Summary of Zoetis Conference Call Company Overview - **Company**: Zoetis - **Industry**: Animal Health Key Financial Performance - **Fiscal Year 2025**: - Top line growth of **6%** on an organic operational basis - Bottom line growth of **7%** - Growth was **9%** in the first half and **6%** in the second half of the year [4][5] - **Fiscal Year 2026 Guidance**: - Expected top line growth between **3% and 5%** - Expected bottom line growth between **3% and 6%** [5][6] Market Dynamics - **Consumer Behavior**: - Weakness observed in the U.S. consumer market, particularly affecting pet care - Consumers are spending more on animal health, but this is driven by higher prices rather than volume [5][9] - **Livestock Portfolio**: - Continued strong growth in livestock, with growth rates of **6%**, **5%**, and **7%** over the past three years - Expected to grow in the mid-single digits in 2026, outpacing companion animal growth [5][6][16] Competitive Landscape - **Pet Care Market**: - Competitive dynamics have impacted growth, particularly in the second half of 2025 - Price increases have affected Gen Z and millennials, leading to reduced volume [7][9] - **International Business**: - International companion animal business has shown growth similar to the U.S. market - Significant opportunities exist in international markets, particularly in livestock [14][15] Product Segments - **Parasiticides**: - Global market size of nearly **$7 billion** - Triple combination products have gained significant market share, now accounting for **50%** of U.S. clinic patient share [25][26][28] - Trio product generated **$1 billion** in revenues in the U.S. last year [28] - **Dermatology**: - Revenues reached **$1.7 billion** in 2025, with room for further expansion - Competitive pressures and a decrease in therapeutic visits impacted growth in the second half of 2025 [42][43] Pipeline and Future Growth - **Pipeline Focus**: - Key areas include chronic kidney disease, oncology, cardiology, and obesity, representing a **$7 billion** total addressable market opportunity [53] - Ongoing R&D efforts to expand existing markets and address unmet needs in animal health [54][55] Capital Allocation Strategy - **Investment Priorities**: - Focus on investing in the business, including R&D and M&A - Share repurchase program remains a priority, with **$2.4 billion** remaining on the authorization [62][63] Conclusion - **Outlook for 2026**: - Despite headwinds, Zoetis remains optimistic about growth opportunities in both the companion and livestock segments - The company is well-positioned to leverage its product pipeline and market leadership to drive future growth [66][67]

Summary of Zoetis Conference Call Company Overview - **Company**: Zoetis - **Industry**: Animal Health Key Points Companion Animal Market Insights - Overall consumer spending on pet health remains strong, with vet clinic revenues increasing by approximately 6% in Q4 2025 [2] - There is pressure on specific consumer segments, particularly millennials and Gen Z, due to financial burdens like student loans, affecting clinic visit volumes [2][3] - Corporate-owned vet clinics have seen pronounced price increases, leading to higher spending on emergency care, indicating a shift in consumer behavior towards urgent care [3] Product Performance and Growth - **Trio Product**: Generated over $1 billion in U.S. revenues, with high satisfaction levels (95%-96%) among pet owners and veterinarians [6] - Triple combination products occupy about 50% of the vet clinic patient base, with new puppies showing a higher adoption rate of these products [7][8] - Compliance rates for Trio are significantly higher in autoship channels, indicating a strong opportunity for growth in this area [10] Dermatology Segment - Key dermatology products generated $1.7 billion in revenue last year, with less than 50% of itchy dogs receiving treatment from veterinarians, indicating substantial growth potential [14][15] - Apoquel and Cytopoint are the main products in the dermatology franchise, with high satisfaction levels and ongoing conversion from Apoquel to its chewable version [20][21] - The company is focusing on increasing awareness and driving more dogs into clinics for treatment [17][18] Osteoarthritis (OA) Pain Management - Librela is showing signs of stabilization, with over 75% satisfaction among pet owners [30] - An estimated 25 million to 27 million dogs in the U.S. suffer from OA pain, with only about 1 million currently receiving Librela treatment, highlighting a significant market opportunity [31][32] Livestock Market Dynamics - Livestock growth is expected to continue at mid-single-digit rates, driven by rising animal protein consumption due to population growth and urbanization [40][41] - The livestock segment is currently growing faster than the companion animal segment, although long-term trends suggest companion animals will outpace livestock growth [42] Pipeline and Future Products - The company is excited about its pipeline, particularly in addressing renal and chronic kidney disease, with a total addressable