sandler Healthcare Conference

Question: David Westenberg - Piper Sandler & Co. - Analyst : Got you. Can you clarify whether or not Librela can return to growth in '26? I believe what you might have said on the call Tuesday or maybe it was on the earnings call that back half, is that -- what's the expectation? And what gives you confidence kind of in the back half?

Question: David Westenberg - Piper Sandler & Co. - Analyst : Got you. I want to stick with the pipeline just because there is the newest update. So you received approval in Lenivia in Canada and the EU. How do you expect to differentiate that product from Librela?

Question: David Westenberg - Piper Sandler & Co. - Analyst : Got you. I want to maybe dive in a little bit further. I mean I think what we find with Cytopoint versus Apoquel is you actually have different efficacy cases where some will work in some patients, some in the other. Just given that it targets a different area, do you think that might be the case where one of them can work where the other one wouldn't be as effective in anyway. If you have any --

Question: David Westenberg - Piper Sandler & Co. - Analyst : Got you. Okay. Can you talk about expectations for US approval? Lenivia?

Question: David Westenberg - Piper Sandler & Co. - Analyst : Got it. Just to clarify, is it -- with mAbs, I don't know whether or not it's USDA or --?

Question: David Westenberg - Piper Sandler & Co. - Analyst : Got it. Sorry, Wetteny, I've been leaving you without questions. So we'll go to the guidance. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 04, 2025 / 2:30PM, ZTS.N - Zoetis Inc at Piper Sandler Healthcare Conference

Question: David Westenberg - Piper Sandler & Co. - Analyst : We'll go back to guidance. You raised guidance in Q2. In Q3, you lowered the guide. What has kind of been the change in that?

Question: David Westenberg - Piper Sandler & Co. - Analyst : Got it. We believe the NUMELVI launch is a little bit behind schedule in the US. How could that play out in, say, Q4? And then for 2026, do you expect heightened competition versus what you came in with in 2025? And of course, you can't give guidance, but I mean the way investors should think about?

Question: David Westenberg - Piper Sandler & Co. - Analyst : So you answered very well. So I'm sorry, I am going to dive in a little bit further on the NUMELVI launch because I just thought I want to hear about both NUMELVI because it is in Europe and then, of course, they'll make a product has a better label in Europe. So can you talk about some of the dynamics you might have seen in Europe? And if we can apply those to what we might see in '26.

Question: David Westenberg - Piper Sandler & Co. - Analyst : Got you. You touched on long-acting parasiticides and you touched on just protectional injectable parasiticides. So I believe -- and anyway, it's my data suggests that Quantum may not be doing as well as kind of we would have expected. So how are we thinking about injectable parasiticides ability to grow the overall market and kind of what we would think about pricing and whatnot. Again, sorry, I don't want to take away from that product. It's growing. It's actually growing really, really fast relative to what I would have expected.

Question: David Westenberg - Piper Sandler & Co. - Analyst : Got it. I want to maybe touch on some of the Q3 dynamics around therapeutic visits and kind of in IDEXX, we are seeing a little bit of wellness, non-wellness recovery. So can you help kind of clarify the differences between what we might see in the IDEXX data and kind of what you guys have said around therapeutic visits?

Question: David Westenberg - Piper Sandler & Co. - Analyst : Got it. I want to maybe switch back to pipeline. You're planning on launching a significant amount of therapeutics over the next 10 years. I think you're mentioning two to three a year. Can you talk about kind of that ability to grow? I mean, I think your goal is still growing a couple of hundred basis points above the market. So is that how we get there?

Question: David Westenberg - Piper Sandler & Co. - Analyst : Got you. I think maybe one thing that investors might underestimate is how you've always come kind of a first to market with a lot of different products. So can you talk about your market leadership and your ability to come with these first to market and educate vets and kind of what that does for margin profile, growth profile, et cetera?

Question: David Westenberg - Piper Sandler & Co. - Analyst : Given that we have one more minute, I want to talk about just two different things. Like number one, I mean, the multiple of the stock is maybe the lowest since I've covered it. So what do you think investors are missing? And Wetteny, would you be increasing share purchases just given the fact that we do have a lower multiple than what you've had historically?

Question: David Westenberg - Piper Sandler & Co. - Analyst : Got it. Well, we're out of time. Thank you so much.