Slide 1: Fourth Quarter and Full Year 2025 Financial Results
Fourth Quarter and Full Year 2025 Financial Results February 12, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements, which reflect the current views of Zoetis with respect to: business plans or prospects, future operating or financial performance; future guidance, future operating models, R&D costs; timing and likelihood of success;
Slide 3: Presenters
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Presenters Strategy and Business Update Financial Performance Kristin Peck Wetteny Joseph Chief Executive Officer Executive Vice President, Chief Financial Officer 3
Slide 4: Solid Full Year 2025 Performance
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Solid Full Year 2025 Performance REVENUE ADJ. NET INCOME2 ADJ. DILUTED EPS2 $9.5B $2.8B $6.41 6% 7% 10% organic operational1 YoY organic operational1 YoY organic operational1 YoY 4% Price | 2% Volume KEY HIGHLIGHTS Simparica Trio surpasses Key Derm fran
Slide 5: Advancements in Innovation
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Advancements in Innovation 185+ Geographic Expansion, Lifecycle and New Product Innovations in 2025 Key Franchise Products Received approval in Canada and the EU for Lenivia®, the Received lifecycle innovation and geographic first long-acting monoclonal
Slide 6: Full Year 2025 Segment Highlights
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Full Year 2025 Segment Highlights United States Revenue U.S. SEGMENT U.S. COMPANION ANIMAL U.S. LIVESTOCK $5.1B $4.2B $0.9B 4% organic operational 4% growth YOY 4% organic operational growth1 Year over Year growth1 YOY (YOY) International Revenue INT'L.
Slide 7: Reported to Organic Operational Results: Fourth Quarter 2025
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Reported to Organic Operational Results Understanding Fourth Quarter 2025 Underlying Results Fourth Quarter Reported Foreign Organic (millions of dollars) 2025 2024 Change Exchange Operational1 Divestitures Operational2 U.S. Companion animal $1,002 $1,0
Slide 8: Reported to Organic Operational Results: Full Year 2025
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Reported to Organic Operational Results Understanding Full Year 2025 Underlying Results Full Year Reported Foreign Organic (millions of dollars) 2025 2024 Change Exchange Operational1 Divestitures Operational2 U.S. Companion animal $4,220 $4,054 4% —% 4
Slide 9: 2026 Guidance
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS 2026 Guidance Revenue Adj. Net Income1 $9,825M - $10,025M $2,975M - $3,025M Adj. Diluted EPS1 $7.00 - $7.10 Organic Operational Growth2 3% - 5% Revenue 3% - 6% Adj. Net Income1 1 Adjusted net income (ANI) and its components and adjusted diluted earnings
Slide 10: Simparica Franchise
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Simparica Franchise Simparica Franchise Revenue • Simparica franchise grew 12% operationally1 in 2025, with (Millions of dollars) double digit growth in the U.S. and International FY Revenue YoY 4Q Revenue YoY • Simparica Trio remains the #1 canine para
Slide 11: Key Dermatology Franchise
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Key Dermatology Key Derm Franchise Revenue Franchise (Millions of dollars) FY Revenue YoY 4Q Revenue YoY • Key dermatology franchise grew revenue 6% operationally1 in 2025 • Sustaining leadership through trusted brands, +6%1 commercial excellence, ongoi
Slide 12: Osteoarthritis Pain mAb Franchise
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Osteoarthritis (OA) OA Pain mAb Franchise Revenue Pain mAb Franchise (Millions of dollars) FY Revenue YoY 4Q Revenue YoY • OA pain franchise revenue declined 3% operationally1 in 2025 • Zoetis continues to expand the market with growing (3)%1 portfolio
Slide 13: Livestock
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Livestock Livestock Revenue ex MFA (Millions of dollars) • Global livestock revenue increased 8% in 2025 FY Revenue YoY 4Q Revenue YoY on an organic operational1 basis • Normalized Livestock market enabling us to +8%1 deliver the 3rd consecutive year of
