PARSIPPANY, N.J.--(BUSINESS WIRE)--Zoetis Inc. (NYSE: ZTS) today announced that its Board of Directors has authorized a $2 billion multi-year share repurchase program as part of its long-term capital allocation plans. The shares are expected to be repurchased over a multi-year period, and the program can be cancelled at any time. The company’s previous $1.5 billion share repurchase program, which was approved in December 2016, is expected to be completed in the first half of next year.

The Board of Directors also declared a first quarter 2019 dividend of $0.164 per share, an increase of 30% from the quarterly dividend rate paid in 2018. The dividend is to be paid on Friday, March 1, 2019, to holders of record of the company’s common stock on Friday, January 18, 2019.

“As a result of our consistent performance, financial discipline, and the strength of our business model, Zoetis remains well-positioned to generate cash for future growth and value creation opportunities,” said Juan Ramón Alaix, Chief Executive Officer at Zoetis. “This new share repurchase program, along with the dividend increase, is a demonstration of our ongoing commitment to return excess capital to shareholders as part of our capital allocation priorities.”

About Zoetis

Zoetis is the leading animal health company, dedicated to supporting its customers and their businesses. Building on more than 60 years of experience in animal health, Zoetis discovers, develops, manufactures and markets medicines, vaccines, and diagnostic products, which are complemented by biodevices, genetic tests and a range of services. Zoetis serves veterinarians, livestock producers and people who raise and care for farm and companion animals with sales of its products in more than 100 countries. In 2017, the company generated annual revenue of $5.3 billion with approximately 9,000 employees. For more information, visit www.zoetis.com.