Zoetis has reported its financial results for the third quarter of 2016 and updated its guidance for full year 2016 and 2017.
The company reported revenue of $1.2 billion for the third quarter of 2016, an increase of 2% compared with the third quarter of 2015. Net income for the third quarter of 2016 was $239 million, or $0.48 per diluted share, an increase of 26% to both on a reported basis.
Adjusted net income for the third quarter of 2016 was $258 million, or $0.52 per diluted share, an increase of 2% and 4%, respectively. Adjusted net income for the third quarter of 2016 excludes the net impact of $19 million for purchase accounting adjustments, acquisition-related costs and certain significant items.
On an operational basis, revenue for the third quarter of 2016 increased 4%, excluding the impact of foreign currency. Adjusted net income for the third quarter of 2016 increased 6% operationally, excluding the impact of foreign currency.
“In the third quarter, we grew revenue 4% operationally, with particular strength in our companion animal portfolio due to increased global sales of APOQUEL and other new products,” said Zoetis Chief Executive Officer Juan Ramón Alaix. “The livestock portfolio also showed positive operational growth in the quarter, excluding the impact of product rationalizations--a testament to the value of our diversification.”
“Our operational efficiency initiative as well as recent product launches are having clear benefits on our profitability, while we continue to invest in our business to sustain and grow our market leadership over the long term,” said Alaix.