10:47 AM EDT, 04/12/2024 (MT Newswires) -- Zoetis ( ZTS ) shares fell 7.7% in recent Friday trading after the Wall Street Journal's report on dog owners blaming the drugmaker's arthritis drug Librela for causing side effects to their pets.

The owners' dog was injected with Librela in January due to a stiff right rear hip and was euthanized in March after experiencing kidney failure, the Journal reported. Another dog owner, meanwhile, told the Wall Street Journal that her dog struggled to walk, became weak and anxious and had a fever for three days after his first Librela injection in January.

Health regulators in the US and Europe are reviewing Librela and Solensia, a similar treatment for cats, after receiving thousands of reports of side effects, according to the report.

Zoetis ( ZTS ) said medicines are safe and effective with low rates of adverse events.

"With more than 18 million doses distributed, we have continued to see low rates of adverse events with only 0.18% reported for Librela and 0.3% for Solensia, with no unusual trends in safety and efficacy," Zoetis ( ZTS ) said in an emailed statement to MT Newswires on Friday.

"Pet owners must work with their veterinarian to ensure that any product is right for their pet and that the risks and benefits are clear before starting treatment," it added.

Price: 150.20, Change: -12.53, Percent Change: -7.70