#1Zoetis: Innovation Unleashed 42nd Annual JP Morgan Healthcare Conference zoetis#2Forward-Looking Statements This presentation contains forward-looking statements, which reflect the current views of Zoetis with respect to: 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; disruptions in our global supply chain; the impact of the coronavirus (COVID-19) global pandemic and any recovery there from on our business, supply chain, customers and employees; 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 rate and tax regimes 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 net income, organic operational growth, adjusted net income margin, adjusted EBITDA margin, adjusted diluted EPS and operational results (which excludes the impact of foreign exchange) 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 available in the appendix to this presentation. zoetis#3#4#5#6#7Growth opportunities for animal health Essential demand for protein and petcare in the world today Unmet need for animal care and increases in medicalization Recession-resistant nature of Animal Health Pet owners willingness to pay for treatment and care More investment in sustainable animal agriculture practices zoetis#8Animal health poised for strong, sustainable growth Innovation and market expansion are increasing opportunities Expected Market Growth ($B)1 ~$45B 1 4-6% CAGR $55B-$65B 4-6% CAGR $70B-$85B 2022 2027 2032 1 Source: Zoetis internal estimates based on industry data for core animal health market and diagnostics, genetic tests and biodevices. Key market drivers in the next 5-10 years Increasing medicalization Growing human-animal bond • Innovating to treat chronic diseases and improve wellness ● ● ● ● Expanding global population and animal protein demand Advancing sustainable animal agriculture zoetis#9Proven track record of beating the market Zoetis has consistently grown faster than the core animal health market 7% 4% 7% 2013 6% 8% 5% 8% 7% 8% 2016 4% 8% 1 5% 8% 2018 2% 8% 2019 2014 2015 2017 2020 2021 Zoetis organic operational revenue growth Industry operational revenue growth 8% Revenue CAGR since our IPO in 2013 compared to 5% for the Animal Health Industry³ 1 Organic operational growth (a non-GAAP financial measure) excludes the impact of foreign exchange, the impact of acquisitions and the operational efficiency initiative in 2016. Reconciliations of non-GAAP financial measures are available in the appendix to this presentation. ² Source: Vetnosis for historical core animal health market, including Zoetis from 2013 to 2022, excludes diagnostics, genetic tests, biodevices and precision animal health. Operational growth (a non-GAAP financial measure) excludes the impact of foreign exchange. 3 Source: Vetnosis' estimated average annual growth rates from 2013 to 2022 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. 6% 15% 10% 8% 2 3% 2022 zoetis#10Pet owners today are more cused on animal care than ever before Younger and wealthier pet owners Increase in pet medicalization New tech developments Stronger human-animal bond Longer pet lives Improving vet clinic spend zoetis#11Zoetis revenue growth has outpaced U.S. vet clinic revenue and visits ● Solid vet clinic growth drivers saw spike in 2021 due to pandemic, now normalizing to pre-pandemic levels Clinic revenue growth has remained strong even with recent visit declines • Outpaced both clinic revenue and visit growth driven by: ● Innovation to gain share and expand the market Focus on commercial excellence ● ● Ability to serve customers in alternative channels • Diverse portfolio serving unmet needs ● 1 Zoetis Sales Data Q3 2019 through Q3 2023 2 Kynetec Data 4-Year CAGR 8.1% Total Zoetis 7.5% 2 U.S. Vet Clinic Revenue 15.6% Zoetis U.S. Companion Animal 0.3% 2 1 U.S. Vet Clinic Visits zoetis#12We have a proven track record of building billion-dollar franchises Petcare innovation differentiates Zoetis Zoetis 2022 revenues: Dermatology $1.3B vs. <$1M in 2013 apoque) apoque) CYTOPOINT. oclacitinib chewable (oclacitinib chewable tablet) 1 Zoetis internal estimates Parasiticides $1.6B vs. $373M in 2013 Simparica Simparica TRIO revolution PLUS stronghold PLUS Next Big Opportunity Expected Zoetis peak annual revenue ¹: Osteoarthritis Pain (OA) $1B+ Librela Solensia Bedinvetmab Frunevetmab zoetis#13#14#15#16#17#18#19#20#21#22