Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Zoetis Inc., consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Revenue	8,544)	8,080)	7,776)	6,675)	6,260)
Cost of sales	(2,561)	(2,454)	(2,303)	(2,057)	(1,992)
Gross profit	5,983)	5,626)	5,473)	4,618)	4,268)
Selling, general and administrative expenses	(2,151)	(2,009)	(2,001)	(1,726)	(1,638)
Research and development expenses	(614)	(539)	(508)	(463)	(457)
Amortization of intangible assets	(149)	(150)	(161)	(160)	(155)
Restructuring charges and certain acquisition-related costs	(53)	(11)	(43)	(25)	(51)
Operating income	3,016)	2,917)	2,760)	2,244)	1,967)
Interest expense, net of capitalized interest	(239)	(221)	(224)	(231)	(223)
Royalty-related income	37)	4)	10)	12)	16)
Interest income	105)	50)	6)	12)	37)
Identifiable intangible asset impairment charges	(35)	(39)	(27)	(26)	—)
Other asset impairment charges	(1)	(7)	(3)	(4)	—)
Net gain on sale of businesses	101)	—)	—)	—)	—)
Net gain (loss) on sale of assets	—)	—)	(3)	19)	20)
Impairment of an equity investment	—)	—)	—)	(4)	—)
Foreign currency loss	(47)	(62)	(27)	(21)	(16)
Other, net	(1)	14)	(4)	(5)	—)
Other income (deductions), net	159)	(40)	(48)	(17)	57)
Income before provision for taxes on income	2,936)	2,656)	2,488)	1,996)	1,801)
Provision for taxes on income	(596)	(545)	(454)	(360)	(301)
Net income before allocation to noncontrolling interests	2,340)	2,111)	2,034)	1,636)	1,500)
Net loss attributable to noncontrolling interests	4)	3)	3)	2)	—)
Net income attributable to Zoetis Inc.	2,344)	2,114)	2,037)	1,638)	1,500)

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).

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Income statement item	Description	The company
Revenue	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Zoetis Inc. revenue increased from 2021 to 2022 and from 2022 to 2023.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Zoetis Inc. operating income increased from 2021 to 2022 and from 2022 to 2023.
Income before provision for taxes on income	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Zoetis Inc. income before provision for taxes on income increased from 2021 to 2022 and from 2022 to 2023.
Net income attributable to Zoetis Inc.	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Zoetis Inc. net income attributable to Zoetis Inc. increased from 2021 to 2022 and from 2022 to 2023.

Zoetis Inc. (NYSE:ZTS)

Income Statement