Zoetis Inc. (NYSE: ZTS), a former business unit of Pfizer Inc., today reported its financial results for the second quarter of 2013. The company reported revenue of $1.11 billion for the second quarter, an increase of 2% from the second quarter of 2012. Revenue reflected an operational 2 increase of 4%, with foreign currency having a negative impact of 2 percentage points.
Net income for the second quarter of 2013 was $128 million, or $0.26 per diluted share, a decrease of 26%, compared to the second quarter of 2012. Adjusted net income 1 for the second quarter of 2013 was $178 million, or $0.36 per diluted share, an increase of 1% and 3%, respectively, compared to the second quarter of 2012. Adjusted net income 1 for the second quarter of 2013 excludes the net impact of $50 million, or $0.10 per diluted share, for purchase accounting adjustments, acquisition-related costs and certain significant items.
“In the second quarter, we achieved positive financial results while we completed our separation from Pfizer and continued delivering product innovations such as the approval of APOQUEL in the U.S.,” said Zoetis Chief Executive Officer Juan Ramón Alaix. “Our global scale, local presence and diverse portfolio again helped us deliver growth in sales and adjusted earnings, despite ongoing weather-related challenges and economic issues.”“The company performance - both for the quarter and year-to-date - further illustrates the commitment and talent of our people and the strength of our business model,” said Alaix. “As we look ahead, we remain confident in our ability to fully stand up our new company, while meeting our customers' needs for innovative animal health medicines and vaccines.” “This quarter, we have made good progress on building out our infrastructure. I am pleased with our financial results year-to-date, and we are reaffirming our guidance for full year 2013,” said Rick Passov, Executive Vice President and Chief Financial Officer of Zoetis.