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44TH ANNUAL J.P . MORGAN HEALTHCARE CONFERENCE Leading the Future of Animal Health January 12, 2026
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2 Forward-Looking Statements This presentation contains forward-looking statements, which reflect the current views of Zoetis with respect to: industry growth and market outlook; business plans or prospects; future operating or financial performance; future guidance; future operating models; R&D costs; timing and likelihood of success; expectations regarding products, product approvals or products under development and expected timing of product launches; expectations regarding competing products; expectations regarding the timing and financial impact of divestitures; disruptions in our global supply chain; expectations regarding the performance of acquired companies and our ability to integrate new businesses; expectations regarding the financial impact of acquisitions; future use of cash, dividend payments and share repurchases; foreign exchange rates, tax rates, tariffs, changes in tax regimes and laws and any changes thereto; and other future events. These statements are not guarantees of future performance or actions. Forward-looking statements are subject to risks and uncertainties. If one or more of these risks or uncertainties materialize, or if management's underlying assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Forward- looking statements speak only as of the date on which they are made. Zoetis expressly disclaims any obligation to update or revise any forward- looking statement, whether as a result of new information, future events or otherwise. A further list and description of risks, uncertainties and other matters can be found in our most recent Annual Report on Form 10-K, including in the sections thereof captioned “Forward-Looking Statements and Factors That May Affect Future Results” and “Item 1A. Risk Factors,” in our Quarterly Reports on Form 10-Q and in our Current Reports on Form 8- K. These filings and subsequent filings are available online at www.sec.gov, www.zoetis.com, or on request from Zoetis. Non-GAAP Financial Information We use non-GAAP financial measures, such as adjusted EBITDA, adjusted net income, adjusted diluted earnings per share, operational results (which exclude the impact of foreign exchange) and organic operational results (which exclude the impact of foreign exchange and certain acquisitions and divestitures), to assess and analyze our results and trends and to make financial and operational decisions. We believe these non- GAAP financial measures are also useful to investors because they provide greater transparency regarding our operating performance. The non- GAAP financial measures included in this presentation should not be considered alternatives to measurements required by GAAP, such as net income, operating income and revenue growth, and should not be considered measures of liquidity. These non-GAAP financial measures are unlikely to be comparable with non-GAAP information provided by other companies. Reconciliations of non-GAAP financial measures and the most directly comparable GAAP financial measures are included in the appendix to this presentation. 44th Annual J.P. Morgan Healthcare Conference
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3 Kristin Peck Chief Executive Officer Wetteny Joseph Executive Vice President, Chief Financial Officer 44th Annual J.P. Morgan Healthcare Conference3
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4 What you will hear today 44th Annual J.P. Morgan Healthcare Conference Animal Health industry poised for significant growth Capitalizing on trends in a resilient and growing industry Diverse growth drivers Robust pipeline to drive new growth Creating shareholder value Market expected to nearly double to ~$90B over next 10 years 1, with strong tailwinds in both Companion Animal and Livestock Science-to-scale model enables us to bring innovation to customers faster and build durable, sustainable franchises Leveraging a diverse, durable portfolio to sustain a trajectory of consistent growth Expecting a major market approval every year for the next several years, with 12 potential blockbusters Well-positioned to drive sustained value through revenue growth, strategic investments, margin expansion and ROIC 2 1 Source: Vetnosis and internal market forecasts 2 ROIC stands for Return On Invested Capital
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5 Animal Health market is poised to reach ~$90B by 2035 44th Annual J.P. Morgan Healthcare Conference Global Animal Health market size, $B Note: Market definition includes core animal health, diagnostics, bio-devices, and genetic testing Source: Vetnosis and internal market forecasts ~$50 $65-75 $85-95 2024 2030 2035
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6 24% 25% 28% 32% 34% 35% 37% 37% 38% 38% 38% 38% 4% 6% 5% 7% 4% 5% 2% 6% 10% 3% 6% 7%7% 7% 8% 8% 8% 8% 8% 8% 15% 8% 7% 12% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1 Source: Vetnosis for historical core animal health market, including Zoetis, excludes diagnostics, genetic tests, biodevices and precision animal health. Operational growth (a non-GAAP financial measure) excludes the impact of foreign exchange. 2 Organic operational growth (a non-GAAP financial measure) excludes the impact of foreign exchange, acquisitions and divestitures, and the operational efficiency initiative in 2016. 3 Operating margin is defined as Adjusted EBIT expressed as a percentage of revenue. 4 Source: Vetnosis' estimated average annual growth rates from 2013 to 2024 in the core animal health market for Zoetis (~8%) as compared to estimates for the overall industry including Zoetis (~5%). Operational growth (a non-GAAP financial measure) excludes the impact of foreign exchange. Zoetis has consistently grown faster than the Animal Health market 44th Annual J.P. Morgan Healthcare Conference 8% Revenue CAGR since our IPO in 2013 compared to 5% for the Animal Health Industry4 Industry operational revenue growth1 Zoetis organic operational revenue growth2 Operating margin3 Reconciliations of non-GAAP financial measures are available in the appendix to this presentation.
