资源描述：
《兽医追 踪：三季度兽医产业EPS驱动.docx》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。
1、31October2018Americas/UnitedStatesEquityResearchHealthcareTechnology&DistributionResearchAnalystsErinWilsonWright2125384080erin.wright@credit-suisse.comCharlesLederer,CPA2125381822charles.lederer@credit-suisse.comKatieTryhane2123252713katie.tryhane@credit-suisse.c
2、omGeorgeEngroff2123252289george.engroff@credit-suisse.comAnimalTracksCHANNELCHECK3QEPSDriversinAnimalHealthPositiveonZoetis(ZTS)andElanco(ELAN)intotheprint:Onbalance,3QQTDresultsfromleadinganimalhealth(AH)pharmaceuticalcompaniesofferapositiveread-throughforZoetis
3、(ZTS,Outperform)andElanco(ELAN,Neutral)intotheirupcoming3QEPSreportsonNov.1stand6th,respectively.Asinpreviousquarters,morediversifiedcompaniesbygeography,species,andtherapeuticclassfaredbetterthanotherswithmoreconcentratedportfolios.Whiletherewerecompany-specificc
4、aveatsacrossreports,strengthinCompanionAnimal(consistentwithourvetsurvey:‘3Qvetdemandhasbite’)andLivestocktrendsreaffirmourconvictionheadingintoupcoming3Qreports.Ofnote,forZoetis,weareforecastingsalesgrowthof+7%(+5%ex-FXandABAXIS),onrisesof14%inCompanionAnimaland4
5、%inLivestock.ForElanco,weestimatetoplinegrowthof+5%(+16%ex-FXandStrategicExits),drivenby+29%inCompanionasitlaps2H17distributordestocking.■Merck(#3AHcompany):MerckAnimalHealth’s3Qrevenuesrose6%(excl.FX),onstrengthintheUS(+6%)andinternational(+5%,ex-FX).Whilethetren
6、dslowedsequentially,weviewtheresultsasrespectable,withahealthylivestockexperience(+5%excl.FX)drivenbyruminantandpoultryproducts,andstrongCompanionAnimal(+7%ex-FX)helpedbyitschewableflea/tickproductBravecto,partiallyoffsetbydistributordestocking,followingabolusin2Q
7、associatedwiththeonsetofalaterfleaandtickseason.MerckisoneofthemostdiverseAHcompaniesbytherapeuticclass,andasthethirdlargestplayerintheindustry,itsresultsareinherentlymorerelevanttoZoetisandElanco.■Virbac(#7AHcompany):Virbacposted3Qconstantcurrencyrevenuegrowthof+
8、9%,representingasequentialacceleration,withYTDincreasesof8%and3%inCompanionAnimalandFoodAnimal,respectively.InCompanionAnimal,USsalesofheartwormproductS
