Zoetis Inc. · NYSE:ZTS
Zoetis — 44th Annual J.P. Morgan Healthcare Conference (January 2026)
28 slides from Zoetis's conference presentation, Jan 12, 2026
Slide 1: Leading the Future of Animal Health
44TH ANNUAL J.P. MORGAN HEALTHCARE CONFERENCE Leading the Future of Animal Health January 12, 2026
Slide 2: Forward-Looking Statements and Non-GAAP Financial Information
Forward-Looking Statements This presentation contains forward-looking statements, which reflect the current views of Zoetis with respect to: industry growth and market outlook; business plans or prospects; future operating or financial performance; future guidance; future operating models; R&D costs
Slide 3: Kristin Peck and Wetteny Joseph
Kristin Peck Wetteny Joseph Chief Executive Officer Executive Vice President, Chief Financial Officer 3 44th Annual J.P. Morgan Healthcare Conference
Slide 4: What you will hear today
What you will hear today Animal Health Capitalizing Diverse Robust Creating industry on trends in growth pipeline to shareholder poised for a resilient drivers drive new value significant and growing growth growth industry Market expected to Science-to-scale Leveraging a Expecting a major Well-posit
Slide 5: Animal Health market is poised to reach ~$90B by 2035
Animal Global Animal Health market size, $B Health market is poised to $85-95 reach ~$90B by $65-75 2035 ~$50 2024 2030 2035 Note: Market definition includes core animal health, diagnostics, bio-devices, and genetic testing 5 44th Annual J.P. Morgan Healthcare Conference Source: Vetnosis and interna
Slide 6: Zoetis has consistently grown faster than the Animal Health market
Zoetis has consistently grown faster than the Animal Health market 37% 37% 38% 38% 38% 38% 34% 35% 32% 28% 15% 24% 25% 12% 10% 7% 8% 7% 8% 8% 8% 8% 8% 8% 6% 7% 5% 5% 6% 6% 7% 7% 4% 4% 3% 2% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Industry operational revenue growth1 Zoetis organi
Slide 7: Companion Animal growth fueled by secular tailwinds
ANIMAL HEALTH MARKET OPPORTUNITY Companion Animal growth fueled by secular tailwinds Younger, wealthier Pets living longer generation of pet owners Deeper Growing demand for human-animal bond advanced treatments Increase in pet Convenience driving medicalization momentum in alternative channels 7 44
Slide 8: Similarly, Livestock dynamics are driving sustainable growth
ANIMAL HEALTH MARKET OPPORTUNITY Similarly, Livestock dynamics are driving sustainable growth Market normalization Shift to prevention creating renewed driving accelerating momentum vaccines growth Global population Rising global protein growth demand 8 44th Annual J.P. Morgan Healthcare Conference
Slide 9: Building on market leadership to drive the next wave of growth
Building on market leadership to drive the next wave of growth Poised to deliver sustained value with leading market reach, manufacturing reliability and scale, and unrivaled innovation capabilities Unmatched scientific Commercial and veterinary 1600 >$5B Execution R&D colleagues Invested in R&D1 ex
Slide 10: From discovery to delivery: Science-to-Scale Model
PROVEN INNOVATION MODEL From discovery to delivery: Science-to- Scale Model 10 44th Annual J.P. Morgan Healthcare Conference
Slide 11: Robust pipeline with expected major market approvals every year
Robust pipeline with expected major market approvals every year for the next several years Expected blockbusters1 2025 Expected 2026 Expected 2028 – 2029 Expected3 2030+ Long-Acting OA mAb Next-Gen Chemistry Derm mAb Renal mAb Therapy* (Portela) Dx2 Convenia® New Obesity Therapeutic Long-Acting OA m
Slide 12: Pioneering emerging frontiers in Animal Health
ROBUST PIPELINE ACROSS TIME HORIZONS Pioneering emerging frontiers in Animal Health Why innovation in these therapeutic areas matter TAMs2 Chronic Kidney #1 cause of death in cats, without treatments that directly impact $3.0 - 4.0B disease. Prevalence estimated at ~8% for dogs and ~15% for 7 assets
Slide 13: Commercial Excellence: Delivering value at scale
Commercial Excellence: Delivering value at scale Deep Customer Global Scale & Proven Model of Broad, Differentiated Insight & Discipline Execution Portfolio & Pipeline Engagement Commercial presence in Strong track record of market Insight engine spanning Industry’s broadest portfolio 45+ markets wi
Slide 14: Simparica Trio leads the expanding parasiticide segment
