Zoetis Inc. (ZTS) [Rocket]

In millions, except per share items	Dec-31-22	Dec-31-21	Dec-31-20	Dec-31-19	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
United States	4,313	4,042	3,557	3,203	2,877	2,620	2,447
United States Segment	4,313	4,042	3,557	3,203	2,877	2,620	2,447	2,328
International Segment	3,681	3,652	3,035	2,972	2,890	2,643	2,390
Other								2,437
Total revenues	8,080	7,776	6,675	6,260	5,825	5,307	4,888	4,765
Revenue growth [+]	3.9%	16.5%	6.6%	7.5%	9.8%	8.6%	2.6%	-0.4%
United States	6.7%	13.6%	11.1%	11.3%	9.8%	7.1%
United States Segment	6.7%	13.6%	11.1%	11.3%	9.8%	7.1%	5.1%
International Segment	0.8%	20.3%	2.1%	2.8%	9.3%	10.6%
International								-10.8%
Cost of goods sold	2,454	2,303	2,057	1,992	1,911	1,775	1,666	1,738
Gross profit	5,626	5,473	4,618	4,268	3,914	3,532	3,222	3,027
Gross margin	69.6%	70.4%	69.2%	68.2%	67.2%	66.6%	65.9%	63.5%
Selling, general and administrative	2,009	2,001	1,726	1,638	1,484	1,334	1,364	1,532
Research and development	539	508	463	457	432	382	376	364
Other operating expenses	197	242	190	133	6	85	53	61
EBITDA [+]	3,346	3,170	2,680	2,452	2,300	1,973	1,669	1,269
EBITDA growth	5.6%	18.3%	9.3%	6.6%	16.6%	18.2%	31.5%	8.8%
EBITDA margin	41.4%	40.8%	40.1%	39.2%	39.5%	37.2%	34.1%	26.6%
Depreciation	272	244	211	175	151	142	145	135
EBITA	3,074	2,926	2,469	2,277	2,149	1,831	1,524	1,134
EBITA margin	38.0%	37.6%	37.0%	36.4%	36.9%	34.5%	31.2%	23.8%
Amortization of intangibles	193	204	230	237	157	100	95	64
EBIT [+]	2,881	2,722	2,239	2,040	1,992	1,731	1,429	1,070
EBIT growth	5.8%	21.6%	9.8%	2.4%	15.1%	21.1%	33.6%	11.2%
EBIT margin	35.7%	35.0%	33.5%	32.6%	34.2%	32.6%	29.2%	22.5%
Non-recurring items [+]					68	19	5	320
Restructuring charges					68	19	5	320
Interest expense	221	224	231	223	206	175	166	124
Interest expense	221	224	231	223	206	175	166	124
Other income (expense), net	-4	-10	-12	-16	-28	-12	-30	-81
Pre-tax income	2,656	2,488	1,996	1,801	1,690	1,525	1,228	545
Income taxes	545	454	360	301	266	663	409	206
Tax rate	20.5%	18.2%	18.0%	16.7%	15.7%	43.5%	33.3%	37.8%
Minority interest	-3	-3	-2		-4	-2	-2
Net income	2,114	2,037	1,638	1,500	1,428	864	821	339
Net margin	26.2%	26.2%	24.5%	24.0%	24.5%	16.3%	16.8%	7.1%

Basic EPS [+]	$4.51	$4.29	$3.44	$3.14	$2.96	$1.76	$1.66	$0.68
Growth	5.0%	24.7%	9.8%	6.1%	67.6%	6.5%	144.1%	-41.7%
Diluted EPS [+]	$4.49	$4.27	$3.42	$3.11	$2.93	$1.75	$1.65	$0.68
Growth	5.2%	24.8%	9.9%	6.2%	67.4%	6.3%	144.0%	-41.9%

Dividends per share [+]	$1.35	$1.08	$0.85	$0.69	$0.54	$0.44	$0.39	$0.34
Growth	25.6%	26.5%	22.8%	27.7%	22.9%	13.1%	13.4%	15.1%

Shares outstanding (basic) [+]	469	474	476	478	483	490	496	500
Growth	-1.2%	-0.2%	-0.5%	-1.0%	-1.4%	-1.2%	-0.8%	-0.3%
Shares outstanding (diluted) [+]	470	477	479	482	487	493	498	502
Growth	-1.3%	-0.4%	-0.7%	-1.0%	-1.3%	-1.0%	-0.8%	0.0%

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