Zoetis Reports Fourth Quarter and Full Year 2018 Results

  • For Fourth Quarter 2018, Zoetis Reports Revenue of $1.6 Billion,
    Growing 7%, and Net Income of $345 Million, or $0.71 per Diluted
    Share, on a Reported Basis

    • Reports Adjusted Net Income of $382 Million, or Adjusted
      Diluted EPS of $0.79, for Fourth Quarter 2018
    • Delivers 11% Operational Growth in Revenue and 21% Operational
      Growth in Adjusted Net Income for Fourth Quarter 2018
  • For Full Year 2018, Zoetis Reports Revenue of $5.8 Billion, Growing
    10%, and Net Income of $1.4 Billion, or $2.93 per Diluted Share, on a
    Reported Basis

    • Reports Adjusted Net Income of $1.5 Billion, or Adjusted
      Diluted EPS of $3.13, for Full Year 2018
    • Delivers 10% Operational Growth in Revenue and 31% Operational
      Growth in Adjusted Net Income for Full Year 2018
  • Provides Full Year 2019 Revenue Guidance of $6.175 – $6.300
    Billion, with Diluted EPS of $2.83 – $2.99 on a Reported Basis, or
    $3.42 – $3.52 on an Adjusted Basis

PARSIPPANY, N.J.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24ZTS&src=ctag” target=”_blank”gt;$ZTSlt;/agt; lt;a href=”https://twitter.com/hashtag/animalhealth?src=hash” target=”_blank”gt;#animalhealthlt;/agt;–Zoetis
Inc
. (NYSE:ZTS) today reported its financial results for the fourth
quarter and full year 2018 and provided full year guidance for 2019.
Financial results for the quarter and year include the impact of the
acquisition of Abaxis.

The company reported revenue of $1.6 billion for the fourth quarter of
2018, which was an increase of 7% compared with the fourth quarter of
2017. Net income for the fourth quarter of 2018 was $345 million, or
$0.71 per diluted share, compared with $81 million, or $0.16 per diluted
share, in the fourth quarter of 2017.

Adjusted net income1 for the fourth quarter of 2018 was $382
million, or $0.79 per diluted share, an increase of 12% and 14%,
respectively. Adjusted net income for the fourth quarter of 2018
excludes the net impact of $37 million for purchase accounting
adjustments, acquisition-related costs and certain significant items.

On an operational2 basis, revenue for the fourth quarter of
2018, excluding the impact of foreign exchange, increased 11% compared
with the fourth quarter of 2017. Adjusted net income for the fourth
quarter of 2018 increased 21% operationally, excluding the impact of
foreign exchange.

For full year 2018, the company reported revenue of $5.8 billion, an
increase of 10% compared with full year 2017. Net income for full year
2018 was $1.4 billion, or $2.93 per diluted share, an increase of 65%
and 67%, respectively.

Adjusted net incomefor full year 2018 was $1.5 billion, or
$3.13 per diluted share, an increase of 29% and 30%, respectively.
Adjusted net income for full year 2018 excludes the net impact of $97
million for purchase accounting adjustments, acquisition-related costs
and certain significant items.

On an operational basis, revenue for full year 2018 increased 10%,
excluding the impact of foreign exchange. Adjusted net income for full
year 2018 increased 31% operationally, excluding the impact of foreign
exchange.

EXECUTIVE COMMENTARY

“Zoetis delivered another year of strong performance in 2018 and
executed on investment plans that continue to strengthen our product
portfolio across the continuum of care,” said Juan Ramón Alaix, Chief
Executive Officer of Zoetis. “We achieved operational revenue growth for
the year of 10%, growing revenue across all of our core species, major
markets and therapeutic areas. We also grew our adjusted net income
faster than sales, at 31% operationally, as we continue to deliver on
our long-term value proposition.”

“Looking ahead, we will continue to build on our strategic investment
plans to support the growth of our core business, and in evolving spaces
such as diagnostics, devices, digital and data analytics. For full year
2019, we expect operational growth of 7.5% to 9.5% in revenue and 8% to
11% in adjusted net income. We remain committed to funding investments
that will help us maintain our leadership and growth, while returning
excess capital to shareholders.”

