2024 Q1 Form 10-K Financial Statement

#000155528024000143 Filed on February 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $2.190B $2.213B $8.544B
YoY Change 9.5% 8.48% 5.74%
Cost Of Revenue $643.0M $726.0M $2.561B
YoY Change 9.35% 11.52% 4.36%
Gross Profit $1.547B $1.487B $5.983B
YoY Change 9.56% 7.06% 6.35%
Gross Profit Margin 70.64% 67.19% 70.03%
Selling, General & Admin $547.0M $565.0M $2.151B
YoY Change 8.32% 9.92% 7.07%
% of Gross Profit 35.36% 38.0% 35.95%
Research & Development $162.0M $174.0M $614.0M
YoY Change 14.08% 17.57% 13.91%
% of Gross Profit 10.47% 11.7% 10.26%
Depreciation & Amortization $126.0M $126.0M $491.0M
YoY Change 5.0% 5.88% 5.59%
% of Gross Profit 8.14% 8.47% 8.21%
Operating Expenses $709.0M $754.0M $2.765B
YoY Change 9.58% 9.12% 8.52%
Operating Profit $838.0M $733.0M $3.218B
YoY Change 9.54% 5.01% 4.55%
Interest Expense $58.00M -$39.00M $239.0M
YoY Change -7.94% -32.76% 8.14%
% of Operating Profit 6.92% -5.32% 7.43%
Other Income/Expense, Net $8.000M $159.0M
YoY Change -84.91% -497.5%
Pretax Income $747.0M $650.0M $2.936B
YoY Change 7.17% 9.8% 10.54%
Income Tax $148.0M $127.0M $596.0M
% Of Pretax Income 19.81% 19.54% 20.3%
Net Earnings $599.0M $525.0M $2.344B
YoY Change 8.51% 13.88% 10.88%
Net Earnings / Revenue 27.35% 23.72% 27.43%
Basic Earnings Per Share $1.31 $5.08
Diluted Earnings Per Share $1.31 $1.14 $5.07
COMMON SHARES
Basic Shares Outstanding 457.9M shares 459.1M shares 461.2M shares
Diluted Shares Outstanding 458.8M shares 462.3M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.973B $2.039B $2.039B
YoY Change -6.27% -43.0% -43.0%
Cash & Equivalents $1.975B $2.041B $2.039B
Short-Term Investments
Other Short-Term Assets $440.0M $434.0M $436.0M
YoY Change 7.06% 18.9% 18.16%
Inventory $2.651B $2.564B $2.564B
Prepaid Expenses
Receivables $1.293B $1.304B $1.304B
Other Receivables $0.00 $58.00M $0.00
Total Short-Term Assets $6.359B $6.343B $6.343B
YoY Change 1.44% -15.49% -15.49%
LONG-TERM ASSETS
Property, Plant & Equipment $3.251B $3.204B $3.443B
YoY Change 11.6% 16.38% 15.81%
Goodwill $2.759B $2.759B
YoY Change 0.77% 0.47%
Intangibles $1.295B $1.338B
YoY Change -1.45% -3.04%
Long-Term Investments
YoY Change
Other Assets $227.0M $206.0M $403.0M
YoY Change 58.74% 40.14% 25.94%
Total Long-Term Assets $7.989B $7.957B $7.943B
YoY Change 6.73% 7.61% 7.06%
TOTAL ASSETS
Total Short-Term Assets $6.359B $6.343B $6.343B
Total Long-Term Assets $7.989B $7.957B $7.943B
Total Assets $14.35B $14.30B $14.29B
YoY Change 4.32% -4.03% -4.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $405.0M $411.0M $411.0M
YoY Change -4.48% 1.48% 1.48%
Accrued Expenses $963.0M $683.0M $1.113B
YoY Change 3.22% 0.15% 8.59%
Deferred Revenue
YoY Change
Short-Term Debt $24.00M $3.000M $3.000M
YoY Change 700.0% 50.0% 50.0%
Long-Term Debt Due $0.00 $1.000M
YoY Change -100.0% -99.93%
Total Short-Term Liabilities $1.909B $1.889B $1.889B
YoY Change -0.31% -40.35% -40.35%
LONG-TERM LIABILITIES
Long-Term Debt $6.562B $6.564B $6.572B
YoY Change 0.05% 0.18% 0.31%
Other Long-Term Liabilities $228.0M $237.0M $688.0M
YoY Change 5.56% 9.22% 4.08%
Total Long-Term Liabilities $6.790B $6.801B $7.260B
YoY Change 0.22% 0.47% 0.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.909B $1.889B $1.889B
Total Long-Term Liabilities $6.790B $6.801B $7.260B
Total Liabilities $9.296B $9.295B $9.289B
YoY Change 0.36% -11.66% -11.7%
SHAREHOLDERS EQUITY
Retained Earnings $10.70B $10.30B
YoY Change 18.25% 18.77%
Common Stock $5.000M $5.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.928B $5.597B
YoY Change 23.32% 23.31%
Treasury Stock Shares
Shareholders Equity $5.058B $4.997B $4.997B
YoY Change
Total Liabilities & Shareholders Equity $14.35B $14.29B $14.29B
YoY Change 4.32% -4.28% -4.28%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $599.0M $525.0M $2.344B
YoY Change 8.51% 13.88% 10.88%
Depreciation, Depletion And Amortization $126.0M $126.0M $491.0M
YoY Change 5.0% 5.88% 5.59%
Cash From Operating Activities $595.0M $897.0M $2.353B
YoY Change 8.38% 21.05% 23.06%
INVESTING ACTIVITIES
Capital Expenditures $140.0M $198.0M $732.0M
YoY Change -37.22% 15.79% 24.91%
Acquisitions
YoY Change
Other Investing Activities $1.000M -$12.00M -$2.000M
YoY Change -85.71% -95.51%
Cash From Investing Activities -$131.0M -$210.0M -$777.0M
YoY Change -39.35% -52.05% -12.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.092B
YoY Change -31.49%
Debt Paid & Issued, Net $0.00 $1.350B
YoY Change -100.0%
Cash From Financing Activities -$524.0M -397.0M -$3.109B
YoY Change -70.92% -150.9% 243.92%
NET CHANGE
Cash From Operating Activities $595.0M 897.0M $2.353B
Cash From Investing Activities -$131.0M -210.0M -$777.0M
