Quick Thoughts on Hill‘s Entry Into US Refrigerated Fresh in Pet Specialty Channel

Research evidence excerpt

Quick Thoughts on Hill‘s Entry Into US Refrigerated Fresh in Pet Specialty Channel

Update

July 1, 2026 07:52 PM GMT

Morgan Stanley & Co. LLCMFreshpet Inc | North America Eric A Serotta, CFA

Equity Analyst

Quick Thoughts on Hill's Entry Eric.Serotta@morganstanley.comDara Mohsenian, CFA +1 212 761-2370

Dara.Mohsenian@morganstanley.com +1 212 761-6575

Into US Refrigerated Fresh in Patty Kanada, CFA

Patty.Kanada@morganstanley.com +1 212 761-1019

Pet Specialty Channel Josh Haubenstock

Research Associate

Josh.Haubenstock@morganstanley.com +1 212 761-1059

Hill's Entering US Refrigerated Fresh Category in Specialty Pet: Colgate's Hill's Pet

Kenneth Tan

Nutrition business announced yesterday (although the news was only picked up by Research Associate

the investment community today) that it will be launching Hill's Science Diet Single Kenneth.Tan@morganstanley.com +1 212 761-4954

Protein Dog Food Rolls in the US pet specialty channel this month. While timing Freshpet Inc (FRPT.O, FRPT US)

wasn't known, Hill's entry into the US refrigerated fresh category isn't surprising Household & Personal Care | United States of America

following its May 2025 acquisition of Prime100, a refrigerated and shelf stable pet Stock Rating Overweight

Industry View In-Line

food brand in Australia. We believe the refrigerated product for the US will be co-

Price target $77.00

manufactured and sold in retailer-owned fridges. The Hill's product will initially be Shr price, close (Jun 30, 2026) $59.12

Mkt cap, curr (mm) $3,311

offered in 9 SKUs (3 sizes of rolls for beef, chicken and lamb), with Hill's highlighting 52-Week Range $86.00-46.45

benefits of high digestibility, omega-6 and vitamin E for healthy skin, and

scientifically formulated for overall health. The Hill's product will initially be