20% increase: higher demand for pet products boosts Zoetis’ first quarter

The increase in demand for pet parasiticides, osteoarthritis pain medication and dermatology products fueled Zoetis’ positive first quarter in 2024.

The company’s portfolio of companion animal and livestock products generated $1.45 billion (€1.34B) in revenue between January and March 2024, a 16% increase from the same period in 2023, when the segment generated $1.1 billion (€1B) in revenue.

“Our scientific breakthroughs have firmly established us as trusted and preferred partners to our customers, and we will continue to invest in the talent, pipeline and capabilities that will support future growth,” says CEO Kristin Peck.

US and international performance

The companion animal segment in the US generated $898 million (€835.8M) in revenue, up from $721 million (€671.1M) in Q1 2023. The firm noted a 25% increase in both operational and revenue growth in the first quarter of the year.

Internationally, the segment saw a 10% yearly increase in revenue to $552 million (€513.8M).

The New-Jersey-based multinational posted $2.2 billion (€2B) across its entire business portfolio, an increase of 10%. Net income for Q1 2024 stood at $599 million (€557.6M), a 9% increase. 

Peck told investors the company will “continue to deliver strong growth in 2024 while investing for the future.” “The strength of the human-animal bond and the growing demand for a secure and sustainable food supply reinforce the essential nature of the animal health industry and our innovative portfolio,” she concluded.