Zoetis 1Q Revenue Edges Higher While Profit Slips

By Dean Seal

Zoetis logged a slimmer profit but slightly higher revenue in the first quarter as sales growth in its international business offset a small decline in its U.S. segment.

The veterinary-drug maker posted a profit of $552 million, or $1.19 a share, compared with $595 million, or $1.26 a share, in the same quarter a year ago.

Stripping out one-time items, adjusted earnings were $1.31 a share. Analysts polled by FactSet had been expecting $1.25 a share.

Revenue rose 1% to $2 billion, below analyst forecasts of $2.01 billion, according to FactSet.

Zoetis, which was spun off by drug giant Pfizer in 2013, said revenue in the U.S. was down slightly with fewer sales of companion animal products due to de-stocking across its portfolio and pull forward of demand in the fourth quarter, when its prices were lower and promotions abounded.

Revenue in the international segment meanwhile rose on higher sales of companion animal products and livestock products.

Shares ticked down 1% to $176 in premarket trading.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

May 04, 2023 07:41 ET (11:41 GMT)

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