market estimated between $3 billion and $4 billion [43][44] - Future product launches will focus on working with specialists before broader market releases to ensure effective education and data collection [34] Capital Deployment Strategy - In 2025, Zoetis returned $4 billion to investors, with a focus on investing in R&D and strategic M&A, such as acquiring part of Neogen's genomics business [45][46] - The company prioritizes business investment over cash retention, ensuring continued growth and innovation [47] Macro Economic Considerations - The company is monitoring oil price fluctuations and their potential impact on supply chain dynamics, but current levels are not expected to have significant effects [39] Additional Insights - The company emphasizes the importance of compliance and consumer education in driving product adoption and market growth across various segments [35][36] - There is a strategic focus on leveraging promotional activities in the dermatology space, which is less seasonal compared to parasiticides [23][24]

Core Insights - Intrepid Potash, Inc. (IPI) reported a narrower loss of 3 cents per share for Q4 2025, compared to a loss of $16.04 in the same quarter last year, with adjusted earnings of 49 cents per share, surpassing the Zacks Consensus Estimate of 26 cents [1][9] - The company achieved revenues of $75.9 million for the quarter, reflecting a year-over-year increase of approximately 36% [1][9] Segment Highlights - Potash segment revenues increased by about 2.3% year over year to $29.5 million, exceeding the consensus estimate of $21.4 million, driven by higher average net realized sales prices per ton [2] - The Trio unit generated revenues of approximately $43.3 million, up around 84.4% year over year, surpassing the consensus estimate of $32.3 million, attributed to higher sales volumes and increased average net realized sales prices per ton [3] - Revenues from the Oilfield Solutions unit were roughly $3 million, down about 13.3% year over year, falling short of the consensus estimate of $3.99 million due to lower water sales [3] FY25 Results - For the full year 2025, reported earnings were 85 cents per share, compared to a loss of $16.53 in the previous year, with sales rising approximately 17% year over year to around $298.3 million, primarily due to increased volumes in the potash and Trio segments [4] Financials - At the end of 2025, the company had approximately $83.5 million in cash and cash equivalents, with no outstanding borrowings on its $150 million revolving credit facility [5] - Cash flow from operations was reported at $8.9 million for the quarter and $55.8 million for the full year 2025 [5] Outlook - The company anticipates potash sales volumes to range between 95,000 and 105,000 tons for Q1 2026, with an average net realized sales price of $345 to $355 per ton [6] - Trio sales volumes are projected to be between 105,000 and 115,000 tons, with an expected average net realized sales price of $380 to $390 per ton [6] - Potash output for 2026 is forecasted to be between 270,000 and 285,000 tons, while Trio production is expected to reach 285,000 to 300,000 tons [6] Capital Expenditure - The company plans capital expenditures of between $40 million and $50 million for 2026, mainly driven by the construction of Primary Pond 8 at Wendover and sustaining capital at the East Mine [7] Price Performance - Shares of Intrepid Potash have increased by 49.9% over the past year, compared to a 23.9% rise in the Zacks Fertilizers industry [10]

Core Insights - Intrepid Potash reported significant improvements in its 2025 financial results, driven by strong demand for fertilizer products, improved cost efficiency, and higher pricing, particularly for its specialty product Trio [1][3][6] Financial Performance - The company achieved an adjusted net income of $6.5 million and adjusted EBITDA of $18.1 million in Q4 2025, marking substantial improvements compared to the previous year [2][6] - For the full year 2025, Intrepid posted an adjusted EBITDA of $63 million, representing an almost 80% increase from 2024 [2][6] - Total fertilizer sales volumes reached approximately 592,000 tons in 2025, a 20% increase from 2024, with Trio sales volumes hitting a record of 303,000 tons [1][6][7] Product Segments - In the potash segment, gross margin for Q4 was $4.6 million, with an average net realized sales price of $387 per ton, despite slightly lower sales volumes due to seasonal factors [7][8] - The potash segment gross margin for the full year was $18.2 million, with 289,000 tons sold in 2025, a 20% increase from 2024 [8] - Trio was a key performance driver, generating a gross margin of $10.5 million in Q4 and $33.4 million for the full year, with pricing gains noted [9][10] Production and Guidance - Management expects potash production in 2026 to be between 270,000 and 285,000 tons, and Trio production to be between 285,000 and 300,000 tons [5][17] - For Q1 2026, potash sales are projected at 95,000 to 105,000 tons at a price range of $345 to $355 per ton, while Trio sales are expected at 105,000 to 