QUARTERLY HIGHLIGHTS

Zoetis organizes and manages its commercial operations across two
regional segments: the United States (U.S.) and International. Within
these segments, the company delivers a diverse portfolio of products for
livestock and companion animals tailored to local trends and customer
needs. In the fourth quarter of 2018:

  • Revenue in the U.S. segment was $809 million, an increase of
    14% compared with the fourth quarter of 2017. Sales of companion
    animal products grew 26% driven primarily by the acquisition of
    Abaxis, our key dermatology portfolio, and new products, including
    Simparica®. Growth in our companion animal business was
    partially offset by lower sales of certain in-line products due to
    anticipated competition. Sales of livestock products grew 3% in the
    quarter with all species contributing to growth. Growth in our cattle
    business was primarily due to higher sales of premium products, as
    well as competitor supply constraints. Poultry business growth was
    largely due to increased sales of alternatives to antibiotic medicated
    feed additives, while our swine business growth was the result of
    promotional efforts that drove increased demand across our therapeutic
    portfolio.
  • Revenue in the International segment was $727 million, a
    decrease of 2% on a reported basis and an increase of 5% operationally
    compared with the fourth quarter of 2017. Sales of companion animal
    products grew 7% on a reported basis and 14% on an operational basis.
    Growth resulted primarily from the acquisition of Abaxis,
    parasiticides (Simparica for dogs and Stronghold® Plus for
    cats), and increased sales across our key dermatology portfolio. Sales
    of livestock products declined 6% on a reported basis and grew 2%
    operationally; poultry, swine and fish all exhibited growth, while
    cattle was relatively flat in the quarter. Increased revenue in
    poultry products was the result of solid performance in other emerging
    markets, including Egypt and Indonesia. Growth in our swine business
    was largely driven by the recently launched Suvaxyn® PCV
    combo and PRRS vaccines in Europe, as well as strong demand for our
    products in other emerging markets. Our fish business grew due to
    market share gains of our PD vaccines in both the UK and Norway, as
    well as the continued growth of our LiVac® SRS vaccine in
    Chile.

Zoetis continues to drive demand and strengthen its diverse portfolio
through product lifecycle innovations, as well as expansion of key
products into new geographies. Since our last quarterly earnings
announcement:

  • Zoetis received approval in the U.S. and Canada for Revolution®
    Plus
    (selamectin and sarolaner topical solution), a new
    combination topical product for cats and kittens that provides
    parasite protection against fleas, ticks, ear mites, roundworms,
    hookworms and heartworms. Revolution Plus combines the proven
    broad-spectrum protection of selamectin with the advanced flea- and
    tick-killing power of sarolaner. This first-of-its-kind product
    exemplifies Zoetis’ dedication to innovation in parasiticides and
    builds on the 20-year trusted legacy of feline Revolution.
  • The company also continued to bring its newest leading canine products
    to additional markets. Cytopoint®
    (lokivetmab), a monoclonal antibody that is part of Zoetis’ canine
    dermatology portfolio, and Simparica, an oral flea and tick
    medication for dogs, both received additional approvals in countries
    in Asia and the Middle East.

FINANCIAL GUIDANCE

Zoetis is providing full year 2019 guidance, which includes:

  • Revenue between $6.175 billion to $6.300 billion
  • Reported diluted EPS between $2.83 to $2.99
  • Adjusted diluted EPS between $3.42 to $3.52

This guidance reflects foreign exchange rates as of late January.
Additional details on guidance are included in the financial tables and
will be discussed on the company’s conference call this morning.

WEBCAST & CONFERENCE CALL DETAILS

Zoetis will host a webcast and conference call at 8:30 a.m. (ET) today,
during which company executives will review fourth quarter and full year
2018 results, discuss financial guidance and respond to questions from
financial analysts. Investors and the public may access the live webcast
by visiting the Zoetis website at http://investor.zoetis.com/events-presentations.
A replay of the webcast will be archived and made available on Feb. 14,
2019.

About Zoetis

Zoetis
is the leading animal health company, dedicated to supporting its
customers and their businesses. Building on more than 65 years of
experience in animal health, Zoetis discovers, develops, manufactures
and commercializes medicines, vaccines and diagnostic products, which
are complemented by biodevices, genetic tests and a range of services.
Zoetis serves veterinarians, livestock producers and people who raise
and care for farm and companion animals with sales of its products in
more than 100 countries. In 2018, the company generated annual revenue
of $5.8 billion with approximately 10,000 employees. For more
information, visit www.zoetis.com.