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7 Companion Animal growth fueled by secular tailwinds ANIMAL HEALTH MARKET OPPORTUNITY 44th Annual J.P. Morgan Healthcare Conference Younger, wealthier generation of pet owners Pets living longer 7 Growing demand for advanced treatments Convenience driving momentum in alternative channels Increase in pet medicalization Deeper human - animal bond
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8 Similarly, Livestock dynamics are driving sustainable growth ANIMAL HEALTH MARKET OPPORTUNITY 44th Annual J.P. Morgan Healthcare Conference8 Market normalization creating renewed momentum Shift to prevention driving accelerating vaccines growth Global population growth Rising global protein demand
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9 Unmatched scientific and veterinary expertise 1600 R&D colleagues >$5B Invested in R&D1 Unrivaled scientific insight and IP depth ~75 Years of proprietary research data 300 Product lines Translating into the most comprehensive R&D engine 90 Therapeutic targets 2,3 15 Therapeutic areas 8 Species Building on market leadership to drive the next wave of growth Poised to deliver sustained value with leading market reach, manufacturing reliability and scale, and unrivaled innovation capabilities 1 From 2013 to 2024 2 Therapeutic target defined as a biological pathway, protein, or gene that is involved in a disease, and thus becomes the 'target’ area to affect for disease treatment - e.g., JAK inhibitor is the biological target for Apoquel. 3 As of November 2025 Commercial Execution Research & Development Manufacturing Excellence 44th Annual J.P. Morgan Healthcare Conference
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10 From discovery to delivery: Science-to- Scale Model PROVEN INNOVATION MODEL 44th Annual J.P. Morgan Healthcare Conference
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11 Robust pipeline with expected major market approvals every year for the next several years 2025 Long-Acting OA mAb (Portela) Long-Acting OA mAb (Lenivia) HPAI Vaccines* Renal mAb Therapy* Obesity Therapeutic Anxiety Therapeutic Long-Acting Parasiticide Cardiology Solution* Bacterial Vaccines Parasite Vaccines mHyo Microdose Vaccine Derm Therapeutic* DNA Vaccine 2 Expected3 2030+ Next-Gen Chemistry Dx2 Long-Acting Cytopoint HVT-ND Expected 2026 Renal mAb Therapy* Simparica DUO HVT-ND-ILT Vaccine PCV2a-b mHyo Needle Free Vaccine Expected 2027 Derm mAb Convenia® New Formulation Oral Vaccines Oncology mAb 1* Oncology mAb 2* DNA Vaccine 1 Expected 2028 – 2029 Notes: Expected approvals in the U.S., EU or other top 10 international market based on 2024 annual revenue (Australia, Brazil, Canada, China, Mexico, Japan, and U.K.). Content reflects projected approvals based on internal estimates. Actual results may vary due to regulatory review processes and approval requirements, or other internal and external factors, including for programs with longer-term horizons. New product innovation has a higher inherent uncertainty when compared to geographic expansion and lifecycle innovation. Products are not ordered by value or any other criteria within each date range 1 Products with expected future potential sales of $100M+, not necessarily to be achieved within disclosed time horizon 2 Completion of final validation expected in 2026 3 Non-exhaustive *Conditional licenses or approvals Expected blockbusters1 44th Annual J.P. Morgan Healthcare Conference
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12 44th Annual J.P. Morgan Healthcare Conference ROBUST PIPELINE ACROSS TIME HORIZONS Pioneering emerging frontiers in Animal Health Why innovation in these therapeutic areas matter 1 With 4% of the total dog population in early, treatable stages 2 TAM represents the overall market opportunity within Animal Health, covering the full range of relevant species, customer segments, and areas of unaddressed demand. Addressable market reflects treatable conditions, not all incidence of condition Note: Assets currently under development and have not yet received regulatory approval Source: POP survey 2024; Kx Advisors Market Research 2024; Pet Obesity Management Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2025- 2034, Salonen, M., Sulkama, S., Mikkola, S. et al. Prevalence, comorbidity, and breed differences in canine anxiety in 13,700 Finnish pet dogs. Sci Rep 10, 