For the first time in its history, the pet business of Zoetis is now larger than its livestock division. Zoetis, the world’s largest animal health company, reported 2019 annual results last week which show the company sold more health products for companion pets like cats and dogs than it did for livestock such as cattle, sheep or pigs.

Over the last eight years, Zoetis has seen extraordinary growth in its pet business, with revenues from pet health products more than doubling to just over $3.1bn (€2.9bn) last year (see chart above).

In contrast, sales of livestock health products have only grown by 8% over the same period and stood at just over $3bn (€2.8bn) last year. Overall, Zoetis reported total sales of $6.3bn (€5.8bn) and made pre-tax profits of $1.8bn (€1.7bn).

In 2019, Zoetis delivered another year of strong growth and market leadership

Adjusted earnings (EBIT) grew by 14% last year to reach $2.3bn (€2.2bn), as earnings margins widened to 37.2%. The US accounts for just over half of Zoetis’ total business, with the remainder coming from sales to international markets.

“In 2019, Zoetis delivered another year of strong growth and market leadership, thanks to our diverse and durable portfolio and commitment to continuous innovation,” said Kristin Peck, chief executive at Zoetis.

“We grew revenue 10% operationally, which is once again above market growth in a competitive, global sector. We also grew our adjusted net income faster than revenue, at 14% operationally, continuing to achieve our goal of growing profitability faster than revenue over the long term,” she added.