Zoetis maintains strong sales and increases revenue by 5% in Q2
The companion animal segment grew by 14%, impacted by the recent acquisition of a pet care genetics company.
The New Jersey-based animal health company reported earnings of $2.1 billion in the second quarter of the year against $1.9 billion in the same period for last year. The net income for this period reached $ 529 million (+4%).
Kristin Peck, Zoetis’ Chief Executive Officer, highlighted that companion animal revenue grew 14% operationally.
“Our diversity and strength across parasiticides, dermatology products, vaccines and monoclonal antibodies for pain continue to demonstrate people’s desire for innovative and effective care for their pets,” he noted.
The company believes that, despite the uncertain macroeconomic scenario and the continued supply constraints, it remains “strong” thanks to the durability of its global portfolio and a steady pipeline of new products.
The US market accounted for the majority of the revenue in the quarter ($1 billion, +9%), followed by the international markets ($943 million, + 2%).
Recent acquisitions
Zoetis acquired Basepaws, a pet care genetics company based in Los Angeles, earlier in June to enhance its R&D capabilities and future innovations.
The company stated to investors that this takeover “enhances” its portfolio in the precision animal health space and will help inform its future pipeline of pet care innovations.
The animal health company also announced approvals for new medicines and products in Mexico, New Zealand and Canada.
Reflecting the impact of the positive trend, Zoetis updated its full-year 2022 guidance and now assumes revenue between $8.2 billion and $8.3 billion. It also expects to end the year with an operational growth increase of 9.5-10.5%.
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