2962 (2020), Veterinary Cancer Society and AVMA Chronic Kidney Disease #1 cause of death in cats, without treatments that directly impact disease. Prevalence estimated at ~8% for dogs and ~15% for cats over the total population $3.0 - 4.0B 7 assets and diagnostics biomarkers under development Oncology #1 cause of death in dogs and #2 in cats. 1 in 4 dogs and 1 in 5 cats will develop cancer in their lifetime, and these ratios are growing as pets live longer $1.2 - 1.7B 4 assets and diagnostics biomarkers under development Cardiology Current treatments are not optimized for sick patients, driving low compliance. Prevalence estimated at ~6% 1 of the total dog population $0.8 - 1.0B 9 assets and diagnostics biomarkers under development Obesity & Metabolic Diseases Nearly ~60% of dogs and cats are obese, and compliance with dietary adjustments being as low as 30% $0.8 - 1.0B 2 assets under development Anxiety 70%+ of dogs face anxiety challenges, with no existing gold standard of care $0.7 - 1.4B 3 assets under development TAMs2
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13 Commercial Excellence: Delivering value at scale 44th Annual J.P. Morgan Healthcare Conference Global Scale & Discipline Commercial presence in 45+ markets with a strong, experienced field force Omni-channel model meeting customers where they are Advanced analytics improving forecasting and customer experience Proven Model of Execution Strong track record of market creation and launch excellence Medical Affairs and Next-Gen sales engine delivering real-world impact Marketing and DTC programs driving demand and high customer satisfaction Deep Customer Insight & Engagement Insight engine spanning veterinarians, producers, and pet owners Trusted relationships supported by a world-class field force Solutions supporting customers across the full continuum of care Broad, Differentiated Portfolio & Pipeline Industry’s broadest portfolio with strong, durable franchises Clinically differentiated products backed by safety and real-world evidence Pipeline focused on high unmet need and chronic conditions 13
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14 44th Annual J.P. Morgan Healthcare Conference Simparica Trio® leads the expanding parasiticide segment Parasiticides, the largest segment in Animal Health, are evolving toward triple combination oral products, where Simparica Trio leads with: • Market share in adult dogs and puppies implying long tail of full-life treatments • Significant first mover advantage with 85%+ pet owner satisfaction Category expansion driven by: • Continued expansion into triple combinations and innovation in injectables • Retail expansion driving compliance • Direct-to-consumer marketing to increase awareness 14 2024 2030 2035 Expected Parasiticide Market Growth ($B)1 1 Source: Zoetis internal estimates based on industry data, anticipated launches in injectables and orals, and continued channel shifting. Dog/Cat Mix to remain: 82%/18%. 2 CAGR calculated from mid-point of ranges. $12.0B - $13.0B Total Paras Market 6% CAGR2 5% CAGR2 15% CAGR2 7% CAGR2 $2.2B $4.5B - $5.5B $6.5B - $7.5B Triple Combinations $9.5B - $10.5B $7.0B
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15 2024 2030 2035 $1.8B $3.5B - $4.5B Zoetis positioned to continue to lead growing canine dermatology market 44th Annual J.P. Morgan Healthcare Conference15 7% CAGR2 8% CAGR2 Expected Dermatology Market Growth ($B)1 1 Source: Zoetis internal estimates based on industry data for core animal health market. 2 CAGR calculated from mid-point of ranges. Sustaining leadership through trusted brands, commercial excellence, ongoing innovation • Apoquel and Cytopoint are recognized, trusted brands, delivering proven efficacy and safety • Unmatched commercial engine fueled by strong field force with deep customer relationships • Ongoing investment in scientific studies to differentiate products from new entrants Category expansion driven by: • Large untreated and under-treated population • Advances in testing driving higher diagnosis and treatment rates, supported by a pipeline that will further differentiate and fuel growth ~$2.5B - 3.0B
