Zoetis (ZTS)
Develops medicines, vaccines, diagnostics and precision-health tools for pets and livestock.
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Zoetis makes the medicines, vaccines and lab tests that vets use — itch pills and flea chews for dogs and cats, shots and antibiotics for cattle, pigs, chickens and farmed salmon. For years the pet side did the growing. Now rivals have landed on its two biggest pet products, sales are expected to shrink this year, and the farm business and a small lab-test arm carry the growth.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 12 more below
Cattle portfolio (Draxxin, Excede, Bovi-Shield Gold, Synovex)
Antibiotics and vaccines for beef and dairy herds, about $1.5 billion a year and the biggest single farm-animal line. Dull and dependable — and one of only two parts of Zoetis management still expects to grow through 2026.
Competes with Zuprevo and Bovilis cattle lines (Merck Animal Health) · Zactran and Pyramid cattle lines (Boehringer Ingelheim)
In plain English
Put a few hundred young cattle in one pen and lung infections travel fast, and one sick animal is a cost the operation cannot get back. Zoetis sells the injection that clears the infection and the vaccine given beforehand so fewer animals fall ill in the first place.
Nobody here is buying out of affection. A feedlot or a dairy weighs what a treatment costs against what it saves, then reorders when the arithmetic works. So the money follows herd sizes and feed economics rather than fashion, and what can knock it is tighter rules on farm antibiotic use, or Zoetis struggling to keep one drug family in supply — which happened, and then eased.
Swine, poultry and aquaculture portfolios
Vaccines for pigs, chickens and farmed salmon, about $1.2 billion in 2025. Chicken and salmon are rising on hatchery programs and tender wins; pig revenue has fallen three years running. Watch whether poultry keeps outrunning swine.
Competes with Ingelvac CircoFLEX swine vaccine (Boehringer Ingelheim) · Innovax poultry vaccines (Merck Animal Health)
In plain English
Pigs, chickens and farmed salmon are raised by companies, not families, and they get vaccinated in enormous batches — chicks dosed through hatchery programs before they ever reach a barn, salmon vaccinated before they go into sea pens.
Zoetis sells those vaccines, and because the buyers are big integrated producers rather than households, a single hatchery program, contract or tender win moves the whole number. The three parts pull in different directions: chicken and salmon have been climbing, while pig sales have slipped three years in a row. The salmon half arrived with PHARMAQ, a Norwegian fish-vaccine maker Zoetis bought in 2015.
Dermatology franchise (Apoquel, Cytopoint)
The itch treatments Zoetis invented were $1.7 billion in 2025 — and are now the sore spot: down 16% in the second quarter of 2026 as two rival pills took share. Patent protection runs to about 2032.
Competes with Zenrelia daily itch tablet (Elanco) · Numelvi itch tablet (Merck Animal Health)
In plain English
Some dogs itch relentlessly — an allergy that has them scratching themselves raw. Zoetis built the whole category around treating it: Apoquel, a tablet that switches the itch signal off, and Cytopoint, an injection given at the clinic that keeps working long after a single tablet would have worn off.
The money is in the refill. An itchy dog stays itchy, so the owner keeps buying, month after month, for years — which is exactly what made this business worth attacking. A rival pill arrived in 2024, a second reached American vets in 2026, both discounting and bundling to win the same clinic shelf. Zoetis still holds most of the category, and is handing share over visit by visit.
OA pain antibodies (Librela, Solensia, Lenivia, Portela)
Injections for worn, painful joints in dogs and cats, $568 million in 2025. A December 2024 FDA safety letter knocked U.S. dog sales down while cats kept growing. Watch whether vets start prescribing again.
Competes with Galliprant joint-pain tablets (Elanco) · Onsior anti-inflammatory (Elanco) · Metacam and Previcox anti-inflammatories (Boehringer Ingelheim)
In plain English
Old dogs and cats get stiff, aching joints. These are injections given at the clinic that soak up one of the signals carrying pain out of a worn joint — Librela for dogs, Solensia for cats. Zoetis created this category and no one else sells anything like it.
Then came a lesson in trust. In December 2024 the FDA wrote to American vets about side effects reported in treated dogs, a label change followed in February, and U.S. Librela sales fell. Cats carried on growing. Longer-lasting versions launched in Canada and Europe in mid-2026 and last about three months a shot — for now, mostly by moving patients off the older one.
