Zoetis Announces Authorization of $2 Billion Share Repurchase Program
December 12 2018 - 4:22PM
Business Wire
Company Also Declares First Quarter 2019
Dividend; Board Approves 30% Payment Increase
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181212005856/en/
Media:Elinore White1-973-443-2835
(o)elinore.y.white@zoetis.com
Kristen Seely1-973-443-2777 (o)kristen.seely@zoetis.com
Investors:Steve Frank1-973-822-7141
(o)steve.frank@zoetis.com
Marissa Patel1-973-443-2996 (o)marissa.patel@zoetis.com
Zoetis (NYSE:ZTS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Zoetis (NYSE:ZTS)
Historical Stock Chart
From Sep 2023 to Sep 2024