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16 Revolutionary medicines continue unlocking significant opportunity in OA pain market 44th Annual J.P. Morgan Healthcare Conference16 Zoetis continues to expand the market with growing portfolio of innovative, category-creating medicines: • Librela has improved quality of life for millions of dogs suffering from OA pain • Executing a focused, multi-pronged strategy to return Librela to growth • +75% of U.S. patients – past and present – report being extremely or very satisfied • Solensia has expanded the U.S. Feline OA Pain market by 84%, since launch in 20223 Category expansion driven by: • Recent approvals expand market opportunity through increased choice and convenience • Large and growing untreated patient population 1 Source: Zoetis internal estimates based on industry data for Pain Petcare market. 2 CAGR calculated from mid-point of ranges. 3 Through Q3 2025. 2024 2030 2035 $1.1B ~$2.5B - $3.5B 10% CAGR2 8% CAGR2 Expected OA Pain Market Growth ($B)1 ~$1.5B - $2.5B
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17 44th Annual J.P. Morgan Healthcare Conference Advancing the OA Pain category with new approvals Long-acting dosing options make osteoarthritis pain management more convenient for pet owners and veterinarians Demonstrated improvement in mobility and quality of life in dogs and cats, with significant pain relief observed within days Strengthens leadership in OA pain management, broadening access to high- quality care and expands the OA pain franchise
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18 2024 2030 2035 $22.9B $39.2B $31.6B 6% CAGR2 4% CAGR2 Livestock dynamics driving sustainable growth Normalized Livestock market has strengthened demand, enabling us to deliver mid-single-digit growth for three consecutive years, fueled by: • Growing middle class driving increased consumption of protein • Rising global demand for safe, sustainable protein Category expansion driven by: • Industry shift from treatment to prevention, with increasing investment in herd health • Vaccine growth outpacing broader Livestock market 44th Annual J.P. Morgan Healthcare Conference 1 Source: Vetnosis Fx Neutral Growth and internal estimates, OECD/FAO (2025), 'OECD-FAO Agricultural Outlook 2025-2034‘’ UN data and projections, data compiled from multiple sources by World Bank as of 7/2025 2 CAGR calculated from mid-point of ranges. Livestock Animal Health market revenue, $B1
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19 A proven formula for growth and returns Over the past five years, Zoetis has delivered consistent, high-quality results… and we have the focus and discipline to keep delivering • Investing in our pipeline to sustain top-line growth and expand our leadership in innovation • Allocating capital with discipline to ensure strong returns as we scale new markets • Executing against clear targets with a model built for durability and compounding value Growth Revenue growth past 5 years1 EBITDA Margin Adjusted EBITDA margin, avg. past 5 years 2 ROIC Including Goodwill, avg. past 5 years 2 8-9% 41-42% 26-27% 19 1 CAGR for GAAP reported revenue 2020-2024 2 Between 2020-202444th Annual J.P. Morgan Healthcare Conference
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20 INNOVATION ENGINE DRIVING VALUE R&D productivity and ROIC are translating into sustained top- and bottom-line growth R&D efficiency and portfolio mix are driving margin expansion and double- digit earnings growth Note: ROIC including Goodwill is based on Operating Profit after tax times capital productivity based on two- year average of invested capital; Aggregates are based on the weighted average ROIC of index constituents (sum of operating profit after tax / sum of 2- year average of invested capital); Index constituents are as of Dec. 2024 (S&P 500: 406, S&P 500 Healthcare – GICS Level 1: 55, S&P 500 Pharma – GICS Level 3: 7) Weighted average post-tax ROIC (including Goodwill) 2019 2020 2021 2022 2023 2024 30% 25% 20% 15% 10% 5% Zoetis S&P 500 Pharma S&P 500 Healthcare S&P 500 Source: S&P Capital IQ (for benchmarked companies) 44th Annual J.P. Morgan Healthcare Conference
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21 Capital Allocation Priorities Our Capital Allocation strategy is designed to balance investments in growth, shareholder returns, and financial flexibility 44th Annual J.P. Morgan Healthcare Conference Reinvest in Our Business External Business Development Opportunities Return Cash to Shareholders Funding our industry-leading R&D programs Driving Efficiency and Capacity initiatives Targeting bolt-on acquisitions and complimentary technologies Share Repurchases based on capital deployment needs, ongoing M&A activity, and stock valuation Dividend commitment to grow at or above adjusted net income growth 21
