Zoetis Lowers Fiscal Year Revenue Outlook, Raises Profit Guidance

By Emon Reiser

Zoetis updated its full-year guidance with a lower range for its revenue and a higher range for its net income.

As it reported its second-quarter results for the period ended June 30, the veterinary-drug maker said its revenue for the full fiscal year is expected to be between $8.5 billion and $8.65 billion, down from its previous guidance $8.575 billion to $8.725 billion that it had expected in the first quarter.

Zoetis expects its 2023 net income to be between $2.4 billion and $2.46 billion, a higher range compared with its previous full-year guidance of between $2.345 billion and $2.4 billion.

Its full-year earnings per share are expected to be between $5.15 and $5.27 a share, up from its previous full-year guidance of between $5.03 and $5.14 a share.

Adjusted earnings are expected to be $5.37 to $5.47 a share, up from its previous full-year guidance of between $5.34 and $5.44 a share.

Zoetis reported sales and revenue above analysts estimates in the second quarter as its companion pet business grew.

Write to Emon Reiser at [e-mail]

(END) Dow Jones Newswires

August 08, 2023 08:05 ET (12:05 GMT)

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