Question · Q3 2025
Kris Schott of JPMorgan Chase & Co. sought further clarification on the U.S. dermatology performance in the quarter, specifically asking about the impact of Zenrelia and positioning ahead of a potential Merck launch, and the outlook for recovery in therapeutic visit trends.
Answer
CFO Wetteny Joseph stated that competitive positioning and patient share gains from Zenrelia were in line with expectations and not significantly different. He confirmed that the full launch of Numelvi in Europe is factored into Q4 guidance, while a potential Merck U.S. launch is not yet a factor. Joseph emphasized that the decline in therapeutic visits for dermatology, impacting patient starts, is the key difference. CEO Kristin Peck added that Librela, with over 30 million doses distributed globally, is showing signs of stabilization, giving confidence in its return to growth in 2026 due to strong execution of their multi-pronged strategy.