Transcripts

Zoetis Inc.'s management answers for the business every quarter. These are the exchanges that explain it best — verbatim, from the call transcripts preserved in Sources. Each link opens the full transcript at that page in a new tab.

Q1 FY2026 Earnings Call — Q1 FY2026

The clearest single account of how a premium market leader's model gets exposed when price sensitivity, weak clinic traffic and low-price competition converge with no market growth — the quarter guidance was cut. · Open the full transcript →

Pricing philosophy under fire: Zoetis will not lead on price — 'we are a premium innovative brand, and that is not going to change.'

Christopher Schott (JPMorgan); Kristin Peck (CEO): Just two for me. Can you comment on your latest assumptions around pricing this year given the promotional activity you're seeing from competitors? Are you reacting on price, or should we be thinking about near-term share loss? […] Sure. I'll start on the price one and then Wetteny can take the guide. As we've always said, we are not planning to compete through price as our main strategy. Our focus, as always, will remain on our differentiated portfolio, the breadth of it, the service we provide and execution. We are a premium innovative brand, and that is not going to change. We did take price, as you saw in the quarter. I think we can continue and Wetteny can talk where it is relative to historic price challenges. Obviously, in areas where we've seen generic competition, we have taken selective price actions there. We'll obviously continue to leverage promotions. But our priority remains innovation, differentiation and service to our customers.

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Q4 & Full Year 2024 Earnings Call — Q4 FY2024

The fullest statement of the operating model and value proposition — how diversified drivers create and expand markets, plus the Librela safety resolution and capital-allocation record. · Open the full transcript →

The operating model in one paragraph: diversified drivers that create and expand markets — like the triple-combo category Trio pioneered.

Kristin Peck (CEO): Our confidence is rooted in the diversity of our business model where multiple growth drivers, powered by scientific innovation and commercial excellence, work together to create and expand markets. This combination ensures that our market-leading franchises deliver long, and in some cases decades-long growth tailwinds with significant room for further expansion. While Wetteny will discuss the quarter, I want to highlight some of the drivers that will carry us into 2025. Our global Simparica franchise grew 28% operationally on the year, even amidst competition. This success is fueled by the ongoing shift for triple combination treatments, a market that has grown over 40% in the past 12 months. Currently valued at $2 billion, the global triple combination market pioneered and led by Simparica Trio in the US is projected to more than double to $4.5 billion by 2028.

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Capital allocation in practice: a record $1.9B buyback, a 15% dividend raise and $2.6B total returned to shareholders in 2024.

Wetteny Joseph (CFO): In 2024, we repurchased $1.9 billion of Zoetis shares, the most in our history. We also reaffirmed our commitment to buying back shares in August when our Board approved a new multiyear $6 billion share repurchase program. Additionally, we increased our dividend rate by 15% during the year while distributing $786 million back to shareholders. In total, we returned over $2.6 billion to shareholders in 2024, an increase of over $800 million versus the prior year.

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Where future growth comes from: new categories with large TAMs — chronic kidney disease $3–4B, oncology $1.2–1.7B — plus long-acting mAbs.

Balaji Prasad (Barclays); Kristin Peck (CEO): I can pick up the second question on the TAM for the new product categories. I mean I wanted to start with, we have more drivers of growth to improve the standard of care than any other company. We talked about in our pipeline, we have multiple blockbusters. And at JPMorgan, we discussed what the total addressable market for some of these new therapies would be. To your point, in the 12 to 36 months window, we have chronic kidney disease products. As we mentioned, that's a $3 billion to $4 billion market. We also mentioned oncology, and that's a $1.2 billion to $1.7 billion market. Then in the longer term, we were also talking about cardiology. I also just want to double-click for a second on the long-acting portfolio because I really think these are going to be significant growth drivers. There's a lot of people who can make it every month. So, it will both increase compliance, which will grow the market as well as meet a lot of pet owners who just, the monthly too much for them, and they would be much more convenient to come in four times a year versus 12 times a year. So, we really think as we look at potential approvals, approval every year for the next several years and really more drivers of growth for the short, medium, and long term for the company, we remain really excited about the potential unmet needs that we can address.

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Q1 FY2024 Earnings Call — Q1 FY2024

The call where the thesis was tested — the Librela safety scare — met head-on, alongside the clearest explanation of how Zoetis creates and monetizes new categories. · Open the full transcript →

How Zoetis makes money — it creates categories: parasiticides took it from #5 to #2; dermatology grew from a ~$100M market to $1.4B.

Kristin Peck (CEO): Science has created something completely unique to our industry: two $1 billion franchises. Our parasiticide portfolio expanded the total market based on deep customer insights. Before Simparica and Simparica Trio, we were #5 in this category. These innovations changed how we compete. Today, we are #2 and continue gaining share and growing the market even in the face of competition. Similarly, we were the first to recognize that new therapies were needed to treat canine itch safely and effectively. That market foresight changed the treatment paradigm and revolutionized pet care. A decade of dermatology has led to three products: 20 major life cycle enhancements, including Cytopoint, the first-ever animal health monoclonal antibody, and the first chewable with Apoquel chew. From what was once believed to be just a $100 million market, it has grown to $1.4 billion because we know what our customers need.

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More calls

Q4 & Full Year 2025 Earnings Call — Q4 FY2025 · 14 pages · The last call before the Q1 2026 downturn — where management framed full-year 2025 and set the original 2026 guidance and fiscal-year alignment that were cut three months later. · Open →

Q3 FY2025 Earnings Call — Q3 FY2025 · 10 pages · Read here for the mid-2025 trajectory and the first signs of the competition and consumer pressure that intensified into 2026. · Open →

Q1 FY2025 Earnings Call — Q1 FY2025 · 13 pages · The first call of 2025, post-safety-resolution: momentum in Simparica, dermatology and OA pain before the market turned. · Open →

Q3 FY2024 Earnings Call — Q3 FY2024 · 14 pages · Peak Librela launch metrics (penetration, first-year revenue, patients treated) and the detail needed to model the MFA/water-soluble divestiture. · Open →

Q4 & Full Year 2023 Earnings Call — Q4 FY2023 · 40 pages · The US Librela launch economics and the four-tenet value proposition from Investor Day, including the >$1B OA-pain peak-sales framing (Motley Fool transcript). · Open →

Q4 & Full Year 2021 Earnings Call — Q4 FY2021 · 37 pages · The earliest annual call in the corpus — the origins of the OA-pain monoclonal-antibody franchise and the long-term growth model (Motley Fool transcript). · Open →