Zoetis

Zoetis’s revenue base is diversified by species, geography, and product category, with a high portion tied to repeat prescriptions and chronic conditions. Management reiterated 2025 organic operational revenue growth of about 6.5 to 8 percent, consistent with a long runway in pet medicine penetration and clinic utilization.

The principal swing factors are regulatory headlines and competitive dynamics in dermatology and OA pain mAbs, which can create quarter-to-quarter noise without altering long-term secular growth. We view overall growth as steady and reasonably predictable for a pharma-like animal health franchise.