Management remarks
Call period: 2026 Q2 · 2026-08-06
Guidance: Wetteny Joseph: We are revising our full year revenue guidance to a range of $9.12 billion to $9.32 billion, representing a decline of 3% to 1% year-over-year on an organic operational basis, reflecting the continued pressure we are seeing across key Companion Animal franchises and ongoing challenges with vet clinic visits and affordability, including our gross-to-net actions to defend share.Demand and orders: Kristin Peck: Revenue grew 12% in the quarter, reflecting sustained demand for diagnostic tools and services, particularly in urgent and emergency care.Margins: Wetteny Joseph: Excluding FX, gross margin increased about 10 basis points, reflecting lower manufacturing costs and productivity, partially offset by unfavorable mix.Analyst Q&A
Analyst Jonathan Block asked: Also a 2-parter. Wetteny, what's the update for 2026 price realization? Management Wetteny Joseph answered: Certainly, you saw in the quarter, price was flat. You're seeing the impact of the gross-to-net responses that we've already covered on this call at length, at least, I won't repeat those. And so what that would translate into, if you look at the guidance we just issued, on the range, it could be in the 0% to negative 1%, potentially negative 2% as you get towards the low end of the guidance, given our response will also be accelerated with respect to what competitors are doing, which are largely competing on price today in these categories.管理层陈述
电话会期间：2026 Q2 · 2026-08-06
指引：韦特尼·约瑟夫：我们将全年营收指引调整至91.2亿美元至93.2亿美元区间，按有机运营基准计算同比下降3%至1%，反映出核心伴侣动物业务板块持续承压、兽医诊所就诊和支付能力面临持续挑战，包括我们为捍卫市场份额采取的总营收净额调整措施。需求与订单：克里斯汀·佩克：本季度营收增长12%，反映出对诊断工具和服务的持续需求，尤其是在急诊和急救领域。利润率：韦特尼·约瑟夫：不计外汇影响，毛利率约增加10个基点，反映出更低的制造成本和生产力提升，部分被不利的产品结构抵消。分析师问答
分析师乔纳森·布洛克提问：温特尼，2026年的价格变现情况有什么最新进展？管理层温特尼·约瑟夫回答：本季度价格持平，你已经看到我们在本次电话会议中详细讨论过的毛净价调整措施带来的影响，在此不再赘述。结合我们刚刚发布的业绩指引，该情况对应的价格变现率区间可能为0%至-1%，考虑到我们正对当前多数以价格为竞争手段的竞争对手加快应对措施，该比例甚至可能触及指引区间的下限-2%。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
