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1ST QUARTER: ZOETIS' REVENUES UP 22%, NET INCOME UP 32%
Source: Zoetis news release

*Reports Revenue of $1.9 Billion, Growing 22%, and Net Income of $559 Million, or $1.17 per Diluted Share, Increasing 32% and 33%, Respectively, on a Reported Basis for First Quarter 2021

*Reports Adjusted Net Income of $603 Million, or Adjusted Diluted EPS of $1.26, for First Quarter 2021

*Delivers 21% Operational Growth in Revenue and 34% Operational Growth in Adjusted Net Income for First Quarter 2021

*Increases Full Year 2021 Revenue Guidance to $7.500 - $7.625 Billion and Diluted EPS of $4.08 - $4.19 on a Reported Basis, or $4.42 - $4.51 on an Adjusted Basis

PARSIPPANY, N.J.-- Zoetis Inc. (NYSE: ZTS) today reported its financial results for the first quarter of 2021 and increased its guidance for full year 2021.

The company reported revenue of $1.9 billion for the first quarter of 2021, an increase of 22% compared with the first quarter of 2020. Net income for the first quarter of 2021 was $559 million, or $1.17 per diluted share, an increase of 32% and 33%, respectively, on a reported basis.

Adjusted net income1 for the first quarter of 2021 was $603 million, or $1.26 per diluted share, an increase of 33%, on a reported basis. Adjusted net income for the first quarter of 2021 excludes the net impact of $44 million for purchase accounting adjustments, acquisition-related costs and certain significant items.

On an operational2 basis, revenue for the first quarter of 2021 increased 21%, excluding the impact of foreign currency. Adjusted net income for the first quarter of 2021 increased 34% operationally, excluding the impact of foreign currency.

EXECUTIVE COMMENTARY

"We are off to a very strong start in 2021 -- our best quarter ever -- with 21% operational revenue growth and 34% growth in adjusted net income, as we continue to build on our innovative petcare portfolio, expand in key markets outside the U.S., and accelerate sales of diagnostics products," said Kristin Peck, Chief Executive Officer of Zoetis.

"Looking ahead, we are raising guidance for operational growth in full-year revenue to the range of 10.5% to 12%. The fundamental growth drivers for our industry continue to show strong and sustainable momentum, and we remain confident that our diverse portfolio across species and geographies, our pipeline of innovative new products and lifecycle innovations, and the agility and commitment of our colleagues will continue driving our success in 2021 and beyond."

To read the entire report click here.


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