Zoetis Inc.

Please stand by. Your program is about to begin. Welcome to the second quarter 2025 Financial Results Conference call and webcast for Zoetis. Hosting the call today is Steve Frank, Vice President of Investor Relations for Zoetis. The presentation materials and additional financial tables are currently posted on the Investor Relations section of Zoetis.com. The presentation slides can be managed by you, the viewer, and will not be forwarded automatically. In addition, a replay of this call will be available approximately two hours after the conclusion via dial-in or on the Investor Relations section of Zoetis.com. At this time, participants have been placed in a listen-only mode, and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press star and 1 on your telephone keypad. If at any point your question has been answered, you can remove yourself from the queue by pressing star and 2. In the interest of time, we ask that you limit yourself to one question and then queue up again if you have any follow-ups. Your line will be muted when you're complete your question. And when posing your question, please pick up your handset to allow for optimal sound quality. It is now my pleasure to turn the call over to your host, Steve Frank, Vice President of Investor Relations for Zoetis.

Thank you, operator. Good morning, everyone, and welcome to the Zoetis second quarter 2025 earnings call. I am joined today by Kristen Peck, our Chief Executive Officer, and Whitney Joseph, our Chief Financial Officer. Before we begin, I'll remind you that the slides presented on this call are available on the investor relations section of our website and that our remarks today will include forward-looking statements and that actual results could differ materially from those projections. For a list and description of certain factors that could cause results to differ, I refer you to the forward-looking statements in today's press release and our SEC filings, including but not limited to our annual report on Form 10-K and our reports on Form 10-Q. Our remarks today will also include references to certain financial measures, which were not prepared in accordance with generally accepted accounting principles or U.S. GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP measures is included in the financial tables that accompany our earnings press release, and the company's 8K filing dated today, Tuesday, August 5, 2025. We also cite operational results, which exclude the impact with foreign exchange. With that, I will turn the call over to Kristen.