Simparica Trio® Expected Parasiticide Market Growth ($B)1 leads the expanding $12.0B - $13.0B parasiticide segment 5% CAGR2 Parasiticides, the largest segment in Animal $9.5B - $10.5B Health, are evolving toward triple combination oral products, where Simparica Trio 6% CAGR2 leads with: • Market sha
Slide 15: Zoetis positioned to continue to lead growing canine dermatology market
Zoetis positioned to Expected Dermatology Market Growth ($B)1 continue to lead growing canine $3.5B - $4.5B dermatology market 8% CAGR2 ~$2.5B - 3.0B Sustaining leadership through trusted brands, commercial excellence, ongoing innovation 7% CAGR2 • Apoquel and Cytopoint are recognized, trusted brand
Slide 16: Revolutionary medicines continue unlocking significant opportunity in OA pain market
Revolutionary medicines Expected OA Pain continue unlocking Market Growth ($B)1 significant opportunity in OA pain market ~$2.5B - $3.5B Zoetis continues to expand the market with 8% CAGR2 growing portfolio of innovative, category-creating medicines: ~$1.5B - $2.5B • Librela has improved quality of
Slide 17: Advancing the OA Pain category with new approvals
Advancing the OA Pain category with new approvals Long-acting dosing options make osteoarthritis pain management more convenient for pet owners and veterinarians Demonstrated improvement in mobility and quality of life in dogs and cats, with significant pain relief observed within days Strengthens l
Slide 18: Livestock dynamics driving sustainable growth
Livestock dynamics Livestock Animal Health market revenue, $B1 driving sustainable growth $39.2B 4% CAGR2 Normalized Livestock market has strengthened demand, enabling us to deliver mid-single-digit $31.6B growth for three consecutive years, fueled by: 6% CAGR2 • Growing middle class driving increas
Slide 19: A proven formula for growth and returns
A proven formula for growth and returns Over the past five years, Zoetis has and we have the focus and delivered consistent, high-quality results… discipline to keep delivering • Investing in our pipeline to sustain Growth EBITDA ROIC top-line growth and expand our leadership in innovation Revenue g
Slide 20: R&D productivity and ROIC are translating into sustained growth
INNOVATION ENGINE DRIVING VALUE R&D productivity and ROIC are translating into sustained top- and bottom-line growth R&D efficiency and portfolio mix are driving margin expansion and double- digit earnings growth Weighted average post-tax ROIC (including Goodwill) 30% Zoetis 25% 20% S&P 500 Pharma 1
Slide 21: Capital Allocation Priorities
Reinvest in Our Business Funding our industry-leading Driving Efficiency and Capital R&D programs Capacity initiatives Allocation External Business Development Priorities Opportunities Our Capital Allocation Targeting bolt-on acquisitions and complimentary strategy is designed to technologies balanc
Slide 22: Shareholder Payout Above FCF
Shareholder Payout Above FCF 3-YEAR AVERAGE SHAREHOLDER PAYOUT >125% of Free Cash Flow returned to shareholders • Strong Free Cash Flow growth 786 driven by revenue growth and 611 operating efficiency 692 2,298 • Share repurchases part of 1,594 1,621 1,858 broader strategy to return 1,326 1,092 exce
Slide 23: Key Takeaways
Key Takeaways Animal Health Capitalizing Diverse Robust Creating industry on trends in growth pipeline to shareholder poised for a resilient drivers drive new value significant and growing growth growth industry Market expected to Science-to-scale Leveraging a Expecting a major Well-positioned to ne
Slide 24: Q&A
Q&A 24 44th Annual J.P. Morgan Healthcare Conference
Slide 25: Appendix
Appendix 25 44th Annual J.P. Morgan Healthcare Conference
Slide 26: Reconciliation Of GAAP To Non-GAAP Financial Measures
Reconciliation Of GAAP To Non-GAAP Financial Measures Reported Revenue Growth to Organic Operational Growth Operational Change from Foreign Acquisitions / Efficiency Organic (Dollars in millions) Revenue Prior Year Exchange Operational1 Divestitures Initiative2 Operational3 2013 $4,561 5% (2)% 7% 20
Slide 27: Reconciliation Of Adjusted Net Income To Adjusted EBIT
Reconciliation Of Adjusted Net Income To Adjusted EBIT Adjusted Net Interest Interest Income Adjusted % of (Dollars in millions) Income1 Expense2 Income2 Taxes2 EBIT3 Revenue4 2013 $709 113 (3) 292 $1,111 24% 2014 $790 117 (6) 290 $1,191 25% 2015 $889 124 (6) 326 $1,333 28% 2016 $975 166 (8) 415 $1,
Slide 28: Zoetis
zoetis
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