Zoetis Inc. · NYSE:ZTS
Zoetis — Investor Day (December 2025)
39 slides from Zoetis's investor day presentation, Dec 2, 2025
Slide 1: Shaping the Next Era of Animal Health
INNOVATION WEBCAST Shaping the Next Era of Animal Health December 2, 2025
Slide 2: Forward-Looking Statements; 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: Presenters
Presenters Kristin Peck Dr. Robert Polzer Dr. Kevin Esch Wetteny Joseph Chief Executive Officer Executive Senior Vice President, Executive Vice President, Global Therapeutics; Vice President, President, R&D Incoming Executive Chief Financial Officer Vice President, President, R&D 3 Shaping the Next
Slide 4: Agenda
Agenda THEME SPEAKER Animal Health Market Opportunity Kristin Proven Innovation Model Rob Robust Pipeline Across Time Horizons Kevin Innovation Engine Driving Value Wetteny Q&A All 4 Shaping the Next Era of Animal Health
Slide 5: Animal Health Market Opportunity
Animal Health Market Opportunity Kristin Peck Chief Executive Officer 5 Shaping the Next Era of Animal Health
Slide 6: Animal Health market is poised to reach ~$90B by 2035
ANIMAL HEALTH MARKET OPPORTUNITY 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 6 Shaping the Next Era of Animal Health Sou
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 therapies Increase in pet Emerging medicalization therapeutic frontiers 7 Shaping the Next Era of A
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 Shaping the Next Era of Animal Health
Slide 9: Higher standards of care are driving demand for more advanced therapies
ANIMAL HEALTH MARKET OPPORTUNITY Higher standards of care are driving demand for more advanced therapies Advanced, newer Adoption of advanced vs. legacy therapies in the U.S. therapies Legacy therapies Canine Parasiticides Canine Dermatology CAGR CAGR Triple combos (# of patients) JAKi and mAbs (# o
Slide 10: Increasing pet lifespans fuel the need for more effective chronic disease treatments
ANIMAL HEALTH MARKET OPPORTUNITY Increasing pet lifespans fuel the need for more effective chronic disease treatments Species Decade Average longevity, years Pet age Share of chronic pain patients1, % 1980s 0-1 16% 9 2-5 22% 1.5x 6-9 27% 2020s 13 10+ 36% 0-1 22% 1980s 7 2-5 20% 1.7x 6-9 16% 2020s 12
Slide 11: Livestock market growth has re-accelerated, and protein consumption drivers are strong
ANIMAL HEALTH MARKET OPPORTUNITY Livestock market growth has re-accelerated, and long-term drivers of protein consumption are strong Livestock Animal Health market Global animal protein consumption & revenue, $B world population growth CAGR +5.1% Global Population Protein Consumption 481 (Billions)
Slide 12: Livestock shift to disease prevention increasing demand for vaccines
ANIMAL HEALTH MARKET OPPORTUNITY Livestock shift to Vaccines revenue, $B (Livestock Animal Health market) disease prevention increasing demand $9.5 for vaccines $7.5 $0.3 $6.4 $0.2 $4.0 Prevention technologies are outpacing $0.1 broader market growth, and Zoetis will $2.9 $2.2 sustain its leadership
Slide 13: Building on market leadership to drive the next wave of growth
ANIMAL HEALTH MARKET OPPORTUNITY 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
Slide 14: Proven Innovation Model
Proven Innovation Model Dr. Robert Polzer Executive Vice President, President, R&D 14 Shaping the Next Era of Animal Health
Slide 15: R&D powered by deep science and diverse capabilities
PROVEN INNOVATION MODEL R&D powered by deep science and diverse capabilities 15 Shaping the Next Era of Animal Health
Slide 16: Pioneering the future of Animal Health
PROVEN INNOVATION MODEL Pioneering the future of Animal Health Building on our scientific foundation and capabilities, we’re shaping the next frontier of Animal Health Traditional chemistry Biopharma set new Diagnostics and AI is improving and and vaccines built standards with mAb Precision Health f
Slide 17: R&D productivity: Faster cycle times, higher success rates, lower costs
PROVEN INNOVATION MODEL R&D productivity: Faster cycle times, higher success rates, lower costs Animal Health has the same Time to market Success rate1 Cost efficiency rigor and regulatory <~1/2 ~4x 20-30x expectation Faster development Higher across More cost-efficient cycle time development phases
Slide 18: Robust Pipeline Across Time Horizons
Robust Pipeline Across Time Horizons Dr. Kevin Esch Senior Vice President, Global Therapeutics; Incoming Executive Vice President, President, R&D 18 Shaping the Next Era of Animal Health
Slide 19: New R&D revenue driven by diversified and risk-balanced innovation portfolio
ROBUST PIPELINE ACROSS TIME HORIZONS New R&D revenue driven by diversified and risk-balanced innovation portfolio 15-20% 35-40% 40-50% Geo Expansion Lifecycle Innovation New Product Innovation Extending our portfolio’s reach Enhancing the value of existing Advances that will substantially into new m
Slide 20: Sustainable cadence of high-value launches anchored in balanced portfolio
ROBUST PIPELINE ACROSS TIME HORIZONS Sustainable Our R&D capabilities meet diverse customer needs today and unlock solutions for future unmet needs cadence Incubator and early- of high-value stage research fuel our pipeline launches ~25-30% anchored in More than 7 years balanced ~30-50% Near-term R&
Slide 21: Extending R&D leadership through strategic collaborations