Cash From Financing Activities -$524.0M -397.0M -$3.109B
Net Change In Cash -$66.00M 290.0M -$1.540B
YoY Change -95.52% -73.22% -1704.17%
FREE CASH FLOW
Cash From Operating Activities $595.0M $897.0M $2.353B
Capital Expenditures $140.0M $198.0M $732.0M
Free Cash Flow $455.0M $699.0M $1.621B
YoY Change 39.57% 22.63% 22.25%

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etis Inc. (including its subsidiaries, collectively, Zoetis, the company, we, us or our) is a global leader in the animal health industry, focused on the discovery, development, manufacture and commercialization of medicines, vaccines, diagnostic products and services, biodevices, genetic tests and precision animal health. We organize and operate our business in two geographic regions: the United States (U.S.) and International. <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We directly market our products in approximately 45 countries across North America, Europe, Africa, Asia, Australia and South America. Our products are sold in more than 100 countries, including developed markets and emerging markets. We have a diversified business, marketing products across eight core species: dogs, cats and horses (collectively, companion animals) and cattle, swine, poultry, fish and sheep (collectively, livestock); and within seven major product categories: parasiticides, vaccines, dermatology, other pharmaceutical, anti-infectives, animal health diagnostics and medicated feed additives.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">We were incorporated in Delaware in July 2012 and prior to that the company was a business unit of Pfizer Inc. (Pfizer).</span></div>
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CY2023Q4 us-gaap Number Of Countries In Which Entity Operates
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CY2023 us-gaap Use Of Estimates
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<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:700;line-height:120%;text-decoration:underline">Estimates and Assumptions</span></div><div style="margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In preparing the consolidated financial statements, we use certain estimates and assumptions that affect reported amounts and disclosures, including amounts recorded in connection with acquisitions. These estimates and underlying assumptions can impact all elements of our consolidated financial statements. For example, in the Consolidated Statements of Income, estimates are used when accounting for deductions from revenue (such as rebates, sales allowances, product returns and discounts), determining cost of sales, allocating cost in the form of depreciation and amortization, and estimating restructuring charges and the impact of contingencies. On the Consolidated Balance Sheets, estimates are used in determining the valuation and recoverability of assets, such as accounts receivables, inventories, fixed assets, goodwill and other identifiable intangible assets, and estimates are used in determining the reported amounts of liabilities, such as taxes payable, uncertain tax positions, benefit obligations, the impact of contingencies, deductions from revenue and restructuring reserves, all of which also impact the Consolidated Statements of Income. </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Our estimates are often based on complex judgments, probabilities and assumptions that we believe to be reasonable but that can be inherently uncertain and unpredictable. If our estimates and assumptions are not representative of actual outcomes, our results could be materially impacted. </span></div>As future events and their effects cannot be determined with precision, our estimates and assumptions may prove to be incomplete or inaccurate, or unanticipated events and circumstances may occur that might cause us to change those estimates and assumptions. We are subject to risks and uncertainties that may cause actual results to differ from estimated amounts, such as changes in competition, litigation, legislation and regulations. We regularly evaluate our estimates and assumptions using historical experience and expectations about the future. We adjust our estimates and assumptions when facts and circumstances indicate the need for change. Those changes generally will be reflected in our consolidated financial statements on a prospective basis unless they are required to be treated retrospectively under relevant accounting standards. It is possible that others, applying reasonable judgment to the same facts and circumstances, could develop and support a range of alternative estimated amounts.
