Zoetis Inc. (NYSE: ZTS), the world’s leading animal health
company, today announced that its Board of Directors has authorized a
$500 million share repurchase program as part of its capital allocation
plans. The shares are expected to be repurchased at the discretion of
management, depending on market conditions and business needs. The
authorization allows for repurchases to be conducted through open market
or privately negotiated transactions or otherwise.
“A share repurchase program is an important tool for managing our
allocation of capital, and it gives us additional flexibility to return
capital to shareholders when it is not needed in the business,” said
Paul Herendeen, Executive Vice President and Chief Financial Officer of
Zoetis. “We remain focused on investing capital internally to help grow
the business; completing complementary business development activities
that can generate additional value; and returning capital to
shareholders as part of our total value proposition.”
About Zoetis
Zoetis
(zô-EH-tis) is the leading animal health company, dedicated to
supporting its customers and their businesses. Building on more than 60
years of experience in animal health, Zoetis discovers, develops,
manufactures and markets veterinary vaccines and medicines, complemented
by diagnostic products and genetic tests and supported by a range of
services. In 2013, the company generated annual revenue of $4.6 billion.
With approximately 9,800 employees worldwide at the beginning of 2014,
Zoetis has a local presence in approximately 70 countries, including 27
manufacturing facilities in 10 countries. Its products serve
veterinarians, livestock producers and people who raise and care for
farm and companion animals in 120 countries. For more information, visit www.zoetis.com.
DISCLOSURE NOTICES
Forward-Looking Statements: This
press release contains forward-looking statements, which reflect the
current views of Zoetis with respect to business plans or prospects,
future operating or financial performance, expectations regarding
products, future use of cash and dividend payments, 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 Annual Report on Form 10-K for the fiscal year ended
December 31, 2013, including in the sections thereof captioned
“Forward-Looking Information 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.
Zoetis Inc
Media:
Bill Price
1-973-443-2742 (o)
1-908-251-1972 (m)
william.price@zoetis.com
Elinore White
1-973-443-2835 (o)
1-347-331-9042 (m)
elinore.y.white@zoetis.com
or
Investor:
John O'Connor
1-973-822-7088 (o)
john.oconnor@zoetis.com