Sales of Zoetis’ pet products increased 6% in Q3
The New Jersey vet company, which earned $2 billion in the period, is lowering its revenue guidance for the rest of the year.
The US segment accounted for half of the total revenue driven by the sales of companion animal products. Zoetis’ parasiticide and dermatology portfolio contributed to it.
The international segment accounted for $889 million (-2%), driven by the increased sales of the company’s recently launched monoclonal antibody products for osteoarthritis pain.
Net income for the third quarter of 2022 was $529 million, a decrease of 4%.
Fewer sales than expected
The company shows optimism after the recent acquisition of Australian animal health company Jurox, which is not reflected in its Q3 results.
“The acquisition brings Zoetis a range of companion animal and livestock products primed for global expansion and provides the company with future growth opportunities, manufacturing capacity, and increased capabilities in Australia, its fourth largest market based on 2021 revenue,” it said.
Zoetis told its investors it is lowering its FY 2022 guidance “to reflect lower than expected sales.” It now forecasts yearly revenue of $8 billion.
“For operational revenue growth, we are lowering our growth to 7% to 8%, previously 9.5% to 10.5%,” said Wetteny Joseph, Executive Vice President and CFO.
CEO Kristin Peck added that despite this decision, the company remains “confident in the strength and growth drivers” of its business.
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