So back again, it’s our confidence not just for ’24, but for ’25. I don’t know, Wetteny, if you want to add anything on that.
Wetteny Joseph: Look, the only thing I would say is two things. One, we are not seeing a weakening consumer. You saw us post high double-digit growth across Trio and our key derm franchise. And even if we normalize for some of the tailwinds from last year, we still have high double-digit growth across each of those. And so that certainly demonstrates continued demand products and our innovation. The other one I would say is, look, as we look ahead and we’re not going to give guidance specific to 2025 here, but we’re confident in our ability to grow in the face of competition. Now there can be some short-term promotional activity that might have some impact. But beyond those, we’re confident in our products and we’ll see what the labels are that we’re going to compete against.
Operator: We’ll take our next question from Chris Schott with JPMorgan.
Chris Schott: Just two questions for me. Just continuing on Trio, can you quantify if there’s a channel dynamic benefit you saw here? And just give us a little more color on maybe the size of that. And then the second one was Librela U.S. Should we expect a similar dynamic in the U.S. that we saw ex U.S., where initial uptake is more in the severe OA pets, which I think would be maybe a little bit less sensitive to some of the headlines we’ve seen over the past month and then the moderate piece of the business is happening kind of a year or two or further out? Or is the U.S. market you’re thinking different where those severe and moderate may be scaling kind of simultaneously with each other?
Kristin Peck: Sure. Thanks, Chris. I’ll let — you take, Wetteny, the Trio question. I can follow-up on Librela.
Wetteny Joseph: Yes, absolutely. Look, the short answer is no. There’s no channel dynamics that we’re seeing here. As I mentioned just a moment ago, we did have dynamics last year in the quarter where you saw destocking coming from promotional — timing of promotions in the prior year and more pre-priced buy-ups. And so that did provide some tailwind here. So we posted 61% growth on Trio globally, and that’s the same percentage growth in the U.S., $205 million growing 61%. And if you were to say — there’s no precision here, but I would say our internal estimates is that if we factor in the tailwinds from last year, that may account for about half of the growth that we’re seeing. So still remaining very significant growth on Trio, and there’s no channel dynamics in terms of inventories to speak of in the current year.
Kristin Peck: Sure. And on your second question with regards to Librela in the U.S., I mean, what we have seen historically in Europe and in markets that launched first is it is often put into the severe dogs who are desperate for a new therapy initially and moving to the moderate. But we’ve learned that lesson after three years in Europe. And so we’re making sure as we launch in the U.S. that we get into that moderate. As you think about the early Experience Trial, for example, that we did in the U.S., we made sure there was a balance of mild, moderate and more severe cases so that they have experience and they can see the impact of the product in that. As you even look at some of the data that Wetteny spoke about earlier, which is we have more than 50% of — outside of the U.S. of patients right now in moderate — mild to moderate cases, which I think is tremendous growth.
And what you’re seeing when you do that is also an increase in compliance. So compliance is now between seven and eight months, up from six to seven months outside the U.S. So our goal as we were launching in the U.S. as we designed the early Experience Trial and as we market with vets is to make sure that this is a product that can be a first-line therapy for mild, moderate and severe cases and making sure that we can get that conversion into mild and moderate, similar to where we are in Europe, faster in the U.S. So that is certainly our focus as we think about growing that brand in the U.S.
Operator: We’ll take our final question from Navann Ty with BNP.
Navann Ty: Thanks for the color on Librela. I have some follow-ups. What is the early effect from the vet from your online education sessions? And how many of vets approximately did you reach out to so far? Also interested in your early dialogue with the FDA, if any? Is that just a common surveillance after a product launch so far?
Kristin Peck: Sure. Thank you. With regards to your first question on the vets we’ve reached out to, we’ve reached out to through our tech bulletins with letters directly from our Chief Medical Officer almost every vet in the U.S. — any vet who’s a customer of ours in the U.S. We think that, that’s really critical. Any of those vets can join, for example, our open office hours with our Chief Medical Officer, Richard Goldstein. We’ve invited vets to these webinars and really working with our veterinary operations group in every area across the U.S. to make sure they have access not just to internal and external. So thousands of vets have attended these webinars to date. Again, this is something we normally do. Obviously, we put it — it’s had more urgency to make sure that we have more ways to engage with them, to make sure that the veterinarian’s questions are answered.
And as I think as you look at the fact that our 4-week trailing sales continue to accelerate, as Wetteny mentioned, is demonstration that vets still are getting the education they need to confidently prescribe this product appropriately there. And with regards to the questions with regards to our interactions with the FDA. As you know from covering us, those are regular conversations we have with the FDA all the time. That’s a normal course of business for any company as you launch a new brand, as you expand that and sharing the information in the U.S. and having a dialogue around that, sharing the global information with them. So that’s a usual course of what we would do as we launch a product, and honestly, even when the product’s on the market for years.
So we continue to be a usual course and collaborate with the FDA to make sure that they have all the information they need there. So there’s nothing out of the ordinary there in the normal engagement with the FDA.
Operator: And there are no further questions at this time. I’ll turn the call to the speakers for any closing remarks.
Kristin Peck: Thank you. Look — sorry, back to me. Thank you. Look, I really want to thank everyone for joining today. I want to reiterate that this was an outstanding performance this quarter. I really want to thank our colleagues for their commitment. And hopefully, you see our focus on creating shareholder value. I think it’s a strong start as we look forward to continued momentum in 2024. We are customer obsessed from unrivaled R&D investment to expanded manufacturing capabilities to a world-class, purpose-driven colleagues. Everything that we do at Zoetis is aimed at anticipating and addressing what we believe are the most pressing needs in veterinary care even before they’re widely recognized by many others. And our scientific breakthroughs have firmly established us as a trusted and preferred partner to our customers.
And we will continue to invest in the talent, the pipeline and the capabilities that will support Zoetis’ future growth. So we remain committed to the safety and efficacy of our products and of our industry-leading products because our treatments change lives. Based on our track record of performance, I think our customers agree as well. So thanks so much for joining us. We look forward to engaging throughout the quarter.
Operator: Thank you. And this does conclude today’s program. Thank you for your participation. You may disconnect at any time.