1 Adjusted net income and its components and
adjusted diluted earnings per share (non-GAAP financial measures) are
defined as reported net income attributable to Zoetis and reported
diluted earnings per share, excluding purchase accounting adjustments,
acquisition-related costs and certain significant items.

2 Operational revenue growth (a non-GAAP financial
measure) is defined as growth excluding the impact of foreign exchange.

DISCLOSURE NOTICES

Forward-Looking Statements: This
press release contains forward-looking statements, which reflect the
current views of Zoetis with respect to business plans or prospects,
future operating or financial performance, future guidance, future
operating models, expectations regarding products, expectations
regarding the performance of acquired companies and our ability to
integrate new businesses, expectations regarding the financial impact of
acquisitions, future use of cash and dividend payments, tax rate and tax
regimes, changes in the tax regimes and laws in other jurisdictions, and
other future events. These statements are not guarantees of future
performance or actions. Forward-looking statements are subject to risks
and uncertainties. If one or more of these risks or uncertainties
materialize, or if management’s underlying assumptions prove to be
incorrect, actual results may differ materially from those contemplated
by a forward-looking statement. Forward-looking statements speak only as
of the date on which they are made. Zoetis expressly disclaims any
obligation to update or revise any forward-looking statement, whether as
a result of new information, future events or otherwise. A further list
and description of risks, uncertainties and other matters can be
found
in our Annual Report on Form 10-K for the fiscal year ended December 31,
2018, including in the sections thereof captioned “Forward-Looking
Statements and Factors That May Affect Future Results” and “Item 1A.
Risk Factors,” in our Quarterly Reports on Form 10-Q and in our Current
Reports on Form 8-K. These filings and subsequent filings are available
online at 
www.sec.govwww.zoetis.com,
or on request from Zoetis.

Use of Non-GAAP Financial Measures:
We use non-GAAP financial measures, such as adjusted net income,
adjusted diluted earnings per share and operational results (which
exclude the impact of foreign exchange), to assess and analyze our
results and trends and to make financial and operational decisions. We
believe these non-GAAP financial measures are also useful to investors
because they provide greater transparency regarding our operating
performance. The non-GAAP financial measures included in this press
release should not be considered alternatives to measurements required
by GAAP, such as net income, operating income, and earnings per share,
and should not be considered measures of liquidity. These non-GAAP
financial measures are unlikely to be comparable with non-GAAP
information provided by other companies. Reconciliation of non-GAAP
financial measures and GAAP financial measures are included in the
tables accompanying this press release and are posted on our website at
www.zoetis.com.

Internet Posting of Information:
We routinely post information that may be important to investors in the
‘Investors’ section of our website at
www.zoetis.com,
on our Facebook page at
http://www.facebook.com/zoetis
and on
Twitter
@zoetis
. We encourage investors and potential investors to
consult our website regularly and to follow us on Facebook and Twitter
for important information about us.

                         

ZOETIS INC.

CONSOLIDATED STATEMENTS OF INCOME(a)

(UNAUDITED)

(millions of dollars, except per share data)

               
 
Fourth Quarter Full Year
2018     2017 % Change 2018     2017 % Change
Revenue $ 1,564 $ 1,460 7 $ 5,825 $ 5,307 10
Costs and expenses:
Cost of sales(b) 544 457 19 1,911 1,775 8
Selling, general and administrative expenses(b) 420 361 16 1,484 1,334 11
Research and development expenses(b) 125 110 14 432 382 13
Amortization of intangible assets(c) 39 23 70 117 91 29
Restructuring charges and certain acquisition-related costs 14 12 17 68 19 *
Interest expense 59 50 18 206 175 18
Other (income)/deductions–net (55 ) 17   * (83 ) 6   *
Income before provision for taxes on income 418 430 (3) 1,690 1,525 11
Provision for taxes on income 73   350   (79) 266   663   (60)
Net income before allocation to noncontrolling interests 345 80 * 1,424 862 65
Less: Net (loss)/income attributable to noncontrolling interests   (1 ) (100) (4 ) (2 ) 100
Net income attributable to Zoetis $ 345   $ 81   * $ 1,428   $ 864   65
 
Earnings per share—basic $ 0.72   $ 0.17   * $ 2.96   $ 1.76   68
 
Earnings per share—diluted $ 0.71   $ 0.16   * $ 2.93   $ 1.75   67
 
Weighted-average shares used to calculate earnings per share (in
thousands)
Basic 480,603   487,323   483,063   489,918  
Diluted 484,479   491,022   486,898   493,161  
 
* Calculation not meaningful.
Certain amounts and percentages may reflect rounding adjustments.

