Zoetis Announces Authorization of $3.5 Billion Share Repurchase Program
December 07 2021 - 4:25PM
Business Wire
Company Also Declares First Quarter 2022
Dividend; Board Approves 30% Payment Increase
Zoetis Inc. (NYSE:ZTS) today announced that its Board of
Directors has approved a $3.5 billion share repurchase program as
part of its 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 $2.0 billion share
repurchase program, which was approved in December 2018, is
expected to be completed in 2022.
The company also declared a dividend of $0.325 per share for the
first quarter of 2022, an increase of 30% from the quarterly
dividend rate paid in 2021. The dividend will be paid on Tuesday,
March 1, 2022, to all holders of record of the Company’s common
stock as of the close of business on Thursday, January 20,
2022.
“Our financial performance has remained very strong this year
and allows us to continue making meaningful investments in our
business while returning capital to our shareholders,” said Wetteny
Joseph, Executive Vice President and Chief Financial Officer at
Zoetis. “This new share repurchase program, along with the dividend
increase, is a demonstration of our ongoing commitment to
shareholders as part of our capital allocation priorities.”
About Zoetis
As the world’s leading animal health company, Zoetis is driven
by a singular purpose: to nurture our world and humankind by
advancing care for animals. After nearly 70 years innovating ways
to predict, prevent, detect, and treat animal illness, Zoetis
continues to stand by those raising and caring for animals
worldwide -- from livestock farmers to veterinarians and pet
owners. The company’s leading portfolio and pipeline of medicines,
vaccines, diagnostics and technologies make a difference in over
100 countries. A Fortune 500 company, Zoetis generated revenue of
$6.7 billion in 2020 with approximately 11,300 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 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, 2020, 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. Such risks and uncertainties may be amplified by the COVID-19
pandemic and its potential impact on the global economy and our
business. These filings and subsequent filings are available online
at www.sec.gov, www.zoetis.com, or on request from Zoetis.
ZTS-COR ZTS-IR ZTS-FI
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version on businesswire.com: https://www.businesswire.com/news/home/20211207006125/en/
Media Contacts: Bill Price
1-973-443-2742 (o) william.price@zoetis.com Kristen Seely
1-973-443-2777 (o) kristen.seely@zoetis.com Investor Contacts: Steve Frank 1-973-822-7141 (o)
steve.frank@zoetis.com Keith Gaub 1-973-822-7154 (o)
keith.gaub@zoetis.com
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