Investor Overview

Margin Expansion and Adjusted Net Income Growth Faster than Revenue Adjusted net income and adjusted EBIT margin¹ 15 Adjusted Net Income ($USD M) 34% $1,185 2017 35% $1,525 2018 Adjusted EBIT Margin 37% $1,755 2019 37% $1,844 2020 38% $2,240 2021 38% $2,297 2022 ¹Adjusted net income (a non-GAAP financial measure) is defined as reported U.S. generally accepted accounting principle (GAAP) net income excluding purchase accounting adjustments, acquisition-related costs and certain significant items. Adjusted Earnings Before Interest and Taxes (EBIT) margin, a non-GAAP financial measure, excludes interest expense net of capitalized interest, interest income and adjusted income taxes (a non-GAAP measure). Reconciliations of non-GAAP financial measures are available in the appendix to this presentation. zoetis

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