Professional Documents
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Nyse ZTS 2020
Nyse ZTS 2020
ANNUAL
REPORT
2020 FINANCIAL HIGHLIGHTS
2% 1% 2% 1% 1%
2% 2%
2%
5% 3%
8% 7% 22% 3%
3%
10% 3%
3%
13% 4%
55% 18% 4% 54%
24% 14% 6%
X% 18% 10%
Top Five
9%† excludes interest expense net of capitalized
$Millions (except per share data) 2018 2019 2020
Throughout the pandemic, our primary maintain stability in our workforce and
concerns were to ensure the safety operations, and gave us flexibility to
of our colleagues, customers and address colleague safety, logistics
communities, while safeguarding a and supply chain changes, and increased
reliable supply of high-quality products inventory for customers.
around the world. Thanks to the
agility and ingenuity of our teams, CAPITAL ALLOCATIONS
we continued serving customers and
sustained our growth and profitability— In 2020, our overall investment
all through new product innovations, plans stayed in place. We invested
recently acquired businesses and approximately $1 billion internally and
adaptability to customer needs. externally to support future growth
with our R&D, capital expenditures,
During 2020, our strong financial and business development activities,
position and strategic focus enabled us and in our commitment to reallocate
to stay profitable despite the impacts excess capital to shareholders
of COVID-19. We grew revenue 9% throughout the year, we… KRISTIN PECK
operationally, which is once again above Chief Executive Officer
market growth in a competitive, global • paid $380 million in dividends
sector, and we also grew our adjusted • bought back about $250 million
net income faster than revenue, at 10% in shares
operationally. Importantly, our strong • announced a 25% dividend increase
cash flow helped us avoid dramatic cuts, this past December
SUPPORTING While continuing to navigate the novel benefits. Colleague safety will remain
1
SHIFTING CUSTOMER NEEDS Against that backdrop, we set five
strategic priorities for Zoetis at the
OUR LONG-TERM As we look at the trends shaping the beginning of 2020 and have continued
2
BEING A FORCE The racial injustices and social unrest in the U.S. and cities across the globe during
FOR CHANGE 2020 were a sobering reminder that we must continually work together to ensure
Zoetis is a place where colleagues feel valued and cared for. After understanding the
state of diversity at Zoetis, we developed the following aspirations to increase diverse
representation within our company by the end of 2025. These aspirations are part of
our overall talent strategy as we strive to attract and retain the best and brightest.
32% 21% 4% 5%
2025 GOAL: 40% 2025 GOAL: 25% 2025 GOAL: 5% 2025 GOAL: 6%
• We also expanded our market reach content tailored to them. Strengthening
of products such as... engagement with pet owners, we are
continuing to invest more in direct- OUR CORE
– Simparica® (sarolaner) Chewable
Tablets, approved in China.
to-consumer marketing and on-line
channels for major brands like Apoquel
BELIEFS
– Cytopoint® (lokivetmab) and and Simparica. Our focus on reliable
Revolution® Plus (selamectin supply to customers was never more
and sarolaner topical solution), important than it was in the pandemic
which gained approvals in Asia and through an agile supply chain we’ve
and Latin America. been able to maintain quality, on time
– Fostera® Gold PCV MH swine vaccine delivery of products and continuous
approvals in Japan and Australia. operation of our manufacturing plants
– Additional preventive vaccines like around the world.
Vanguard® B Oral for dogs and an
anti-infective treatment Excenel® 3. LEADING IN DIGITAL AND DATA
RTU EZ for cattle and swine in Brazil.
Technology and data analytics are two
2. E
NHANCING CUSTOMER forces transforming the animal health
EXPERIENCE industry and the way we do business at
Zoetis. We are enabling more veterinary
From the onset of the pandemic, our clinic systems to “talk” with our growing
field force has been adaptive and set of Zoetis diagnostic analyzers and
creative in staying engaged with update patient medical records, which
customers and addressing their needs makes the lives of our customers easier
in various markets—from remote and their work more efficient. With
installations to virtual trainings and livestock producers under pressure
technical consultations. In addition, our
sales and marketing teams are using
advanced analytics to interpret customer
needs and deliver more personalized
3
to improve profitability, productivity sustainability frameworks. In addition,
and sustainability, our acquisition of we recently shared our long-term
Performance Livestock Analytics is one targets for key ESG metrics and continue
way we help address those challenges to build out these programs (see
by bringing powerful analytics to the sidebar).
DRIVEN TO CARE farm—empowering our cattle customers
SUSTAINABILITY maintain health protocols for each I am convinced the priorities we’ve
individual animal. set will firmly position Zoetis for future
Our purpose and obligation growth and realizing our purpose.
to society has never been more 4. CULTIVATING A HIGH-PERFORMING Looking ahead, we see the major
important. Our sustainability CULTURE catalysts for growth in 2021 being
strategy builds on the progress continued strength in petcare; ongoing
we’ve made since the beginning The remarkable resilience and agility expansion in markets outside the US,
of Zoetis, with commitments of our colleagues in 2020 were a most notably China; and acceleration
and measurable goals across testament to the strong culture we have of our diagnostics portfolio penetration
three areas: built at Zoetis, founded on Our Core with reference labs, increased
Beliefs. Despite the headwinds of connectivity and new products.
a global pandemic, we maintained a
high level of colleague engagement, While we are mindful of the uncertainty
and an unwavering commitment around the global recovery from the
to customers and to each other. pandemic in 2021, we remain confident
COMMUNITIES Collectively this has earned Zoetis in the health of our business based
Care and Collaboration recognitions around the world as a on the resiliency we demonstrated in
Supporting and partnering with top business performer and employer. 2020, the passion and perseverance
colleagues, communities and the With talent being critical to a high- of our colleagues, and our continued
people who care for animals performing organization, we formally investments and innovations.
communicated our plans in 2020 to
make Zoetis and the animal health In closing, I am extremely proud
industry more inclusive, with specific to be part of a company that’s a
aspirations to increase diverse strong market leader in an essential
representation within our company industry—with the portfolio, focus and
ANIMALS by the end of 2025 (see sidebar, financials to endure and excel, even
Innovation in Animal Health top of p. 3). in challenging times.
