The pharmaceutical company reported a net income of $2.1 billion for the year, up 4% from 2021.
Zoetis reported a $2 billion (€1.86B) revenue for the fourth quarter of 2022, an increase of 4% compared to the same period in 2021.
The New Jersey-based firm earned a net income of $461 million (€430M) in the last 3 months of the year, up 11% from the same quarter in 2021. Its revenue in 2022 grew by 4% to $8.1 billion (€7.55B).
In the US alone, Zoetis posted revenue of $1.1 billion (€1B), a growth of 7% from the fourth quarter of 2021.
Sales of pet products in the quarter increased by 12%, led by expansion in the company’s parasiticide portfolio, primarily Simparica Trio for dogs.
Revenues from the rest of the world in the quarter were $901 million (€840M), while sales of pet products were up 7%.
Growth drivers
A key factor contributing to this was Zoetis’ parasiticide portfolio, Revolution and Simparica, and the newly launched chewable version of Apoquel, a dermatology product.
The pharma firm’s monoclonal antibody products for osteoarthritis pain, Librela for dogs, and Solensia for cats were also instrumental in driving the company’s revenues in the quarter.
Kristin Peck, Chief Executive Officer of Zoetis, said that 2022 “delivered another strong year of performance,” with revenue growing by 8% operationally, driven by its “innovative companion animal franchises” across parasiticides, dermatology, and pain.
She added that for 2023 and ahead, the company is “well-positioned with the strategy and capabilities to expand in large and growing product areas like parasiticides, dermatology products, monoclonal antibodies, vaccines, and diagnostics, while still investing in comprehensive solutions across the continuum of animal care.”
The company expects to deliver a 6% to 8% operational growth in revenue for 2023.
The latest articles
US: Veterinary revenues on the rise despite fewer visits
As pet visits decline post-pandemic, diagnostic testing emerges as a key driver of veterinary income. GlobalPETS dives into the findings of a new research.
Younger generations in Italy more open to having pets over kids
A recent survey reveals differing attitudes toward pet ownership, travel and spending between younger and older Italian pet owners.
US: pet welfare plays a significant role in home renovation decisions
Owners care for their companion animals by incorporating pet-friendly home upgrades like grooming and feeding stations.
Weekly newsletter to stay up-to-date
Discover what’s happening in the pet industry. Get the must-read stories and insights in your inbox.