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Zoetis Inc. engages in the discovery, development, manufacture, and commercialization of medicines, vaccines, diagnostic products and services, biodevices, genetic tests, and precision animal health solutions for the animal health industry in the United States and internationally. The company commercializes products primarily across companion animals comprising dogs, cats, and horses; and species, including livestock, such as cattle, swine, poultry, fish, and sheep. It also offers parasiticides, vaccines, dermatology, anti-infectives, pain and sedation, other pharmaceutical, and animal health diagnostics. In addition, the company provides animal health diagnostics, including point-of-care diagnostic products, instruments and reagents, rapid immunoassay tests, reference laboratory kits and services, and blood glucose monitors; and other non-pharmaceutical products, which include nutritionals, as well as products and services in biodevices, genetic tests, and precision animal health. It markets its products to veterinarians, livestock producers, and pet owners. The company has collaborated with Blacksmith Medicines, Inc. to discover and develop novel antibiotics for animal health. Zoetis Inc. was incorporated in 2012 and is headquartered in Parsippany, New Jersey.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $9.5B | $4.1B | $2.7B | $2.3B | 80.2% | 2.3% | 7.5% |
| 2024 | $9.3B | $3.9B | $2.5B | $2.3B | 52.1% | 8.3% | 6.1% |
| 2023 | $8.5B | $3.7B | $2.3B | $1.6B | 46.9% | 5.7% | 10.9% |
| 2022 | $8.1B | $3.3B | $2.1B | $1.3B | 48.0% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 8,080 | 8,544 | 9,256 | 9,467 |
| Operating Revenue | - | 8,080 | 8,544 | 9,256 | 9,467 |
| Cost Of Revenue | - | 2,454 | 2,561 | 2,719 | 2,666 |
| Gross Profit | - | 5,626 | 5,983 | 6,537 | 6,801 |
| Operating Expense | - | 2,698 | 2,914 | 3,145 | 3,204 |
| Research And Development | - | 539 | 614 | 686 | 698 |
| Selling General And Administration | - | 2,009 | 2,151 | 2,318 | 2,378 |
| Total Expenses | - | 5,152 | 5,475 | 5,864 | 5,870 |
| Operating Income | - | 2,928 | 3,069 | 3,392 | 3,597 |
| EBITDA | - | 3,342 | 3,666 | 3,855 | 4,069 |
| Normalized EBITDA | - | 3,461 | 3,700 | 3,996 | 4,173 |
| EBIT | - | 2,877 | 3,175 | 3,358 | 3,582 |
| Interest Income | - | 50 | 105 | 106 | 93 |
| Interest Expense | - | 221 | 239 | 225 | 222 |
| Net Interest Income | - | -171 | -134 | -119 | -129 |
| Other Non Operating Income Expenses | - | 18 | 35 | 1 | -4 |
| Other Income Expense | - | -101 | 1 | -140 | -108 |
| Interest Income Non Operating | - | 50 | 105 | 106 | 93 |
| Interest Expense Non Operating | - | 221 | 239 | 225 | 222 |
| Net Non Operating Interest Income Expense | - | -171 | -134 | -119 | -129 |
| Pretax Income | - | 2,656 | 2,936 | 3,133 | 3,360 |
| Tax Provision | - | 545 | 596 | 637 | 687 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -24.42 | -6.90 | -28.62 | -21.22 |
| Net Income Continuous Operations | - | 2,111 | 2,340 | 2,496 | 2,673 |
| Net Income From Continuing And Discontinued Operation | - | 2,114 | 2,344 | 2,486 | 2,673 |
| Net Income From Continuing Operation Net Minority Interest | - | 2,114 | 2,344 | 2,486 | 2,673 |
| Net Income | - | 2,114 | 2,344 | 2,486 | 2,673 |
| Net Income Common Stockholders | - | 2,114 | 2,344 | 2,486 | 2,673 |
| Net Income Including Noncontrolling Interests | - | 2,111 | 2,340 | 2,496 | 2,673 |
| Normalized Income | - | 2,208.58 | 2,371.10 | 2,598.38 | 2,755.78 |
| Diluted NI Availto Com Stockholders | - | 2,114 | 2,344 | 2,486 | 2,673 |
| Basic Average Shares | - | 468.90 | 461.20 | 454.20 | 443.44 |
| Diluted Average Shares | - | 470.40 | 462.30 | 454.80 | 443.84 |
| Reconciled Depreciation | - | 465 | 491 | 497 | 487 |
| Reconciled Cost Of Revenue | - | 2,139 | 2,219 | 2,363 | 2,307 |
| Total Unusual Items | - | -119 | -34 | -141 | -104 |
| Total Unusual Items Excluding Goodwill | - | -119 | -34 | -141 | -104 |
| Minority Interests | - | 3 | 4 | -10 | 0 |
| Special Income Charges | - | -57 | 13 | -91 | -59 |
| Gain On Sale Of Business | - | 0 | 101 | -23 | -3 |
| Write Off | - | 9 | 1 | 0 | 22 |
| Impairment Of Capital Assets | - | 39 | 35 | 15 | 5 |
| Restructuring And Mergern Acquisition | - | 9 | 52 | 37 | 29 |
| Gain On Sale Of Security | - | -62 | -47 | -50 | -45 |
| Depreciation Amortization Depletion Income Statement | - | 150 | 149 | 141 | 128 |
| Depreciation And Amortization In Income Statement | - | 150 | 149 | 141 | 128 |
| Gain On Sale Of Ppe | - | 0 | 0 | -16 | 0 |
| Amortization | - | 150 | 149 | 141 | 128 |
| Amortization Of Intangibles Income Statement | - | 150 | 149 | 141 | 128 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Zoetis Inc.this co. | ZTS | $33.3B | 12.47↓ discount | 10.01 | 80.2% | 9.90 |
| Agilent Technologies, Inc. | A | $39.1B | 29.99 | 5.80 | 19.3% | 22.15 |
| Waters Corporation | WAT | $37.0B | 57.52 | 14.43 | 25.1% | 36.74 |
| IQVIA Holdings Inc. | IQV | $31.2B | 22.93 | 4.80 | 20.9% | 13.04 |
| Centene Corporation | CNC | $31.0B | -4.64 | 1.55 |
| - |
| - |
| - |
| - |
| -33.4% |
| -6.54 |
| GE HealthCare Technologies Inc. | GEHC | $29.0B | 13.93 | 2.80 | 20.1% | 9.24 |
| Biogen Inc. | BIIB | $29.0B | 22.43 | 1.59 | 7.1% | 12.51 |
| ResMed Inc. | RMD | $28.2B | 20.12 | 4.72 | 23.5% | 14.47 |
| DexCom, Inc. | DXCM | $28.0B | 33.49 | 10.20 | 30.5% | 20.97 |
| Peer Median | - | 22.68 | 4.76 | 20.5% | 13.75 | |