0001739104-26-000054
SEC filingQ3营收11%增长、调整后EPS $0.27，价格与宠物健康创新驱动利润率扩张并上调全年指引。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $1,265 million | $1,137 million | 11% |
| Gross Margin | 56.9% | — | +350 bps |
| Adjusted Gross Margin | 56.1% | 53.1% | +300 bps |
| Operating Income | — | — | — |
| Net Income | $18 million | $(34) million | NM |
| Diluted EPS | $0.04 | $(0.07) | NM |
| Adjusted EPS | $0.27 | $0.19 | 42% |
| Adjusted EBITDA | $243 million | $198 million | 23% |
| Adjusted EBITDA Margin | 19.5% | 17.5% | +200 bps |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Revenue | $5,155 to $5,180 million | N/A |
| FY2026 | Adjusted EBITDA | $1,050 to $1,065 million | Non-GAAP |
| FY2026 | Adjusted EPS | $1.17 to $1.20 | Non-GAAP |
| Q4 2026 | Revenue | $1,190 to $1,215 million | N/A |
| Q4 2026 | Adjusted EBITDA | $185 to $200 million | Non-GAAP |
| Q4 2026 | Adjusted EPS | $0.16 to $0.19 | Non-GAAP |
Q3营收$1,265 million同比增11%（有机固定汇率+9%），价格贡献4%、销量5%，Pet Health增14%由Zenrelia与Credelio Quattro驱动，Farm Animal增6%但Poultry下滑7%。调整后毛利率56.1%扩张300个基点，源于提价与U.S. Pet Health、全球反刍动物有利结构，Adjusted EBITDA利润率升至19.5%；Reported净利$18 million扭亏，Adjusted EPS $0.27增42%。
全年指引上调至营收$5.155–5.18 billion、Adjusted EBITDA $1.05–1.065 billion、Adjusted EPS $1.17–1.20，管理层称将Q3超预期全额传导；Q4指引营收$1.190–1.215 billion。净杠杆率降至2.9x（较2025年末降0.7x），提前解锁资本配置灵活性；公司重申2027年长期算法，并提示外汇、渠道库存及竞争等风险。