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Ekaterina

Vice President and Equity Research Analyst at JPMorgan Chase & Co.

Ekaterina Pirogova is a Vice President and Equity Research Analyst at JPMorgan Chase & Co., specializing in European financial institutions with a focus on major companies such as HSBC, Barclays, and Lloyds Banking Group. Known for her rigorous fundamental analysis, she has achieved top-quartile rankings on institutional investor platforms, with a record of generating outperformance calls on key UK and continental European banks. Ekaterina began her career at EY before transitioning to the financial services sector, joining JPMorgan in 2018 and quickly advancing through analyst roles thanks to her strong performance and in-depth sector knowledge. She holds FINRA Series 7 and Series 63 licenses and is recognized for her data-driven insights and contributions as a rising talent in European equity research.

Ekaterina's questions to Elanco Animal Health (ELAN) leadership

Question · Q3 2025

Ekaterina from JPMorgan Chase & Co. asked for initial thoughts on Zenrelia's launch in Europe, its performance relative to expectations, and any surprises regarding the competitive landscape and promotional activity. She also inquired about the percentage of Credelio Quattro's volume coming from vet clinics versus online channels and expected changes.

Answer

President and CEO Jeff Simmons stated that Zenrelia's European launch is ahead of expectations, with early signs confirming the efficacy profile demonstrated in head-to-head studies against incumbents. For Credelio Quattro, he reiterated its rapid blockbuster status in the U.S., its growth from switches, new starts, and repeat patients (75%), and its strong puppy index, indicating significant runway for growth both domestically and internationally. He did not provide a specific breakdown of vet clinic vs. online volume for Quattro.

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Question · Q3 2025

Ekaterina asked for initial thoughts on Zenrelia's launch in Europe, how it's performing against expectations, and any surprises regarding the competitive landscape and promotional activity. She also inquired about the percentage of Credelio Quattro's volume coming from vet clinics versus online channels, how this mix might change, and any interesting trends observed in both channels.

Answer

Jeff Simmons, President and CEO, reported that Zenrelia's launch in Europe and Great Britain is ahead of expectations, with a very fast start. He attributed this to the product's strong efficacy profile, convenience, and value, which are being validated by a head-to-head non-inferiority study against the incumbent. Simmons pointed to Zenrelia's double-digit market share in earlier international markets like Japan, Brazil, and Canada as a positive indicator. For Credelio Quattro, he reiterated its rapid success in the U.S., noting that approximately 75% of its growth comes from competitive switches, new starts, and repeat patients. He highlighted the product's strong performance in the puppy index as a key lead indicator for continued growth and anticipated a positive international rollout for Quattro in 2026.

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