Animal health company Zoetis reported a 25 percent increase in net income for the third quarter of fiscal year 2017.
The company, in releasing its quarterly financial results on November 2, reported a net income of $298 million for the third quarter, up from the net income of $239 million for the third quarter of fiscal year 2016. The third quarter for Zoetis’ 2017 fiscal year ended on October 1.
In a press release, Zoetis CEO Juan Ramón Alaix, noted that the strength of its poultry portfolio contributed to the company’s success during the quarter, but sales of swine products were sluggish during that time.
“One the livestock side of our business, we grew 2 percent operationally, with growth in our fish and poultry products that support the world’s fastest growing sources of protein,” he said. “The growth in livestock was offset primarily by lower sales in cattle and swine products in the U.S., due to lower disease incidents and shifts in treatment protocols related to the Veterinary Feed Directive (VFD) implementation.”
The VFD took effect on January 1.
Positive outlook for the remainder of fiscal year 2017
Alaix is encouraged by the direction the animal health company is going, and expects a profitable final quarter for the fiscal year.
“With one quarter left in 2017, we are raising our full year guidance for revenue and net income, and we expect to continue delivering steady, profitable growth based on the performance of our diverse portfolio and investments in innovation,” he said.
Zoetis is the former animal health business of Pfizer. Building on more than 60 years of experience in animal health, Zoetis, according to its website, discovers, develops, manufactures and markets veterinary vaccines and medicines, complemented by diagnostic products, genetic tests, biodevices and a range of services. Zoetis serves veterinarians, livestock producers and people who raise and care for farm and companion animals with sales of its products in more than 100 countries.