115,000 tons at $380 to $390 per ton [5][17] Lithium Project Update - Intrepid is progressing on a lithium extraction initiative at its Wendover facility, with a joint development agreement producing a sample of battery-grade lithium carbonate and a maiden resource estimate of approximately 119,000 tons of lithium carbonate equivalent [4][14] - A definitive feasibility study for the lithium project is planned for late 2026 [4][14] Asset Sale and Capital Allocation - The company is in exclusive negotiations for the sale of its South Ranch asset, with an expected closing in the first half of 2026 [16] - Post-sale, the company aims to prioritize investments in core operations to ensure predictable cash flow and maintain liquidity [18]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported adjusted net income of $6.5 million and adjusted EBITDA of $18.1 million, both showing significant improvements compared to the previous year [4] - For the full year 2025, adjusted EBITDA reached $63 million, representing an almost 80% improvement compared to 2024, marking one of the best performances since 2016 [4] Business Line Data and Key Metrics Changes - Combined Potash and Trio sales volumes in 2025 were over 590,000 tons, a 20% increase compared to 2024, with Trio sales reaching a record 303,000 tons [5] - Potash COGS per ton improved by approximately 5% year-over-year, while Trio COGS per ton improved by over 10% [5] - The gross margin for Potash in Q4 was $4.6 million, consistent with the prior year, while full-year gross margin was $18.2 million, slightly higher than last year [14][15] Market Data and Key Metrics Changes - Year-to-date domestic exports for corn were up almost 50% compared to last year, and soybean futures increased by about 15% since August [6] - Global Potash shipments in 2025 were estimated at roughly 75 million tons, with an expected growth of about 1.5 million tons in 2026 [8] Company Strategy and Development Direction - The company has deferred a decision on the AMAX cavern project until at least 2027 to ensure a thorough understanding of the mineralogy and geology [9] - The company is optimistic about its lithium project in Wendover, with a joint development agreement in place and a goal for a definitive feasibility study later this year [11] - The company is focused on maintaining strong core operations and generating consistent free cash flow, with capital allocation priorities centered on internal needs and potential growth [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining strong production levels and highlighted the positive outlook for agricultural markets, particularly for corn and soybeans [6][12] - The company remains optimistic about the demand for its core products, supported by long-term reserve lives and favorable market conditions for critical minerals in the U.S. [13] Other Important Information - The company is under exclusivity with a potential buyer for the South Ranch, with negotiations ongoing and an $8 million deposit received [12] - The company expects Trio production in 2026 to be between 285,000 tons and 300,000 tons, representing a year-over-year increase of about 7% [10][17] Q&A Session Summary Question: Current potash demand dynamics and order book for Q1 - Management indicated that the potash order book is almost fully committed for Q1 and no significant demand destruction has been observed [21] Question: Unit economics of the lithium project - Management stated they are not prepared to address cash costs of production at this stage but will provide updates as engineering work progresses [23] Question: Outlook for Oil Field sales - Management noted that they are testing the market for valuation of their Oil Field Services business and any further comments would be speculative [24] Question: Impact of sulfur prices on Trio demand - Management reported strong demand for Trio during the main application season and is monitoring sulfur prices closely [28] Question: Capital allocation priorities if the South Ranch deal goes through - Management emphasized a focus on core operations and maintaining liquidity for internal capital needs, with discussions on capital allocation beyond that to follow [32][33]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported adjusted net income of $6.5 million and adjusted EBITDA of $18.1 million, both showing significant improvements compared to the previous year [4] - For the full year 2025, adjusted EBITDA reached $63 million, representing an almost 80% improvement compared to 2024, marking one of the best performances since 2016 [4] Business Line Data and Key Metrics Changes - Total fertilizer sales volumes for 2025 were 592,000 tons, nearly 100,000 tons higher than 2024, the highest level since 2018 [14] - Potash sales volumes increased by 20% to 289,000 tons in 2025, while Trio sales volumes reached a record 303,000 tons [5][14] - The gross margin for the potash segment in Q4 was $4.6 million, while the full year gross margin was $18.2 million, showing modest improvement despite a pricing decline [15] Market Data and Key Metrics