Zoetis (ZTS): what its 10-K says it depends on

Customers

U.S. veterinary distributor (largest customer)

earns from · approximately 16% of total revenue

Sales to our largest customer, a U.S. veterinary distributor, represented approximately 16% of total revenue for 2025.Business (Item 1)

Suppliers

Contract manufacturing organizations (CMOs)

depends on · over 90 CMOsnamed as a risk

We also employ a network of over 90 third-party CMOs.Risk factors (Item 1A)

Also named by GEHC, GILD, IONS, MRNA

Sole-source manufacturing sites

concentrated in · 21 manufacturing sites located in 10 countriesnamed as a risk

Many of our products involve complex manufacturing processes and are sole-sourced from certain manufacturing sites.Risk factors (Item 1A)

Partners and platforms

Pfizer

depends onnamed as a risk

Under the Patent and Know-How License Agreement (Pfizer as licensor) Pfizer licenses to us certain of its intellectual property.Risk factors (Item 1A)

Also named by BMY, MRNA, VTRS

Other companies

Simparica/Simparica Trio

earns from · approximately 16%named as a risk

In 2025, our two top-selling products and product lines, Simparica/Simparica Trio and Apoquel/Apoquel Chewable, contributed approximately 16% and 12%, respectively, of our revenue.Business (Item 1)

Apoquel/Apoquel Chewable

earns from · approximately 12%named as a risk

In 2025, our two top-selling products and product lines, Simparica/Simparica Trio and Apoquel/Apoquel Chewable, contributed approximately 16% and 12%, respectively, of our revenue.Business (Item 1)

Top five products (Simparica, Apoquel, Cytopoint, Librela, ceftiofur)

concentrated in · approximately 42% of our revenuenamed as a risk

For example, our five top-selling products and product lines, Simparica/Simparica Trio, Apoquel/Apoquel Chewable, Cytopoint, Librela and our ceftiofur line, contributed approximately 42% of our revenue in 2025, and certain issues with these top-selling products and product lines could have a more significant impact to our results of operations.Risk factors (Item 1A)

Competitors

Draxxin generic competition

competes with · 66%named as a risk

In the years since the start of generic and other competition, sales of our Rimadyl chewable and Draxxin products have declined in the U.S., the largest market for these products, by 39% and 66%, respectively.Risk factors (Item 1A)

Rimadyl generic competition

competes with · 39%named as a risk

In the years since the start of generic and other competition, sales of our Rimadyl chewable and Draxxin products have declined in the U.S., the largest market for these products, by 39% and 66%, respectively.Risk factors (Item 1A)

Excede (ceftiofur) generics

competes withnamed as a risk

Generic versions of Excede have entered the market in Brazil, Mexico and Russia.Business (Item 1)

Cerenia generics

competes withnamed as a risk

Generic versions of Cerenia injectable have been registered and marketed in Europe, Canada and Australia and one generic version of Cerenia injectable has been approved in the U.S.Business (Item 1)

Boehringer Ingelheim Animal Health

competes with

Our primary competitors include animal health medicines, vaccines and diagnostic companies such as Boehringer Ingelheim Animal Health Inc., the animal health division of Boehringer Ingelheim GmbH; Merck Animal Health, the animal health division of Merck & Co., Inc.; Elanco Animal Health; and IDEXX Laboratories.Business (Item 1)

Merck Animal Health

competes with

Our primary competitors include animal health medicines, vaccines and diagnostic companies such as Boehringer Ingelheim Animal Health Inc., the animal health division of Boehringer Ingelheim GmbH; Merck Animal Health, the animal health division of Merck & Co., Inc.; Elanco Animal Health; and IDEXX Laboratories.Business (Item 1)

Elanco Animal Health

competes with

Our primary competitors include animal health medicines, vaccines and diagnostic companies such as Boehringer Ingelheim Animal Health Inc., the animal health division of Boehringer Ingelheim GmbH; Merck Animal Health, the animal health division of Merck & Co., Inc.; Elanco Animal Health; and IDEXX Laboratories.Business (Item 1)

IDEXX Laboratories

competes with

Our primary competitors include animal health medicines, vaccines and diagnostic companies such as Boehringer Ingelheim Animal Health Inc., the animal health division of Boehringer Ingelheim GmbH; Merck Animal Health, the animal health division of Merck & Co., Inc.; Elanco Animal Health; and IDEXX Laboratories.Business (Item 1)

Places

Brazil

earns from · $393named as a risk

We are also aware of some counterfeit versions of our Simparica and Apoquel products in Brazil and are coordinating with the local authorities.Risk factors (Item 1A)

Also named by ADM, ASO, AZO, BALL, CPAY, CPRT, CTVA, DE and 32 more

United States

earns from · $5,097 million, or 54% of total revenue

United States (U.S.) with revenue of $5,097 million, or 54% of total revenue for the year ended December 31, 2025; andBusiness (Item 1)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

China

operates innamed as a risk

We currently have substantial operations in countries that have cash repatriation restrictions or exchange controls in place, including China, and, if we were to need to repatriate or convert such cash, these controls and restrictions may have a material adverse effect on our operating results and financial condition.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

Hazards

African Swine Fever

named as a risk

In recent years, outbreaks of various diseases, including African Swine Fever, avian influenza and highly pathogenic avian influenza, foot-and-mouth disease, bovine spongiform encephalopathy (otherwise known as BSE or mad cow disease), New World screwworm, and porcine epidemic diarrhea virus (otherwise known as PEDv), have impacted the animal health business.Risk factors (Item 1A)

