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1、14April2020EquityResearchAmericas
2、UnitedStatesAnimalTracksChewonThis:1QVeterinarySurvey;InitialCOVID-19Impact;SustainedConfidenceinZTSandCHWYLifeScienceToolsandDiagnostics
3、ChannelCheck■InitialCOVID-19pandemicimpacton1QVetpracticevolume,revenue:ResearchAnalystsAccordingtoourproprietary
4、surveyof75UScompanionanimalveterinarians,47%ofpracticesexperiencedpositivevolumegrowthin1Q,declining-0.1%onaweightedavg.ErinWilsonWrightbasis,thefirstquarterinoursurvey’shistoryinwhichpatienttrafficwasnegativeona2125384080erin.wright@credit-suisse.comweightedavg.basis,attributabletoso
5、cialdistancingprotocolsatvetsandcallsfromveterinaryindustryorganizationstodelayroutineandelectiveproceduresinresponsetoKatieTryhaneCOVID-19pandemic.Practicerevenuesfaredslightlybetterthanoveralltraffic,2123252713increasing0.1%onaweightedavg.basisin1Q,withsustainedstrengthinacutekatie.
6、tryhane@credit-suisse.comvisits/ERhelpingtooffsetdeclinesinroutineprocedures.For2Q,vetsarecallingforaHaleyChristofidesmorepronounced(-2.4%weightedavg.)declineinpracticevolume,asexpected,but2123253720respondentsexpecttheCOVIDimpacttobeconcentratedinthecomingmonths,withhaley.christofide
7、s@credit-suisse.comthemajority(73%)expectingpostponedvisitstooccurwithinthenextthreemonths.MatthewUrbikMorebroadly,wereiteratetheresiliencyoftheAnimalHealthsector,whichrebounded2123252152relativelyrapidlyinpriorrecessionaryperiods.matthew.urbik@credit-suisse.com■ZTS—LeadingtheAnimalKi
8、ngdom:Themajority(59%)ofrespondentsselectedZoetis(ZTS,Outperform)asthebestpositionedinAnimalHealth,notingitshigh-impactandcomprehensiveportfolio.ResponsesregardingitsblockbusterSimparicaTrio(est.mid-Aprillaunch)wereencouraging,withoverhalf(51%)likelytoprescribetheparasiticideovercurre
9、ntofferings,andthevastmajority(60%)viewingthelaunchasintimeforthe2020flea/tickseason.Feedbackonitsatopicdermatitisportfoliowasincrementallypositive,with55%expectingtoprescribemoreApoquelin2020(vs.2019),andtheadvantagesofCytopointareincreasinglyresonatingwithoverwhelminglyconstructivef
10、eedba