(a) The consolidated statements of income present the
three and twelve months ended December 31, 2018 and 2017.
Subsidiaries operating outside the United States
are included
for the three and twelve months ended November 30, 2018 and 2017.

(b) Exclusive of amortization of intangible assets,
except as discussed in footnote (c) below.

(c) Amortization expense related to finite-lived
acquired intangible assets that contribute to our ability to sell,
manufacture, research, market and distribute products,
compounds
and intellectual property is included in Amortization of
intangible assets
as these intangible assets benefit multiple
business functions. Amortization
expense related to
finite-lived acquired intangible assets that are associated with a
single function is included in Cost of sales, Selling, general
and administrative
expenses
or Research and
development expenses
, as appropriate.

       

ZOETIS INC.

RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION

CERTAIN LINE ITEMS

(UNAUDITED)

(millions of dollars, except per share data)

   
Quarter Ended December 31, 2018

GAAP
Reported(a)

   

Purchase
Accounting
Adjustments(1)

   

Acquisition-
Related
Costs(2)

   

Certain
Significant
Items(3)

   

Non-GAAP
Adjusted(b)

Cost of sales(c) $ 544 $ (14 ) $ $ (4 ) $ 526
Gross profit 1,020 14 4 1,038
Selling, general and administrative expenses(c) 420 (18 ) (1 ) 401
Research and development expenses(c) 125 (1 ) 124
Amortization of intangible assets(d) 39 (34 ) 5
Restructuring charges and certain acquisition-related costs 14 (22 ) 8
Other (income)/deductions–net (55 ) 42 (13 )
Income before provision for taxes on income 418 67 22 (45 ) 462
Provision for taxes on income 73 16 4 (13 ) 80
Net income attributable to Zoetis 345 51 18 (32 ) 382
Earnings per common share attributable to Zoetis–diluted 0.71 0.11 0.04 (0.07 ) 0.79
 
Quarter Ended December 31, 2017

GAAP
Reported(a)

Purchase
Accounting
Adjustments(1)

Acquisition-
Related
Costs(2)

Certain
Significant
Items(3)

Non-GAAP
Adjusted(b)

Cost of sales(c) $ 457 $ (2 ) $ $ (1 ) $ 454
Gross profit 1,003 2 1 1,006
Selling, general and administrative expenses(c) 361 (1 ) (1 ) 359
Research and development expenses(c) 110 110
Amortization of intangible assets(d) 23 (19 ) 4
Restructuring charges and certain acquisition-related costs 12 (2 ) (10 )
Other (income)/deductions–net 17 (3 ) 14
Income before provision for taxes on income 430 22 2 15 469
Provision for taxes on income 350 21 (242 ) 129
Net income attributable to Zoetis 81 1 2 257 341
Earnings per common share attributable to Zoetis–diluted 0.16 0.53 0.69

Certain amounts may reflect rounding adjustments.

       

ZOETIS INC.

RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED INFORMATION

CERTAIN LINE ITEMS

(UNAUDITED)

(millions of dollars, except per share data)

   
Twelve Months Ended December 31, 2018

GAAP
Reported(a)

   

Purchase
Accounting
Adjustments(1)

   

Acquisition-
Related
Costs(2)

   

Certain
Significant
Items(3)

   

Non-GAAP
Adjusted(b)

Cost of sales(c) $ 1,911 $ (27 ) $ $ (8 ) $ 1,876
Gross profit 3,914 27 8 3,949
Selling, general and administrative expenses(c) 1,484 (32 ) (2 ) 1,450
Research and development expenses(c) 432 (2 ) 430
Amortization of intangible assets(d) 117 (101 ) 16
Restructuring charges and certain acquisition-related costs 68 (63 ) (5 )
Other (income)/deductions–net (83 ) 58 (25 )
Income before provision for taxes on income 1,690 162 63 (43 ) 1,872
Provision for taxes on income 266 43 13 29 351
Net income attributable to Zoetis 1,428 119 50 (72 ) 1,525
Earnings per common share attributable to Zoetis–diluted 2.93 0.24 0.10 (0.14 ) 3.13
 
