Zoetis Inc.
ZTS 5.5Price and target zones价格与目标区间
What the company does公司做什么
Zoetis makes medicines and vaccines for animals. It is the largest animal health company in the world. It treats and prevents disease in pet animals, such as dogs and cats, and in farm animals, such as cattle and pigs.硕腾（Zoetis）生产动物用药品和疫苗，是全球最大的动物保健公司。它为宠物（如猫和狗）以及农场动物（如牛和猪）治疗和预防疾病。
Earns from营收来源 Zoetis earns money by selling medicines, vaccines, and diagnostic tests to veterinarians, farmers, and pet owners around the world.硕腾通过向全球兽医、农场主和宠物主人销售药品、疫苗和诊断检测产品来获得收入。
Read the full description查看完整介绍
Zoetis Inc. engages in the discovery, development, manufacture, and commercialization of medicines, vaccines, diagnostic products and services, biodevices, genetic tests, and precision animal health solutions for the animal health industry in the United States and internationally. The company commercializes products primarily across companion animals comprising dogs, cats, and horses; and species, including livestock, such as cattle, swine, poultry, fish, and sheep. It also offers parasiticides, vaccines, dermatology, anti-infectives, pain and sedation, other pharmaceutical, and animal health diagnostics. In addition, the company provides animal health diagnostics, including point-of-care diagnostic products, instruments and reagents, rapid immunoassay tests, reference laboratory kits and services, and blood glucose monitors; and other non-pharmaceutical products, which include nutritionals, as well as products and services in biodevices, genetic tests, and precision animal health. It markets its products to veterinarians, livestock producers, and pet owners. The company has collaborated with Blacksmith Medicines, Inc. to discover and develop novel antibiotics for animal health. Zoetis Inc. was incorporated in 2012 and is headquartered in Parsippany, New Jersey.
Revenue breakdown营收构成 share of revenue营收占比
This is the largest and fastest-growing part of Zoetis. It makes medicines for skin allergies, arthritis pain, and parasite control, such as fleas, ticks, and heartworm. It also makes vaccines that stop pet animals from catching disease.这是硕腾业务中规模最大、增长最快的部分。它生产治疗皮肤过敏、关节炎疼痛和寄生虫（跳蚤、蜱虫、心丝虫）的药品，也生产预防宠物患病的疫苗。
- Apoquel阿泊快（Apoquel） — A pill that stops the itch from skin allergies in dogs.一种用于止住狗因皮肤过敏引起的瘙痒的药片。
- Simparica Trio全能佳（Simparica Trio） — A monthly pill that protects dogs from fleas, ticks, and heartworm at the same time.一种每月服用的药片，可同时保护狗免受跳蚤、蜱虫和心丝虫的侵害。
- Librela莱普安（Librela） — A monthly injection that eases arthritis pain in dogs.一种每月注射一次、用于缓解狗关节炎疼痛的针剂。
Zoetis makes vaccines that stop disease from spreading through herds and flocks. It also makes medicines that treat infection and support animal growth and health. Farmers use these products to keep animals healthy and to protect the food supply.硕腾生产可阻止疫病在牛群、猪群或禽群中传播的疫苗，也生产用于治疗感染、支持动物生长和健康的药品。农场主使用这些产品来保持动物健康，并保障食品供应安全。