Simparica franchise (Simparica Trio, Simparica)
The monthly flea, tick and heartworm chew — $1.5 billion in 2025 and the first Zoetis brand past a billion dollars of U.S. sales. American sales are now slipping to rival combination chews while international sales climb.
Competes with NexGard Plus combination chew (Boehringer Ingelheim) · Credelio Quattro combination chew (Elanco)
In plain English
One chew a month, handed over like a treat, that covers fleas, ticks and heartworm at once — that is Simparica Trio. A simpler version without the heartworm ingredient sells where heartworm is rare.
One product instead of three on the clinic shelf, one dose instead of three at home — and it repeats every month. Trio became the first Zoetis brand to pass a billion dollars of annual U.S. sales. The shelf is crowded now: rivals sell their own combination chews into a market that is not getting bigger, and American sales have been slipping this year while overseas sales jumped nearly a fifth. Almost all of it travels through wholesalers — one unnamed U.S. distributor alone carries about a sixth of everything Zoetis sells.
ProHeart and Revolution/Revolt
The injection and the squeeze-on drops that guard against heartworm and fleas outside the chew aisle — roughly $700 million a year, and growing while the chews fight it out. The catch: the animal has to come in.
Competes with Heartgard and NexGard preventatives (Boehringer Ingelheim) · Credelio Quattro combination chew (Elanco)
In plain English
Not all of this happens at the kitchen bowl. ProHeart is an injection the vet administers that guards a dog against heartworm for months at a stretch; Revolution and Revolt are the liquid squeezed onto a dog's or cat's skin.
Think of it as owning more than one route to the same sale. When rivals crowd the monthly-chew shelf, Zoetis still has a version the clinic orders — that is management's stated logic, several ways to keep preventative care going in dogs and cats. The trade-off is that both need the animal in the room: ProHeart rises and falls with clinic visits, not home delivery.
Convenia, Cerenia and companion legacy medicines
Two former blockbusters — a one-shot antibiotic and the standard anti-sickness medicine — now past their patents and losing share to cheap copies. Management no longer counts them as part of its innovative core.
Competes with Generic maropitant and cefovecin injections (multiple generic makers) · Amoxicillin-clavulanate oral tablets (generic makers)
In plain English
Two workhorses of the exam room. Convenia is a single antibiotic injection for skin infections, given instead of a course of tablets; Cerenia is the standard medicine for a small animal that is being sick.
Both sold heavily for years, and both have run out of patent protection — so other manufacturers now make the same molecules and sell them cheaper onto the same clinic shelf. Zoetis has answered in the two ways open to it: dropping its own price, and reworking the product, with a cheaper ready-to-use Convenia approved in Canada. Management is blunt about where these now sit — big sellers, but no longer part of what it calls its innovative core.
Companion Animal Diagnostics (Vetscan, Zoetis Reference Laboratories)
Counter-top analyzers, the cartridges they consume and a send-out lab — roughly half a billion dollars a year, growing at double digits. It is the only pet-side line still compounding, and IDEXX is the bigger player.
Competes with Catalyst One, SNAP and IDEXX Reference Laboratories (IDEXX) · Element analyzers and Antech labs (Mars)
In plain English
A dog comes in looking wrong and the vet wants blood work before the owner leaves. Zoetis sells the machines that sit on the clinic counter and give an answer on the spot, the cartridges they run through, and a laboratory service for the tests too fiddly to do in-house.
It earns the way razors and blades do: place the analyzer once, sell the cartridges forever. This is the one pet-side business still compounding, up double digits through 2025 and the first half of 2026, and Zoetis is buying its way wider — into reading X-rays remotely and into animal genetics. It is also the third player here, behind IDEXX and Mars's Antech labs.
Cattle portfolio (Draxxin, Excede, Bovi-Shield Gold, Synovex)Antibiotics and vaccines for beef and dairy herds, about $1.5 billion a year and the biggest single farm-animal line. Dull and dependable — and one of only two parts of Zoetis management still expects to grow through 2026.Antibiotics and vaccines for beef and dairy herds, about $1.5 billion a year and the biggest single farm-animal line. Dull and dependable — and one of only two parts of Zoetis management still expects to grow through 2026.
