Zoetis Inc. (ZTS) [Rocket]

In millions, except per share items	Jun-30-23	Dec-31-22	Jun-30-22	Mar-31-22	Dec-31-21	Sep-30-21	Jun-30-21	Mar-31-21
	10-Q	8-K	10-Q	10-Q	10-K	10-Q	10-Q	10-Q
Total revenues			7,995	7,891	7,776	7,616	7,412	7,012
Revenue growth			7.9%	12.5%	16.5%	16.4%	16.9%	10.6%
Cost of goods sold			2,380	2,323	2,303	2,304	2,264	2,147
Gross profit			5,615	5,568	5,473	5,312	5,148	4,865
Gross margin			70.2%	70.6%	70.4%	69.7%	69.5%	69.4%
Selling, general and administrative [+]			2,091	2,057	2,001	1,928	1,848	1,746
Sales and marketing			1,498	1,464		1,408	1,328	1,226
General and administrative					593
Research and development			527	512	508	503	483	474
Other operating expenses			238	249	242	224	220	211
EBITDA [+]			3,217	3,203	3,170	3,097	3,038	2,874
EBITDA growth			5.9%	11.4%	18.3%	15.3%	16.5%	11.5%
EBITDA margin			40.2%	40.6%	40.8%	40.7%	41.0%	41.0%
Depreciation			258	248	244	234	230	221
EBITA			2,959	2,955	2,926	2,863	2,808	2,653
EBITA margin			37.0%	37.4%	37.6%	37.6%	37.9%	37.8%
Amortization of intangibles			200	205	204	206	211	219
EBIT [+]			2,759	2,750	2,722	2,657	2,597	2,434
EBIT growth			6.2%	13.0%	21.6%	18.4%	19.6%	13.1%
EBIT margin			34.5%	34.8%	35.0%	34.9%	35.0%	34.7%
Non-recurring items [+]			-27	-7	0	17	13	0
Restructuring charges			12	32		39	35	22
Interest expense			216	220	224	228	234	235
Interest expense			216	220	224	228	234	235
Other income (expense), net			-8	-9	-10	-10	-10	-13
Pre-tax income			2,562	2,528	2,488	2,402	2,340	2,186
Income taxes			474	458	454	423	434	415
Tax rate			18.5%	18.1%	18.2%	17.6%	18.5%	19.0%
Minority interest				-3	-3		-3	-3
Net income			2,090	2,073	2,037	1,982	1,909	1,774
Net margin			26.1%	26.3%	26.2%	26.0%	25.8%	25.3%

Basic EPS [+]			$4.42	$4.37	$4.29	$4.17	$4.02	$3.73
Growth			10.1%	17.3%	24.6%	19.5%	18.4%	10.6%
Diluted EPS [+]			$4.40	$4.35	$4.27	$4.15	$3.99	$3.71
Growth			10.3%	17.4%	24.8%	19.7%	18.6%	10.8%

Dividends per share [+]	$0.00		$1.23	$1.15	$1.08	$0.95	$0.95	$0.90
Growth	-100.0%	-100.0%	28.9%	27.8%	26.5%	24.3%	24.3%	23.6%

Shares outstanding (basic) [+]			473	474	475	475	475	475
Growth			-0.6%	-0.3%	-0.2%	-0.2%	-0.3%	-0.4%
Shares outstanding (diluted) [+]			475	476	477	477	478	478
Growth			-0.7%	-0.5%	-0.3%	-0.4%	-0.4%	-0.6%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.