Common-Size Income Statement
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Zoetis Inc., common-size consolidated income statement
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).
- Revenue
- Remained constant at 100% across all periods from 2019 through 2023, serving as the baseline for analysis of other financial metrics expressed as a percentage of revenue.
- Cost of sales
- Displayed a moderate fluctuation, initially decreasing from -31.82% in 2019 to -29.62% in 2021, indicating improved cost efficiency, followed by slight increases to -30.37% in 2022 and a mild decrease again to -29.97% in 2023. Overall, cost of sales has been relatively stable with a generally positive trend towards lower costs as a percentage of revenue.
- Gross profit
- Showed a consistent increase from 68.18% in 2019 to a peak of 70.38% in 2021, followed by a slight decline to 69.63% in 2022 and a small rebound to 70.03% in 2023. This indicates sustained gross margin strength over the period.
- Selling, general and administrative expenses (SG&A)
- Gradually decreased from -26.17% in 2019 to -24.86% in 2022, suggesting improvement in operational efficiency, though it slightly rose again to -25.18% in 2023.
- Research and development expenses (R&D)
- Experienced a reduction from -7.30% in 2019 to a low of -6.53% in 2021, before rising again to -7.19% by 2023. This variability may reflect shifting investment priorities in innovation activities over time.
- Amortization of intangible assets
- Demonstrated a steady downward trend from -2.48% in 2019 to -1.74% in 2023, indicating decreasing expenses related to intangible asset amortization as a share of revenue.
- Restructuring charges and certain acquisition-related costs
- Showed inconsistency with a notable decrease from -0.81% in 2019 to -0.14% in 2022, but an uptick to -0.62% in 2023, reflecting variability in one-time or infrequent charges associated with business restructuring or acquisitions.
- Operating income
- Exhibited improvement across the period, increasing from 31.42% in 2019 to a high of 36.10% in 2022, with a slight decrease to 35.30% in 2023, indicating stronger operating profitability overall.
- Interest expense, net of capitalized interest
- Trended downward from -3.56% in 2019 to -2.74% in 2022, with a slight rise to -2.80% in 2023, suggesting modest reduction in interest costs relative to revenue.
- Royalty-related income
- Generally decreased from 0.26% in 2019 to 0.05% in 2022, followed by a significant increase to 0.43% in 2023, indicating variability in income derived from royalties.
- Interest income
- Declined from 0.59% in 2019 to 0.08% in 2021, then substantially increased to 1.23% in 2023, showing a rebound and improved returns on invested funds or cash balances in recent years.
- Identifiable intangible asset impairment charges
- Reported starting in 2020 with small negative impacts around -0.35% to -0.48%, demonstrating occasional, moderate impairments related to intangible assets.
- Other asset impairment charges
- Appeared sporadically and were relatively minor, ranging from -0.01% to -0.09% during the periods where reported.
- Net gain on sale of businesses
- Recorded only in 2023 at 1.18%, representing a notable positive one-time impact in that period.
- Net gain (loss) on sale of assets
- Varied with small gains in 2019 and 2020, turning to a small loss in 2021, and absence of entries thereafter, indicating irregular asset sales outcomes.
- Impairment of an equity investment
- Noted only in 2020 with a -0.06% impact, indicating a limited impairment during that year.
- Foreign currency loss
- Increased losses from -0.26% in 2019 to -0.77% in 2022, then improved slightly to -0.55% in 2023, reflecting foreign exchange exposure volatility.
- Other, net
- Minor fluctuations were observed with small negative values in 2020 and 2021, a positive amount in 2022, and near-neutral in 2023, indicating relatively minor miscellaneous effects.
- Other income (deductions), net
- Shifted from a positive 0.91% in 2019 to negative values in subsequent years through 2022, then a strong positive rebound to 1.86% in 2023, reflecting variability in other non-operating income and expenses.
- Income before provision for taxes on income
- Consistently improved from 28.77% in 2019 to 34.36% in 2023, signaling growing profitability before taxes.
- Provision for taxes on income
- Increased from -4.81% in 2019 to -6.98% in 2023, indicating an increasing effective tax rate or higher taxable income leading to larger tax provisions as a percentage of revenue.
- Net income before allocation to noncontrolling interests
- Displayed a gradual increase from 23.96% in 2019 to 27.39% in 2023, reflecting improved bottom-line profitability.
- Net loss attributable to noncontrolling interests
- Consistently small but positive, ranging from 0.03% to 0.05%, indicating negligible impact on net income attributable to the parent company.
- Net income attributable to Zoetis Inc.
- Experienced steady growth from 23.96% in 2019 to 27.43% in 2023, corroborating an overall positive trend in profitability after accounting for all expenses and income components.