$ZTS
Zoetis Inc.

2024 Q3 Form 10-Q Financial Statement

#000155528024000299 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $2.388B $2.361B
YoY Change 11.02% 8.3%
Cost Of Revenue $701.0M $668.0M
YoY Change 9.87% 10.23%
Gross Profit $1.687B $1.693B
YoY Change 11.5% 7.56%
Gross Profit Margin 70.64% 71.71%
Selling, General & Admin $565.0M $581.0M
YoY Change 7.62% 4.5%
% of Gross Profit 33.49% 34.32%
Research & Development $167.0M $171.0M
YoY Change 9.87% 17.12%
% of Gross Profit 9.9% 10.1%
Depreciation & Amortization $121.0M $127.0M
YoY Change -2.42% 4.96%
% of Gross Profit 7.17% 7.5%
Operating Expenses $732.0M $752.0M
YoY Change 8.12% 2.04%
Operating Profit $955.0M $941.0M
YoY Change 14.23% 12.43%
Interest Expense $57.00M $59.00M
YoY Change -3.39% -222.92%
% of Operating Profit 5.97% 6.27%
Other Income/Expense, Net $16.00M -$25.00M
YoY Change -366.67% -124.04%
Pretax Income $874.0M $780.0M
YoY Change 21.9% -10.55%
Income Tax $182.0M $156.0M
% Of Pretax Income 20.82% 20.0%
Net Earnings $682.0M $624.0M
YoY Change 14.43% -7.0%
Net Earnings / Revenue 28.56% 26.43%
Basic Earnings Per Share $1.51 $1.37
Diluted Earnings Per Share $1.50 $1.37
COMMON SHARES
Basic Shares Outstanding 453.1M shares 456.3M shares
Diluted Shares Outstanding 453.5M shares 456.0M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.710B $1.573B
YoY Change -2.34% -8.23%
Cash & Equivalents $1.714B $1.574B
Short-Term Investments
Other Short-Term Assets $427.0M $467.0M
YoY Change -8.57% 4.71%
Inventory $2.416B $2.452B
Prepaid Expenses
Receivables $1.411B $1.383B
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.282B $6.202B
YoY Change 0.96% 0.31%
LONG-TERM ASSETS
Property, Plant & Equipment $3.298B $3.200B
YoY Change 6.66% -1.08%
Goodwill $2.744B $2.739B
YoY Change -0.65% 0.92%
Intangibles $1.186B $1.226B
YoY Change -15.16% -2.08%
Long-Term Investments
YoY Change
Other Assets $215.0M $210.0M
YoY Change -0.46% -42.47%
Total Long-Term Assets $8.075B $7.963B
YoY Change 2.42% 5.25%
TOTAL ASSETS
Total Short-Term Assets $6.282B $6.202B
Total Long-Term Assets $8.075B $7.963B
Total Assets $14.36B $14.17B
YoY Change 1.78% 3.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $404.0M $420.0M
YoY Change 4.12% -9.48%
Accrued Expenses $1.060B $980.0M
YoY Change 8.5% 4.7%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.702B $1.797B
YoY Change 5.85% 1.58%
LONG-TERM LIABILITIES
Long-Term Debt $6.574B $6.563B
YoY Change 0.34% 0.12%
Other Long-Term Liabilities $220.0M $222.0M
YoY Change -15.06% -67.5%
Total Long-Term Liabilities $6.794B $6.785B
YoY Change -0.25% -6.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.702B $1.797B
Total Long-Term Liabilities $6.794B $6.785B
Total Liabilities $9.123B $9.205B
YoY Change 1.01% 0.89%
SHAREHOLDERS EQUITY
Retained Earnings $11.81B $11.12B
YoY Change 16.43% 16.57%
Common Stock $5.000M $5.000M
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $6.889B $6.464B
YoY Change 28.31% 26.1%
Treasury Stock Shares
Shareholders Equity $5.234B $4.966B
YoY Change
Total Liabilities & Shareholders Equity $14.36B $14.17B
YoY Change 1.78% 3.03%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $682.0M $624.0M
YoY Change 14.43% -7.0%
Depreciation, Depletion And Amortization $121.0M $127.0M
YoY Change -2.42% 4.96%
Cash From Operating Activities $951.0M $502.0M
YoY Change 31.35% 174.32%
INVESTING ACTIVITIES
Capital Expenditures $167.0M $132.0M
YoY Change 15.17% -20.48%
Acquisitions
YoY Change
Other Investing Activities -$11.00M $0.00
YoY Change -91.27% -100.0%
Cash From Investing Activities -$178.0M -$132.0M
YoY Change -34.32% 65.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -628.0M -763.0M
YoY Change 50.96% 54.45%
NET CHANGE
Cash From Operating Activities 951.0M 502.0M
Cash From Investing Activities -178.0M -132.0M
Cash From Financing Activities -628.0M -763.0M
Net Change In Cash 145.0M -393.0M
YoY Change 291.89% 0.51%
FREE CASH FLOW
Cash From Operating Activities $951.0M $502.0M
Capital Expenditures $167.0M $132.0M
Free Cash Flow $784.0M $370.0M
YoY Change 35.41% 2076.47%

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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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SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y1M6D
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
6000000000 shares
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000000 shares
CY2024Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
623000000 shares
CY2024Q2 us-gaap Profit Loss
ProfitLoss
624000000 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
670000000 usd
us-gaap Profit Loss
ProfitLoss
1223000000 usd
us-gaap Profit Loss
ProfitLoss
1221000000 usd
CY2024Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-1000000 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
0 usd
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-2000000 usd
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
624000000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
671000000 usd
us-gaap Net Income Loss
NetIncomeLoss
1223000000 usd
us-gaap Net Income Loss
NetIncomeLoss
1223000000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
455500000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
461900000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
456700000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
462700000 shares
CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
500000 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1000000.0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
700000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1100000 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
456000000.0 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
462900000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
457400000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
463800000 shares
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.37
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.45
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.68
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.64
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.37
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.45
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.67
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.64
us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<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 June 30, 2024, recorded amounts for the estimated fair value of these indemnifications were not material.
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
780000000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
872000000 usd
CY2024Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
127000000 usd
CY2023Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
121000000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1527000000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1569000000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
253000000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
241000000 usd
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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