Zoetis increased revenue by 6% in 2023

The New Jersey-headquartered animal health company reported $8.5 billion (€7.9B) in revenue from January to December 2023, an increase of 6% compared to the same period in 2022.

For Q4 2023, the company reported $2.2 billion (€2.05B) in revenue, an 8% jump. 

Revenue in the US market accounted for $1.2 billion (€1.1B), an increase of 9% compared with the fourth quarter of 2022. Sales of companion animal products increased by 10%, driven by the company’s products for dog and cat osteoarthritis (OA) pain and its flea, tick and heartworm combination products for dogs. 

The company notes that its dermatological portfolio also contributed to its positive results, which align with Q3.

International segment

Zoetis clocked in $982 million (€908M) in revenue through its international segment, reflecting a 9% increase on a reported basis and an increase of 8% operationally compared with Q4 2022. 

Sales of companion animal products grew 13% on a reported basis and 10% operationally, with the same products contributing to growth in the quarter. 

Commenting on the results, Kristin Peck, CEO of Zoetis, says, “We grew revenue 7% operationally, driven by our innovative companion animal franchises across pain, dermatology and parasiticides.” 

“We also grew our adjusted net income 7% operationally while continuing to support investments in R&D, supply chain and commercial excellence capabilities that will drive our next phase of growth.”

Peck adds that the company was “well-positioned” for growth in its other franchises, including dermatology, parasiticides and diagnostics. It will continue to invest in solutions that “shape and expand the future of animal health.”

For FY 2024, the firm expects its revenue to increase further to somewhere between $9 billion (€8.32B) and $9.2 billion (€8.51B) and 7% to 9% operational growth in revenue.