Zoetis Raises Guidance After 2Q Sales, Earnings Rise

By Emon Reiser

Zoetis raised its full-year guidance, citing strong sales in its companion animal portfolio, while the veterinary-drug maker posted upticks in both revenue and profit for the second quarter.

The company reported a net income of $624 million, or $1.37 a share, for the period ended June 30 compared with $671 million, or $1.45 a share, in the same quarter a year ago.

Stripping out one-time items, second-quarter adjusted earnings were $1.56 a share, beating analysts' estimates of $1.49 a share.

Revenue rose 8% to $2.36 billion, beating analysts' forecasts of $2.31 billion, according to FactSet.

Zoetis guided for full-year earnings per share of between $5.35 and $5.45 and expects revenue between $9.1 billion and $9.25 billion, up from previous guidance of between $9.05 billion and $9.2 billion.

"We achieved 12% revenue growth in the U.S. and 10% operational revenue growth internationally, with both our companion animal and livestock portfolios seeing impressive global operational growth, 12% and 9% respectively," Chief Executive Kristin Peck said.

Zoetis, which was spun off by drug giant Pfizer in 2013, said the sales increase in the U.S. was driven by its monoclonal antibody products for osteoarthritis pain for dogs and cats.

Write to Emon Reiser at emon.reiser@wsj.com

(END) Dow Jones Newswires

August 06, 2024 07:52 ET (11:52 GMT)

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