Results
7Revenue Flat at $2.5 Billion and Net Income of $691 Million, or $1.65 per Diluted Share, Decreasing 5% and Increasing 1%, Respectively, on a Reported Basis
Adjusted Net Income of $781 Million, or Adjusted Diluted EPS of $1.87
5Revenue and Adjusted Net Income Declined 1% and 2%, Respectively, on an Organic Operational Basis
Outlook
1Revises Full Year 2026 Revenue Guidance to $9.120 - $9.320 Billion to Organic Operational Revenue Growth of (3)% to (1)%Guidance lowered
2Revises Full Year 2026 Adjusted Net Income Guidance to Organic Operational Growth of (9)% to (5)%Guidance lowered
Revises Guidance for Adjusted Diluted EPS to $6.15 - $6.25Guidance lowered
Results
PARSIPPANY, N.J. – August 6, 2026 – Zoetis Inc .
(NYSE:ZTS), the world's leading animal health company, today reported its financial results for the second quarter of 2026.
3The company reported revenue of $2.5 billion for the second quarter of 2026, flat compared with the second quarter of 2025, decreasing 1% on an organic operational 1 basis.
4Net income for the second quarter of 2026 was $691 million, or $1.65 per diluted share, decreasing 5% and growing 1%, respectively, on a reported basis.
6Adjusted net income 2 for the second quarter of 2026 was $781 million, or $1.87 per diluted share, decreasing 1% and increasing 5%, respectively, on a reported basis, decreasing 2% and increasing 4%, respectively, on an organic operational basis.
Adjusted net income for the second quarter of 2026 excludes the net impact of $90 million for purchase accounting adjustments, acquisition and divestiture-related costs and certain significant items.
Management commentary
"Second quarter results reflected a more pressured Companion Animal market, as lower clinic visits and pet owner price sensitivity reduced demand across parts of our portfolio and heightened competition in key categories," said Kristin Peck, Chief Executive Officer at Zoetis.
"At the same time, these dynamics reinforce the enduring attractiveness of the markets Zoetis has helped define and advance.
We are adapting our commercial strategy to the marketplace in front of us, deploying targeted investments, accelerating innovation, and pursuing business development to strengthen our position in areas aligned with the future of animal health.
We also continue to benefit from the breadth of our diversified portfolio, including strength in Livestock and Diagnostics.
As we advance our robust pipeline, including more than 12 potential blockbusters over the coming years, we are acting with urgency and
remain confident in the long-term fundamentals of animal health and in Zoetis' ability to compete, lead, and create shareholder value."
Results
SEGMENT HIGHLIGHTS
Revenue in the U.S. segment totaled $1.3 billion, decreasing 7% on both a reported and an organic operational basis relative to the second quarter of 2025.
Companion animal product sales decreased 11% due to continued softer end-market demand.
The company's key dermatology franchise and Simparica Trio ® faced persistent macro-driven price sensitivity and heightened competitive pressure.
Also contributing to the decline was the impact of generic competition on the Cerenia ® and Convenia ® brands, as well as lower sales of Librela ® .
Sales of livestock products increased 23% on both a reported and organic operational basis in the quarter, supported by strength across cattle and poultry.
Cattle performance was underpinned by favorable producer economics in beef cattle and supply timing.
Poultry performance benefited from increased vaccine sales tied to disease outbreak activity.
Revenue in the International segment was $1.2 billion, increasing 8% on a reported basis and 6% on an organic operational basis compared with the second quarter of 2025.
Companion animal product sales grew 8% on a reported basis and 5% on an organic operational basis, led by the company's parasiticides portfolio, including Simparica Trio, along with contributions from Revolution ® and Stronghold ® .
Also contributing to growth was companion animal diagnostics, as well as osteoarthritis (OA) pain with the launch of Lenivia ® and Portela™, the company's long-acting monoclonal antibody pain products that provide dogs and cats with up to three months of pain relief.
These gains were partially offset by lower sales of key dermatology products as well as challenging market conditions impacting the broader portfolio.
Sales of livestock products grew 8% on a reported basis and 6% on an organic operational basis, driven by growth in cattle and poultry.
Management commentary
INVESTMENTS IN GROWTH
Zoetis continued to advance innovation across its diversified portfolio, including a pipeline with more than 12 potential blockbuster 3 candidates in areas such as chronic kidney disease, oncology, cardiology, anxiety and obesity.