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22 Shareholder Payout Above FCF 44th Annual J.P. Morgan Healthcare Conference 1,326 1,594 1,621 1,092 2,298 1,858 611 692 786 2022 2023 2024 1 CAGR for full-year 2022-2024 >125% of Free Cash Flow returned to shareholders FCF Dividends Share repurchases 3-YEAR AVERAGE SHAREHOLDER PAYOUT • Strong Free Cash Flow growth driven by revenue growth and operating efficiency • Share repurchases part of broader strategy to return excess capital to shareholders. • Ongoing commitment to growing our dividend • Recent convertible note and share repurchase reflect our confidence in the business 13% CAGR on Dividend Growth1 8% CAGR on Share Repurchase Growth 1
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23 Key Takeaways 44th Annual J.P. Morgan Healthcare Conference Market expected to nearly double to ~$90B over next 10 years, with strong tailwinds in both Companion Animal and Livestock Science-to-scale model enables us to bring innovation to customers faster and build durable, sustainable franchises Leveraging a diverse, durable portfolio to sustain a trajectory of consistent growth Expecting a major market approval every year for the next several years, with 12 potential blockbusters Well-positioned to drive sustained value through revenue growth, strategic investments, margin expansion and ROIC 1 1 ROIC stands for Return On Invested Capital Animal Health industry poised for significant growth Capitalizing on trends in a resilient and growing industry Diverse growth drivers Robust pipeline to drive new growth Creating shareholder value
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24 44th Annual J.P. Morgan Healthcare Conference24 Q&A
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25 Appendix 25 44th Annual J.P. Morgan Healthcare Conference
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Reconciliation Of GAAP To Non-GAAP Financial Measures Reported Revenue Growth to Organic Operational Growth (Dollars in millions) Revenue Change from Prior Year Foreign Exchange Operational1 Acquisitions / Divestitures Operational Efficiency Initiative2 Organic Operational3 2013 $4,561 5% (2)% 7% 2014 $4,785 5% (2)% 7% 2015 $4,765 —% (8)% 8% 2016 $4,888 3% (2)% 5% 2% (5)% 8% 2017 $5,307 9% 1% 8% 2018 $5,825 10% —% 10% 2% 8% 2019 $6,260 7% (3)% 10% 2% 8% 2020 $6,675 7% (2)% 9% 1% 8% 2021 $7,776 16% 1% 15% 2022 $8,080 4% (4)% 8% 2023 $8,544 6% (1)% 7% 2024 $9,256 8% (3)% 11% (1)% 12% 1 Operational results (a non-GAAP financial measure) excludes the impact of foreign exchange 2 Includes product and market rationalizations, as part of the operational efficiency initiative 3 Organic operational results (a non-GAAP financial measure) excludes the impact of foreign exchange, acquisitions and divestitures, and in 2016, called Normalized Organic Operational Growth, also excluded the operational efficiency initiative
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Reconciliation Of Adjusted Net Income To Adjusted EBIT (Dollars in millions) Adjusted Net Income1 Interest Expense2 Interest Income2 Income Taxes2 Adjusted EBIT3 % of Revenue4 2013 $709 113 (3) 292 $1,111 24% 2014 $790 117 (6) 290 $1,191 25% 2015 $889 124 (6) 326 $1,333 28% 2016 $975 166 (8) 415 $1,548 32% 2017 $1,185 175 (13) 465 $1,812 34% 2018 $1,525 206 (31) 351 $2,051 35% 2019 $1,755 223 (37) 390 $2,331 37% 2020 $1,844 231 (12) 413 $2,476 37% 2021 $2,240 224 (6) 511 $2,969 38% 2022 $2,297 221 (50) 583 $3,051 38% 2023 $2,457 239 (103) 618 $3,211 38% 2024 $2,693 225 (106) 667 $3,479 38% 1 Adjusted net income attributable to Zoetis (a non-GAAP financial measure) is defined as reported U.S. GAAP net income attributable to Zoetis excluding purchase accounting adjustments, acquisition and divestiture-related costs and certain significant items. 2 As included in adjusted net income. 3 Adjusted Earnings Before Interest and Taxes (EBIT) (a non-GAAP financial measure) is defined as adjusted net income attributable to Zoetis excluding (i) interest expense and interest income and (ii) income taxes (all as included in adjusted net income). 4 Adjusted EBIT margin (a non-GAAP financial measure) is defined as EBIT expressed as a percentage of revenue.