Zoetis Inc (NYSE:ZTS) shares are trading higher after the company reported first-quarter FY24 revenue of $2.19 billion, up 10% Y/Y on reported and 12% Y/Y on an operational basis, beating the consensus of $2.132 billion.
Revenue in the U.S. segment was $1.2 billion, up 16% Y/Y. Sales of companion animal products increased by 25%, driven by growth in key franchises including Simparica Trio, flea, tick and heartworm combination product, key dermatology portfolio, including Apoquel and Cytopoint, and osteoarthritis (OA) pain products, Librela for dogs and Solensia for cats.
Revenue in the International segment stood at $1.0 billion, rising by 3% on a reported basis and by 8% Y/Y operationally in the quarter.
Net income for the first quarter was $599 million, or $1.31 per diluted share, an increase of 9% and 10%, respectively, on a reported basis.
Adjusted net income for the first quarter was $634 million, or $1.38 per share, an increase of 4% and 5%, respectively, on a reported and rising 15% and 17% on an operational basis, beating the consensus of $1.34.
Also Read: Largest Animal Health Firm Zoetis Hit With European Probe Over Possible Breach of Competition Rules Related To Dog Pain Medicine
FY24 Guidance Revised: Zoetis updated FY24 revenue guidance to $9.050 billion to $9.200 billion (from $9.075 billion-$9.225 billion), representing an operational growth of 8.5% to 10.5%, vs. the consensus of $9.16 billion.
The animal health-focused Zoetis now sees FY24 adjusted EPS of $5.71 to $5.81 (from $5.74-$5.84 earlier) vs. the consensus of $5.79.
Also Read: Animal Health Giant Zoetis Stock Crumbles: Possible Side Effect Of Its Pet Arthritis Pain Drugs Sickened Dogs, Cats
Investors can gain exposure to the stock via ProShares Pet Care ETF (BATS:PAWZ) and VanEck Agribusiness ETF (NYSE:MOO).
Price Action: ZTS shares are up 5.21% at $166.76 at the last check Thursday.
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