Zoetis, a global leader in animal health, has announced its financial results for the fourth quarter and full year 2023, along with full-year guidance for 2024.
In the fourth quarter of 2023, Zoetis reported revenue of $2.2 billion, marking an 8% increase compared to the same period in 2022, on both a reported and operational basis. Net income for the fourth quarter of 2023 amounted to $525 million, or $1.14 per diluted share, representing a 14% and 15% increase, respectively, on a reported basis.
Adjusted net income for the fourth quarter of 2023 reached $569 million, or $1.24 per diluted share, indicating a 6% and 8% increase, respectively, on a reported and operational basis. This figure excludes the net impact of $44 million for certain accounting adjustments and acquisition-related costs.
For the full year 2023, Zoetis reported revenue of $8.5 billion, reflecting a 6% increase compared to the previous year. On an operational basis, revenue grew by 7%, excluding the impact of foreign currency. Net income for the full year 2023 was $2.3 billion, or $5.07 per diluted share, marking an 11% and 13% increase, respectively, on a reported basis.
Adjusted net income for the full year 2023 amounted to $2.5 billion, or $5.32 per diluted share, indicating a 7% and 9% increase, respectively, on a reported and operational basis. This figure excludes the net impact of $113 million for certain accounting adjustments and acquisition-related costs.
Kristin Peck, Chief Executive Officer of Zoetis, expressed satisfaction with the company’s performance, attributing it to their diverse portfolio and committed workforce. Peck highlighted the growth in revenue and adjusted net income, driven by innovative companion animal franchises and ongoing investments in research and development.
Zoetis provided full-year guidance for 2024, anticipating revenue between $9.075 billion to $9.225 billion, with operational growth projected at 7% to 9%. The company also outlined expected net income and adjusted diluted EPS figures for the year.
Zoetis continues to invest in innovation and expand its product offerings globally. Recent highlights include approvals for Solensia in Brazil and Simparica Trio in China, along with advancements in diagnostic platforms and livestock vaccines.
A webcast and conference call discussing these financial results and guidance are scheduled for today at 8:30 a.m. (ET). Interested parties can access the live webcast on the Zoetis website, with a replay available thereafter.
- Revenue between $9.075 billion to $9.225 billion (operational growth of 7% to 9%)
- Reported net income between $2.468 billion to $2.513 billion
- Adjusted net income between $2.650 billion to $2.700 billion (operational growth of 9% to 11%)
- Reported diluted EPS between $5.34 to $5.44
- Adjusted diluted EPS between $5.74 to $5.84
This guidance reflects foreign exchange rates as of late January 2024. Additional details on guidance are included in the financial tables and will be discussed on the company’s conference call this morning.
WEBCAST & CONFERENCE CALL DETAILS
Zoetis will host a webcast and conference call at 8:30 a.m. (ET) today, during which company executives will review fourth quarter and full year 2023 results, discuss financial guidance and respond to questions from financial analysts. Investors and the public may access the live webcast by visiting the Zoetis website at http://investor.zoetis.com/events-presentations. A replay of the webcast will be archived and made available on February 13, 2024.
