Zoetis (ZTS) FY2025 results: revenue $9.5 billion, up 2.3% on the year

Zoetis works in animal health: the discovery, development, manufacture and commercialisation of medicines, vaccines, diagnostic products and services, biodevices, genetic tests and precision animal health. It sells across eight core species, dogs, cats and horses as companion animals and cattle, swine, poultry, fish and sheep as livestock, and within seven product categories: parasiticides, vaccines, dermatology, anti-infectives, pain and sedation, other pharmaceutical, and animal health diagnostics. It was incorporated in Delaware in July 2012, having previously been a business unit of Pfizer, and its principal executive offices are in Parsippany, New Jersey. At the end of 2025 it had approximately 14,500 employees, approximately 6,800 in the United States and approximately 7,700 elsewhere.

Two segments, and a concentrated product list

The business is organised as United States and International, because customer needs differ by region on economic, cultural, epidemiological, treatment, environmental and regulatory grounds. The United States was 54% of revenue in 2025 and International 45%, with a Client Supply Services contract manufacturing organisation and human health products making up the remaining 1%. The mix differs sharply between the two: in the United States companion animal products were 83% of revenue and livestock 17%, while internationally the split was 56% and 44%.

Sales are concentrated in a few product lines. In 2025 the two largest, Simparica with Simparica Trio and Apoquel with Apoquel Chewable, were approximately 16% and 12% of revenue. With the next three, Cytopoint, Librela and the ceftiofur line, those five were approximately 42% of revenue, and the ten largest were approximately 57%.

Companion animal products

The parasiticides come first. Simparica is a monthly chewable tablet for dogs against fleas and ticks, and Simparica Trio adds heartworm disease, roundworms and hookworms in one dose. Revolution and Stronghold are monthly topical treatments covering fleas, lice, heartworm and ear mites in cats and dogs, with the Plus versions adding ticks and roundworms in cats. ProHeart is an injection given annually or semi-annually to prevent heartworm infestation and to treat hookworm.

In dermatology, Apoquel is a selective inhibitor of the Janus Kinase 1 enzyme controlling itching from allergic dermatitis and atopic dermatitis in dogs from 12 months old, and Cytopoint is an injectable that reduces the signs of atopic dermatitis in dogs of any age. Pain and sedation covers Librela and Solensia, monthly injectable antibody therapies for osteoarthritis pain in dogs and cats respectively, and Rimadyl for pain and inflammation from osteoarthritis and after surgery. The anti-infectives are Clavamox and Synulox, a broad-spectrum antibiotic for dogs and cats, and Convenia, an injectable for bacterial skin infections. The Vanguard and Versican vaccine lines protect dogs against leptospirosis, Bordetella, influenza and parainfluenza, adenovirus, distemper, parvovirus and Lyme disease. Cerenia prevents and treats vomiting in dogs and cats, and the Vetscan Chemistry Analyzer is a benchtop diagnostic instrument with chemistry, electrolyte, acid-base and immunoassay tests and its own consumables.

Livestock products

The vaccine lines are Fostera and Suvaxyn for swine, against porcine circovirus type 2, porcine reproductive and respiratory syndrome virus and Mycoplasma hyopneumoniae; Poulvac for poultry, against Salmonella, Marek's disease, infectious bursal disease, Newcastle disease, infectious bronchitis and avian influenza; and Rispoval and Bovi-Shield for cattle, against respiratory and reproductive diseases. Improvac, sold as Improvest and Vivax in some markets, reduces boar taint as an alternative to surgical castration. The ceftiofur line is an injectable broad-spectrum cephalosporin antibiotic including Excede, Excenel RTU EZ and Naxcel, plus Spectramast for mastitis in dairy cattle delivered by intramammary infusion. Draxxin is an injectable antibiotic for bovine and swine respiratory disease, with Draxxin KP adding ketoprofen to bring a fever down. Dectomax is an injectable or pour-on endectocide against internal and external parasites.

How it reaches the customer

Zoetis markets directly in approximately 45 countries across North America, Europe, Africa, Asia, Australia and South America, and its products are sold in more than 100 countries. Operations outside the United States accounted for 45% of total revenue in 2025. The sales organisation was approximately 3,900 people at the end of 2025. It pairs sales representatives with technical and veterinary operations specialists, who generally hold advanced veterinary medicine degrees and who consult on disease and herd management and run training. Distributors handle logistics and sales and marketing support for many products, and are the sole route in regions where the company keeps no direct commercial presence. Products are primarily available by prescription through a veterinarian, with some sold through retail and e-commerce outlets, and in markets such as the United States, where pet owners take a more active part in the purchase decision, the company is increasing its direct-to-consumer marketing. Research and development employed approximately 1,700 people at the end of 2025, headquartered in Kalamazoo, Michigan, with sites co-located with manufacturing to ease the transfer of production processes out of the laboratory.

From Zoetis' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.