Company:Zoetis

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Short description: American animal health company
Zoetis Inc.
TypePublic
  • NYSE: ZTS (Class A)
  • S&P 500 component
IndustryPharmaceutical
Founded1952; 72 years ago (1952)
HeadquartersParsippany, New Jersey, U.S.
Area served
Worldwide
Key people
Kristin Peck (CEO)
Ester Banque (Executive Vice President)[1]
RevenueIncrease US$8.08 billion (2022)
Increase US$2.92 billion (2022)
Increase US$2.11 billion (2022)
Total assetsIncrease US$14.9 billion (2022)
Total equityDecrease US$4.41 billion (2022)
Number of employees
c. 13,800 (Dec 2022)
Websitezoetis.com
Footnotes / references
[2][3]

Zoetis Inc. (/zō-EH-tis/[4]) is an American drug company, the world's largest producer of medicine and vaccinations for pets and livestock.[5][4][6] The company was a subsidiary of Pfizer,[7] the world's largest drug maker, but with Pfizer's spinoff of its 83% interest in the firm it is now a completely independent company. The company directly markets its products in approximately 45 countries, and sells them in more than 100 countries.[8] Operations outside the United States accounted for 50% of the total revenue.[5] Contemporaneous with the spinoff in June 2013 S&P Dow Jones Indices announced that Zoetis would replace First Horizon National Corporation in the S&P 500 stock market index.[9]

History

1950s to 2000s

Zoetis building in Exton, PA

In the 1950s, Pfizer began research on several drugs, including oxytetracycline, which was found to be effective in livestock.[10] In 1952, the Pfizer Agriculture Division opened a 732-acre research and development facility in Terre Haute, Indiana, called Vigo.[10][11] By 1988 the division was renamed Pfizer Animal Health.[10]

The 1995 acquisition of Norden Laboratories from GlaxoSmithKline expanded Pfizer's animal health division into small animal care, including domestic pets.[10] Secondary research and development centres were opened in Kalamazoo, Michigan, in 2003.[10] In the same year, Pfizer acquired Pharmacia Corporation for US$60 billion in stock options.[12] Between 2007 and 2011, the company acquired Embrex Inc, Catapult Genetics, Bovigen, Wyeth, Fort Dodge Animal Health, Vetnex Animal Health Ltd, Synbiotics Corporation, Microtek, King Pharmaceuticals, and Alpharma.[10]

2010s to present

Plans to break away Pfizer Animal Health into a separate company were officially announced in 2012.[13][4] The new firm was named Zoetis in allusion to the Latin-derived zoological term zoetic, meaning "pertaining to life".[4][7]

Zoetis Inc.'s revenues exceeded $4.2 billion in 2011 and $4.34 billion in 2012.[14][15][4] The animal health industry worldwide is an estimated US$22 billion industry.[4]

On May 22, 2013, The Wall Street Journal reported that Pfizer planned to sell its majority stake in the company.[15] According to the report, shareholders will have the option to swap their Pfizer shares for Zoetis shares.[15] The sell-off of Zoetis is consistent with Pfizer's recent decision to shed other non-pharmaceuticals subsidiaries in an effort to save costs, raise capital, and pay off debt. The company has announced that JPMorgan Chase, Bank of America, Merrill Lynch, Goldman Sachs & Co., and Morgan Stanley will be the lead underwriters.[16][15]

In November 2014, activist investor Bill Ackman disclosed that Pershing Square Capital Management had taken an 8.5% stake in the company, amassing approximately 41.8 million shares, causing the share price to hit its highest price since the IPO.[17] On 17 November, the company announced it would acquire a portfolio of pet drugs from Abbott Laboratories for approximately $255 million.[18]

2012: IPO

Records show that Pfizer officially filed for registration of a Class A stock with the U.S. Securities and Exchange Commission on August 10, 2012.[10][19] Zoetis' IPO on February 1, 2013 sold 86.1 million shares for US$ 2.2 billion.[20] Shares sharply rose 19% by the end of the trading day to $35.01 a share, up from $26.[4] At the time, it was the largest IPO from a U.S. company since Facebook's $16 billion IPO on May 18, 2012.[21] Pfizer retained 414 million Class B shares giving it an 83% controlling stake in the firm.[22][3] Stock investors were attracted to the steep profit margin in proportion to revenue and consumer confidence in potential future growth of the subsidiary.[4] The offering's lead underwriters were JPMorgan Chase, Bank of America Merrill Lynch and Morgan Stanley.[20] Most of the money raised through the IPO was used to pay off existing Pfizer debt.[4]

