Q2 2026 revenue was $2.5 billion, nearly flat year-over-year, with adjusted net income of $781 million, down 1–2% organically, and net income of $691 million, down 5% reported; U.S. Companion Animal faced pressure from lower clinic visits, price sensitivity, and increased competition, while International, Livestock, and Diagnostics segments grew.
Leadership changes included appointments of Jay Saccaro as EVP, CFO, and COO, and Abhay Nayak as EVP and President of U.S. Commercial Operations to drive execution.
Commercial strategy was adapted, with investments focused on innovation and high-return opportunities.
Portfolio advanced with new product launches and acquisitions, including VitalRADS and launches of Lenivia and Portela in the EU, Canada, and Great Britain.
FY 2026 guidance revised downward due to persistent market headwinds and competitive pressures.
Q2 global revenue was $2.5 billion, flat reported and down 1% organically; adjusted net income was $781 million, down 2% organically; adjusted diluted EPS was $1.87, up 4–5% year-over-year.
U.S. segment revenue was $1.3 billion, down 7% year-over-year; International segment revenue was $1.2 billion, up 6–8%.
Adjusted gross margin was 72.9%, down 40 bps reported; U.S. gross margin was 83.1%, international 71.0%.
Adjusted SG&A expenses were $586 million, down 3–4% year-over-year; adjusted R&D expenses increased 4–5%.
Restructuring and acquisition/divestiture-related costs rose to $77 million in Q2, mainly from employee termination costs.
Full-year 2026 revenue guidance revised to $9.12–$9.32 billion, representing a 3% to 1% organic operational decline.
Adjusted net income expected at $2.57–$2.62 billion, down 9% to 5% organically; adjusted diluted EPS guided to $6.15–$6.25.
Guidance reflects persistent competitive and pricing pressures, especially in U.S. Companion Animal, and assumes no near-term market stabilization.
Reported diluted EPS expected at $5.55–$5.65.
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