Analyst Consensus ?
ConsensusHold32 ratings
Bullish1443.8%
Neutral1856.2%
Bearish00.0%
Zoetis Inc. · ZTS · FY2026 Q3 · Calendar Q4 2026
Zoetis Raises Adjusted Income and EPS Outlook Despite Companion-Animal Pressure
Q3 showed a mixed operating picture: livestock and diagnostics growth partly offset companion-animal weakness, while management raised its full-year adjusted net income and EPS outlook. This is an improvement in guidance tone from the prior quarter, but evidence of a broad-based demand recovery remains limited by continuing U.S. pet-care pressure and competition.
Why did ZTS fall 7.9% after beating EPS estimates in FY2026 Q3?
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Reported Before market openNYSEHealthcare
$33.93B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.75
Consensus $1.51
EPS surprise
+15.9%
Reported versus consensus
Reported revenue
$2.39B
Consensus $2.30B
Revenue surprise
+3.8%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-7.9%
Event window
SPY move
-4.4%
Same window
Abnormal move
-3.5%
Stock minus SPY
Volume
2.4×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
ZTSSPY benchmark
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Why did ZTS fall 7.9% after beating EPS estimates in FY2026 Q3?What changed in ZTS's guidance and outlook in FY2026 Q3?Give me the bull and bear case for ZTS after FY2026 Q3 earnings.
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Transcript intelligence
What changed
Compared with the prior quarter's reduced full-year outlook, management now narrowed its revenue guidance range and raised adjusted net income and EPS guidance. The transcript also described promotional efforts as slowing dermatology share losses, while livestock and diagnostics remained areas of growth.
Guidance delta
Full-year revenue guidance was narrowed; adjusted net income and EPS guidance were raised. The supplied analysis does not provide the revised ranges.
Key takeaways
- Revenue was modestly lower organically, with livestock and diagnostics offsetting part of the companion-animal weakness.
- Management said promotional gross-to-net initiatives slowed dermatology share loss in Q3.
- Diagnostics grew on a combination of portfolio expansion and recent acquisitions.
- Management highlighted upcoming product approvals and launches as potential contributors, with timing and revenue contribution still uncertain.
Management priorities
- Defend companion-animal franchises through targeted promotion and commercial execution.
- Advance launches and approvals, including long-acting Cytopoint, Simparica Duo and Lenivia.
- Expand diagnostics and maintain investment in R&D and pipeline development.
- Pursue bolt-on acquisitions and return excess capital through buybacks and dividends.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$81.45Current
$74Low
$134.94Average
$254High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 11, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Overweight | Overweight | Maintain | Oct 29, 2026 |
| UBS | Neutral | Neutral | Maintain | Oct 27, 2026 |
| Jefferies | Hold | Buy | Downgrade | Oct 20, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 25, 2026 |
| Stifel | Hold | Hold | Maintain | Aug 20, 2026 |
| Citigroup | Buy | Buy | Maintain | Aug 11, 2026 |
| BNP Paribas | Outperform | Outperform | Maintain | Aug 11, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | Aug 10, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Aug 7, 2026 |
| William Blair | Market Perform | Outperform | Downgrade | Aug 6, 2026 |
