Q3 2025 revenue was $2.4 billion, up 1% reported and 4% organic operationally, with international segment up 6% and U.S. up 3% organically; net income reached $721 million, up 6%, and adjusted net income was $754 million, up 9% organically.
Adjusted diluted EPS was $1.70, up 12% organically; reported diluted EPS was $1.63, up 9%.
Livestock revenue increased 10% organically, with broad-based growth; companion animal revenue grew 2% operationally.
Growth moderated due to strong prior-year comps, macro factors, and the MFA divestiture; price increases and innovation milestones, including regulatory approvals for Lenivia and Portela, supported performance.
Continued investment in innovation, manufacturing, and commercial agility to support long-term growth.
Adjusted gross margin was 71.6%, up from 70.7% prior year; U.S. segment gross margin was 83.2%, international 68.6%.
Adjusted cost of sales as a percent of revenue improved to 28.4% in Q3 2025 from 29.3% in Q3 2024.
Adjusted SG&A expenses were $570 million, up 2% year-over-year; adjusted R&D expenses were $169 million, up 2%.
Effective tax rate on adjusted income was 18.6% in Q3 2025, down from 20.8% prior year.
Cash and cash equivalents were $2.08 billion at quarter-end.
Full-year 2025 revenue guidance revised to $9.4–$9.475 billion, with 5.5%–6.5% organic operational growth.
Adjusted net income guidance narrowed to $2.8–$2.84 billion, with 5.5%–7% organic operational growth.
Adjusted diluted EPS guidance maintained at $6.30–$6.40.
Management expects stabilization and return to growth in OA pain franchise in 2026 and continued above-market livestock growth.
Guidance reflects foreign exchange impacts and ongoing macro risks.
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Zoetis Inc. is an American drug manufacturer that produces and sells medicine, medications, and vaccinations for both pets and livestock. The company is one of the largest in the industry, and its product range includes treatments for a variety of animal health issues, from common ailments in domestic pets to disease prevention in livestock. Zoetis is active in over 100 countries worldwide and has a dominating presence in the American animal health sector. The company is headquartered in Parsippany, New Jersey, and its shares are listed on the NYSE.
Zoetis was founded in 1952 as a subsidiary of Pfizer and marked the beginning of the pharmaceutical company’s agricultural division. Over the years, the division evolved, focusing on the development and marketing of vaccines, medicines, and other products for animals. The division grew to become one of the largest players in the industry, and its parent company decided it was best to go separate ways from the company, for Pfizer to focus on its business while allowing Zoetis to continue with what it did best. Said and done, and in 2013 Pfizer spun off the division and Zoetis became its own company. Today, it competes against names such as Elanco and Virbac in the animal health industry.
The company’s portfolio includes vaccines, medicines, diagnostics, and genetic tests, catering to both livestock and companion animals. These products aim to prevent, treat, and control diseases, ensuring owners can provide the best possible healthcare possible for their animals. In the livestock sector, Zoetis provides medications and vaccines for cattle, swine, poultry, and sheep, with its products focusing on ensuring that the animals are healthy and productive. For companion animals, Zoetis offers vaccines, dermatology products, anti-infectives, and products for pain and management.
Zoetis provides a comprehensive range of products and services specifically designed for veterinarians. Beyond pharmaceuticals, which are prescribed and oftentimes administered by veterinarians, Zoetis offers diagnostic tools and tests. Moreover, Zoetis provides digital tools such as practice management software, helping veterinarians keep track of their operations and journals.
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