Zoetis Co., Ltd. (NYSE:ZTS) fell to a 52-week low following media reports that the company's arthritis injections Librera and Sorrencia can cause illness in dogs and cats.
Sorrencia (flunebetomab) received FDA approval in January 2022 for pain associated with osteoarthritis in cats. This became the first monoclonal antibody (mAb) new animal drug approved by the FDA for use in any animal species.
In May 2023, the FDA approved Librela (bedinvetmab) to treat pain associated with osteoarthritis in dogs. Librera is the first he mAb approved by the FDA for use in dogs.
Also read: Animal health-focused Zoetis shares face near-term pressure, with analysts pointing to uncertain fourth-quarter results and weak profit margins.
The introduction of Librella and similar treatments for cats was a major development in pet medicine, resulting in relief from arthritis in animals.
However, these drugs are currently under scrutiny because some pet owners may link them to side effects or death in their pets.
Osteoarthritis injections target a protein called nerve growth factor, but veterinarians say this can worsen underlying neurological disease or other medical problems.
Health regulators in the United States and Europe have reportedly received thousands of reports of side effects. Some veterinarians have refined the use of Librera and Sorrencia.
But Zoetis told the Wall Street Journal that these side effects represent only a fraction of the more than 18 million shots of both drugs administered in the U.S. and abroad.
Veterinarians and pet owners report good results with this drug.
However, neither the company nor arthritis and animal health researchers have identified a link between the drug and the reported side effects, the WSJ report added.
In March, the European Commission launched an investigation into: Zoetis It prevented competing dog painkillers from entering the market.
The European Commission said that while Zoetis is working on developing Librera, it has also acquired another pain-relieving product in a late stage of development for the same purpose. This product is intended for commercialization in the European Economic Area by a third party.
Price action: ZTS stock is down 7.65% at $150.28 at last check on Friday.
Photo via Pixabay
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The article Animal Health Giant Zoetis Stock Collapses: Possible Side Effects of Pet Arthritis Painkillers in Sick Dogs and Cats was originally published on Benzinga.com
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