- Draxxin得米先（Draxxin） — An antibiotic injection that treats breathing disease in cattle and pigs.一种用于治疗牛和猪呼吸道疾病的抗生素针剂。
Company facts公司资料
- Founded成立时间
- 2012
- Headquarters总部
- Parsippany, New Jersey
- Employees员工人数
- 14,500
- Industry行业
- Drug Manufacturers - Specialty & Generic
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
What's working
pattern-margin-intact-while-volume-falls-defers-the-damage, written 8/05 off this name, confirmed in 24h: margin held, volume fell, damage landed in the earnings base
Watch
- DOWNGRADED 8/06 from [6.5] — second FY26 guidance cut. Q2 beat EPS ($1.87 vs $1.85) and GM held 72.7%, but revenue missed and organic went −1%; adj EPS guide $6.85-7.00 → $6.15-6.25, revenue → $9.12-9.32B (−3% to −1% organic DECLINE), mgmt "assumes no near-term market stabilization." The 8/05 steelman's central pillar (+8% adj EPS growth) is falsified — the new guide is −2.5% to −4.1% vs FY25's $6.41
- Vendor
PE(fwd) 10.40is stale; true fwd 12.4x. Still: 72.7% GM, 23% ROIC, dividend covered 2.6x and safe, 1.7x leverage. FV $60-95 (central $76); spot is AT fair value. Add $58-68. Trim 14x fwd. A2026-08-05, revised 8/06
🔴 8/06 下调 —— 就在次日早晨，由 [6.5] 降至 [5.5]。 等待的那道关卡给出了否定答案：第二次下调指引。 ** 第二季度每股收益超预期（$1.87 对 $1.85），毛利率守住在 72.7%（−40 个基点）—— 但收入不及预期（$2.468B 对 $2.50B，有机增长 −1%），而且 2026 财年指引再次下调：调整后每股收益由 $6.85-7.00 降至 $6.15-6.25，收入由 $9.68-9.96B 降至 $9.12-9.32B（有机增长 −3% 至 −1%，即下滑），调整后净利润 −9% 至 −5%。 管理层表示「假设近期市场不会企稳」。 ⚠️ 这在 24 小时内证伪了正方论证的核心支柱 —— 8/05 的上调建立在「下调后的指引仍隐含 +8.0% 调整后每股收益增长」之上；而相对 FY25 的 $6.41，新指引是 −2.5% 至 −4.1%，是下滑。 ✅ 但那条毛利率笔记完全说中了： pattern-margin-intact-while-volume-falls-defers-the-damage（8/05 正是基于此股写下）预测毛利率持平叠加销量下滑意味着伤害被递延、而非护城河完好 —— 而伤害正是通过盈利基数（指引 −11%）而不是毛利率这一行到来的，毛利率始终没有跌破 70%。 Zoetis 仍在守价格、让销量；未破的毛利率是机制本身，而不是让人安心的理由。 ** 🚩 关卡结果：第二次下调指引这一降级触发条件已触发；决定性的「指引重申」升级条件未达成；毛利率跌破 70% 未触发。 ⚠️ 供应商的 前瞻市盈率 10.40 已过时 —— 它用的是被取代的旧指引；真实前瞻为 12.4x（基于 $6.20）。 仍然成立的正面因素：毛利率 72.7%、ROIC 约 23%、股息由自由现金流覆盖 2.6 倍且没有风险、杠杆 1.7x、当前价位回购具增值效应。 新合理价值 $60-95（中枢 $76）—— 现价 $76.87 已处于合理价值之内，而非低于它。 ** 在 $58-68 加仓。 减持 14x 前瞻**。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 65%
- Revenue growth营收增长
- -0%
- Dividend yield股息率
- 2.98%
Competitors竞争对手
Why customers stay客户为什么留下
Zoetis spends more on animal health research than any rival, which lets it keep launching new patent-protected medicines. It sells products for many kinds of animals, from dogs and cats to cattle and fish, so it does not depend on one species or one market. Vets and farmers trust the Zoetis brand, and this trust is hard for a new competitor to copy.硕腾在动物保健研发上的投入超过所有竞争对手，这使它能不断推出受专利保护的新药。它为多种动物提供产品，从猫狗到牛和鱼类，因此不依赖单一物种或单一市场。兽医和农场主都信任硕腾这个品牌，这种信任是新竞争者难以复制的。
Related companies相关公司 🟠 Pharma patent-cliff (new 8/05)
Not "healthcare" — one failure mode: an expiring monopoly against a pipeline that has to replace it in time.
Own ONE of AZN/BMY, not both — they are the same trade with opposite risk profiles. AZN is the better business, BMY the better price; on the evidence AZN wins.