Acquisitions

In November 2015, the company announced it would acquire a developer of aquaculture treatments and diseases, Pharmaq, for $765 million.[23][24] In 2017, Zoetis acquired Ireland-based Nexvet, a company with a biologics focused technology and product candidate pipeline.[25] In the same year, the company also acquired KL Automation, a robotics company.[8]

In May 2018, the company announced its intention to acquire Abaxis for $1.9 billion in cash.[26][27]

In August 2021, Zoetis announced it would buy Jurox, increasing the business' presence in New Zealand, the US, Canada and the UK.[28] In June 2022, Zoetis acquired Basepaws, a privately held genetics company, to strengthen its portfolio of precision animal health solutions.[29]

In September 2023, Zoetis acquired Petmedix, a privately held Cambridge, UK-based company, to bring the benefits of species-specific antibody therapies to pet owners.[30][31]

Products

Twenty-eight sites in 11 countries make up Zoetis manufacturing network, each facility designed to meet chemical and infectious agent safety regulatory requirements. Many R&D operations are co-located with manufacturing sites, a collaboration that allows bringing new products to market faster. Zoetis builds on six-decade Pfizer history and aims for high-tech innovative manufacturing technologies. Zoetis products include:[32][33]


Awards and Commendations

  • (As of October 2023), Zoetis had been named by Seramount in their list of 100 Best Companies for Working Parents, for ten years in a row.[34]
  • (As of July 2023), Zoetis was named in Fast Company's list as one of the Best Workplaces for Innovators.[35]
  • As of January 2024, Zoetis was honored at the 2024 Catalyst Award Conference for its efforts to catalyze diversity, equality, and inclusion.[36][37]

Charitable Work

In 2021 Zoetis established the Zoetis Foundation, a non-profit entity aimed at supporting communities and individual who care for animals with a goal of distributing $35 million in grants by the end of 2025. So far, the Foundation has distributed approximately $14.7 million in grants across 2021-2023.[38] The grants have been allocated towards causes including advancing opportunities for veterinary professionals[39][40][41] and farmers,[42] providing support to those affected by the war in Ukraine, matching gifts programs, and delivering relief to those impacted by the earthquake in the Republic of Türkiye.[38]

