Zoetis Inc. (NYSE:ZTS) is seeking M&A. Wetteny Joseph Chief Financial Officer said during the Morgan Stanley 20th Annual Global Healthcare Conference, "So M&A is going to continue to be important for us. That's never something you can really predict timing of and so on. Meanwhile, we do see opportunities in the market to buy back shares, and we take those opportunities but have the flexibility to turn that dial up and down depending on what we see from an M&A perspective".