NEW YORK - Zoetis Inc . (NYSE:ZTS) reported better-than-expected second quarter results and raised its full-year guidance on Tuesday, as strong demand for its animal health products drove revenue growth.
The company posted adjusted earnings per share of $1.56, surpassing analyst estimates of $1.49. Revenue rose 8% to $2.36 billion, topping expectations of $2.31 billion.
Zoetis saw robust growth in its companion animal portfolio, with revenue increasing 11% operationally. The livestock segment also performed well, growing 9% operationally.
"We had another outstanding quarter, demonstrating the strong demand for our trusted, innovative products, our ability to capture and expand markets, and the dedication of our purpose-driven colleagues," said CEO Kristin Peck.
For the full year 2024, Zoetis raised its revenue guidance to $9.1-$9.25 billion, up from its previous forecast of $8.975-$9.175 billion. The company now expects adjusted EPS of $5.78-$5.88, compared to its prior outlook of $5.58-$5.73.
The improved outlook reflects Zoetis' strong first-half performance and continued momentum in its companion animal business. The company now projects 9-11% operational revenue growth for 2024, up from its previous estimate of 6-8%.
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