Zoetis Inc. reported a total revenue of $9.256 billion for the fiscal year ending December 31, 2024, marking an 8% increase from $8.544 billion in 2023. The company's net income attributable to Zoetis rose to $2.486 billion, a 6% increase compared to $2.344 billion in the previous year. Adjusted net income, which excludes certain significant items, was $2.693 billion, reflecting a 10% increase from $2.457 billion in 2023. The growth in revenue was primarily driven by a 6% price increase and a 3% volume growth from new products, although foreign exchange fluctuations negatively impacted reported revenue growth by approximately 3%.
In terms of operational performance, Zoetis operates through two segments: the United States, which generated $5.074 billion (55% of total revenue), and International markets, contributing $4.102 billion (44% of total revenue). Companion animal products accounted for approximately 68% of total revenue, while livestock products represented about 31%. The company completed the divestiture of its medicated feed additive product portfolio on October 31, 2024, which has led to a reclassification of its major product categories.
Strategically, Zoetis has focused on innovation and expansion, with approximately 300 product lines across various species and product categories. The company has made significant investments in research and development, with R&D expenses increasing by 12% to $686 million in 2024. Notable product launches included advancements in dermatology and pain management for companion animals. Additionally, Zoetis has pursued acquisitions to enhance its product offerings, including the purchase of PetMedix Ltd and adivo GmbH in 2023, which are expected to contribute to future growth.
Operationally, Zoetis has maintained a workforce of approximately 13,800 employees globally, with a significant presence in both developed and emerging markets. The company has also reported a stable engagement rate of 86% among its employees, reflecting a strong workplace culture. Looking ahead, Zoetis anticipates continued growth driven by increasing demand for animal health products, particularly in emerging markets, while also navigating challenges such as competition from generic products and economic fluctuations. The company remains committed to its strategic pillars of innovation, customer experience, and sustainability as it shapes the future of animal health.
About Zoetis Inc.
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