Changes - Domestic exports for corn are up almost 50% year-to-date compared to last year, and soybean futures have increased by about 15% since August [6] - Global potash shipments in 2025 were estimated at roughly 75 million tons, with an expected growth of about 1.5 million tons in 2026 [8] Company Strategy and Development Direction - The company is focusing on maintaining strong capital discipline and evaluating the AMAX Cavern project, deferring decisions until at least 2027 [9] - The company aims to sustain Trio production and expects to produce between 285,000-300,000 tons in 2026, while potash production is projected to be flat to slightly down [10][17] - A joint development agreement for lithium extraction has been established, with a goal for a definitive feasibility study later this year [11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about agricultural markets and stable demand for potash, with no significant demand destruction observed [21] - The company is confident in its ability to achieve over 300,000 tons of potash production in upcoming years despite recent setbacks [19] Other Important Information - The company is under exclusivity with a potential buyer for the South Ranch, with negotiations ongoing and an $8 million deposit received [12] - The capital investment for 2026 is expected to be in the range of $40 million-$50 million, primarily for sustaining capital [18] Q&A Session Summary Question: Current potash demand dynamics and order book for Q1 - Management indicated that the order book for potash is almost fully committed for Q1, with stable demand expected [21] Question: Unit economics of the lithium project - Management stated they are not prepared to address cash costs of production at this stage but will provide updates as engineering work progresses [23] Question: Outlook for oil field sales - Management mentioned that they are testing the market for valuation of their oil field services asset and any further comments would be speculative [24] Question: Impact of sulfur prices on Trio demand - Management noted good demand for Trio in the current application season, with sulfur prices being monitored closely [28] Question: Capital allocation priorities if the South Ranch deal goes through - Management emphasized a focus on core operations and maintaining liquidity for internal capital needs, with discussions on capital allocation to follow [32][33]

Financial Data and Key Metrics Changes - In Q4 2025, the company reported adjusted net income of $6.5 million and adjusted EBITDA of $18.1 million, both showing significant improvements compared to the previous year [4] - For the full year 2025, adjusted EBITDA reached $63 million, marking an almost 80% improvement compared to 2024, and is one of the best performances since 2016 [4] Business Line Data and Key Metrics Changes - Combined potash and Trio sales volumes in 2025 were over 590,000 tons, a 20% increase from 2024, with Trio sales reaching a record of 303,000 tons [5] - Potash COGS per ton improved by approximately 5% year-over-year, while Trio COGS per ton improved by over 10% [5] - The gross margin for potash in Q4 2025 was $4.6 million, consistent with the prior year, while full year gross margin was $18.2 million, slightly higher than last year [14][15] - Trio's gross margin for Q4 2025 was $10.5 million, with a total of $33.4 million for the year, marking one of the best performances in the company's history [17] Market Data and Key Metrics Changes - Year-to-date domestic exports for corn are up almost 50% compared to last year, and soybean futures have increased by about 15% since August [6] - Global potash shipments in 2025 were estimated at roughly 75 million tons, with an expected growth of about 1.5 million tons in 2026 [7] Company Strategy and Development Direction - The company has deferred a decision on the AMAX Cavern project until at least 2027 to ensure a thorough understanding of the mineralogy and geology [8] - The company is optimistic about its lithium project in Wendover, with a joint development agreement in place and a maiden resource estimate of approximately 119,000 tons of lithium carbonate equivalent expected [11] - The company is under exclusivity with a potential buyer for the South Ranch, with negotiations ongoing and a deposit of $8 million received [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining HB production over the next several years without the AMAX project and highlighted strong operational performance in Trio [9] - The company remains constructive on the outlook for critical minerals in the U.S. and believes it is an opportune time to be a domestic producer of potash and Trio [12] - Management anticipates stable demand for potash in the spring season, supported by strong corn planting expectations [22] Other Important Information - The company expects potash production in 2026 to be in the range of 270,000-285,000 tons, with a slight degradation in unit economics anticipated [15] - Trio production is expected to be between 285,000-300,000 tons in 2026, reflecting a year-over-year