Zoetis Inc

We directly market our products in approximately 45 countries across North America, Europe, Africa, Asia, Australia and South America, and our products are sold in more than 100 countries. Operations outside the U.S. accounted for 44% of our total revenue for the year ended December 31, 2024. We continue to benefit from our past efforts to establish an early and direct presence in many emerging markets, such as Brazil, Chile, China and Mexico, and we believe we are one of the largest animal health medicines and vaccines businesses as measured by revenue across emerging markets as a whole.

Our international businesses are subject, in varying degrees, to a number of risks inherent in carrying on business in other countries. These include, among other things, currency fluctuations, capital and exchange control regulations, expropriation and other restrictive government actions. See Item 1A. Risk Factors— Risks related to operating in foreign jurisdictions.