During the quarter, the company advanced major-market approvals, expanded access to industry-leading treatments in new geographies, enhanced diagnostics capabilities, and delivered solutions to support customers facing emerging and transboundary infectious disease threats.
Together, these efforts reflect Zoetis' focus on translating science, global scale and customer insights into solutions that improve the health of companion animals and livestock around the world.
Delivering on Commitment to Innovation
Corporate events
Zoetis is executing on its commitment to deliver a significant approval in a major market every year for the next several years.
8In July, the company received marketing authorization from the European Commission for Poulvac ® Procerta ® HVT-ND .
This approval reinforces Zoetis’ focus on ensuring a stable and reliable protein supply, helping protect poultry production against Newcastle and Marek’s disease.
Lenivia and Portela , long-acting monoclonal antibody therapies providing dogs and cats with up to three months of OA pain relief from a single injection, launched in Canada and the EU and were approved in Great Britain.
Lenivia was also approved in Switzerland.
Management commentary
Supporting Prevention and Treatment of New World Screwworm
Corporate events
With New World screwworm now confirmed in the United States, Zoetis has been well prepared to support customers’ prevention and treatment strategies.
Dectomax ® -CA1 , the first parasite control product to receive FDA conditional approval for the prevention and treatment of New World screwworm myiasis in beef cattle, together with Dectomax ® , received emergency use authorization in the U.S. for prevention of infestations in swine, sheep, deer, horses, lactating and dry dairy cows, and dairy replacement heifers.
This response underscores Zoetis’ long-standing support for a One Health approach and its ability to deliver targeted solutions when disease threats affect animals, customers, and the broader food supply.
Additional approvals from the quarter include:
Vanguard ® crLyme received a label update in the U.S. for effectiveness against subclinical arthritis caused by Borrelia burgdorferi , representing a significant pipeline acceleration.
Bonqat ® , an oral medication to help alleviate acute anxiety and fear associated with transportation and veterinary visits in cats, was approved in China.
Synovex ® One Grower gained an expanded label approval in the U.S. to increase the rate of weight gain in growing beef steers and heifers in dry lots or on pasture with insufficient forage.
Suvaxyn ® PRRS Needle-Free Microdose, a vaccine that helps prevent porcine reproductive and respiratory syndrome, was approved in the EU.
This approval includes a needle free intramuscular administration claim and a new multidose presentation.
Fostera ® Gold PVC MH Flex, a vaccine to help prevent infection from Mycoplasma hyopneumoniae and Porcine circovirus, was approved in Japan.
Accelerating Diagnostics Capabilities
In July, Zoetis completed the acquisition of VitalRADS, a veterinary teleradiology services platform.
This milestone advances Zoetis’ strategic pursuit of opportunities that unlock new sources of growth by expanding its Global Diagnostics offering with around-the-clock access to board-certified veterinary specialists through a cloud-based teleradiology platform.
The acquisition will extend Zoetis’ capabilities
Management commentary
beyond in-vitro testing into veterinary imaging interpretation and advance its vision of a more complete end-to-end Virtual Reference Lab.
Corporate events
Zoetis also expanded the capabilities of Vetscan Opticell™ , making it the first and only point of care hematology analyzer to offer cellular hemoglobin mean – previously available only in reference laboratories.
This expansion adds greater diagnostic depth in clinics and delivers value to veterinary teams through time, cost, and space savings.
Management commentary
Together, these investments strengthen Zoetis’ diagnostics capabilities and reinforce the company’s differentiated position in animal health with scale across both diagnostics and therapeutics.
Advancing Sustainability in Animal Health for a Better Future
In June, Zoetis published its 2025 Sustainability Report, marking the completion of its initial Driven to Care aspirations set in 2021 and introducing the strategy’s next phase, with an even sharper focus across Communities, Animals and the Planet.
The report also highlighted that the Zoetis Foundation fulfilled its commitment to distribute $35 million in grants from 2021 to 2025, helping strengthen the animal health ecosystem by advancing opportunities for veterinary professionals and livestock farmers.
Outlook
FINANCIAL GUIDANCE
Zoetis is providing updated guidance based on the current operating environment.
Revenue of $9.120 billion to $9.320 billion (organic operational growth of (3)% to (1)%)
Reported net income of $2.330 billion to $2.380 billion
Adjusted net income of $2.570 billion to $2.620 billion (organic operational growth of (9)% to (5)%)
Reported diluted EPS of $5.55 to $5.65
Adjusted diluted EPS of $6.15 to $6.25
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