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【宠物研报】J.P.摩根

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North America Equity ResearchJanuary 2021Animal Health Diagnostics – Ideally Positioned to Benefit from Pet Care TailwindsInitiating Coverage of IDXX and HSKA with OW RatingsPharmaceuticals Chris Schott, CFA AC (1-212) 622-5676mailto:christopher.t.schott@christopher.t.schott@J.P. Morgan Securities LLCChristopher Neyor(1-212) 622-0334mailto:christopher.z.neyor@cmailto:hristopher.z.neyor@hristopher.z.neyor@J.P. Morgan Securities LLCEkaterina Knyazkova(1-212) 622-9576mailto:ekaterina.v.knyazkova@ekaterina.v.knyazkova@J.P. Morgan Securities LLCXiling Chen(1-212) 622-0364mailto:xiling.chen@xiling.chen@J.P. Morgan Securities LLCSee the end pages of this presentation for analyst certification and important disclosures, including non-US analyst disclosures.J.P. Morgan does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.Diagnostics Represent One of the Most Attractive Segments of the Animal Health MarketDiagnostics represent one of the most attractive segments of the Animal Health market, in our view, with an estimated 8% annual CAGRThe utilization of diagnostics remains low, but we are seeing vets increasingly integrate these products into their practicesOnly 22% of sick visits and 9% of wellness visits include a bloodwork diagnostic despite best-in-class utilization of~40%Vets are highly incentivized to adopt diagnostics, particularly due to structural changes in the Rx market, which traditionally accounted for a substantial portion of practice profitabilityC and others are changing the longer-term economics of vet practices, a trend that favors diagnosticsPet owners are showing an increased willingness to pay more to support their pet’s healthCOVID-19 has accelerated this trendOverall share in the Animal Heal

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