v3.25.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Activity in Sales Rebates and Discounts Liability
The following table summarizes the activity in our global sales rebates and discounts liability:
Six Months Ended June 30,
20252024
Beginning balance$332 $367 
Reduction of revenue469 440 
Payments(448)(446)
Foreign currency translation adjustments14 (5)
Ending balance$367 $356 
Schedule of Revenue Disaggregated by Product Category
The following table summarizes our revenue disaggregated by product category:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Pet Health$643 $579 $1,278 $1,218 
Farm Animal:
Cattle268 257 540 501 
Poultry215 198 404 395 
Swine100 90 185 174 
Aqua (1)
— 49 — 80 
Total Farm Animal583 594 1,129 1,150 
Contract Manufacturing and Other (2)
15 11 27 21 
Revenue$1,241 $1,184 $2,434 $2,389 
(1)On July 9, 2024, we sold our aqua business to a subsidiary of Merck Animal Health (see Note 4. Acquisitions, Divestitures and Other Arrangements for further details).
(2)Represents revenue from arrangements in which we manufacture products on behalf of a third party and royalty revenue. In May 2025, we entered into an agreement to sell certain qualifying royalties, among other potential future cash flows, to a third party for proceeds of $295 million in cash. While we are no longer entitled to these qualifying royalties, we are required under GAAP to continue recognizing them as revenue. For the three months ended June 30, 2025, royalty revenue associated with this arrangement, which is reflected within the Contract Manufacturing and Other line in the table above, totaled $4 million. See Note 10. Liability for Sale of Future Revenue for additional information.
Schedule of Revenue Disaggregated by Geographic Area
The following table summarizes our revenue disaggregated by geographic area:
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
United States$593 $543 $1,147 $1,074 
International648 641 1,287 1,315 
Revenue$1,241 $1,184 $2,434 $2,389