Zoetis posts revenue of $8.1 billion in 2022

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.