We offer a diversified portfolio of products which allows us to capitalize on local and regional customer needs. Generally, our products are promoted to veterinarians and livestock producers by our sales organization which includes sales representatives and technical and veterinary operations specialists, and then sold directly by us or through distributors, retailers or e-commerce outlets. The depth of our product portfolio enables us to address the varying needs of customers in different species and geographies. Many of our top-selling product lines are distributed across both of our operating segments, leveraging our R&D operations and manufacturing and supply chain network.

Over the course of our history, we have focused on developing a diverse portfolio of animal health products, including medicines, vaccines and diagnostics, complemented by biodevices, genetic tests and a range of services. We refer to all different brands of a particular product, or its dosage forms for all species, as a product line. We have approximately 300 comprehensive product lines, including products for both companion animals and livestock within each of our major product categories.

In the first quarter of 2024, we modified the list of major product categories to include a category for pain and sedation products, which were previously included within other pharmaceutical products. The prior period presentation has been revised to reflect the new product category.

On October 31, 2024, we completed the divestiture of our medicated feed additive product portfolio, certain water soluble products and related assets, and, as a result, our major product categories no longer include the category of medicated feed additives. See Note 5. Acquisitions and Divestitures.

•animal health diagnostics: testing and analysis of blood, urine and other animal samples and related products and services, including point-of-care diagnostic products, instruments and reagents, rapid immunoassay tests, reference laboratory kits and services and blood glucose monitors.

Our remaining revenue is derived from other non-pharmaceutical product categories, such as nutritionals, as well as products and services in biodevices, genetic tests and precision animal health.

Our companion animal products help extend and improve the quality of life for pets; increase convenience and compliance for pet owners; and help veterinarians improve the quality of their care and the efficiency of their businesses. Growth in the companion animal medicines, vaccines and diagnostics sector is driven by economic development, related increases in disposable income and increases in pet ownership and spending on pet care. Companion animals are also living longer, deepening the human-animal bond, receiving increased medical treatment and benefiting from advances in animal health medicine, vaccines and diagnostics.

Our livestock products primarily help prevent or treat diseases and conditions to allow veterinarians and producers to care for their animals and to enable the cost-effective production of safe, high-quality animal protein. Human population growth and increasing standards of living are

important long-term growth drivers for our livestock products in three major ways. First, population growth and increasing standards of living drive demand for improved nutrition, particularly through increased consumption of animal protein. Second, population growth leads to greater natural resource constraints driving a need for enhanced productivity. Finally, as standards of living improve and the global chain faces increased scrutiny, there is more focus on food quality, safety, and reliability of supply.

Revenue by geographic area


	Year Ended December 31,
(MILLIONS OF DOLLARS)	2024		2023		2022
United States	$	5,074	$	4,555	$	4,313
Australia	319		323		289
Brazil	414		393		330
Canada	277		255		238
Chile	123		140		141
China	270		320		382
France	156		142		126
Germany	225		202		176
Italy	129		121		111
Japan	147		158		173
Mexico	169		162		136
Spain	130		122		118
United Kingdom	314		277		235
Other developed markets	564		512		468
Other emerging markets	865		784		758
	9,176		8,466		7,994
Contract manufacturing & human health	80		78		86
Total Revenue	$	9,256	$	8,544	$	8,080

Revenue exceeded $100 million in thirteen countries outside the U.S. in 2024 and twelve countries outside the U.S. in 2023 and 2022. The U.S. was the only country to contribute more than 10% of total revenue in each year.

Revenue by major species


	Year Ended December 31,
(MILLIONS OF DOLLARS)	2024		2023		2022
U.S.
Companion animal	$	4,054	$	3,529	$	3,341
Livestock	1,020		1,026		972
	5,074		4,555		4,313
International
Companion animal	2,224		2,047		1,862
Livestock	1,878		1,864		1,819
	4,102		3,911		3,681
Total
Companion animal	6,278		5,576		5,203
Livestock	2,898		2,890		2,791
Contract manufacturing & human health	80		78		86
Total Revenue	$	9,256	$	8,544	$	8,080

Revenue by species


	Year Ended December 31,
(MILLIONS OF DOLLARS)	2024		2023		2022
Companion Animal:
Dogs and Cats	$	5,993	$	5,291	$	4,939
Horses	285		285		264
	6,278		5,576		5,203
Livestock:
Cattle	1,531		1,503		1,440
Poultry	527		524		476
Swine	516		543		565
Fish	242		220		212
Sheep and other	82		100		98
	2,898		2,890		2,791
Contract manufacturing & human health	80		78		86
Total Revenue	$	9,256	$	8,544	$	8,080

Revenue by product category


	Year Ended December 31,
(MILLIONS OF DOLLARS)	2024		2023		2022
Parasiticides	$	2,153	$	1,947	$	1,860
Vaccines	1,827		1,771		1,718
Dermatology	1,655		1,427		1,329
Anti-infectives	1,100		1,057		1,081
Pain and sedation	851		602		420
Other pharmaceuticals	658		678		623
Animal health diagnostics	386		376		353
Medicated feed additives	293		354		360
Other non-pharmaceuticals	253		254		250
	9,176		8,466		7,994
Contract manufacturing & human health	80		78		86
Total Revenue	$	9,256	$	8,544	$	8,080

We primarily sell our companion animal products to veterinarians or to third-party veterinary distributors that typically then sell our products to veterinarians, and in each case, veterinarians then typically sell our products to pet owners. In certain markets, we also sell certain companion animal products through retail and e-commerce outlets. We sell our livestock products primarily to veterinarians and livestock producers, including beef and dairy farmers as well as pork and poultry operations, in addition to third-party veterinary distributors and retail outlets who then typically sell the products to livestock producers. Sales to our largest customer, a U.S. veterinary distributor, represented approximately 14% of total revenue for 2024, 15% of total revenue for 2023 and 14% of total revenue for 2022.