Growth Target ConcernsDespite contributions from multiple product cycles, organic sales growth in FY25 is projected to be around 7.5%, below the long-term target of 10%+.
Market SentimentPessimism stems from worries about declining visit volumes and a pet consumer that may be more financially squeezed, increased competition in the space, and questions over the trajectory of new drug and product launches.
Visit Volume DeclineContinued weakness of visit volumes in 4Q - particularly wellness - is a dynamic that will have to continue to be monitored.