Slide 14: Robust pipeline with expected major market approvals
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS 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 Con
Slide 15: Pioneering emerging frontiers in Animal Health
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Pioneering emerging frontiers in Animal Health Why innovation in these therapeutic areas matter TAMs2 Chronic Kidney #1 cause of death in cats; no existing treatments $3.0 - 4.0B 7 assets and diagnostics biomarkers Disease that directly impact disease u
Slide 16: Financial Results and Guidance
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Financial Results and Guidance 16
Slide 17: Income Statement Highlights: Fourth Quarter
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Income Statement Highlights Fourth Quarter (millions of dollars, except per share data) 2025 2024 Change Revenue $2,387 $2,317 3% Reported Net Income 603 581 4% Reported Diluted Earnings Per Share $1.37 $1.29 6% Adjusted Net Income1 648 632 3% Adjusted
Slide 18: Income Statement Highlights: Full Year
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Income Statement Highlights Full Year (millions of dollars, except per share data) 2025 2024 Change Revenue $9,467 $9,256 2% Reported Net Income 2,673 2,486 8% Reported Diluted Earnings Per Share $6.02 $5.47 10% Adjusted Net Income1 2,847 2,693 6% Adjus
Slide 19: Adjusted Income Statement Highlights: Fourth Quarter
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Adjusted Income Statement Highlights Fourth Quarter Foreign (millions of dollars) 2025 2024 Change Exchange Operational1 Revenue $2,387 $2,317 3% 1% 2% Adjusted Cost of Sales2 708 706 —% 1% (1)% as a percent of revenue3 29.7% 30.5% NA NA NA Adjusted SG&
Slide 20: Adjusted Income Statement Highlights: Full Year
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Adjusted Income Statement Highlights Full Year Foreign (millions of dollars) 2025 2024 Change Exchange Operational1 Revenue $9,467 $9,256 2% (1)% 3% Adjusted Cost of Sales2 2,657 2,714 (2)% (3)% 1% as a percent of revenue3 28.1% 29.3% NA NA N/A Adjusted
Slide 21: U.S. Segment Performance: Fourth Quarter
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS U.S. Segment Performance Fourth Quarter (millions of dollars) 2025 2024 Change Revenue $1,236 $1,257 (2)% Companion Animal 1,002 1,008 (1)% Livestock 234 249 (6)% Cost of Sales 213 229 (7)% Gross Profit 1,023 1,028 —% Gross Margin 82.8% 81.8% NA Operati
Slide 22: U.S. Segment Performance: Full Year
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS U.S. Segment Performance Full Year (millions of dollars) 2025 2024 Change Revenue $5,097 $5,074 —% Companion Animal 4,220 4,054 4% Livestock 877 1,020 (14)% Cost of Sales 842 936 (10)% Gross Profit 4,255 4,138 3% Gross Margin 83.5% 81.6% NA Operating Ex
Slide 23: International Segment Performance: Fourth Quarter
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS International Segment Performance Fourth Quarter Foreign (millions of dollars) 2025 2024 Change Exchange Operational1 Revenue $1,121 $1,039 8% 3% 5% Companion Animal 599 562 7% 3% 4% Livestock 522 477 9% 2% 7% Cost of Sales 365 336 9% 1% 8% Gross Profit
Slide 24: International Segment Performance: Full Year
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS International Segment Performance Full Year Foreign (millions of dollars) 2025 2024 Change Exchange Operational1 Revenue $4,254 $4,102 4% (1)% 5% Companion Animal 2,367 2,224 6% (1)% 7% Livestock 1,887 1,878 —% (2)% 2% Cost of Sales 1,312 1,312 —% (5)%
Slide 25: International Segment Performance by Market: Fourth Quarter
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS International Segment Performance Fourth Quarter Foreign (millions of dollars) 2025 2024 Change Exchange Operational1 Total International $1,121 $1,039 8% 3% 5% Australia 84 80 5% (3)% 8% Brazil 112 113 (1)% 5% (6)% Canada 80 75 7% (2)% 9% Chile 40 30 3
