ZTS Zoetis Inc

By Colin Kellaher

Shares of Zoetis Inc. slid more than 10% and hit a new 52-week low on Thursday after the animal health company posted disappointing quarterly results and cut its full-year guidance.

The Parsippany, N.J., company reported third-quarter adjusted earnings of $1.21 a share amid a 1% rise in revenue to $2 billion, shy of the $1.24 and $2.08 billion, respectively, that analysts polled by FactSet were expecting.

Zoetis, which is grappling with continued supply constraints, veterinary workforce challenges and the negative impact of foreign-exchange rates, said it now expects full-year revenue of $8 billion to $8.075 billion and adjusted per-share earnings of $4.83 to $4.90.

In August, the company had forecast 2022 adjusted earnings of $4.97 to $5.05 a share on revenue of $8.225 billion to $8.325 billion.

Zoetis shares were recently changing hands at $128.03, down 13%, after touching a 52-week low of $124.15 earlier in the session.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

November 03, 2022 11:46 ET (15:46 GMT)

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