Zoetis Inc - Ordinary Shares - Class A

**Strong Financial Performance**: Zoetis reported a 14% operational revenue growth YoY in Q3 2024, reaching $2.4 billion, with adjusted net income increasing by 15% operationally to $716 million. The U.S. market grew by 15%, while international revenue grew by 13% operationally, indicating robust demand across both segments.

**Success of Librela**: The osteoarthritis pain franchise, particularly Librela and Solensia, saw a remarkable operational revenue growth of 97% globally. In the U.S., Librela achieved $55 million in quarterly sales and reached an 85% penetration rate in clinics. There is significant potential to treat an estimated additional 17 million dogs that are currently untreated, solidifying Librela's expected trajectory towards a $1 billion franchise.

**Increased Investments in Innovation**: Zoetis maintains a strong focus on R&D and is in the process of increased investments in sales and marketing for key franchises, including Librela, Simparica Trio, and their key dermatology products. This investment is crucial to capitalize on market opportunities despite potential inflationary pressures.