Slide 26: International Segment Performance by Market: Full Year
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS International Segment Performance Full Year Foreign (millions of dollars) 2025 2024 Change Exchange Operational1 Total International $4,254 $4,102 4% (1)% 5% Australia 329 319 3% (4)% 7% Brazil 393 414 (5)% (6)% 1% Canada 290 277 5% (3)% 8% Chile 139 12
Slide 27: Financial Guidance
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Financial Guidance Selected Line Items (millions of dollars, except per share amounts) Full Year 2026 Revenue $9,825 to $10,025 Organic operational growth1 3% to 5% Adjusted cost of sales as a percentage of revenue2 Approximately 28.0% Adjusted SG&A exp
Slide 28: Q&A
Q&A
Slide 29: Appendix
Appendix
Slide 30: Reconciliation Of Reported Growth To Non-GAAP Financial Measures: Full Year
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Reconciliation Of Reported Growth To Non- GAAP Financial Measures Full Year Foreign (millions of dollars) 2025 2024 Change Exchange Operational1 Revenue by Product Category Key Dermatology $1,743 $1,640 6% —% 6% Key Dermatology (international) 608 551 1
Slide 31: Reconciliation Of Reported Growth To Non-GAAP Financial Measures: Fourth Quarter
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Reconciliation Of Reported Growth To Non- GAAP Financial Measures Fourth Quarter Foreign (millions of dollars) 2025 2024 Change Exchange Operational1 Revenue by Product Category Key Dermatology $426 $417 2% 1% 1% Key Dermatology (international) 155 147
Slide 32: Reconciliation Of Adjusted Net Income To Adjusted EBIT
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Reconciliation Of Adjusted Net Income To Adjusted EBIT Dollars in millions 2023 2024 2025 Adjusted net income attributable to Zoetis1 $2,457 $2,693 $2,847 Interest expense2 239 225 222 Interest income2 (103) (106) (93) Income taxes2 618 667 725 Adjusted
Slide 33: Reconciliation Of GAAP Reported To Non-GAAP Adjusted Information: 2025
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Reconciliation Of GAAP Reported To Non-GAAP Adjusted Information 2025 GAAP1 Purchase Acquisition and Divestiture-Related Certain Non-GAAP in USD millions, except per share data Reported Accounting Costs Significant Items Adjusted2 Cost of sales $2,666 $
Slide 34: Reconciliation Of GAAP Reported To Non-GAAP Adjusted Information: 2024
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Reconciliation Of GAAP Reported To Non-GAAP Adjusted Information 2024 GAAP1 Purchase Acquisition and Divestiture-Related Certain Non-GAAP in USD millions, except per share data Reported Accounting Costs Significant Items Adjusted2 Cost of sales $2,719 $
Slide 35: Reconciliation Of GAAP Reported To Non-GAAP Adjusted Information: 2023
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Reconciliation Of GAAP Reported To Non-GAAP Adjusted Information 2023 GAAP1 Purchase Acquisition and Divestiture-Related Certain Non-GAAP in USD millions, except per share data Reported Accounting Costs Significant Items Adjusted2 Cost of sales $2,561 $
Slide 36: Reconciliation Of GAAP To Non-GAAP Financial Measures
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Reconciliation Of GAAP To Non-GAAP Financial Measures Reported Revenue Growth to Organic Operational Growth Organic Change From Foreign Operational in USD millions Revenue Prior Year Exchange Operational1 Divestitures Growth2 2023 $8,544 6% (1)% 7% —% 7
Slide 37: Reconciliation Of Adjusted Net Income Growth
FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS Reconciliation Of Adjusted Net Income Growth To Non-GAAP Financial Measures Organic Adjusted Change From Foreign Operational in USD millions Net Income1 Prior Year Exchange Operational2 Divestitures Growth3 2023 $2,457 7% —% 7% —% 7% 2024 $2,693 10% (5)
Slide 38: zoetis
zoetis