increase of about 7% [9] Q&A Session Summary Question: Current potash demand dynamics and order book for Q1 - Management indicated that the potash order book is almost fully committed for Q1 and has not seen significant demand destruction, with stable demand expected [22] Question: Unit economics of the lithium project - Management stated they are not prepared to discuss cash costs of production at this stage but will provide updates as engineering work progresses [23] Question: Outlook for oil field sales - Management mentioned that they are testing the market for valuation of their oil field services asset and any further comments would be speculative [25] Question: Impact of increased sulfur prices on Trio demand - Management noted good demand response for Trio and is monitoring sulfur prices closely as they move into the spring [29] Question: Capital allocation priorities if the South Ranch deal goes through - Management emphasized a focus on core operations and maintaining liquidity for internal capital needs, with discussions on capital allocation to follow after ensuring operational stability [31][34]

Group 1 - Strategic capital discipline has led to the deferral of the Amex cavern project until at least 2027 to ensure complete geological and mineralogical understanding [1] - Global potash markets are characterized as mostly balanced, with resilient international demand expected to absorb upcoming large-scale supply additions [1] - Management attributes the strong 2025 results to best-in-class safety performance and operational execution across 1.1 million hours worked [1] Group 2 - Trio pricing served as a significant tailwind, with fourth-quarter realized prices increasing 20% compared to the 2025 average [2] - Unit economics improved through higher production scale, with Trio COGS per ton decreasing by over 10% and potash COGS by approximately 5% [2] - Record Trio sales volumes of 303,000 tons and a 20% increase in combined fertilizer sales driven by steady demand and market share gains [2] - Trio production is projected to grow approximately 7% at the midpoint in 2026, supported by the deployment of a new continuous miner [2] - Potash production for 2026 is expected to be flat to slightly down due to below-average evaporation at the HB facility during the previous summer [2] - Management anticipates a recovery to 300,000-310,000 tons of potash production by 2027 as HB output stabilizes and Wendover contributions increase [2] - The lithium project at Wendover is moving toward a definitive feasibility study in late 2026, supported by a maiden resource estimate of 119,000 tons of LCE [2] - Agricultural demand for the spring season is supported by a 50% increase in corn exports and $12 billion in expected government bridge payments to farmers [2]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported global revenue of $9.5 billion, growing 2% on a reported basis and 6% on an organic operational basis, with 4% from price and 2% from volume [21][22] - Adjusted net income grew 6% on a reported basis and 7% on an organic operational basis to $2.8 billion [21][22] - Full year adjusted gross margin of 71.9% grew 120 basis points on a reported basis, with foreign exchange having a favorable impact of 80 basis points [39] Business Line Data and Key Metrics Changes - The companion animal portfolio grew 5% operationally in 2025, with the Simparica franchise reporting $1.5 billion in revenue, growing 12% operationally [22][24] - The livestock portfolio achieved $2.8 billion in revenue, reflecting 8% organic operational growth, driven by broad-based growth across geographies and species [24][30] - Companion animal diagnostics delivered 13% operational revenue growth for the year, supported by the launch of new products [16][23] Market Data and Key Metrics Changes - International markets contributed significantly, with 8% organic operational revenue growth, while the U.S. delivered 4% organic operational growth [7][21] - The international companion animal business grew 7% operationally, driven by the Simparica and key dermatology franchises [28][30] - Livestock performance was particularly strong in the Brazilian cattle market, with broad-based growth across all core species [30][37] Company Strategy and Development Direction - The company is focused on advancing long-acting approvals and maintaining a robust pipeline to extend growth opportunities [8][19] - Strategic actions are being taken to sustain growth through competition, including optimizing channel mix and reinforcing scientific leadership [9][10] - The company aims to leverage its diverse portfolio and innovative capabilities to drive long-term growth and value creation [20][46] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are economic pressures affecting pet owners, demand for animal health services remains strong [10][71] - The company expects gradual improvement in the macro environment as it moves through 2026, with guidance for 2026 set at 3%-5% organic operational revenue growth [18][42] - Management remains confident in the long-term fundamentals of