| HSBC | Buy | Buy | Maintain | Jul 6, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Jul 1, 2026 |
| Argus Research | Hold | Buy | Downgrade | May 27, 2026 |
| B of A Securities | Neutral | Neutral | Maintain | Feb 13, 2026 |
| BTIG | Buy | Buy | Maintain | Dec 3, 2025 |
| Leerink Partners | Market Perform | Outperform | Downgrade | Jul 17, 2025 |
| Goldman Sachs | Buy | Buy | Maintain | May 6, 2024 |
| Atlantic Equities | Overweight | Overweight | Maintain | Jun 14, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 9, 2021 |
| Raymond James | Market Perform | Outperform | Downgrade | Jul 16, 2021 |
| Truist Securities | Hold | Hold | Maintain | May 10, 2021 |
| Gabelli & Co. | Hold | Buy | Downgrade | Aug 12, 2020 |
| CFRA | Strong Buy | Buy | Upgrade | Feb 13, 2020 |
| SunTrust Robinson Humphrey | Hold | Hold | Maintain | Aug 13, 2019 |
| Stifel Nicolaus | Buy | Buy | Maintain | Jul 22, 2019 |
| Bank of America | Neutral | Buy | Downgrade | Jul 1, 2019 |
| BMO Capital | Market Perform | Market Perform | Maintain | May 9, 2019 |
| Argus | Buy | Buy | Maintain | Aug 14, 2018 |
| Deutsche Bank | Hold | Hold | Maintain | Feb 16, 2018 |
| Cowen & Co. | Outperform | Market Perform | Upgrade | Dec 15, 2016 |
| Hilliard Lyons | Neutral | Long Term Buy | Downgrade | Nov 13, 2014 |
| Edward Jones | Hold | Buy | Downgrade | Nov 12, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $81.45. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $82 | $77.86 | +0.7% | Oct 29, 2026 |
| Jefferies | Keith Devas | $83 | $79.59 | +1.9% | Oct 20, 2026 |
| Goldman Sachs | Analyst unavailable | $74 | $78.42 | -9.1% | Oct 16, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $94 | $77.17 | +15.4% | Aug 25, 2026 |
| Stifel Nicolaus | Jonathan Block | $80 | $76.68 | -1.8% | Aug 20, 2026 |
| Morgan Stanley | Analyst unavailable | $85 | $75.3 | +4.4% | Aug 7, 2026 |
| UBS | Analyst unavailable | $85 | $76.52 | +4.4% | Jul 27, 2026 |
| Morgan Stanley | Analyst unavailable | $99 | $75.5 | +21.5% | Jul 22, 2026 |
| HSBC | Analyst unavailable | $95 | $74.63 | +16.6% | Jul 6, 2026 |
| Barclays | Analyst unavailable | $85 | $71.91 | +4.4% | Jul 1, 2026 |
| Stifel Nicolaus | Analyst unavailable | $85 | $77.82 | +4.4% | Jun 26, 2026 |
| Stifel Nicolaus | Analyst unavailable | $95 | $80.06 | +16.6% | May 22, 2026 |
| Morgan Stanley | Erin Wright | $115 | $76.06 | +41.2% | May 15, 2026 |
| UBS | Analyst unavailable | $99 | $83.27 | +21.5% | May 8, 2026 |
| Stifel Nicolaus | Analyst unavailable | $105 | $87.31 | +28.9% | May 8, 2026 |
| UBS | Analyst unavailable | $130 | $116.71 | +59.6% | Apr 28, 2026 |
| BTIG | Mark Massaro | $160 | $128.95 | +96.4% | Feb 26, 2026 |
| UBS | Analyst unavailable | $136 | $122.75 | +67.0% | Jan 29, 2026 |
| Piper Sandler | David Westenberg | $135 | $125.08 | +65.7% | Jan 22, 2026 |
| Morgan Stanley | Analyst unavailable | $160 | $124.54 | +96.4% | Dec 18, 2025 |
| HSBC | Analyst unavailable | $140 | $115.75 | +71.9% | Dec 10, 2025 |
| Barclays | Analyst unavailable | $136 | $118.16 | +67.0% | Dec 8, 2025 |
| Stifel Nicolaus | Analyst unavailable | $140 | $125.5 | +71.9% | Nov 4, 2025 |
| UBS | Analyst unavailable | $158 | $144.9 | +94.0% | Oct 20, 2025 |
| Piper Sandler | David Westenberg | $215 | $148.86 | +164.0% | Aug 11, 2025 |
| Stifel Nicolaus | Jonathan Block | $160 | $161.67 | +96.4% | Jun 17, 2025 |
| UBS | Andrea Alfonso | $170 | $149.87 | +108.7% | May 7, 2025 |
| Stifel Nicolaus | Jonathan Block | $165 | $150.83 | +102.6% | Apr 14, 2025 |
