Zoetis 4Q Net Up 11%; Sees 2023 Earnings, Revenue Growth

By Rob Curran

Zoetis Inc. logged an 11% increase in fourth-quarter earnings and forecast growth in 2023 net income and sales as demand for pet medicines remained high following a pandemic-era boom in animal adoption.

The Parsipanny, N.J., veterinary-drug maker posted fourth-quarter earnings of $461 million, or 99 cents a share, up from $414 million, or 87 cents a share, a year earlier.

On an adjusted basis, Zoetis posted earnings of $1.15 a share.

Fourth-quarter revenue rose 4%, to $2.04 billion.

Zoetis, which was spun off by drug giant Pfizer Inc. in 2013, projected 2023 earnings of $5.03-to-$5.14 a share, $4.49 a share in 2022. The company forecast adjusted earnings in a range of $5.34 to $5.44 a share.

Zoetis projected 2023 revenue in a range of $8.58 billion to $8.73 billion, which would represent growth of at least 6% from 2022 revenue of $8.08 billion.

"Looking ahead, we are well-positioned with the strategy and capabilities to expand in large and growing product areas like parasiticides, dermatology products, monoclonal antibodies, vaccines and diagnostics," said Chief Executive Kristin Peck.

Write to Rob Curran at [e-mail]

(END) Dow Jones Newswires

February 14, 2023 07:50 ET (12:50 GMT)

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