Slide 1: Second Quarter 2025 Financial Results
Second Quarter 2025 Financial Results August 5, 2025
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
SECOND QUARTER FINANCIAL RESULTS Presenters Strategy and Business Update Financial Performance Kristin Peck Wetteny Joseph Chief Executive Officer Executive Vice President and Chief Financial Officer 3
Slide 4: Strong, Broad Based Q2 Performance
SECOND QUARTER FINANCIAL RESULTS Strong, Broad Based Q2 Performance REVENUE ADJ. NET INCOME2 ADJ. DILUTED EPS2 $2.5B $783M $1.76 8% 10% 13% organic operational1 YoY organic operational1 YoY organic operational1 YoY 4% Volume | 4% Price KEY HIGHLIGHTS Strong growth across Companion Animal Key Dermato
Slide 5: Advancements in Innovation
SECOND QUARTER FINANCIAL RESULTS Advancements in Innovation Simparica Trio® Revolution® Plus Gained new label indications in Japan to prevent Received approval for an additional claim related to eyeworms and to prevent Dipylidium caninum (flea efficacy against notoedres mange in Australia, and tapew
Slide 6: Second Quarter Segment Highlights
SECOND QUARTER FINANCIAL RESULTS Second Quarter Segment Highlights United States U.S. SEGMENT REVENUE U.S. COMPANION ANIMAL REVENUE U.S. LIVESTOCK REVENUE $1.4B $1.2B $0.2B 7% organic operational growth2 9% growth YOY 2% organic operational2 decline Year over Year (YOY) YOY International INT'L. SEGM
Slide 7: Reported to Organic Operational Results
SECOND QUARTER FINANCIAL RESULTS Reported to Organic Operational Results Understanding Second Quarter 2025 Underlying Results Second Quarter (millions of dollars) Reported Foreign Organic 2025 2024 Change Exchange Operational1 Divestitures Operational2 U.S. Companion animal $1,176 $1,080 9% —% 9% —%
Slide 8: Raising Our 2025 Outlook
SECOND QUARTER FINANCIAL RESULTS Raising Our 2025 Outlook Revenue Adj. Net Income1 $9,450M - $9,600M $2,825M - $2,875M Prior guidance: $9,425M - $9,575M Prior guidance: $2,775M - $2,825M Adj. Diluted EPS1 Organic Operational Growth2 $6.30 - $6.40 6.5% - 8.0% 5.5% - 7.5% Prior guidance: $6.20 - $6.30
Slide 9: Simparica Franchise
SECOND QUARTER FINANCIAL RESULTS Simparica Simparica Franchise Revenue Franchise (Millions of dollars) 2Q Revenue YoY • Simparica franchise grew 17% operationally1, fueled by ongoing shift toward triple-combinations, the fastest $500 growing segment in animal health 17%1 • Growth propelled by first-
Slide 10: Key Dermatology Franchise
SECOND QUARTER FINANCIAL RESULTS Key Dermatology Key Derm Franchise Revenue Franchise (Millions of dollars) 2Q Revenue YoY • Key dermatology franchise grew revenue 11% operationally1 $500 • Comprehensive and differentiated portfolio offers 11%1 unmatched flexibility for pet owners $400 • Growth in i
Slide 11: Osteoarthritis Pain mAb Franchise
SECOND QUARTER FINANCIAL RESULTS Osteoarthritis (OA) OA Pain mAb Franchise Revenue Pain mAb Franchise (Millions of dollars) 2Q Revenue YoY • OA pain franchise revenue declined 4% operationally1 • We continue to take deliberate steps to accelerate $200 adoption by educating veterinarians and pet owne
Slide 12: Livestock
SECOND QUARTER FINANCIAL RESULTS Livestock Livestock Revenue ex MFA (Millions of dollars) • Global livestock revenue increased 6% on an organic operational1 basis in the second quarter 2Q Revenue YoY • Outperforming expectations for the first half of $800 the year • Expect to outperform for the rema
Slide 13: Financial Results and Guidance
SECOND QUARTER FINANCIAL RESULTS Financial Results and Guidance 13
Slide 14: Income Statement Highlights
SECOND QUARTER FINANCIAL RESULTS Income Statement Highlights Second Quarter (millions of dollars, except per share data) 2025 2024 Change Revenue $2,460 $2,361 4% Reported Net Income 718 624 15% Reported Diluted Earnings Per Share $1.61 $1.37 18% Adjusted Net Income1 783 711 10% Adjusted Diluted Ear
Slide 15: Adjusted Income Statement Highlights
SECOND QUARTER FINANCIAL RESULTS Adjusted Income Statement Highlights Second Quarter Foreign 2025 2024 Change Operational1 (millions of dollars) Exchange Revenue $2,460 $2,361 4% (1)% 5% Adjusted Cost of Sales2 647 667 (3)% (6)% 3% as a percent of revenue3 26.3% 28.3% NA NA NA Adjusted SG&A Expenses
Slide 16: U.S. Segment Performance
SECOND QUARTER FINANCIAL RESULTS U.S. Segment Performance Second Quarter (millions of dollars) 2025 2024 Change Revenue $1,356 $1,308 4% Companion Animal 1,176 1,080 9% Livestock 180 228 (21)% Cost of Sales 208 232 (10)% Gross Profit 1,148 1,076 7% Gross Margin 84.7% 82.3% NA Operating Expenses 218
Slide 17: International Segment Performance
SECOND QUARTER FINANCIAL RESULTS International Segment Performance Second Quarter Foreign (millions of dollars) 2025 2024 Change Operational1 Exchange Revenue $1,070 $1,035 3% (2)% 5% Companion Animal 612 569 8% —% 8% Livestock 458 466 (2)% (3)% 1% Cost of Sales 314 342 (8)% (9)% 1% Gross Profit 756
Slide 18: International Segment Performance
SECOND QUARTER FINANCIAL RESULTS International Segment Performance Second Quarter (millions of dollars) 2025 2024 Change Foreign Exchange Operational1 Total International $1,070 $1,035 3% (2)% 5% Australia 83 83 —% (4)% 4% Brazil 93 99 (6)% (11)% 5% Canada 73 75 (3)% (3)% —% Chile 36 31 16% (3)% 19%
Slide 19: Financial Guidance
SECOND QUARTER FINANCIAL RESULTS Financial Guidance Selected Line Items Full Year 2025 Full Year 2025 (millions of dollars, except per share amounts) as of August 5, 2025 as of May 6, 2025 (Prior Guidance) Revenue $9,450 to $9,600 $9,425 to $9,575 Organic operational growth1 6.5% to 8.0% 6% to 8% Ad
Slide 20: Q&A
Q&A 20
Slide 21: Appendix
Appendix 21
Slide 22: Reconciliation Of Reported Growth To Non-GAAP Financial Measures
SECOND QUARTER FINANCIAL RESULTS Reconciliation Of Reported Growth To Non- GAAP Financial Measures Second Quarter (millions of dollars) 2025 2024 Change Foreign Exchange Operational1 Revenue by Product Category Key Dermatology $460 $414 11% —% 11% Key Dermatology (international) 153 131 17% 2% 15% O
Slide 23: Reconciliation Of GAAP To Non-GAAP Financial Measures
SECOND QUARTER FINANCIAL RESULTS Reconciliation Of GAAP To Non-GAAP Financial Measures Reported Results to Organic Operational Results Second Quarter Foreign Organic (millions of dollars, 2025 2024 Change Operational1 Divestitures except per share data) Exchange Operational2 Adjusted net income $783
Slide 24: Zoetis
zoetis