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1ST QTR: ZOETIS SALES UP 1%, NET INCOME UP 11%
Source: Zoetis news release

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Zoetis Inc. (NYSE:ZTS) today reported its financial results for the first quarter of 2014. The company reported revenue of $1.1 billion for the first quarter of 2014, an increase of 1% from the first quarter of 2013. Revenue reflected an operational increase of 4%, with foreign currency having a negative impact of 3 percentage points.

Net income for the first quarter of 2014 was $155 million, or $0.31 per diluted share, an increase of 11%, compared to the first quarter of 2013. Adjusted net income for the first quarter of 2014 was $191 million, or $0.38 per diluted share, an increase of 7% and 6%, respectively, compared to the first quarter of 2013.

Adjusted net income for the first quarter of 2014 excludes the net impact of $36 million, or $0.07 per diluted share, for purchase accounting adjustments, acquisition-related costs and certain significant items.

"We began the year with 4% operational growth in revenue, adjusted net income growing faster than sales, and we remain confident in meeting our financial objectives for the year," said Zoetis Chief Executive Officer Juan Ramón Alaix. "Despite some challenges in the first quarter, we grew sales operationally in three of our regional segments and across all our major species. Our performance in the U.S. and across emerging markets helped offset an operational decline in certain developed markets in Europe and Asia-Pacific," said Alaix.

"The depth and diversity of our product portfolio remain core strengths of our business, helping to minimize any challenges that may occur within a single species, geography, product line or therapeutic area," said Alaix. "With our focus on innovative new medicines and product lifecycle development, we have seen continued adoption of new products and services in a number of new markets."

"In the first quarter, we continued to demonstrate an ability to grow adjusted earnings faster than sales despite a higher tax rate, cold weather in the U.S. impacting sales, and increased interest expense," said Glenn David, Senior Vice President of Finance Operations and Acting Chief Financial Officer of Zoetis. "Given our continued confidence in our business model, we are reaffirming our guidance for the full year."


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