Zoetis reports revenue increase in third quarter of 2013
Animal health company, however, experiences decrease in net income for third quarter
Zoetis reported on November 5 an 8 percent increase in revenue for its third quarter, and a 19 percent decrease in net income when compared to the third quarter of 2012. Zoetis, the former animal health business of Pfizer, completed its third quarter since its formation.
Net income for the third quarter of 2013 was $131 million, a decrease of 19 percent, compared to the third quarter of 2012. Adjusted net income for the third quarter of 2013 was $172 million, an increase of 12 percent and 10 percent, respectively, compared to the adjusted third quarter of 2012. Adjusted net income for the third quarter of 2013 excludes the net impact of $41 million for purchase accounting adjustments, acquisition-related costs and certain significant items.
"With three quarters now reported in our first year, I am pleased with how we are meeting our commitments to customers, delivering financial results and setting a solid foundation for our future," said Zoetis Chief Executive Officer Juan Ramón Alaix. "We continue to build on the commercial performance, innovative research and development, and reliable supply chain that have been critical to our success, while managing through all the changes that come with standing up a new company."
"This quarter, our diverse portfolio of products was once again a key factor in delivering revenue growth across all of our regions, while our scope and scale helped us grow our adjusted earnings faster than sales. We saw significant growth in the U.S., our largest market, which reflects strong sales in both companion animal and livestock products. And, as expected, the growth in U.S. livestock products reflects the impact of drought conditions that were experienced in the year-ago quarter. We also saw balanced performance across our other regions based on continued market acceptance of new products, growth in emerging markets, and steady performance of our core product lines."