Zoetis Reports Revenue of $1.5 Billion, Growing 5%, and Net Income of $423 Million, or $0.88 per Diluted Share, Increasing 36% and 35%, Respectively, on a Reported Basis for First Quarter 2020
Reports Adjusted Net Income of $455 Million, or Adjusted Diluted EPS of $0.95, for First Quarter 2020
Delivers 7% Operational Growth in Revenue and 10% Operational Growth in Adjusted Net Income for First Quarter 2020
COVID-19 Pandemic Has Minimal Impact on First Quarter Results; Estimated Full-Year Impact Reflected in Lower 2020 Guidance
Updates Full Year 2020 Revenue Guidance to $5.950 – $6.250 Billion and Diluted EPS of $2.80 – $3.07 on a Reported Basis, or $3.17 – $3.42 on an Adjusted Basis
PARSIPPANY, NJ (STL.News) Zoetis Inc. (NYSE: ZTS) today reported its financial results for the first quarter of 2020 and lowered its guidance for full year 2020 to reflect the company’s current view of the estimated full-year impact of the COVID-19 outbreak, recessionary conditions in the global economy, and foreign currency headwinds.
The company reported revenue of $1.5 billion for the first quarter of 2020, an increase of 5% compared with the first quarter of 2019. Net income for the first quarter of 2020 was $423 million, or $0.88 per diluted share, an increase of 36% and 35%, respectively, on a reported basis.
Adjusted net income1 for the first quarter of 2020 was $455 million, or $0.95 per diluted share, an increase of 7%, on a reported basis. Adjusted net income for the first quarter of 2020 excludes the net impact of $32 million for purchase accounting adjustments, acquisition-related costs and certain significant items.
On an operational 2 basis, revenue for the first quarter of 2020 increased 7%, excluding the impact of foreign currency. Adjusted net income for the first quarter of 2020 increased 10% operationally, excluding the impact of foreign currency.
NOTE: this is NOT the complete release.