Zoetis Announces Authorization of $500 Million Share Repurchase Program
November 18 2014 - 7:00AM
Business Wire
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 IncMedia:Bill Price1-973-443-2742 (o)1-908-251-1972
(m)william.price@zoetis.comElinore White1-973-443-2835
(o)1-347-331-9042 (m)elinore.y.white@zoetis.comorInvestor:John
O'Connor1-973-822-7088 (o)john.oconnor@zoetis.com
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