ZTS—$74M/$252M = 29% on a non-GAAP basis (see rightmost column in reconciliation table).
ZTS’ GAAP numbers are affected by large one-time charges relating to the separation from PFE, and hence no analysts (or serious investors) are paying attention to them.
“The efficient-market hypothesis may be the foremost piece of B.S. ever promulgated in any area of human knowledge!”