Como disse Bob Seger, "There I go, turn the page" (Pronto, vou virar a p\u00e1gina), 2025 ficou para tr\u00e1s e a esperan\u00e7a \u00e9 a \u00faltima que morre em 2026.<\/p>\n
Mas n\u00e3o vamos descartar completamente 2025. O ciclo anual de divulga\u00e7\u00e3o de resultados come\u00e7ar\u00e1 no final de janeiro ou in\u00edcio de fevereiro. Nossa an\u00e1lise do desempenho das empresas mostra que o setor apresentar\u00e1 um crescimento de receita na faixa de um d\u00edgito m\u00e9dio, em linha com as taxas hist\u00f3ricas. Apesar do s\u00f3lido crescimento da receita, os retornos de investimento para as empresas de capital aberto ficaram consideravelmente abaixo dos \u00edndices de refer\u00eancia. O S&P 500 e o Dow Jones Industrial registraram crescimento de 161% e 131%, respectivamente, enquanto o ETF de cuidados com animais de estima\u00e7\u00e3o apresentou crescimento de apenas 11%.<\/p>\n
N\u00e3o se deve perder de vista que os retornos do S&P 500 s\u00e3o dominados pelas a\u00e7\u00f5es do grupo "Magnificent 7". Embora o S&P 500 tenha apresentado um crescimento total de 151%, estimativas indicam que esse crescimento seria cerca de metade se o grupo MAG 7 fosse exclu\u00eddo, impulsionado pelo investimento em intelig\u00eancia artificial. No final de 2025, os mercados presenciaram uma rota\u00e7\u00e3o das a\u00e7\u00f5es do grupo MAG 7 para a\u00e7\u00f5es de empresas menores, especialmente porque o cen\u00e1rio de taxas de juros continua mais favor\u00e1vel.<\/p>\n
As a\u00e7\u00f5es de empresas de sa\u00fade animal devem ter um ano melhor em 2026, especialmente as daquelas que est\u00e3o nos est\u00e1gios iniciais de um ciclo de inova\u00e7\u00e3o. Ali\u00e1s, falaremos sobre o desempenho e a inova\u00e7\u00e3o dessas empresas em nossas apresenta\u00e7\u00f5es sobre o panorama do setor na VMX e na WVC. Esperamos voc\u00ea l\u00e1.<\/p>\n
Randy Freides<\/em><\/p>","protected":false},"excerpt":{"rendered":" As Bob Seger said, \u201cThere I go, turn the page\u201d,\u00a02025 is behind us and hope springs eternal for 2026. But\u00a0let\u2019s\u00a0not completely turn our\u00a0backs\u00a0on 2025. The annual reporting cycle will begin in late January or early February. Our analysis of company performance shows that the industry will post mid-single digit revenue growth\u00a0along the lines of\u00a0historical rates. Despite the solid revenue growth, the investment returns for the publicly traded companies\u00a0largely lagged\u00a0benchmark indices. The S&P 500 and Dow Jones Industrials posted growth of 16% and 13%, respectively,\u00a0whereas\u00a0the Petcare ETF showed growth of only 1%. Now, it should not be lost that the returns for the S&P 500 are dominated by the \u201cMagnificent 7\u201d stocks. While in total the S&P 500 posted growth of 15%, estimates\u00a0indicate\u00a0that the growth would be about half of that if you excluded the MAG 7, which\u00a0is\u00a0fueled by the investment in AI. Toward the end of 2025, the markets saw a rotation out of the MAG 7 into smaller\u00a0stocks,\u00a0especially as the interest rate environment continues to be more favorable. Animal health company stocks should have a better year in 2026, especially those companies who are in the\u00a0early stages\u00a0of an innovation cycle.\u00a0In fact, we will talk about company performance and innovation at our Industry Overview presentations at VMX and WVC. See you there. Randy Freides<\/p>","protected":false},"author":19,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","_links_to":"","_links_to_target":""},"categories":[43],"tags":[],"class_list":["post-36108","post","type-post","status-publish","format-standard","hentry","category-viewpoints"],"acf":[],"yoast_head":"\n