Twelve Months Ended December 31, 2017

GAAP
Reported(a)

Purchase
Accounting
Adjustments(1)

Acquisition-
Related
Costs(2)

Certain
Significant
Items(3)

Non-GAAP
Adjusted(b)

Cost of sales(c) $ 1,775 $ (7 ) $ $ (7 ) $ 1,761
Gross profit 3,532 7 7 3,546
Selling, general and administrative expenses(c) 1,334 (5 ) (4 ) 1,325
Research and development expenses(c) 382 (2 ) 380
Amortization of intangible assets(d) 91 (74 ) 17
Restructuring charges and certain acquisition-related costs 19 (10 ) (9 )
Other (income)/deductions–net 6 (5 ) 1
Income before provision for taxes on income 1,525 88 10 25 1,648
Provision for taxes on income 663 37 3 (238 ) 465
Net income attributable to Zoetis 864 51 7 263 1,185
Earnings per common share attributable to Zoetis–diluted 1.75 0.10 0.01 0.54 2.40
Certain amounts may reflect rounding adjustments.

(a) The consolidated statements of income present the
three and twelve months ended December 31, 2018 and 2017.
Subsidiaries operating outside the United States are included for
the
three and twelve months ended November 30, 2018 and 2017.

(b) Non-GAAP adjusted net income and its components and
non-GAAP adjusted diluted EPS are not, and should not be viewed
as, substitutes for U.S. GAAP net income and its
components
and diluted EPS. Despite the importance of these measures to
management in goal setting and performance measurement, non-GAAP
adjusted net income and its
components and non-GAAP adjusted
diluted EPS are non-GAAP financial measures that have no
standardized meaning prescribed by U.S. GAAP and, therefore, have
limits in their
usefulness to investors. Because of the
non-standardized definitions, non-GAAP adjusted net income and its
components and non-GAAP adjusted diluted EPS (unlike U.S. GAAP net
income
and its components and diluted EPS) may not be comparable to the
calculation of similar measures of other companies. Non-GAAP
adjusted net income and its components and
non-GAAP adjusted
diluted EPS are presented solely to permit investors to more fully
understand how management assesses performance.

(c) Exclusive of amortization of intangible assets,
except as discussed in footnote (d) below.

(d) Amortization expense related to finite-lived
acquired intangible assets that contribute to our ability to sell,
manufacture, research, market and distribute products, compounds
and
intellectual property is included in Amortization of
intangible assets
as these intangible assets benefit multiple
business functions. Amortization expense related to acquired
intangible
assets that are associated with a single function
is included in Cost of sales, Selling, general and
administrative expenses
or Research and development expenses,
as appropriate.

See Notes to Reconciliation of GAAP Reported to Non-GAAP Adjusted
Information for notes (1), (2) and (3).
             

ZOETIS INC.

NOTES TO RECONCILIATION OF GAAP REPORTED TO NON-GAAP ADJUSTED
INFORMATION

CERTAIN LINE ITEMS

(UNAUDITED)

(millions of dollars)

 

       

(1) Income taxes in Purchase accounting adjustments for
2017 includes a provisional tax benefit of $17 million related to
the
remeasurement of the company’s deferred taxes due to the
reduction in the U.S. federal corporate tax rate as provided by
the U.S. Tax Cuts and Jobs Act enacted on
December 22, 2017.

 

(2) Acquisition-related costs include the following:

 
Fourth Quarter Full Year
2018   2017 2018   2017
Transaction costs(a) $ $ $ 21 $
Integration costs(b) 11 2 21 6
Restructuring charges(c) 11     21   4
Total acquisition-related costs—pre-tax 22 2 63 10
Income taxes(d) 4     13   3
Total acquisition-related costs—net of tax $ 18   $ 2   $ 50   $ 7
Certain amounts may reflect rounding adjustments.

(a) Represents external costs directly related to
acquiring businesses and primarily includes expenditures for
banking, legal, accounting and other similar services.
Included
in Restructuring charges and certain acquisition-related costs.

(b) Represents external, incremental costs directly
related to integrating acquired businesses and primarily includes
expenditures for consulting and the integration of
systems
and processes. Included in Restructuring charges and certain
acquisition-related costs
.

