Market CompetitionThere is a likely period where Elanco's IL-31 mAb will be on the market before Zoetis's longer-acting IL-31 mAb is approved, which could affect Zoetis's competitive position.
Product LaunchA slower quarterly ramp in Librela sales in the US is expected, affecting the launch trajectory negatively from a quarter-over-quarter growth perspective.
Safety ConcernsLibrela has been the subject of heightened controversy this year, as safety concerns surfaced and became an overhang on ZTS shares.