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.
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Zoetis Inc., consolidated income statement
US$ in millions
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 financial data reveals a consistent upward trend in revenue over the five-year period, increasing from $6,260 million in 2019 to $8,544 million in 2023. Correspondingly, the cost of sales rose from $1,992 million to $2,561 million, though gross profit also increased steadily from $4,268 million to $5,983 million, indicating a maintained gross margin expansion or stability.
Operating expenses, including selling, general and administrative expenses, and research and development expenses, showed an overall increasing pattern. Selling, general and administrative expenses rose from $1,638 million to $2,151 million, while research and development expenses grew from $457 million to $614 million. Amortization of intangible assets remained relatively stable, fluctuating slightly but staying near the $150 million mark.
Restructuring charges and acquisition-related costs fluctuated with no clear trend, peaking at $53 million in 2023 but as low as $11 million in 2022. Operating income followed a strong upward trajectory, rising from $1,967 million in 2019 to $3,016 million in 2023, suggesting improved operational efficiency and profitability.
Interest expense remained relatively stable, fluctuating narrowly around the $220–$240 million range. Interest income showed an increasing trend, particularly in 2022 and 2023, jumping from $6 million in 2021 to $105 million in 2023, which may reflect higher returns on investments or increased cash balances.
Impairment charges for identifiable intangible assets and other assets were recorded mainly between 2020 and 2022, with no impairments noted in 2019 and 2023, indicating periodic write-downs but no ongoing impairments in recent years. A notable net gain on sale of businesses occurred in 2023, amounting to $101 million, enhancing other income during that year.
Foreign currency losses increased in magnitude through 2022 but slightly softened in 2023, suggesting exposure to currency risk that fluctuates based on market conditions. Other income (deductions), net, varied significantly, with a negative trend during 2020 to 2022 but turning positive in 2023, driven possibly by the one-time gains from disposals and improved financial items.
Income before taxes showed a robust increasing trend from $1,801 million in 2019 to $2,936 million in 2023. Provision for taxes increased in absolute terms but remained proportionate to income, rising from $301 million to $596 million. Net income attributable to the company followed the same upward trend, increasing from $1,500 million to $2,344 million over the period, reflecting sustained growth in profitability.
The net loss attributable to noncontrolling interests remained minor and relatively stable. Overall, the data portrays a company with consistent revenue growth, improving profitability, expanding operating income, and effective management of expenses. Periodic impairment charges and foreign currency impacts are present but do not materially detract from the overall positive financial trajectory observed.