Analysis of Revenues

Revenues as Reported

Revenues as Reported

Zoetis Inc., income statement, revenues

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Parasiticides	1,947)	1,860)	1,635)	1,173)	966)
Vaccines	1,771)	1,718)	1,673)	1,476)	1,483)
Dermatology	1,427)	1,329)	1,180)	941)	770)
Other pharmaceuticals	1,280)	1,043)	966)	821)	780)
Anti-infectives	1,057)	1,081)	1,215)	1,206)	1,254)
Animal health diagnostics	376)	353)	374)	305)	268)
Medicated feed additives	354)	360)	420)	460)	470)
Other non-pharmaceuticals	254)	250)	231)	210)	184)
Contract manufacturing & human health	78)	86)	82)	83)	85)
Revenue	8,544)	8,080)	7,776)	6,675)	6,260)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

The revenue data exhibits notable growth trends across most product segments over the five-year period. Total revenue increased steadily from 6,260 million USD in 2019 to 8,544 million USD in 2023, marking an overall expansion in business scale.

Parasiticides: This segment shows pronounced growth from 966 million USD in 2019 to 1,947 million USD in 2023. The increase is consistent year-over-year, reflecting a strong and expanding market demand.
Vaccines: Revenue in vaccines remains relatively stable from 2019 (1,483 million USD) to 2020 (1,476 million USD), followed by gradual growth through 2023, reaching 1,771 million USD. The growth rate, while positive, is moderate compared to other segments.
Dermatology: Dermatology revenues demonstrate consistent growth, rising from 770 million USD in 2019 to 1,427 million USD in 2023. This segment nearly doubles its revenue, indicating robust market penetration or expansion of product offerings.
Other Pharmaceuticals: There is steady expansion in this category, progressing from 780 million USD in 2019 to 1,280 million USD in 2023. The upward trend suggests diversification or increased sales in pharmaceuticals beyond core categories.
Anti-infectives: This segment exhibits a declining trajectory, decreasing from 1,254 million USD in 2019 to 1,057 million USD in 2023. The decline appears gradual but consistent, signaling possible market challenges or competitive pressures affecting sales.
Animal Health Diagnostics: Revenues fluctuate mildly, increasing from 268 million USD in 2019 to 376 million USD in 2023. Despite the small scale relative to other segments, the overall trend is positive with some volatilities around 2021 and 2022.
Medicated Feed Additives: This segment reveals a downward trend, with revenue falling from 470 million USD in 2019 to 354 million USD in 2023. The consistent decline could reflect shifts in industry standards, regulatory impacts, or changes in agricultural practices.
Other Non-Pharmaceuticals: The category demonstrates gradual revenue growth from 184 million USD in 2019 to 254 million USD in 2023. This steady increase suggests minor but persistent expansion within ancillary business areas.
Contract Manufacturing & Human Health: Revenues are relatively stable but low in scale, hovering around mid-80s million USD in early years and dipping slightly to 78 million USD by 2023. The segment shows no significant growth and minor fluctuations over time, indicating a stable niche contribution.

Overall, the revenue data reveals strong growth drivers primarily in parasiticides, dermatology, vaccines, and other pharmaceuticals, highlighting these as key growth areas. Conversely, anti-infectives and medicated feed additives face downward pressures, suggesting possible market saturation or other external challenges. Incremental gains in minor segments and a stable contribution from contract manufacturing and human health complement the overall positive revenue trajectory.

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Zoetis Inc. (NYSE:ZTS)

Analysis of Revenues

Revenues as Reported