ROBUST PIPELINE ACROSS TIME HORIZONS Extending R&D leadership through strategic collaborations Internal External Academic Early-Stage Innovation Partnerships Collaborations Investments In-house R&D to Strategic alliances with Partnering with top Scouting novel create industry-leading biotech and pha
Slide 22: Robust pipeline with expected major market approvals every year
ROBUST PIPELINE ACROSS TIME HORIZONS Robust pipeline with expected major market approvals every year for the next several years Expected blockbusters1 Year to Date 2025 Expected 2026 Expected 2028 – 2029 Expected3 2030+ Long-Acting OA mAb Next-Gen Chemistry Derm mAb Renal mAb Therapy* (Portela) Dx2
Slide 23: Advancing innovation to address medical needs through precedented science
ROBUST PIPELINE ACROSS TIME HORIZONS Advancing innovation to address medical needs through precedented science Renal Oral Oncology Oncology Cardio Long-Acting Therapeutic Area mAb Vaccines mAb 1 mAb 2 Solution Paras Validated Target Precedented Modality Precedented Technology Precedented Market 23 S
Slide 24: Reshaping Animal Health for transformative growth
ROBUST PIPELINE ACROSS TIME HORIZONS Reshaping Animal Health for transformative growth Why innovation in these therapeutic areas matter Deep-dive to follow Chronic Kidney #1 cause of death in cats, without treatments that directly impact disease. Disease Prevalence estimated at ~8% for dogs and ~15%
Slide 25: Pioneering an emerging frontier in Animal Health: Chronic Kidney Disease
ROBUST PIPELINE ACROSS TIME HORIZONS Pioneering an emerging frontier in Animal Health: Chronic Kidney Disease Renal overview The science behind it Zoetis mAbs leverage There is unmet need known disease targets No treatments that directly impact disease, and there is opportunity for diagnostics to de
Slide 26: Pioneering an emerging frontier in Animal Health: Oncology
ROBUST PIPELINE ACROSS TIME HORIZONS Pioneering an emerging frontier in Animal Health: Oncology Oncology overview The science behind it Zoetis mAbs leverage There is unmet need known disease targets Specialist only treatment limits care, and there is opportunity for diagnostics to detect disease ear
Slide 27: Pioneering an emerging frontier in Animal Health: Cardiology
ROBUST PIPELINE ACROSS TIME HORIZONS Pioneering an emerging frontier in Animal Health: Cardiology Cardiology overview The science behind it There is unmet need Zoetis mAbs leverage Existing treatments are not optimal, especially in known disease targets and dosage regimen. There is also an opportuni
Slide 28: Innovation Engine Driving Value
Innovation Engine Driving Value Wetteny Joseph Executive Vice President, Chief Financial Officer 28 Shaping the Next Era of Animal Health
Slide 29: Foundation to continue leading Animal Health's fast growth
INNOVATION ENGINE DRIVING VALUE Foundation to continue leading Animal Health’s fast growth Animal Health market expected to reach $90B by 2035, benefitting from strong tailwinds in Companion Animal and Livestock Our pipeline is robust and well diversified across geographies, therapeutic areas, speci
Slide 30: Fueling innovation and growth through disciplined and strategic R&D investments
INNOVATION ENGINE DRIVING VALUE Fueling innovation and growth through disciplined and strategic R&D investments R&D investment levels R&D investment, $M R&D investment as share of revenue 6.7% 7.4% 6.9% We will continue $686 to invest to $539 sustain $463 innovation leadership and top-line accelerat
Slide 31: A proven formula for growth and returns
INNOVATION ENGINE DRIVING VALUE 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 Growth EBITDA ROIC sustain top-line growth and expand our le
Slide 32: 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 33: Powering tomorrow's Animal Health with unmatched innovation
INNOVATION ENGINE DRIVING VALUE Powering tomorrow’s Animal Health with unmatched innovation A market An innovation Tangible near Expanding Disciplined built for engine that and mid-term into new growth, lasting growth sets us apart pipeline frontiers value Strong, long-term Unique Robust and Attract
Slide 34: Q&A
Q&A 34 Shaping the Next Era of Animal Health
Slide 35: Powering tomorrow's Animal Health with unmatched innovation
INNOVATION ENGINE DRIVING VALUE Powering tomorrow’s Animal Health with unmatched innovation A market An innovation Tangible near Expanding Disciplined built for engine that and mid-term into new growth, lasting growth sets us apart pipeline frontiers value Strong, long-term Unique Robust and Attract
Slide 36: Appendix
Appendix 36 Shaping the Next Era of Animal Health
Slide 37: Reconciliation Of GAAP To Non-GAAP Financial Measures
Reconciliation Of GAAP To Non-GAAP Financial Measures Reported Net Income to Adjusted Net Income (Dollars in millions) 2020 2021 2022 2023 2024 Net income attributable to Zoetis1 $1,638 $2,037 $2,114 $2,344 $2,486 Purchase accounting adjustments–net of tax2 142 136 120 127 109 Acquisition and divest
Slide 38: Reconciliation Of GAAP To Non-GAAP Financial Measures
Reconciliation Of GAAP To Non-GAAP Financial Measures Adjusted Net Income to Adjusted EBITDA as a % of Revenue (Dollars in millions) 2020 2021 2022 2023 2024 Adjusted net income attributable to Zoetis1 $1,844 $2,240 $2,297 $2,457 $2,693 Interest expense2 231 224 221 239 225 Interest income2 (12) (6)
Slide 39: Zoetis
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