Revenue flow

Margins

Stage	ZTS	% of rev	LLY	% of rev	Gap · A − B
Revenue	$2.5B	100.00%	$24.4B	100.00%	LLY ×9.89
Gross profit	$1.8B	72.73%	$20.5B	83.88%	LLY +11.1pp
Operating income	$922M	37.36%	$8.6B	35.28%	ZTS +2.1pp
Pre-tax income	$866M	35.09%	$8.4B	34.46%	ZTS +0.6pp
Net income	$691M	28.00%	$6.5B	26.44%	ZTS +1.6pp

Stage	ZTS	LLY	Gap · A − B
Revenue	$2.5B100.00%	$24.4B100.00%	LLY ×9.89
Gross profit	72.73%$1.8B	83.88%$20.5B	LLY +11.1pp
Operating income	37.36%$922M	35.28%$8.6B	ZTS +2.1pp
Pre-tax income	35.09%$866M	34.46%$8.4B	ZTS +0.6pp