v3.26.1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2026
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,
20262025
Beginning balance$416 $332 
Reduction of revenue588 469 
Payments(550)(448)
Foreign currency translation adjustments(4)14 
Ending balance$450 $367 
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,
2026202520262025
Pet Health$718 $643 $1,428 $1,278 
Farm Animal:
Cattle313 268 629 540 
Poultry223 215 453 404 
Swine97 100 193 185 
Total Farm Animal633 583 1,275 1,129 
Contract Manufacturing and Other (1)
17 15 36 27 
Revenue$1,368 $1,241 $2,739 $2,434 
(1)Represents revenue from arrangements in which we manufacture products on behalf of a third party and royalty revenue. Royalty revenue sold to a third party in May 2025 totaled $9 million and $4 million for the three months ended June 30, 2026 and 2025, respectively, and $18 million and $4 million for the six months ended June 30, 2026 and 2025, respectively. While we are no longer entitled to these royalties, we are required under GAAP to continue recognizing them as revenue. 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,
2026202520262025
United States$663 $593 $1,268 $1,147 
International705 648 1,471 1,287 
Revenue$1,368 $1,241 $2,739 $2,434