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1ST HALF: ZOETIS' REVENUES UP 9%, NET INCOME SAME AS PRIOR YEAR: $1.2 BILLION
Aug. 7, 2024
Source: Zoetis news release
PARSIPPANY, N.J.--(BUSINESS WIRE)-- Zoetis Inc. (NYSE:ZTS) today reported its financial results for the second quarter of 2024 and raised its guidance for full year 2024.
The company reported revenue of $2.4 billion for the second quarter of 2024, an increase of 8% compared with the second quarter of 2023. On an operational 1 basis, revenue for the second quarter of 2024 increased 11% compared with the second quarter of 2023. Net income for the second quarter of 2024 was $624 million, or $1.37 per diluted share, a decrease of 7% and 6%, respectively, on a reported basis.
Adjusted net income 2 for the second quarter of 2024 was $711 million, or $1.56 per diluted share, an increase of 9% and 11%, respectively, on a reported basis, and an increase of 18% and 20%, respectively, on an operational basis. Adjusted net income for the second quarter of 2024 excludes the net impact of $87 million for purchase accounting adjustments, acquisition and divestiture-related costs and certain significant items.
EXECUTIVE COMMENTARY
"We had another outstanding quarter, demonstrating the strong demand for our trusted, innovative products, our ability to capture and expand markets, and the dedication of our purpose-driven colleagues," said Kristin Peck, Chief Executive Officer of Zoetis. "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."
"Our excellent first half across key franchises, including osteoarthritis (OA) pain, Simparica and key dermatology, is a testament to our commitment to deliver breakthrough innovations that address our customers' unmet needs and our differentiated execution. I look forward to continuing our momentum into the second half of the year where we will remain focused on executing our strategy, building trust and preference for our best-in-class products and delivering value to shareholders."
To read the entire report click here.
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