Zoetis Inc. · NYSE:ZTS
Zoetis — Q3 2026 Earnings Presentation
23 slides from Zoetis's earnings presentation, Nov 5, 2026
Slide 1: Third Quarter 2026 Financial Results
Third Quarter 2026 Financial Results November 5, 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: business plans or prospects, future operating or financial performance; future guidance, future operating models, R&D costs; timing and likelihood of success;
Slide 3: Zoetis Performance
THIRD QUARTER FINANCIAL RESULTS Zoetis Performance Key Messages Q3 results in line Growth in Focused on On track to Narrowed full-year with expectations International defending leadership meet 2026 pipeline revenue guidance amid continued markets, Livestock, positions in key milestones, including to
Slide 4: Taking Action to Maintain Leadership & Drive Growth
THIRD QUARTER FINANCIAL RESULTS Taking Action to Maintain Leadership & Drive Growth • Promotional defense slowed U.S. Dermatology share loss to 4pp1 in Q3, compared to 7pp1 in Sharpening Q2 through focused DTC, Apoquel Chew conversion and promotional activities Commercial • Targeted cross-portfolio
Slide 5: Advancements in Innovation
THIRD QUARTER FINANCIAL RESULTS Advancements in Innovation Zoetis continued to advance innovation through lifecycle and geographic expansions in the quarter Convenia® RTU for Dogs Vanguard® B Oral Received U.S. FDA approval for the treatment of susceptible bacterial Received an additional claim in B
Slide 6: From Near-Term Execution to Long-Term Market Creation
THIRD QUARTER FINANCIAL RESULTS From Near-Term Execution to Long-Term Market Creation Expected Approvals 2026 Pioneering Emerging Frontiers TAMs4 Chronic #1 cause of death in cats, without treatments $3.0 - 4.0B Next-Gen Chemistry Dx1 that directly impact disease. Prevalence Kidney estimated at ~8%
Slide 7: Q3 Segment Highlights
THIRD QUARTER FINANCIAL RESULTS Q3 Segment Highlights1 United States SEGMENT REVENUE COMPANION ANIMAL REVENUE LIVESTOCK REVENUE $1.2B $1.0B $0.3B (6)% YoY (8)% YoY 5% YoY International SEGMENT REVENUE COMPANION ANIMAL REVENUE LIVESTOCK REVENUE $1.1B $0.6B $0.5B 4% YoY 0% YoY 9% YoY 1 Organic operati
Slide 8: Reported to Organic Operational Results
THIRD QUARTER FINANCIAL RESULTS Reported to Organic Operational Results Understanding Third Quarter 2026 Underlying Results Third Quarter Reported Foreign Organic 2026 2025 Divestitures (millions of dollars) Change Exchange Operational1 U.S. Companion animal $980 $1,069 (8)% —% —% (8)% Livestock 266
Slide 9: Adjusted Income Statement Highlights
THIRD QUARTER FINANCIAL RESULTS Adjusted Income Statement Highlights Third Quarter Reported Foreign Organic 2026 2025 Operational1 Divestitures (millions of dollars, except per share data) Change Exchange Operational2 Revenue $2,391 $2,422 (1)% 1% (2)% (1)% (1)% Adjusted Cost of Sales3 694 695 —% —%
Slide 10: Key Dermatology Franchise
THIRD QUARTER FINANCIAL RESULTS Key Dermatology Franchise Q3 Franchise Revenue YoY (Millions of dollars) • Promotional defense slowed U.S. Dermatology share loss to 4pp2 in Q3, compared to 7pp2 in Q2 (16)%1 • Commercial defense strategies focused on DTC, Apoquel Chew conversion and promotional activ
Slide 11: Simparica Franchise
THIRD QUARTER FINANCIAL RESULTS Simparica Franchise Q3 Franchise Revenue YoY (Millions of dollars) • Simparica Trio maintained its market-leading position in the U.S. with ~23%2 clinic patient share, as flea, tick, and heartworm visits fell ~11%3 1%1 • U.S. volume growth was offset by price; Fall p
