By Michael Dabaie
Zoetis Inc. reported first-quarter earnings and revenue above analyst expectations.
The animal health company reported first-quarter revenue of $1.87 billion, up from $1.53 billion in the year ago period and above the FactSet consensus forecast of analysts for $1.72 billion.
Net income attributable to Zoetis was $559 million, up from $423 million a year earlier.
Earnings per share were $1.17 for the quarter, up from 88 cents.
The company reported adjusted EPS of $1.26, beating the FactSet consensus for $1.04.
Revenue in the U.S. segment was $933 million, up 19% on year. Sales of companion animal products increased 32%, driven by growth in its parasiticides portfolio, the company said.
Revenue in the international segment was $922 million, up 27% on a reported basis.
Zoetis boosted its 2021 revenue forecast to between $7.5 billion and $7.63 billion. In February the company guided for 2021 revenue of between $7.4 billion and $7.55 billion.
Zoetis forecast full-year earnings per share of $4.08 to $4.19, versus earlier guidance of $4.02 to $4.14.
The company's new guidance for adjusted EPS is $4.42 to $4.51, up from February's forecast of $4.36 to $4.46.
"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," Chief Executive Kristin Peck said.
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(END) Dow Jones Newswires
May 06, 2021 09:05 ET (13:05 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.