References

  1. ↑ Zoetis (7 October 2023). "Zoetis Announces Appointment of Ester Banque as President of U.S. Operations for World Leader in Animal Health". Business Wire. https://finance.yahoo.com/news/zoetis-announces-appointment-ester-banque-120000167.html. 
  2. ↑ "Zoetis Inc. 2022 Annual Report Form (10-K)". U.S. Securities and Exchange Commission. February 14, 2023. https://www.sec.gov/ix?doc=/Archives/edgar/data/0001555280/000155528023000074/zts-20221231.htm. 
  3. ↑ 3.0 3.1 DIETERICH, CHRIS (31 January 2013). "Zoetis Raises $2.2 Billion in IPO - WSJ.com". The Wall Street Journal (New York). https://www.wsj.com/articles/SB10001424127887323701904578276530830057770. 
  4. ↑ 4.0 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 "Shares of animal health company Zoetis soar in IPO". CBS News (New York). 1 February 2013. http://www.cbsnews.com/8301-34227_162-57567222/shares-of-animal-health-company-zoetis-soar-in-ipo/. 
  5. ↑ 5.0 5.1 "Zoetis Inc, Form 10-K, Annual Report, Filing Date Feb 15, 2018". secdatabase.com. http://pdf.secdatabase.com/2372/0001555280-18-000053.pdf. 
  6. ↑ "Zoetis raises about $2.2 billion in IPO". The Associated Press (New York: Yahoo!). 1 February 2013. https://finance.yahoo.com/news/zoetis-raises-2-2-billion-124704383.html. 
  7. ↑ 7.0 7.1 DRIP Investor (October 2018). "Taking Care Of Animals Pays For Zoetis". DRIP Investor (Horizon Publishing Co.) 27 (10): 7–7. https://wikipedialibrary.idm.oclc.org/login?auth=production&url=https://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=131982012&lang=en-gb&site=eds-live&scope=site. 
  8. ↑ 8.0 8.1 Agri Marketing (November 2018). "Zoetis on Its Fifth Anniversary". Agri Marketing 56 (9): 44–48. https://wikipedialibrary.idm.oclc.org/login?auth=production&url=https://search.ebscohost.com/login.aspx?direct=true&db=bth&AN=133611172&lang=en-gb&site=eds-live&scope=site. 
  9. ↑ Volkman, Eric (17 June 2013). "Zoetis to Join S&P 500; First Horizon National, QLogic Moved to New Indices -". https://www.fool.com/investing/general/2013/06/17/zoetis-to-join-sp-500-first-horizon-national-qlogi.aspx. 
  10. ↑ 10.0 10.1 10.2 10.3 10.4 10.5 10.6 "Form S-1". WASHINGTON, D.C: U.S. Securities and Exchange Commission. 10 August 2012. https://www.sec.gov/Archives/edgar/data/1555280/000119312512350448/d381653ds1.htm. 
  11. ↑ "Pfizer Buys 732 Acre Vigo Chemical Plant". Chicago Daily Tribune: p. 1. 17 Jul 1958. https://pqasb.pqarchiver.com/chicagotribune/access/568975732.html?dids=568975732:568975732&FMT=CITE&FMTS=CITE:AI&type=historic&date=Jul+17%2C+1958&author=&pub=Chicago+Tribune&desc=Pfizer+Buys+732+Acre+Vigo+Chemical+Plant&pqatl=google. 
  12. ↑ Frank, Robert; Hensley, Scott (15 July 2002). "Pfizer to Buy Pharmacia For $60 Billion in Stock". The Wall Street Journal. https://www.wsj.com/articles/SB1026684057282753560. 
  13. ↑ "Zoetis Inc, Form S-1/A, Filing Date Oct 11, 2012". secdatabase.com. http://edgar.secdatabase.com/2046/119312512420207/filing-main.htm. 
  14. ↑ "Zoetis Inc, Form 10-K, Annual Report, Filing Date Mar 28, 2013". secdatabase.com. http://pdf.secdatabase.com/1660/0001555280-13-000008.pdf. 
  15. ↑ 15.0 15.1 15.2 15.3 Loftus, Peter (May 22, 2013). "Pfizer to Spin Off Remaining Zoetis Stake". The Wall Street Journal. https://www.wsj.com/articles/SB10001424127887323975004578498994013821124. 
  16. ↑ "Zoetis Inc, Form 425, Filing Date May 23, 2013". secdatabase.com. http://pdf.secdatabase.com/2788/0001193125-13-233678.pdf. 
  17. ↑ Chen, Caroline (11 November 2014). "Ackman's Pershing Square Takes Stake in Drugmaker Zoetis". Bloomberg. https://www.bloomberg.com/news/2014-11-11/ackman-s-pershing-square-takes-stake-in-animal-drugmaker-zoetis.html. 
  18. ↑ "Zoetis Inc, Form 8-K, Current Report, Filing Date Nov 17, 2014". secdatabase.com. http://edgar.secdatabase.com/326/155528014000340/filing-main.htm. 
  19. ↑ "Zoetis Inc, Form S-1/A, Filing Date Jan 29, 2013". secdatabase.com. http://edgar.secdatabase.com/67/119312513027025/filing-main.htm. 
  20. ↑ 20.0 20.1 J. DE LA MERCED, MICHAEL (1 February 2013). "Shares of Zoetis Surge on Debut". New York Times (New York). https://dealbook.nytimes.com/2013/02/01/shares-of-zoetis-surge-on-debut/. 