Solving sustainability challenges
facing animals and people, based 5. C
HAMPIONING A HEALTHIER, Thank you for your continued support
on our belief that healthier MORE SUSTAINABLE FUTURE and investment in Zoetis.
animals build a healthier future
Reporting our progress against key
sustainability goals goes hand-in-hand
with sharing our business results. While
sustainability has always been part
PLANET of our work, in 2020 we formalized Kristin Peck
our strategy and became the first Chief Executive Officer
The Drive to Protect Our Planet
animal health company to issue an
Stewarding our resources
Environmental, Social and Governance
responsibly and minimizing
(ESG) Review, based on leading
our impact, as we deliver
products and services that
advance the health of animals
4
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0@6E:D?4
SHAREHOLDER INFORMATION
ZOETIS GLOBAL HEADQUARTERS CORPORATE GOVERNANCE SHAREHOLDER SERVICES
10 Sylvan Way Copies of our 2020 Annual Report on If you have a question for us and
Parsippany, NJ 07054 Form 10-K, Quarterly Reports cannot find an answer on our
1 (973) 822-7000 on Form 10-Q, and Current Reports website, please write to us at Zoetis
on Form 8-K filed with Securities and Shareholder Services, 10 Sylvan Way,
STOCK LISTING Exchange Commission, 2021 Proxy Parsippany, NJ 07054, or email us at
Zoetis common stock is listed on Statement, and this Annual Report are shareholderservices@zoetis.com.
the New York Stock Exchange under available online at investor.zoetis.com.
the ticker symbol ZTS. FORWARD-LOOKING STATEMENTS
In addition, shareholders can view
Please refer to our 2020 Form 10-K
our Corporate Governance Principles;
ANNUAL MEETING OF for a description of the substantial
Director Qualification Standards;
SHAREHOLDERS risks and uncertainties related to the
Code of Business Conduct and
The Zoetis Annual Meeting of forward-looking statements included
Ethics for Directors; Charters of the
Shareholders will be held on in this Annual Report. Our Form 10-K
Audit Committee, Human Resources
May 20, 2021, 9:00 a.m. ET only is available on our website at investor.
Committee, Corporate Governance
online via webcast at (www. zoetis.com/sec-filings and on the
Committee, and Quality and
virtualshareholdermeeting.com/ Securities and Exchange Commission’s
Innovation Committee; and other
ZTS2021). website at www.sec.gov.
corporate governance materials
at www.zoetis.com/about/corporate-
TRANSFER AGENT NON-GAAP FINANCIAL INFORMATION
governance.
Questions and communications We use non-GAAP financial measures,
regarding transfer of stock, dividends, Copies of our SEC filings and corporate such as adjusted net income, adjusted
cost-basis information, and address governance documents are available diluted earnings per share, adjusted
changes should be directed to to shareholders without charge upon EBIT margin and operational results
our transfer agent and registrar, written request to the Corporate (which exclude the impact of foreign
Computershare Trust Company, Secretary at our global headquarters. exchange), to assess and analyze our
N.A., as follows: operational results and trends and
ZOETIS ON THE WEB to make financial and operational
Shareholder correspondence
You can find more information about decisions. We believe these non-GAAP
should be mailed to:
Zoetis, including financial results, financial measures are also useful
Computershare Investor Services
press releases, career opportunities, to investors because they provide
P.O. Box 505000
news on Zoetis products and services, greater transparency regarding our
Louisville, KY 40233-5000
and other activities, at our website operating performance. The non-GAAP
Overnight correspondence www.zoetis.com. financial measures included herein
should be mailed to: should not be considered alternatives
Real-time information about Zoetis
Computershare to measurements required by GAAP,
can be found on our Facebook and
462 South 4th Street, Suite 1600 such as net income, operating income,
Twitter pages (www.facebook.com/
Louisville, KY 40202 and earnings per share, and should not
zoetis and www.twitter.com/zoetis),
be considered measures of liquidity.
Telephone: on our YouTube channel (www.youtube.
These non-GAAP financial measures are
Within the U.S. and Canada: com/ZoetisInc), and on LinkedIn
unlikely to be comparable with non-
1 (877) 373-6374 (www.linkedin.com/company/zoetis).
GAAP information provided by other
Outside the U.S. and Canada:
companies. Reconciliation of non-GAAP
1 (781) 575-2879
financial measures and GAAP financial
Website: measures are included in the tables
www.computershare.com/investor accompanying our earnings release and
in the related presentation posted on
our website at www.zoetis.com.
The trademarks, logos and service marks appearing in this Annual Report,
whether or not appearing with a trademark symbol, are owned and licensed
by Zoetis Inc. or its affiliates.