Annual Reports
Zoetis Inc.'s annual reports contain management's most considered account of the business. These are the sections, passages and visual pages worth opening in the originals preserved in Sources.
Zoetis Inc. — FY2025 Annual Report (Form 10-K) — FY2025
The latest 10-K: management's own account of a two-segment, ~300-product-line animal-health leader and what drove 2025 results. · Open the full document →
Item 1. Business — p. 5 · Read the full section →
How Zoetis defines itself: a global animal-health leader across eight species, two segments (U.S. 54%, International 45%).
Zoetis in its own words — species, product categories and the scope of the business.
Zoetis Inc. 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 have a diversified business, commercializing 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, anti-infectives, pain and sedation, other pharmaceutical and animal health diagnostics.
p. 5 · Read in context →
Products — p. 8 · Read the full section →
Where the money comes from: companion-animal products are ~70% of revenue, livestock ~29%, with different demand drivers.
Companion animal (~70% of revenue) vs. livestock (~29%) — the two demand engines contrasted.
Our companion animal products help extend and improve the quality of life for pets; increase convenience and compliance for pet owners; and help veterinarians improve the quality of their care and the efficiency of their businesses. Growth in the companion animal medicines, vaccines and diagnostics sectors is driven by increases in spending on pet care, economic development and related increases in disposable income. Companion animals are also living longer, deepening the human-animal bond, receiving increased medical treatment and benefiting from advances in animal health medicines, vaccines and diagnostics. Companion animal products represented approximately 70% of our revenue for the year ended December 31, 2025. […] Our livestock products focus on predicting, preventing, detecting and treating diseases, with the understanding that veterinarians and livestock producers must have the tools at their disposal to treat disease expeditiously, which in turn enables the sustainable production of safe, high-quality animal protein. Human population growth and increased standards of living continue to drive demand for increased production of quality animal protein. Population growth leads to greater consumption of natural resources, driving a need for innovative solutions to increase sustainability and productivity. As global food security takes on heightened importance, producers are tasked with facilitating a high quality, safe and reliable food supply. Livestock products represented approximately 29% of our revenue for the year ended December 31, 2025.
p. 8 · Read in context →
Item 1A. Risk Factors — p. 31 · Read the full section →
The company-specific risks that could actually bite: revenue concentration in a few blockbusters and post-launch safety concerns.
Five products — incl. Simparica Trio, Apoquel, Librela — are ~42% of 2025 revenue.
Some of our top-selling products or product lines have in the past or may in the future experience issues, such as loss of patent protection, material product liability litigation, new or unexpected side effects (or an increased frequency of serious, expected adverse events), manufacturing or supply chain disruptions, regulatory proceedings or enforcement, labeling changes, public regulatory communications, other regulatory correspondence, including “Dear Veterinarian” Letters, negative publicity or social media attention, changes to veterinarian or customer preferences, or ineffectiveness in connecting with veterinarians and customers and/or disruptive innovations or the introduction of competing and/or more effective products, our revenues could be negatively impacted, perhaps significantly. For example, our five top-selling products and product lines, Simparica/Simparica Trio, Apoquel/Apoquel Chewable, Cytopoint, Librela and our ceftiofur line, contributed approximately 42% of our revenue in 2025, and certain issues with these top-selling products and product lines could have a more significant impact to our results of operations.
p. 31 · Read in context →
Safety, quality or efficacy concerns can surface post-launch and force recalls or label changes.
Our products generally receive regulatory approval based on data obtained in controlled clinical trials. After approval and launch, the products are used for longer periods of time by much larger numbers of animals worldwide, which may lead to identifying new safety or efficacy concerns. […] Unanticipated safety, quality or efficacy concerns have, and could in the future, arise with respect to our products, whether or not scientifically or clinically supported, which have in the past and could in the future lead to product recalls, label changes or other measures that could reduce the product’s market acceptance
p. 31 · Read in context →
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — p. 62 · Read the full section →
Management explains its strategy and walks 2025 results — revenue $9,467M, up 2% (3% operational), with the drivers laid out.
The strategic pillars: innovation-led growth across the portfolio and all core species.
Our vision is to be the most trusted and valued animal health company, shaping the future of animal care through our innovation, customer obsession and purpose-driven colleagues. We have a global presence in both developed and emerging markets and across eight core species. We intend to grow our business by pursuing the following core strategies: […] Lead through innovation across our diverse portfolio - We seek to define the future of animal health by delivering new products and solutions as well as lifecycle innovations across the continuum of care that span from disease prediction and prevention to detection and treatment. We are focused on innovating across vaccines, pharmaceuticals, diagnostics, genetics, biodevices, and other product segments, and across all core species. Our internal R&D capabilities are differentiators, but we also collaborate across both academia and industry partners to ensure we are bringing the best possible innovations to our customers;
p. 66 · Read in context →
Item 7. MD&A — Operating Segment Results — p. 80 · Read the full section →
The segment discussion that separates operational from FX growth and names the products moving each segment.
International growth driven by Simparica, dermatology and the OA-pain mAbs Librela and Solensia.
International segment revenue increased by $152 million, or 4%, in 2025 compared with 2024. Operational revenue growth was $188 million, or 5%, reflecting growth of $145 million in companion animal products and $43 million in livestock products. […] Companion animal operational revenue growth was driven primarily by increased sales of our Simparica franchise products, key dermatology products and our mAb products for OA pain, Librela and Solensia.
p. 80 · Read in context →
More annual reports
Zoetis Inc. — FY2024 Annual Report (Form 10-K) — FY2024 · 155 pages · Prior year: FY2024 revenue $9,256M (+8%); baseline for the FY2025 comparison and the MFA divestiture. · Open →
Zoetis Inc. — FY2023 Annual Report (Form 10-K) — FY2023 · 157 pages · Revenue $8,544M; the Librela U.S. launch year and strong double-digit companion-animal growth. · Open →
Zoetis Inc. — FY2022 Annual Report (Form 10-K) — FY2022 · 159 pages · Earlier edition for tracking multi-year portfolio and segment trends. · Open →
Zoetis Inc. — FY2021 Annual Report (Form 10-K) — FY2021 · 181 pages · Post-pandemic edition (revenue $7,776M); useful starting point for the five-year growth arc. · Open →