Zoetis Inc. · NYSE:ZTS
Zoetis — Q3 2025 Earnings Presentation
25 slides from Zoetis's earnings presentation, Nov 4, 2025
Slide 1: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results November 4, 2025
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: 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
THIRD QUARTER FINANCIAL RESULTS Presenters Strategy & Business Update Financial Performance Kristin Peck Wetteny Joseph Chief Executive Officer Executive Vice President and Chief Financial Officer 3
Slide 4: Zoetis Q3 Performance
THIRD QUARTER FINANCIAL RESULTS Zoetis Q3 Performance REVENUE ADJ. NET INCOME2 ADJ. DILUTED EPS2 $2.4B $754M $1.70 4% 9% 12% organic operational1 YoY organic operational1 YoY organic operational1 YoY 4% Price | 0% Volume KEY HIGHLIGHTS Diversity of our portfolio Our International Lenivia® and Portel
Slide 5: Advancements in Innovation
THIRD QUARTER FINANCIAL RESULTS Advancements in Innovation Lenivia and Portela Achieve Regulatory Milestones, Expanding Company’s OA Pain Franchise Received approval in Canada for Lenivia® , first long-acting monoclonal antibody to alleviate OA pain in dogs for up to three months with one injection.
Slide 6: Our Multi-Year Disruptive Innovation Roadmap
THIRD QUARTER FINANCIAL RESULTS Our Multi-Year Disruptive Innovation Roadmap Expected approvals in the U.S. or a top 10 international market 0 – 12 months 12 – 36 months 36 – 60 months Approved1 Long-acting canine OA mAb Long-acting canine Cytopoint** Derm expansion to feline and equine Aqua DNA vac
Slide 7: Third Quarter Segment Highlights
THIRD QUARTER FINANCIAL RESULTS Third Quarter Segment Highlights United States U.S. SEGMENT REVENUE U.S. COMPANION ANIMAL REVENUE U.S. LIVESTOCK REVENUE $1.3B $1.1B $0.3B 3% organic flat YoY 14% organic operational growth1 YoY operational growth1 YoY International INT’L. SEGMENT REVENUE INT’L. COMPA
Slide 8: Reported to Organic Operational Results
THIRD QUARTER FINANCIAL RESULTS Reported to Organic Operational Results Understanding Third Quarter 2025 Underlying Results Third Quarter Reported Foreign Organic (millions of dollars) 2025 2024 Change Exchange Operational1 Divestitures Operational2 U.S. Companion animal $1,069 $1,068 —% —% —% —% —%
Slide 9: Updating Our 2025 Outlook
THIRD QUARTER FINANCIAL RESULTS Updating Our 2025 Outlook Revenue Adj. Net Income1 $9,400M - $9,475M $2,800M - $2,840M Prior guidance: $9,450M - $9,600M Prior guidance: $2,825M - $2,875M Adj. Diluted EPS1 Organic Operational Growth2 $6.30 - $6.40 5.5% - 6.5% 5.5% - 7.0% Revenue Adj. Net Income1 Prio
Slide 10: Simparica Franchise Revenue
THIRD QUARTER FINANCIAL RESULTS Simparica Franchise Revenue Simparica Franchise (Millions of dollars) • Simparica franchise grew 7% operationally1, despite a strong comparative period versus the prior year 3Q Revenue YoY • Global franchise sales topped $1 billion on a year-to- $500 date basis • Simp
Slide 11: Key Derm Franchise Revenue
THIRD QUARTER FINANCIAL RESULTS Key Derm Franchise Revenue Key Dermatology (Millions of dollars) Franchise 3Q Revenue YoY • Key dermatology franchise grew revenue 3% operationally1 $500 3%1 • Comprehensive and differentiated portfolio offers unmatched flexibility for pet owners $400 • Growth in inte
Slide 12: OA Pain mAb Franchise Revenue
THIRD QUARTER FINANCIAL RESULTS OA Pain mAb Franchise Revenue Osteoarthritis (OA) (Millions of dollars) Pain mAb Franchise 3Q Revenue YoY • OA pain franchise revenue declined 11% operationally1 $160 (11)%1 • Recent trends point to signs of stabilization • We are executing a focused, multi-pronged st
