Zoetis Inc (NYSE: ZTS) tumbled to a 52-week low after a media report suggested the company's arthritis shots, Librela and Solensia, could have sickened dogs and cats.
Solensia (frunevetmab) gained FDA approval in January 2022 for pain associated with osteoarthritis in cats. It 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) for pain associated with osteoarthritis in dogs. Librela is the first mAb the FDA has approved for use in dogs.
The introduction of Librela and a similar treatment for cats marked a significant development in pet healthcare, offering relief for arthritis in animals.
However, these drugs are now under scrutiny as some pet owners link them to adverse effects and even deaths among their pets.
The osteoarthritis shots target a protein called nerve growth factor, but vets say this could exacerbate underlying nerve conditions or other medical problems.
Health regulators in the U.S. and Europe have reportedly received thousands of reports of side effects. Some veterinarians are refining the use of Librela and Solensia.
But Zoetis told the Wall Street Journal that these side effects represent a fraction of the more than 18 million shots of both drugs given in the U.S. and internationally.
Veterinarians and pet owners have reported positive outcomes with the medications.
However, neither the company nor researchers in arthritis and animal health have identified any connection between the drugs and the reported adverse effects, the WSJ report added.
In March, the European Commission initiated an investigation into whether Zoetis hindered the market launch of a competing pain medication for dogs.
The European Commission said that Zoetis, while working on Librela, also acquired another pain relief product in its late stages of development for the same purpose. This product was intended for commercialization in the European Economic Area by a third party.
Price Action: ZTS shares are down 7.65% at $150.28 on the last check Friday.