ZTS Zoetis Inc

By Emon Reiser

Zoetis reported a double-digit increase in second-quarter net income as its companion animal business grew.

The veterinary-drug maker posted a profit of $671 million, or $1.45 a share, compared with $529 million, or $1.12 a share, in the same quarter a year ago.

Stripping out one-time items, adjusted earnings were $1.41 a share. Analysts polled by FactSet had been expecting $1.31 a share.

Revenue rose 6% to $2.2 billion, above analyst forecasts of $2.15 billion, according to FactSet.

Zoetis, which was spun off by drug giant Pfizer in 2013, said the increase in revenue in the U.S. was driven by an uptick in its dermatology products for companion animals. Sales of livestock products also increased.

Revenue in the international segment, meanwhile, rose on higher sales in the company's parasiticide portfolio.

Shares rose 2.3% to $184.80 in premarket trading.

Write to Emon Reiser at emon.reiser@wsj.com

(END) Dow Jones Newswires

August 08, 2023 07:44 ET (11:44 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.