US Healthcare A Look at Today‘s Stock Movers, News & Key Data

Research evidence excerpt

US Healthcare A Look at Today‘s Stock Movers, News & Key Data

Global Research

20 July 2026ab

US Healthcare Equities

AmericasA Look at Today’s Stock Movers, News & Key

Data Healthcare

Kevin Caliendo

Analyst

kevin.caliendo@ubs.com

What We Thought Was Interesting Today +1-212-713 3630

Today’s UBS Crowding Data highlights crowding trends for Animal Health names as of Andrea Alfonso

7/16. The chart compares each ticker’s latest crowding factor versus its latest 30-day Analyst

average, ZTS remains marginally crowded long, while IDXX and ELAN are marginally andrea.alfonso@ubs.com

crowded short. Animal Health: Based on adjusted data (adjusted = rolling 14-day +1-212-713 1342

average, calendar adjusted) as of 7/17. Based on adjusted data through July 17th, y/y vet Brett Gasaway

visits decreased -4.3% in 3QTD26 vs. -1.9% in 2Q26. Wellness visits in 3QTD26 Analyst

decreased -4.5% y/y vs. -2.4% y/y in 2Q26, and non-wellness decreased -1.9% y/y vs. brett.gasaway@ubs.com

-0.3% y/y in 2Q26. On an unweighted basis, vet visits decreased -0.1% y/y in 3QTD26 +1-212-713 4820

vs. -2.0% y/y in 2Q26; wellness visits decreased by -0.6% y/y in 3QTD26 vs. -2.5% y/y in Nicolo Menez

2Q26; while non-wellness increased +2.2% y/y in 3QTD26 vs. -0.3% in 2Q26. Investor Analyst

focus: 1) Set-up for distributors ahead of earnings (please read preview here), with a nicolo.menez@ubs.com

focus on how to think about potential risk to MSO profits from changes to ASP +1-212-713 3183

calculations; 2) implications of UNH's 2Q print and commentary on commercial trend/

IDR with read-through to CVS and other MCOs; 3) how to think about rotation within

healthcare sub-groups post-UNH/ELV/ABT/ISRG prints given the somewhat disparate

messaging around utilization; 4) ongoing debate about vet visits and consumer trends