the livestock market, driven by increasing protein consumption and favorable producer economics [18][30] Other Important Information - The company completed a convertible bond offering to support a $1.75 billion common stock buyback while maintaining a strong balance sheet [42] - A multi-year initiative to transition the ERP system is underway, aimed at enhancing operational efficiency and insight [38] Q&A Session Summary Question: Competition and Pricing Dynamics for 2026 - Management acknowledged the competitive landscape and the impact of new product launches on growth, particularly in the dermatology space [50][51] - Price increases are expected to return to a normal range of 2%-3%, with volume contributing to growth as well [52] Question: U.S. Companion Animal Operational Growth - Management indicated that the guidance incorporates current market conditions and the strength of the company's portfolio, despite competitive pressures [55][56] - The demand for animal health remains resilient, with consumers prioritizing spending on their pets [56][71] Question: Dynamics of Simparica Franchise Growth - The Simparica franchise continues to lead in the U.S. market, with significant room for expansion despite recent lower growth rates [62] - Management emphasized the importance of maintaining a strong market position and adapting to competitive pressures [62] Question: Revenue Recognition and Accounting Dynamics - Management clarified that operational changes have led to some revenue recognition shifts, which are factored into the guidance for 2026 [61][63] - The one-month lag in revenue recognition will be addressed with the implementation of fiscal year alignment in early 2026 [61][63]

Financial Data and Key Metrics Changes - For the full year 2025, the company reported global revenue of $9.5 billion, growing 2% on a reported basis and 6% on an organic operational basis, with 4% from price and 2% from volume [20][21] - Adjusted net income grew 6% on a reported basis and 7% on an organic operational basis to $2.8 billion [20][21] - Full year adjusted gross margin of 71.9% grew 120 basis points on a reported basis, with foreign exchange having a favorable impact of 80 basis points [40] Business Line Data and Key Metrics Changes - The companion animal portfolio grew 5% operationally in 2025, with the Simparica franchise reporting $1.5 billion in revenue, growing 12% operationally [21][22] - The livestock portfolio delivered 8% organic operational revenue growth for the year, with $2.8 billion in revenue [24][30] - Companion animal diagnostics delivered broad-based 13% operational revenue growth for the year [14][23] Market Data and Key Metrics Changes - International markets contributed significantly, with 8% organic operational revenue growth, while the U.S. delivered 4% organic operational growth [5][20] - International companion animal grew 7% operationally, driven by the Simparica and key dermatology franchises [27] - International livestock grew 10% on an organic operational basis, with strong performance in the Brazilian cattle market [30] Company Strategy and Development Direction - The company is focused on advancing long-acting approvals and maintaining a robust pipeline to extend growth [6][18] - Strategic actions are being taken to sustain growth through competition, including optimizing channel mix and increasing reach with veterinarians [8][19] - The company aims to leverage its diverse portfolio and robust pipeline, with 12 potential blockbusters in development [18][19] Management Comments on Operating Environment and Future Outlook - Management noted that the operating environment is dynamic, with macroeconomic pressures affecting consumer behavior, particularly among Gen Z and millennial pet owners [6][9] - Despite near-term headwinds, management remains confident in the long-term fundamentals of the animal health market, expecting gradual improvement in 2026 [9][17] - Guidance for 2026 includes organic operational revenue growth of 3%-5% and adjusted net income growth of 3%-6% [42][43] Other Important Information - The company is transitioning its ERP system to enhance operational efficiency and align fiscal years globally [39][40] - A convertible bond offering supported a $1.75 billion common stock buyback, returning over $3.2 billion to shareholders through buybacks and dividends [42] Q&A Session Summary Question: Competition and Pricing Strategy for 2026 - Management acknowledged the competitive landscape and the impact of new product launches on growth, particularly in the dermatology space [48][50] - Price increases are expected to return to a normal range of 2%-3%, with volume contributing to growth as well [52] Question: U.S. Companion Animal Operational Growth - Management indicated that the guidance incorporates current market conditions and the strength of their portfolio, despite competitive pressures [56][57] Question: Dynamics of Simparica Trio Growth - Management highlighted that Simparica Trio remains a leading product with significant room for expansion, despite recent lower growth [61][63]