Also named by ADM, HRL, IDXX, JBTM, TSN

Avian influenza

named as a risk

In recent years, outbreaks of various diseases, including African Swine Fever, avian influenza and highly pathogenic avian influenza, foot-and-mouth disease, bovine spongiform encephalopathy (otherwise known as BSE or mad cow disease), New World screwworm, and porcine epidemic diarrhea virus (otherwise known as PEDv), have impacted the animal health business.Risk factors (Item 1A)

Also named by CMG, CVLG, FLO, MRK

Commodities and inputs

SOFR

exposed to its price · approximately $3 millionnamed as a risk

As of December 31, 2025, if SOFR-based interest rates would have been higher by 100 basis points, the change would have increased our interest expense annually by approximately $3 million, as it relates to our fixed to floating interest rate swap agreements.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Non-U.S. dollar currencies (euro, Brazilian real, Australian dollar, British pound, Canadian dollar, Chinese renminbi)

exposed to its price · approximately 42% of our revenuenamed as a risk

In 2025, we generated approximately 42% of our revenue in currencies other than the U.S. dollar, principally the euro, Brazilian real, Australian dollar, British pound, Canadian dollar and Chinese renminbi.Risk factors (Item 1A)

Also named by RBA, WDFC, ZM

Clean water

depends onnamed as a risk

For example, clean water is needed to produce our products, and the effects from climate change could result in water supply interruptions and low water quality.Risk factors (Item 1A)

Regulators

U.S. Food and Drug Administration (FDA)

subject tonamed as a risk

The regulatory body that is responsible for the regulation of animal health pharmaceuticals in the U.S. is the Center for Veterinary Medicine (CVM), housed within the FDA.Business (Item 1)

Also named by A, ABBV, ABT, AMGN, ARE, ARWR, ATR, AXGN and 112 more

Office of Foreign Assets Control (OFAC)

subject tonamed as a risk

For example, we sell limited humanitarian animal health products, including medicines and vaccines, to Russia and Iran.Risk factors (Item 1A)

Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more

U.S. Department of Agriculture (USDA)

subject tonamed as a risk

The USDA's Center for Veterinary Biologics (CVB) is responsible for the regulation of animal health vaccines, including certain immunotherapeutics and certain diagnostic products.Business (Item 1)

Also named by AGM, BJ, CAG, CALM, CASH, CB, DLTR, FLO and 11 more

U.S. Drug Enforcement Administration (DEA)

subject tonamed as a risk

In addition, certain of our products are regulated by the U.S. Drug Enforcement Administration as controlled substances because of their potential to be misused or abused by humans, which could expose us to liability.Risk factors (Item 1A)

Also named by CAH, COR, DGX, DHR, HALO, HSIC, IQV, LH and 7 more

China Ministry of Agriculture and Rural Affairs (MARA)

subject tonamed as a risk

Regulatory requirements in China have become increasingly stringent, with MARA issuing new regulations and changes to the regulatory review process.Business (Item 1)

Internal Revenue Service (IRS) deemed repatriation tax dispute

subject tonamed as a risk

For example, as disclosed in Note 8. Tax Matters, in September 2024, the IRS issued a Revenue Agent Report related to the one-time mandatory deemed repatriation tax.Risk factors (Item 1A)

U.S. Environmental Protection Agency (EPA)

subject to

The EPA's Office of Pesticide Programs is responsible for the regulation of pesticide products applied topically to animals.Business (Item 1)

Also named by AAON, AAP, ALSN, AMRC, APA, APD, APG, AROC and 78 more

European Medicines Agency (EMA)

subject to

The European Medicines Agency (EMA) is the centralized medicines regulatory agency of the EU.Business (Item 1)

Also named by GEHC, GILD, INCY, KRYS, MEDP, TMO, VKTX, WST

Brazil Ministry of Agriculture, Livestock and Food Supply (MAPA)

subject to

The Ministry of Agriculture, Livestock and Food Supply (MAPA) is the regulatory body in Brazil that is responsible for the regulation and control of pharmaceuticals, biologicals and medicated feed additives for animal use.Business (Item 1)

Laws and programs

Antibiotic use restrictions in food-producing animals

subject to · approximately $713 millionnamed as a risk

Our total revenue attributable to antibacterials for livestock was approximately $713 million for the year ended December 31, 2025.Risk factors (Item 1A)

OECD Pillar Two global minimum tax

subject tonamed as a risk

These two pillars combined represent a significant change in the international tax regime, and there is risk of an adverse impact to our effective tax rate as legislation becomes effective in countries in which we do business.Risk factors (Item 1A)

Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more

PFAS regulation

subject tonamed as a risk

For example, governmental authorities in the EU and the United States are increasingly focused on preventing environmental contamination from per- and polyfluoroalkyl substances (PFAS), which may be contained in certain of our products or product packaging.Risk factors (Item 1A)

Also named by AMGN, CLH, SMG, WCN

Tariffs on active pharmaceutical ingredients

subject tonamed as a risk

While the scope and duration of any existing trade policies remain uncertain, any new tariffs imposed by the U.S. or other governments on our products or the active pharmaceutical ingredients or other components thereof could negatively impact our financial condition and results of operations.Risk factors (Item 1A)

Italy electronic prescriptions

subject tonamed as a risk

In addition, certain jurisdictions like Italy have implemented the use of electronic prescriptions, which has caused more disciplined use of antibiotics and decreased the demand for our antibacterial products.Risk factors (Item 1A)