Company Also Declares First Quarter 2019 Dividend; Board Approves 30% Payment Increase
PARSIPPANY, N.J.--(BUSINESS WIRE)--Zoetis Inc. (NYSE: ZTS) today announced that its Board of Directors has
authorized a $2 billion multi-year share repurchase program as part of
its long-term capital allocation plans. The shares are expected to be
repurchased over a multi-year period, and the program can be cancelled
at any time. The company’s previous $1.5 billion share repurchase
program, which was approved in December 2016, is expected to be
completed in the first half of next year.
The Board of Directors also declared a first quarter 2019 dividend of
$0.164 per share, an increase of 30% from the quarterly dividend rate
paid in 2018. The dividend is to be paid on Friday, March 1, 2019, to
holders of record of the company’s common stock on Friday, January 18,
2019.
“As a result of our consistent performance, financial discipline, and
the strength of our business model, Zoetis remains well-positioned to
generate cash for future growth and value creation opportunities,” said
Juan Ramón Alaix, Chief Executive Officer at Zoetis. “This new share
repurchase program, along with the dividend increase, is a demonstration
of our ongoing commitment to return excess capital to shareholders as
part of our capital allocation priorities.”
About Zoetis
Zoetis
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 medicines, vaccines, and diagnostic products, which are
complemented by biodevices, genetic tests and a range of services.
Zoetis serves veterinarians, livestock producers and people who raise
and care for farm and companion animals with sales of its products in
more than 100 countries. In 2017, the company generated annual revenue
of $5.3 billion with approximately 9,000 employees. 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, future guidance, future
operating models, expectations regarding products, expectations
regarding the performance of acquired companies and our ability to
integrate new businesses, expectations regarding the financial impact of
acquisitions, future use of cash and dividend payments, tax rate and tax
regimes, changes in the tax regimes and laws in other jurisdictions, 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,
2017, including in the sections thereof captioned “Forward-Looking
Statements 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.
Media:
Elinore White
1-973-443-2835 (o)
elinore.y.white@zoetis.com
Kristen Seely
1-973-443-2777 (o)
kristen.seely@zoetis.com
Investors:
Steve Frank
1-973-822-7141 (o)
steve.frank@zoetis.com
Marissa Patel
1-973-443-2996 (o)
marissa.patel@zoetis.com