Updated Zoetis label for Librela ‘a relief,’ says Piper Sandler

Piper Sandler says Zoetis (ZTS) updated its Librela label to comply with the Food and Drug Administration’s recent “Dear Veterinary Letter.” The label doesn’t change how the drug is used, but it does add adverse events, including death, the analyst tells investors in a research note. Piper’s checks with veterinarian practice groups suggested the biggest change they would make is length of communication with clients. It considers the new label “a relief” as it does not have a “box warning” or restriction in how Librela is used. The firm expects the FDA to approve the letter in the next 30 days. It reiterates an Overweight rating on Zoetis with a $210 price target