Slide 13: Livestock Revenue ex MFA
THIRD QUARTER FINANCIAL RESULTS Livestock Revenue ex MFA Livestock (Millions of dollars) • Global livestock revenue increased 10% on an organic operational1 basis in the third quarter 3Q Revenue YoY • Robust growth across both our U.S. and International segments in the quarter continuing to $800 dri
Slide 14: Financial Results and Guidance
THIRD QUARTER FINANCIAL RESULTS Financial Results and Guidance 14
Slide 15: Income Statement Highlights
THIRD QUARTER FINANCIAL RESULTS Income Statement Highlights Third Quarter 2025 2024 Change (millions of dollars, except per share data) Revenue $2,400 $2,388 1% Reported Net Income 721 682 6% Reported Diluted Earnings Per Share $1.63 $1.50 9% Adjusted Net Income1 754 716 5% Adjusted Diluted Earnings
Slide 16: Adjusted Income Statement Highlights
THIRD QUARTER FINANCIAL RESULTS Adjusted Income Statement Highlights Third Quarter Foreign (millions of dollars) 2025 2024 Change Exchange Operational1 Revenue $2,400 $2,388 1% 1% —% Adjusted Cost of Sales2 682 699 (2)% 1% (3)% as a percent of revenue3 28.4% 29.3% NA NA NA Adjusted SG&A Expenses2 57
Slide 17: U.S. Segment Performance
THIRD QUARTER FINANCIAL RESULTS U.S. Segment Performance Third Quarter (millions of dollars) 2025 2024 Change Revenue $1,322 $1,346 (2)% Companion Animal 1,069 1,068 —% Livestock 253 278 (9)% Cost of Sales 222 258 (14)% Gross Profit 1,100 1,088 1% Gross Margin 83.2% 80.8% NA Operating Expenses 201 1
Slide 18: International Segment Performance
THIRD QUARTER FINANCIAL RESULTS International Segment Performance Third Quarter Foreign (millions of dollars) 2025 2024 Change Exchange Operational1 Revenue $1,055 $1,021 3% 2% 1% Companion Animal 583 541 8% 4% 4% Livestock 472 480 (2)% 1% (3)% Cost of Sales 331 321 3% 1% 2% Gross Profit 724 700 3%
Slide 19: International Segment Performance
THIRD QUARTER FINANCIAL RESULTS International Segment Performance Third Quarter Foreign (millions of dollars) 2025 2024 Change Exchange Operational1 Total International $1,055 $1,021 3% 2% 1% Australia 87 83 5% (1)% 6% Brazil 100 101 (1)% —% (1)% Canada 70 66 6% —% 6% Chile 29 31 (6)% (2)% (4)% Chin
Slide 20: Financial Guidance
THIRD QUARTER FINANCIAL RESULTS Financial Guidance Full Year 2025 Selected Line Items Full Year 2025 as of August 5, 2025 (millions of dollars, except per share amounts) as of November 4, 2025 (Prior Guidance) Revenue $9,400 to $9,475 $9,450 to $9,600 Organic operational growth1 5.5% to 6.5% 6.5% to
Slide 21: Q&A
THIRD QUARTER FINANCIAL RESULTS Q&A 21
Slide 22: Appendix
THIRD QUARTER FINANCIAL RESULTS Appendix 22
Slide 23: Reconciliation Of Reported Growth To Non-GAAP Financial Measures
THIRD QUARTER FINANCIAL RESULTS Reconciliation Of Reported Growth To Non- GAAP Financial Measures Third Quarter (millions of dollars) 2025 2024 Change Foreign Exchange Operational1 Revenue by Product Category Key Dermatology $469 $449 4% 1% 3% Key Dermatology (international) 162 146 11% 4% 7% OA Pai
Slide 24: Reconciliation Of GAAP To Non-GAAP Financial Measures
THIRD QUARTER FINANCIAL RESULTS Reconciliation Of GAAP To Non-GAAP Financial Measures Reported Results to Organic Operational Results Third Quarter Foreign Organic (millions of dollars, except per share data) 2025 2024 Change Exchange Operational1 Divestitures Operational2 Adjusted net income $754 $
Slide 25: Zoetis
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