| Morgan Stanley | Erin Wright | $243 | $172.24 | +198.3% | Feb 4, 2025 |
| Barclays | Balaji Prasad | $242 | $185.29 | +197.1% | Aug 7, 2024 |
| Stifel Nicolaus | Jonathan Block | $200 | $176.31 | +145.5% | Aug 5, 2024 |
| Piper Sandler | David Westenberg | $195 | $149.77 | +139.4% | Apr 16, 2024 |
| Stifel Nicolaus | Jonathan Block | $195 | $167.02 | +139.4% | Apr 2, 2024 |
| Morgan Stanley | Analyst unavailable | $248 | $150.25 | +204.5% | Nov 15, 2022 |
| Jefferies | David Steinberg | $254 | $191.32 | +211.8% | Feb 21, 2022 |
| Argus Research | Jasper Hellweg | $225 | $203.86 | +176.2% | Aug 25, 2021 |
| Credit Suisse | Katie Tryhane | $230 | $199.16 | +182.4% | Aug 9, 2021 |
Track every rating change on ZTS the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationZoetis Inc. stands as a global leader in animal health, focusing on the research, development, manufacturing, and commercialization of veterinary pharmaceuticals, vaccines, and diagnostic tools. Its comprehensive portfolio serves a broad spectrum of species, encompassing both livestock, including cattle, swine, poultry, fish, and sheep, and beloved companion animals such as dogs, cats, and horses. Among its pharmaceutical offerings are various therapeutic agents. This includes vaccines, vital for preventing respiratory, gastrointestinal, and reproductive diseases by stimulating a targeted immune response; anti-infectives that combat or inhibit the proliferation of bacterial, fungal, or protozoal pathogens; and parasiticides aimed at eradicating both internal and external pests such as fleas, ticks, and various worms. Additional pharmaceuticals address areas such as pain management and sedation, anti-emesis, reproductive health, and oncology.…
Historical context
All ZTS earningsHealthcare peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ROIV Roivant Sciences Ltd. | FY2026 Q2 · Calendar Q4 2026 | +33.8% | +4.6% | Roivant’s Q2: LISRAYA launch and pipeline data broaden the growth case |
| HUM Humana Inc. | FY2026 Q3 · Calendar Q4 2026 | +30.0% | +5.3% | Humana raises FY2026 adjusted EPS outlook as membership and Stars metrics improve |
| MRNA Moderna, Inc. | FY2026 Q3 · Calendar Q4 2026 | +134.5% | +5.3% | Moderna’s Q3 outlook reset puts commercial execution alongside oncology milestones |
| ELAN Elanco Animal Health Incorporated | FY2026 Q3 · Calendar Q4 2026 | +33.1% | +8.7% | Elanco lifts full-year outlook as innovation and margins strengthen |
Latest beats and misses
Who reports nextBeat on EPS
- VGFY2026 Q3 · November 10, 2026+92.7% EPS+1.7% move
- TDGFY2026 Q4 · November 10, 2026+1.9% EPS+0.5% move
- ONONFY2026 Q3 · November 10, 2026+39.9% EPS-7.5% move
- CRWVFY2026 Q3 · November 10, 20260.0% EPS-0.5% move
- OXYFY2026 Q3 · November 9, 2026+30.8% EPS+2.0% move
- MGREFY2026 Q3 · November 9, 2026+8.1% EPS+0.6% move
Missed on EPS
- EMBJFY2026 Q3 · November 10, 2026-49.4% EPS+7.0% move
- VODFY2027 Q2 · November 10, 2026-72.8% EPS-1.2% move
- SEFY2026 Q3 · November 10, 2026-5.1% EPS-1.5% move
- BAPFY2026 Q3 · November 9, 2026-2.6% EPS+3.3% move
- JBSFY2026 Q3 · November 9, 2026-28.6% EPS-5.5% move
- CIBFY2026 Q3 · November 9, 2026-10.1% EPS-4.0% move
Get the ZTS recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-11-05T20:17:55.875415+00:00
- FN2 earnings calendar · 2026-11-06T01:23:16.275024+00:00
- Polygon adjusted daily market bars · 2026-11-06T01:30:45.008872+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-06T01:30:45.004927+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-11-06. For educational purposes only; not investment advice.