(c) Represents employee termination costs related to
the 2018 acquisition of Abaxis and the 2017 acquisition of an
Irish biologic therapeutics company.
Included in Restructuring
charges and certain acquisition-related costs
.

(d) Included in Provision for taxes on income.
Represents the tax effect of the associated pre-tax
acquisition-related amounts, calculated by determining the
jurisdictional
location of the pre-tax amounts and applying that jurisdiction’s
applicable tax rate. For the twelve months ended December 31,
2018, also includes a
tax charge related to the
non-deductibility of certain costs associated with the 2018
acquisition of Abaxis.

(3) Certain significant items include the following:

       
Fourth Quarter Full Year
2018   2017 2018   2017
Operational efficiency initiative(a) $ (1 ) $ 1 $ (1 ) $ 5
Supply network strategy(a) 2 8 10 15
Other restructuring charges and cost-reduction/productivity
initiatives(b)
(4 ) 4 7 4
Net gain on sale of assets(c) (42 ) (42 )
Stand-up costs(d) 3 3
Other(e)   (1 ) (17 ) (2 )
Total certain significant items—pre-tax (45 ) 15 (43 ) 25
Income taxes(f) (13 ) (242 ) 29   (238 )
Total certain significant items—net of tax $ (32 ) $ 257   $ (72 ) $ 263  
Certain amounts may reflect rounding adjustments.

(a) Represents consulting fees and product transfer
costs, adjustments to inventory reserves and accelerated
depreciation included in Cost of sales, consulting fees
included
in Selling, general and administrative expenses, employee
termination costs and exit costs included in Restructuring
charges and certain acquisition-
related costs
, and net
(gains)/losses on sales of certain manufacturing sites and
products included in Other (income)/deductions—net, related
to cost-reduction and
productivity initiatives.

(b) Represents employee termination costs/(reversals)
in Europe as a result of initiatives to better align our
organizational structure, included in Restructuring charges
and
certain acquisition-related costs
.

(c) Represents a net gain related to the divestiture of
certain agribusiness products within our International segment,
included in Other (income)/deductions—net.

(d) Represents certain nonrecurring costs related to
becoming an independent public company, such as the creation of
standalone systems and infrastructure, site
separation, new
branding (including changes to the manufacturing process for
required new packaging), and certain legal registration and patent
assignment costs,
included in Cost of sales.

(e) For 2018, primarily represents a net gain related
to the relocation of a manufacturing site in China, included in Other
(income)/deductions—net
.

For 2017, primarily represents costs associated with changes to
our operating model in Cost of sales and Selling, general and
administrative expenses
, and income
related to an
insurance recovery from commercial settlements in Mexico recorded
in 2014 and 2016, included in Other (income)/deductions—net.

(f) Included in Provision for taxes on income.
Represents the tax effect of the associated pre-tax certain
significant items amounts, calculated by determining the
jurisdictional
location of the pre-tax amounts and applying that jurisdiction’s
applicable tax rate.

For 2018, also includes (i) a net tax benefit of $45 million
related to a measurement period adjustment to the one-time
mandatory deemed repatriation tax on the
company’s
undistributed non-U.S. earnings, pursuant to the Tax Cuts and Jobs
Act enacted on December 22, 2017, and (ii) a tax charge of
approximately $17
million related to the disposal of certain
assets.

For 2017, also includes (i) a provisional net tax charge of $229
million related to the impact of the Tax Cuts and Jobs Act enacted
on December 22, 2017,
including a one-time mandatory deemed
repatriation tax on the company’s undistributed non-U.S. earnings,
partially offset by a tax benefit related to the
remeasurement
of the company’s deferred tax assets and liabilities, as of the
date of enactment, due to the reduction in the U.S. federal
corporate tax rate, (ii) a net
tax charge of approximately $3
million as a result of the implementation of certain operational
changes, and (iii) a tax charge of approximately $2 million related
to
the disposal of certain assets.

Contacts

Media Contacts:
Elinore White
1-973-443-2835
(o)
elinore.y.white@zoetis.com

Kristen Seely
1-973-443-2777 (o)
kristen.seely@zoetis.com

Investor Contacts:
Steve Frank
1-973-822-7141
(o)
steve.frank@zoetis.com

Marissa Patel
1-973-443-2996 (o)
marissa.patel@zoetis.com

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