$ZTS
Zoetis Inc.

2024 Q2 Form 10-Q Financial Statement

#000155528024000249 Filed on May 02, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $2.361B $2.190B
YoY Change 8.3% 9.5%
Cost Of Revenue $668.0M $643.0M
YoY Change 10.23% 9.35%
Gross Profit $1.693B $1.547B
YoY Change 7.56% 9.56%
Gross Profit Margin 71.71% 70.64%
Selling, General & Admin $581.0M $547.0M
YoY Change 4.5% 8.32%
% of Gross Profit 34.32% 35.36%
Research & Development $171.0M $162.0M
YoY Change 17.12% 14.08%
% of Gross Profit 10.1% 10.47%
Depreciation & Amortization $127.0M $126.0M
YoY Change 4.96% 5.0%
% of Gross Profit 7.5% 8.14%
Operating Expenses $752.0M $709.0M
YoY Change 2.04% 9.58%
Operating Profit $941.0M $838.0M
YoY Change 12.43% 9.54%
Interest Expense $59.00M $58.00M
YoY Change -222.92% -7.94%
% of Operating Profit 6.27% 6.92%
Other Income/Expense, Net -$25.00M $8.000M
YoY Change -124.04% -84.91%
Pretax Income $780.0M $747.0M
YoY Change -10.55% 7.17%
Income Tax $156.0M $148.0M
% Of Pretax Income 20.0% 19.81%
Net Earnings $624.0M $599.0M
YoY Change -7.0% 8.51%
Net Earnings / Revenue 26.43% 27.35%
Basic Earnings Per Share $1.37 $1.31
Diluted Earnings Per Share $1.37 $1.31
COMMON SHARES
Basic Shares Outstanding 456.3M shares 457.9M shares
Diluted Shares Outstanding 456.0M shares 458.8M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.573B $1.973B
YoY Change -8.23% -6.27%
Cash & Equivalents $1.574B $1.975B
Short-Term Investments
Other Short-Term Assets $467.0M $440.0M
YoY Change 4.71% 7.06%
Inventory $2.452B $2.651B
Prepaid Expenses
Receivables $1.383B $1.293B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.202B $6.359B
YoY Change 0.31% 1.44%
LONG-TERM ASSETS
Property, Plant & Equipment $3.200B $3.251B
YoY Change -1.08% 11.6%
Goodwill $2.739B $2.759B
YoY Change 0.92% 0.77%
Intangibles $1.226B $1.295B
YoY Change -2.08% -1.45%
Long-Term Investments
YoY Change
Other Assets $210.0M $227.0M
YoY Change -42.47% 58.74%
Total Long-Term Assets $7.963B $7.989B
YoY Change 5.25% 6.73%
TOTAL ASSETS
Total Short-Term Assets $6.202B $6.359B
Total Long-Term Assets $7.963B $7.989B
Total Assets $14.17B $14.35B
YoY Change 3.03% 4.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $420.0M $405.0M
YoY Change -9.48% -4.48%
Accrued Expenses $980.0M $963.0M
YoY Change 4.7% 3.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $24.00M
YoY Change -100.0% 700.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.797B $1.909B
YoY Change 1.58% -0.31%
LONG-TERM LIABILITIES
Long-Term Debt $6.563B $6.562B
YoY Change 0.12% 0.05%
Other Long-Term Liabilities $222.0M $228.0M
YoY Change -67.5% 5.56%
Total Long-Term Liabilities $6.785B $6.790B
YoY Change -6.26% 0.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.797B $1.909B
Total Long-Term Liabilities $6.785B $6.790B
Total Liabilities $9.205B $9.296B
YoY Change 0.89% 0.36%
SHAREHOLDERS EQUITY
Retained Earnings $11.12B $10.70B
YoY Change 16.57% 18.25%
Common Stock $5.000M $5.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.464B $5.928B
YoY Change 26.1% 23.32%
Treasury Stock Shares
Shareholders Equity $4.966B $5.058B
YoY Change
Total Liabilities & Shareholders Equity $14.17B $14.35B
YoY Change 3.03% 4.32%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $624.0M $599.0M
YoY Change -7.0% 8.51%
Depreciation, Depletion And Amortization $127.0M $126.0M
YoY Change 4.96% 5.0%
Cash From Operating Activities $502.0M $595.0M
YoY Change 174.32% 8.38%
INVESTING ACTIVITIES
Capital Expenditures $132.0M $140.0M
YoY Change -20.48% -37.22%
Acquisitions
YoY Change
Other Investing Activities $0.00 $1.000M
YoY Change -100.0% -85.71%
Cash From Investing Activities -$132.0M -$131.0M
YoY Change 65.0% -39.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities -763.0M -$524.0M
YoY Change 54.45% -70.92%
NET CHANGE
Cash From Operating Activities 502.0M $595.0M
Cash From Investing Activities -132.0M -$131.0M
Cash From Financing Activities -763.0M -$524.0M
Net Change In Cash -393.0M -$66.00M
YoY Change 0.51% -95.52%
FREE CASH FLOW
Cash From Operating Activities $502.0M $595.0M
Capital Expenditures $132.0M $140.0M
Free Cash Flow $370.0M $455.0M
YoY Change 2076.47% 39.57%

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<div style="margin-top:12pt;padding-left:18pt;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:11pt;font-weight:700;line-height:120%">1. Organization </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%">Zoetis 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. </span></div>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 and emerging markets. We have a diversified business, commercializing products across eight core species: dogs, cats and horses (collectively, companion animals) and cattle, poultry, swine, fish and sheep (collectively, livestock); and within eight major product categories: parasiticides, vaccines, dermatology, anti-infectives, pain and sedation, other pharmaceutical, animal health diagnostics and medicated feed additives.
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CY2024Q1 us-gaap Guarantees Indemnifications And Warranties Policies
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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">B. Guarantees and Indemnifications</span></div>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 March 31, 2024, recorded amounts for the estimated fair value of these indemnifications were not material.
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