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CY2023 us-gaap Defined Benefit Plan Expected Return On Plan Assets
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CY2022 us-gaap Defined Benefit Plan Expected Return On Plan Assets
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CY2022Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
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CY2023Q4 zts Defined Benefit Plan Cash And Cash Equivalents
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1
CY2023Q4 us-gaap Defined Benefit Plan Weighted Average Asset Allocations
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1
CY2022Q4 us-gaap Defined Benefit Plan Weighted Average Asset Allocations
DefinedBenefitPlanWeightedAverageAssetAllocations
1
CY2023 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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1
CY2023 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
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0
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CY2023 us-gaap Defined Contribution Plan Cost Recognized
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DefinedContributionPlanCostRecognized
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CY2021 us-gaap Defined Contribution Plan Cost Recognized
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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30000000 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
14000000 shares
CY2023 zts Allocated Share Based Compensation Expense Direct And Indirect Expense
AllocatedShareBasedCompensationExpenseDirectAndIndirectExpense
60000000 usd
CY2022 zts Allocated Share Based Compensation Expense Direct And Indirect Expense
AllocatedShareBasedCompensationExpenseDirectAndIndirectExpense
62000000 usd
CY2021 zts Allocated Share Based Compensation Expense Direct And Indirect Expense
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2021 us-gaap Employee Service Share Based Compensation Tax Benefit From Exercise Of Stock Options
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CY2023 zts Numberof Daysinwhich Awardswillbe Settledand Paid
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CY2021 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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2369000 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q4 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
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CY2023 us-gaap Profit Loss
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CY2022 us-gaap Profit Loss
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CY2023 us-gaap Net Income Loss
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CY2022 us-gaap Net Income Loss
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CY2021 us-gaap Net Income Loss
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CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2023 us-gaap Guarantees Indemnifications And Warranties Policies
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<div style="margin-top:3pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:9pt;font-weight:400;line-height:120%">In the ordinary course of business and in connection with the sale of assets and businesses, we indemnify our counterparties against certain liabilities that may arise in connection with the transaction or related to activities prior to the transaction. These indemnifications typically pertain to environmental, tax, employee and/or product-related matters and patent-infringement claims. If the indemnified party were to make a successful claim pursuant to the terms of the indemnification, we would be required to reimburse the loss. These indemnifications are generally subject to threshold amounts, specified claim periods and other restrictions and limitations. Historically, we have not paid significant amounts under these provisions and, as of December 31, 2023, recorded amounts for the estimated fair value of these indemnifications were not material.</span></div>
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CY2023Q4 us-gaap Valuation Allowances And Reserves Balance
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CY2021Q4 us-gaap Valuation Allowances And Reserves Balance
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CY2022Q4 us-gaap Valuation Allowances And Reserves Balance
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CY2020Q4 us-gaap Valuation Allowances And Reserves Balance
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CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
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CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
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CY2023 dei Auditor Name
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KPMG LLP
CY2023 dei Auditor Location
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Short Hills, NJ
CY2023 dei Auditor Firm
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185

Files In Submission

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0001555280-24-000143-index-headers.html Edgar Link pending
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