Zoetis, a leading veterinary-drug maker, has announced impressive financial results for the second quarter. The company witnessed a double-digit increase in net income, primarily driven by growth in its companion animal business.
Financial Performance
During the second quarter, Zoetis reported a net income of $671 million, or $1.45 per share. This represents a significant improvement compared to the same quarter last year when the company recorded a net income of $529 million, or $1.12 per share.
After excluding one-time items, adjusted earnings per share were $1.41. This exceeds the expectations of analysts who had predicted adjusted earnings of $1.31 per share, highlighting Zoetis’ strong performance.
Furthermore, Zoetis generated revenue of $2.2 billion during the quarter, marking a 6% increase from the previous year. Analysts had forecasted revenue of $2.15 billion. These positive financial results demonstrate Zoetis’ ability to deliver strong returns.
Factors Driving Growth
Zoetis attributed its revenue growth in the U.S. market to increased sales of dermatology products for companion animals. This surge in demand indicates the company’s success in meeting the needs of pet owners and veterinarians.
Moreover, Zoetis experienced higher sales in the international market thanks to its parasiticide portfolio. This contributed to an overall increase in revenue within the international segment of the business.
Outlook and Market Reaction
The positive news from Zoetis has been met with investor enthusiasm. In premarket trading, shares rose by 2.3% to reach $184.80.
