Zoetis Inc

zoetis.com

What Do They Do?

Sells medicines, vaccines and diagnostic products for pets to veterinarians, veterinary distributors and pet owners.

How Do They Make Money?

Veterinarians, livestock producers and distributors buy animal-health products; Zoetis sells them directly or through distributors, and customers pay under terms after products ship.

FY2025 revenue by product or service revenue

Segment	Share	How money arrives
Livestock Sold outright	29% FY2022: 35%	Sold outright
Companion Animal Sold outright	70% FY2022: 64%	Sold outright
Contract Manufacturing and Human Health Diagnostics	1.2% FY2022: 1.1%

Who Are Their Customers?

Veterinarians buy companion-animal products directly or through veterinary distributors, then typically sell them to pet owners. Livestock producers and veterinarians buy livestock products directly or through distributors and retailers.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 15% from one customer

Do Revenues Turn Into Profits?

Yes. It kept 28 cents of every revenue dollar as net income in FY2025 and turned 24 cents into free cash flow.

Operating income, FY2025

39% of revenue

▲ +5% vs FY2024 ($3.5B, 38%)

Net income, FY2025

28% of revenue

▲ +8% vs FY2024 ($2.5B, 27%)

Free cash flow, FY2025

24% of revenue

▼ −1% vs FY2024 ($2.3B, 25%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ 0%; vs $2.5B in Q2 FY2025
Net income: ▼ −5%; vs $726M in Q2 FY2025

Companion Animal share of revenue vs 72.4% in Q2 FY2025

Aug 6, 2026 Zoetis appointed James Saccaro CFO and COO as Wetteny Joseph departed as CFO Saccaro's appointment is effective August 17, 2026; Joseph transitions to an advisory role.

Growing. Revenue grew 22% in 4 years, from $7.8B in FY2021 to $9.5B in FY2025, about 5% a year.

Medicated feed additives The latest report no longer includes medicated feed additives as a product category, following the divestiture of that portfolio and related assets.

Revenue over time

Livestock Companion Animal Contract Manufacturing and Human Health Diagnostics

$10B$5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Boehringer Ingelheim, Merck &, Elanco Animal Health, and IDEXX Laboratories

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