Slide 12: Osteoarthritis (OA) Pain mAb Franchise
THIRD QUARTER FINANCIAL RESULTS Osteoarthritis (OA) Pain mAb Franchise Q3 Franchise Revenue YoY (Millions of dollars) • OA pain franchise returned to growth led by new long-acting portfolio • Canine OA pain declined given U.S. Librela headwinds outweighed 2%1 growth from Lenivia in select Internatio
Slide 13: Companion Animal Diagnostics
THIRD QUARTER FINANCIAL RESULTS Companion Animal Diagnostics Q3 Revenue YoY (Millions of dollars) • Diagnostics grew 13%, supported by continued adoption of point-of-care imaging platforms 13%1 • VitalRADS in the U.S. adds teleradiology and reference lab capabilities • Veterinary Pathology Group (VP
Slide 14: Livestock
THIRD QUARTER FINANCIAL RESULTS Livestock Q3 Revenue YoY (Millions of dollars) • Livestock growth was broad-based across key species and U.S. and International markets 7%1 • U.S. growth reflected Ceftiofur supply recovery, strong vaccine performance, and swine growth, partially offset by Dectomax de
Slide 15: Capital Allocation Priorities
THIRD QUARTER FINANCIAL RESULTS Capital Allocation Priorities Reinvest in Our Business • ~$525M invested in our industry-leading R&D capabilities YTD, supporting our future pipeline • ~$335M in Capital Expenditures across manufacturing, R&D, and IT initiatives YTD External Business Development Oppor
Slide 16: 2026 Guidance: Narrowed Revenue, Raised Adj. EPS
THIRD QUARTER FINANCIAL RESULTS 2026 Guidance: Narrowed Revenue, Raised Adj. EPS Revenue $9,220M - $9,320M Adj. Net Income1 Adj. Diluted EPS1 $2,600M - $2,640M $6.25 - $6.35 Organic Operational Growth2 (2)% - (1)% Revenue (7)% - (5)% Adj. Net Income1 1 Adjusted net income (ANI) and its components an
Slide 17: Appendix
Appendix 17
Slide 18: 2026 Guidance: Additional Details
THIRD QUARTER FINANCIAL RESULTS 2026 Guidance: Additional Details The guidance reflects foreign exchange rates as of October 20, 2026 and Selected Line Items includes the assumed impacts as a result of fluctuations in foreign (millions of dollars, except per share amounts) Full Year 2026 as of Novem
Slide 19: Reconciliation Of Reported Growth To Non-GAAP Financial Measures
THIRD QUARTER FINANCIAL RESULTS Reconciliation Of Reported Growth To Non-GAAP Financial Measures Third Quarter Reported Foreign Organic 2026 2025 Divestitures (millions of dollars) Change Exchange Operational1 Revenue by Product Category Key Dermatology $396 $469 (16)% —% —% (16)% Key Dermatology (i
Slide 20: International Revenue Performance
THIRD QUARTER FINANCIAL RESULTS International Revenue Performance Third Quarter Reported Foreign Organic 2026 2025 Divestitures (millions of dollars) Change Exchange Operational1 Total International $1,116 $1,074 4% 1% (1)% 4% Australia 104 92 13% 9% —% 4% Brazil 114 105 9% 6% —% 3% Canada 70 76 (8)
Slide 21: U.S. Segment Performance
THIRD QUARTER FINANCIAL RESULTS U.S. Segment Performance Third Quarter Organic 2026 2025 Reported Change Divestitures (millions of dollars) Operational1 Revenue $1,246 $1,322 (6)% —% (6)% Companion Animal 980 1,069 (8)% —% (8)% Livestock 266 253 5% —% 5% Cost of Sales 222 222 —% Gross Profit 1,024 1
Slide 22: International Segment Performance
THIRD QUARTER FINANCIAL RESULTS International Segment Performance Third Quarter Reported Foreign Organic 2026 2025 Divestitures (millions of dollars) Change Exchange Operational1 Revenue $1,116 $1,074 4% 1% (1)% 4% Companion Animal 585 581 1% 1% —% —% Livestock 531 493 8% 2% (3)% 9% Cost of Sales 34
Slide 23: Zoetis
zoetis