  21. ↑ "Facebook, Form 424B4, Filing Date May 18, 2012". secdatabase.com. http://edgar.secdatabase.com/1890/119312512240111/filing-main.htm. 
  22. ↑ "Zoetis, Form S-1/A, Filing Date Jan 29, 2013". secdatabase.com. http://edgar.secdatabase.com/67/119312513027025/filing-main.htm. 
  23. ↑ "Zoetis, Form 8-K, Current Report, Filing Date Nov 2, 2015". secdatabase.com. http://edgar.secdatabase.com/1559/155528015000240/filing-main.htm. 
  24. ↑ "Zoetis Purchasing PHARMAQ for $765M". 3 November 2015. https://www.genengnews.com/topics/drug-discovery/zoetis-purchasing-pharmaq-for-765m/. 
  25. ↑ Vinluan, Frank (13 Apr 2017). "Zoetis Builds on Biologics Pipeline with $85M Nexvet Acquisition". Xconomy (New York, NY, USA). https://www.xconomy.com/new-york/2017/04/13/zoetis-builds-on-biologics-pipeline-with-85m-nexvet-acquisition/. 
  26. ↑ "Zoetis to buy veterinary diagnostics firm Abaxis for $1.9 billion". 16 May 2018. https://uk.reuters.com/article/uk-abaxis-m-a-zoetis-idUKKCN1IH1DR. 
  27. ↑ "Zoetis concludes $2 billion acquisition of Abaxis". https://todaysveterinarybusiness.com/zoetis-concludes-2-billion-acquisition-of-abaxis/. 
  28. ↑ "Zoetis to Acquire Jurox, a Leading Provider and Manufacturer of Livestock and Companion Animal Products". https://www.biospace.com/article/releases/zoetis-to-acquire-jurox-a-leading-provider-and-manufacturer-of-livestock-and-companion-animal-products/?s=79. 
  29. ↑ "Zoetis Completes Acquisition of Basepaws, an Innovative Leader in Petcare Genetics, to Strengthen its Portfolio of Precision Animal Health Solutions". 22 June 2022. https://www.businesswire.com/news/home/20220621006057/en/Zoetis-Completes-Acquisition-of-Basepaws-an-Innovative-Leader-in-Petcare-Genetics-to-Strengthen-its-Portfolio-of-Precision-Animal-Health-Solutions. 
  30. ↑ "PetMedix, a leader in discovering species-specific therapeutic antibodies for pets, announced that it has been acquired by Zoetis, the world’s leading animal health company.". September 2023. https://www.petmedix.com/petmedix-joins-zoetis-to-bring-the-benefits-of-species-specific-antibody-therapies-to-pet-owners/. 
  31. ↑ "Zoetis acquires PetMedix". https://www.petgazette.biz/210335-zoetis-acquires-petmedix/. 
  32. ↑ Pfizer Animal Health Products
  33. ↑ Zoetis (8 September 2023). "Zoetis Welcomes Officials to Open New State-of-the-Art Facility in Lincoln". Business Wire (English). 
  34. ↑ Zoetis Inc. (10 October 2023). "Zoetis Named a 100 Best Company for Working Parents by Seramount". Business Wire (English). 
  35. ↑ Zoetis Inc. (12 July 2023). "Zoetis Named One of the Best Workplaces for Innovators by Fast Company". Business Wire (English). 
  36. ↑ "Sephora, Zoetis Win 2024 Catalyst Award for Inclusive Workplaces". https://www.theglobalwomanleader.com/news/sephora-zoetis-win-2024-catalyst-award-for-inclusive-workplaces-nwid-1624.html. 
  37. ↑ "2024 Catalyst Award Winners to Be Honored at Annual Gender Equity Conference and Dinner". https://www.catalyst.org/media-release/2024-catalyst-award-winners-announced/. 
  38. ↑ 38.0 38.1 Zoetis Inc. (September 2023). "Zoetis Foundation Announces $2.6 Million in Grants to Advance Opportunities for Veterinarians and Livestock Farmers". Business Wire (English). 
  39. ↑ "Zoetis Foundation awards $2.6M to advance opportunities for veterinarians" (in en). https://www.nationalhogfarmer.com/livestock-management/zoetis-foundation-awards-2-6m-to-advance-opportunities-for-veterinarians. 
  40. ↑ "Veterinary technician student scholarship deadline approaching" (in en). https://www.avma.org/blog/veterinary-technician-student-scholarship-deadline-approaching. 
  41. ↑ Vet Practice (2023-09-03). "AVA receives funding to help improve mental health of Australian vets" (in en-AU). https://www.vetpracticemag.com.au/ava-receives-funding-to-help-improve-mental-health-of-australian-vets/. 
  42. ↑ "Zoetis Foundation pledges $5.3M for first round 2023 grants" (in en). https://www.nationalhogfarmer.com/market-news/zoetis-foundation-pledges-5-3m-for-first-round-2023-grants. 

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