In plain English
Put a few hundred young cattle in one pen and lung infections travel fast, and one sick animal is a cost the operation cannot get back. Zoetis sells the injection that clears the infection and the vaccine given beforehand so fewer animals fall ill in the first place.
Nobody here is buying out of affection. A feedlot or a dairy weighs what a treatment costs against what it saves, then reorders when the arithmetic works. So the money follows herd sizes and feed economics rather than fashion, and what can knock it is tighter rules on farm antibiotic use, or Zoetis struggling to keep one drug family in supply — which happened, and then eased.
Competes with Zuprevo and Bovilis cattle lines (Merck Animal Health) · Zactran and Pyramid cattle lines (Boehringer Ingelheim)
Swine, poultry and aquaculture portfoliosVaccines for pigs, chickens and farmed salmon, about $1.2 billion in 2025. Chicken and salmon are rising on hatchery programs and tender wins; pig revenue has fallen three years running. Watch whether poultry keeps outrunning swine.Vaccines for pigs, chickens and farmed salmon, about $1.2 billion in 2025. Chicken and salmon are rising on hatchery programs and tender wins; pig revenue has fallen three years running. Watch whether poultry keeps outrunning swine.
In plain English
Pigs, chickens and farmed salmon are raised by companies, not families, and they get vaccinated in enormous batches — chicks dosed through hatchery programs before they ever reach a barn, salmon vaccinated before they go into sea pens.
Zoetis sells those vaccines, and because the buyers are big integrated producers rather than households, a single hatchery program, contract or tender win moves the whole number. The three parts pull in different directions: chicken and salmon have been climbing, while pig sales have slipped three years in a row. The salmon half arrived with PHARMAQ, a Norwegian fish-vaccine maker Zoetis bought in 2015.
Competes with Ingelvac CircoFLEX swine vaccine (Boehringer Ingelheim) · Innovax poultry vaccines (Merck Animal Health)
Dermatology franchise (Apoquel, Cytopoint)The itch treatments Zoetis invented were $1.7 billion in 2025 — and are now the sore spot: down 16% in the second quarter of 2026 as two rival pills took share. Patent protection runs to about 2032.The itch treatments Zoetis invented were $1.7 billion in 2025 — and are now the sore spot: down 16% in the second quarter of 2026 as two rival pills took share. Patent protection runs to about 2032.
In plain English
Some dogs itch relentlessly — an allergy that has them scratching themselves raw. Zoetis built the whole category around treating it: Apoquel, a tablet that switches the itch signal off, and Cytopoint, an injection given at the clinic that keeps working long after a single tablet would have worn off.
The money is in the refill. An itchy dog stays itchy, so the owner keeps buying, month after month, for years — which is exactly what made this business worth attacking. A rival pill arrived in 2024, a second reached American vets in 2026, both discounting and bundling to win the same clinic shelf. Zoetis still holds most of the category, and is handing share over visit by visit.
Competes with Zenrelia daily itch tablet (Elanco) · Numelvi itch tablet (Merck Animal Health)
OA pain antibodies (Librela, Solensia, Lenivia, Portela)Injections for worn, painful joints in dogs and cats, $568 million in 2025. A December 2024 FDA safety letter knocked U.S. dog sales down while cats kept growing. Watch whether vets start prescribing again.Injections for worn, painful joints in dogs and cats, $568 million in 2025. A December 2024 FDA safety letter knocked U.S. dog sales down while cats kept growing. Watch whether vets start prescribing again.
In plain English
Old dogs and cats get stiff, aching joints. These are injections given at the clinic that soak up one of the signals carrying pain out of a worn joint — Librela for dogs, Solensia for cats. Zoetis created this category and no one else sells anything like it.
Then came a lesson in trust. In December 2024 the FDA wrote to American vets about side effects reported in treated dogs, a label change followed in February, and U.S. Librela sales fell. Cats carried on growing. Longer-lasting versions launched in Canada and Europe in mid-2026 and last about three months a shot — for now, mostly by moving patients off the older one.