Thank you, Steve, and good morning, everyone. Welcome to our second quarter 2025 earnings call. Thanks to the dedication of our colleagues around the world, we delivered strong, broad-based 8% organic operational revenue growth, a reflection of the strength of our innovation engine and the excellence of our customer-focused execution. We also grew adjusted net income 10% on an organic operational basis, underscoring our focus on operational efficiency. Our international segment grew organic operational revenue 9%, demonstrating our ability to capitalize on key trends that are expanding regional markets. The U.S. grew 7%, excluding the impact of the MFA divestiture. Companion Animal grew 8% operationally, while Livestock delivered 6% organic operational growth, driven by sustained demand for our trusted, market-leading solutions. This quarter's performance highlights the strength of our diversified portfolio, with growth across markets, species, franchises, and channels, and balanced contributions from price and volume a testament to our strategy. With organic operational revenue up 9% in the first half, we are delivering in line with our plan and are well positioned to carry that progress into the second half. Our consistent performance across economic and competitive cycles reinforces the strength of our business and animal health as one of the most compelling long-term growth sectors. Key franchises collectively delivered another quarter of double digit performance, underscoring not only their continued momentum, but also the power of our innovation and the discipline execution that drives value across the business. As you look closer at our companion animal growth drivers, it's clear that innovation is not only our core competency, It's the most powerful way we live our purpose. And what's equally clear, our key franchises have significant runway for continued durable growth. Our Semperica franchise, for example, grew 17% operationally, even after nearly two years of competition. Demand continues to rise for comprehensive triple combination protection, the fastest growing segment in the parasitized market. or Semperica Trio, is setting the standard of care, delivering 20% operational revenue growth. With new entrants, the overall category continues to expand, fueled in part by increased promotional activity that is raising awareness of the benefits of triple combination protection. Thanks to our first mover advantage, strong commercial relationships, and preferred position with key veterinary partners, these efforts are often reinforcing our leadership. Trio remains the trusted first choice for veterinarians and pet owners alike. In this franchise, our alternative channel strategy, especially in the U.S., the largest market for parasiticides, remains a key source of diversification and differentiation, helping us meet customers where they are and driving stronger compliance by ensuring pet owners have convenient, ongoing access to trusted products. We expect these dynamics to continue for the foreseeable future. More than 10 years since launch, and with over 12 million dogs treated, our key dermatology franchise continues to deliver, growing 11% operationally, a testament to how durable true innovation can be. This quarter's performance was fueled by particularly strong results internationally, where we're seeing increased uptake among new patients and higher compliance. What continues to set this franchise apart is its depth and versatility. We didn't just create the derm category, We've continued to expand it with complementary treatment options that address a range of needs. Aquacult Chew provides added flexibility for pet owners, while Cytopoint is a convenient injectable solution for longer-lasting relief. Together, these modalities help vets personalize care, improve compliance, and deliver high satisfaction, reducing the likelihood of switching, and supporting durable franchise performance. Even after a decade, we see meaningful runway ahead driven by two powerful dynamics. The continued importance of compliance in chronic disease management and the opportunity to reach more than 20 million dogs who remain under or untreated today. Our confidence is grounded in what sets us apart. We lead through science, designing solutions that address the most persistent needs in animal health and establishing a standard of care that's not easily surpassed. As we shared earlier this year, we're confident not only in our market-leading differentiated portfolios today, but in the portfolio of the future already taking shape. In osteoarthritis or OA pain, Labrella declined 7% operationally this quarter. We are actively advancing efforts to accelerate adoption, grounded in both the scale of the opportunity and the positive patient impact we continue to see. In the U.S. alone, 27 million dogs suffer from OA, Yet only 9 million are currently treated, and today we are reaching just 1 million of them. As with any breakthrough innovation that establishes a new standard of care, adoption rarely follows a straight line. That's why we're taking deliberate steps to develop the market, educating veterinarians and pet owners to ensure a clear understanding of the product's benefit-risk profile and to the lasting competence. In fact, more than 75% of US patients, past and present, report being extremely or very satisfied with Labrella's results. Shaping a new market takes time, but we remain confident in our ability to deliver over the long term. We see significant potential in Labrella and will continue to invest in unlocking it because the need for chronic pain relief is significant, persistent, and deeply personal for our customers. It also reflects how we're thinking more broadly about sustaining growth through continued innovation, access, and differentiation. Globally, across these franchises, more patients remain unaddressed than treated, and in many cases, the opportunity to expand care exceeds the current market, particularly outside the US, where rising pet ownership and medicalization are fueling demand for therapies that support longer, healthier lives, including among aging COVID pets. In livestock, demand for our portfolio remains strong, with 6% organic operational revenue growth led by double-digit gains internationally. Across species, this business remains an important driver, reflecting multiple years of strong execution and above-market performance. Broader industry dynamics, including rising U.S. protein consumption, continue to reinforce the long-term fundamentals. This quarter, we also advanced our pipeline with a conditional license of our avian influenza vaccine for use in lactating dairy cattle in the U.S. While the revenue impact is limited, it reflects our longer-term focus a company built on purpose and powered by innovation. Altogether, these results highlight the strength and diversity of our portfolio, driving consistent performance from multiple sources across varying market conditions. Based on our strong first half performance and what we see in the current macro environment, we are raising our full year guidance for organic operational revenue growth to 6.5 to 8%. We are also raising our guidance for organic operational growth in adjusted net income to 5.5 to 7.5%, reflected of continued discipline in execution and cost management. Looking ahead, we are well positioned to deliver our full year commitments supported by durable industry trends and our ability to adapt and execute with focus. Our consistent performance across economic cycles and competitive dynamics reflects the fundamental strength of our business, the breadth of our portfolio, and our commitment to delivering differentiated value That resilience is grounded in the strength of our global manufacturing and commercial capabilities, enabling us to deliver reliably, scale effectively, and support our customers across geographies and market conditions. As we look to the second half of the year, our focus remains clear. Execute with discipline, advance meaningful innovation, and stay deeply connected to the needs of our customers. With a portfolio built to solve real-world challenges and a pipeline aimed at raising the standard of care, We are well positioned to lead, not just in the markets we serve today, but in shaping the future of animal health. Thank you for your continued support. And with that, I'll turn it over to Wetni to walk through the financial. Wetni?