Zoetis 4Q Net Up 11%; Sees 2023 Earnings, Revenue Growth
February 14 2023 - 08:05AM
Dow Jones News
By Rob Curran
Zoetis Inc. logged an 11% increase in fourth-quarter earnings
and forecast growth in 2023 net income and sales as demand for pet
medicines remained high following a pandemic-era boom in animal
adoption.
The Parsipanny, N.J., veterinary-drug maker posted
fourth-quarter earnings of $461 million, or 99 cents a share, up
from $414 million, or 87 cents a share, a year earlier.
On an adjusted basis, Zoetis posted earnings of $1.15 a
share.
Fourth-quarter revenue rose 4%, to $2.04 billion.
Zoetis, which was spun off by drug giant Pfizer Inc. in 2013,
projected 2023 earnings of $5.03-to-$5.14 a share, $4.49 a share in
2022. The company forecast adjusted earnings in a range of $5.34 to
$5.44 a share.
Zoetis projected 2023 revenue in a range of $8.58 billion to
$8.73 billion, which would represent growth of at least 6% from
2022 revenue of $8.08 billion.
"Looking ahead, we are well-positioned with the strategy and
capabilities to expand in large and growing product areas like
parasiticides, dermatology products, monoclonal antibodies,
vaccines and diagnostics," said Chief Executive Kristin Peck.
Write to Rob Curran at rob.curran@wsj.com
(END) Dow Jones Newswires
February 14, 2023 07:50 ET (12:50 GMT)
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