Competes with Galliprant joint-pain tablets (Elanco) · Onsior anti-inflammatory (Elanco) · Metacam and Previcox anti-inflammatories (Boehringer Ingelheim)
Simparica franchise (Simparica Trio, Simparica)The monthly flea, tick and heartworm chew — $1.5 billion in 2025 and the first Zoetis brand past a billion dollars of U.S. sales. American sales are now slipping to rival combination chews while international sales climb.The monthly flea, tick and heartworm chew — $1.5 billion in 2025 and the first Zoetis brand past a billion dollars of U.S. sales. American sales are now slipping to rival combination chews while international sales climb.
In plain English
One chew a month, handed over like a treat, that covers fleas, ticks and heartworm at once — that is Simparica Trio. A simpler version without the heartworm ingredient sells where heartworm is rare.
One product instead of three on the clinic shelf, one dose instead of three at home — and it repeats every month. Trio became the first Zoetis brand to pass a billion dollars of annual U.S. sales. The shelf is crowded now: rivals sell their own combination chews into a market that is not getting bigger, and American sales have been slipping this year while overseas sales jumped nearly a fifth. Almost all of it travels through wholesalers — one unnamed U.S. distributor alone carries about a sixth of everything Zoetis sells.
Competes with NexGard Plus combination chew (Boehringer Ingelheim) · Credelio Quattro combination chew (Elanco)
ProHeart and Revolution/RevoltThe injection and the squeeze-on drops that guard against heartworm and fleas outside the chew aisle — roughly $700 million a year, and growing while the chews fight it out. The catch: the animal has to come in.The injection and the squeeze-on drops that guard against heartworm and fleas outside the chew aisle — roughly $700 million a year, and growing while the chews fight it out. The catch: the animal has to come in.
In plain English
Not all of this happens at the kitchen bowl. ProHeart is an injection the vet administers that guards a dog against heartworm for months at a stretch; Revolution and Revolt are the liquid squeezed onto a dog's or cat's skin.
Think of it as owning more than one route to the same sale. When rivals crowd the monthly-chew shelf, Zoetis still has a version the clinic orders — that is management's stated logic, several ways to keep preventative care going in dogs and cats. The trade-off is that both need the animal in the room: ProHeart rises and falls with clinic visits, not home delivery.
Competes with Heartgard and NexGard preventatives (Boehringer Ingelheim) · Credelio Quattro combination chew (Elanco)
Convenia, Cerenia and companion legacy medicinesTwo former blockbusters — a one-shot antibiotic and the standard anti-sickness medicine — now past their patents and losing share to cheap copies. Management no longer counts them as part of its innovative core.Two former blockbusters — a one-shot antibiotic and the standard anti-sickness medicine — now past their patents and losing share to cheap copies. Management no longer counts them as part of its innovative core.
In plain English
Two workhorses of the exam room. Convenia is a single antibiotic injection for skin infections, given instead of a course of tablets; Cerenia is the standard medicine for a small animal that is being sick.
Both sold heavily for years, and both have run out of patent protection — so other manufacturers now make the same molecules and sell them cheaper onto the same clinic shelf. Zoetis has answered in the two ways open to it: dropping its own price, and reworking the product, with a cheaper ready-to-use Convenia approved in Canada. Management is blunt about where these now sit — big sellers, but no longer part of what it calls its innovative core.
Competes with Generic maropitant and cefovecin injections (multiple generic makers) · Amoxicillin-clavulanate oral tablets (generic makers)
Companion Animal Diagnostics (Vetscan, Zoetis Reference Laboratories)Counter-top analyzers, the cartridges they consume and a send-out lab — roughly half a billion dollars a year, growing at double digits. It is the only pet-side line still compounding, and IDEXX is the bigger player.Counter-top analyzers, the cartridges they consume and a send-out lab — roughly half a billion dollars a year, growing at double digits. It is the only pet-side line still compounding, and IDEXX is the bigger player.
In plain English
A dog comes in looking wrong and the vet wants blood work before the owner leaves. Zoetis sells the machines that sit on the clinic counter and give an answer on the spot, the cartridges they run through, and a laboratory service for the tests too fiddly to do in-house.
It earns the way razors and blades do: place the analyzer once, sell the cartridges forever. This is the one pet-side business still compounding, up double digits through 2025 and the first half of 2026, and Zoetis is buying its way wider — into reading X-rays remotely and into animal genetics. It is also the third player here, behind IDEXX and Mars's Antech labs.
