PARSIPPANY, N.J.--(BUSINESS WIRE)--Zoetis Inc. (NYSE:ZTS) today reported its financial results for the first quarter of 2017 and reaffirmed its guidance for full year 2017.
The company reported revenue of $1.2 billion for the first quarter of 2017, an increase of 6% compared with the first quarter of 2016. Net income for the first quarter of 2017 was $238 million, or $0.48 per diluted share, an increase of 17% on a reported basis.
Adjusted net income1 for the first quarter of 2017 was $261 million, or $0.53 per diluted share, an increase of 9% and 10%, respectively, on a reported basis. Adjusted net income for the first quarter of 2017 excludes the net impact of $23 million for purchase accounting adjustments, acquisition-related costs and certain significant items.
On an operational2 basis, revenue for the first quarter of 2017 increased 6%, excluding the impact of foreign currency. Adjusted net income for the first quarter of 2017 increased 10% operationally, excluding the impact of foreign currency.
EXECUTIVE COMMENTARY
“In the first quarter of 2017, we continue to see positive results from our diverse portfolio, innovative new companion animal products, and a more efficient cost structure,” said Juan Ramón Alaix, Chief Executive Officer at Zoetis. “Our revenue grew 6% operationally in the first quarter, driven largely by sales of companion animal products such as Simparica, Apoquel and Cytopoint, and our livestock portfolio featured growth in swine, cattle and fish across our international markets. We posted 10% operational growth in adjusted net income – once again faster than revenue growth – as we continue delivering steady profitable results.”
“As costs for our one-time initiatives are largely complete, we were able to deliver 17% growth in reported EPS and continue to focus our investments on the ongoing business,” said Glenn David, Executive Vice President and Chief Financial Officer at Zoetis. “We see a good runway for continued growth, based on our diverse portfolio and recently launched products, and we are reaffirming our full-year 2017 guidance.”
