-- 獨立研究機構CFRA向提供了以下研究報告。 CFRA分析師的觀點摘要如下： ZTS公佈了2026年第一季業績，調整後每股收益為1.53美元（年增9%），低於市場普遍預期的1.62美元，而營收為22.62億美元（年增3%），符合預期。業績反映了區域間的差異，國際業務年增17%（營收11.49億美元），抵銷了美國業務年減8%（營收10.9億美元）的影響。該公司在關鍵皮膚科產品領域面臨日益激烈的競爭壓力，同時美國寵物主人也受到宏觀經濟不利因素的影響，導致寵物就診次數減少，高端產品需求疲軟。管理層將2026財年全年營收預期調整為96.8億美元至99.6億美元（2%至5%的有機營運成長），調整後每股收益預期為6.85美元至7.00美元，此舉反映了當前市場壓力。我們認為，如果ZTS能夠成功應對近期不利因素，憑藉其廣泛的產品組合、強大的潛在重磅產品研發管線以及成熟的創新能力等關鍵競爭優勢，該公司有望實現長期成長。
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