Competes with Catalyst One, SNAP and IDEXX Reference Laboratories (IDEXX) · Element analyzers and Antech labs (Mars)
Named in filings, launches and programs
- Equine portfolioProduct lineMedicines and vaccines for horses — about $304 million in 2025, a small steady line sold through the same large-animal vets.
- Vanguard and Felocell vaccinesProduct lineThe routine puppy and kitten shots, folded inside the vaccines line — repeat business that arrives with every routine visit.
- Rimadyl and other pet pain reliefProduct lineOlder tablets and sedatives for aching dogs — the non-antibody remainder of the pain and sedation line, roughly three percent of sales.
- DectomaxProduct lineParasite control for livestock rather than pets — the farm slice of the parasiticides line, around one percent of sales.
- Contract manufacturing and human healthServiceMaking product in Zoetis's own plants for other companies, plus a little human-health work — roughly one percent of sales.
- Bonqat, Stelfonta and the small pet tailProduct lineThe unnamed remainder of pet medicines outside the big franchises — a few percent of sales that Zoetis never breaks out.
- Neogen Animal GenomicsBrand · AnnouncedA $160 million deal for Neogen's animal genetics testing business, agreed March 2026 and expected to close in the second half of the year.
- VitalRADSBrand · AnnouncedA veterinary teleradiology service — clinics send X-rays out for a specialist to read — agreed July 2026, extending diagnostics into imaging.
- Long-acting CytopointProduct · AnnouncedA longer-lasting version of the anti-itch injection, with U.S. approval anticipated in 2026 — the nearest-term answer to the dermatology slide.
- Vetscan OmniMaxProduct · Pre-revenueA multi-test chemistry analyzer management calls a potential blockbuster; validation work is due to finish by the end of 2026.
- Renal, oncology and cardiology programsProduct · Pre-revenueKidney, cancer and heart medicines inside a pipeline management sizes at twelve potential blockbusters and more than $7 billion of opportunity, valued for 2027–2028.
- Simparica Trio screwworm authorizationProduct · AnnouncedAn FDA emergency-use clearance in August 2026 lets Trio treat New World screwworm infestations in dogs; Zoetis has not sized the contribution.
Equine portfolioProduct line
Medicines and vaccines for horses — about $304 million in 2025, a small steady line sold through the same large-animal vets.
Vanguard and Felocell vaccinesProduct line
The routine puppy and kitten shots, folded inside the vaccines line — repeat business that arrives with every routine visit.
Rimadyl and other pet pain reliefProduct line
Older tablets and sedatives for aching dogs — the non-antibody remainder of the pain and sedation line, roughly three percent of sales.
DectomaxProduct line
Parasite control for livestock rather than pets — the farm slice of the parasiticides line, around one percent of sales.
Contract manufacturing and human healthService
Making product in Zoetis's own plants for other companies, plus a little human-health work — roughly one percent of sales.
Bonqat, Stelfonta and the small pet tailProduct line
The unnamed remainder of pet medicines outside the big franchises — a few percent of sales that Zoetis never breaks out.
Neogen Animal GenomicsBrand · Announced
A $160 million deal for Neogen's animal genetics testing business, agreed March 2026 and expected to close in the second half of the year.
VitalRADSBrand · Announced
A veterinary teleradiology service — clinics send X-rays out for a specialist to read — agreed July 2026, extending diagnostics into imaging.
Long-acting CytopointProduct · Announced
A longer-lasting version of the anti-itch injection, with U.S. approval anticipated in 2026 — the nearest-term answer to the dermatology slide.
Vetscan OmniMaxProduct · Pre-revenue
A multi-test chemistry analyzer management calls a potential blockbuster; validation work is due to finish by the end of 2026.
Renal, oncology and cardiology programsProduct · Pre-revenue
Kidney, cancer and heart medicines inside a pipeline management sizes at twelve potential blockbusters and more than $7 billion of opportunity, valued for 2027–2028.
Simparica Trio screwworm authorizationProduct · Announced
An FDA emergency-use clearance in August 2026 lets Trio treat New World screwworm infestations in dogs; Zoetis has not sized the contribution.