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Zoetis Q2 profit climbs 16.3% YOY; 2019 guidance raised

Zoetis Inc. said its adjusted net income for the second quarter amounted to 90 cents per share, up 16.9% from 77 cents per share a year earlier.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 82 cents.

The Parsippany, N.J.-based animal health company said adjusted net income totaled $436.0 million, a gain of 16.3% from $375.0 million in the prior-year period.

Revenue increased 9.3% year over year to $1.55 billion from $1.42 billion, and research and development expenses rose 8.8% year over year to $111.0 million from $102.0 million.

GAAP net income fell on an annual basis to $371.0 million, or 77 cents per share, from $384.0 million, or 79 cents per share.

Year-to-date through June 30, the company's adjusted net income totaled $1.78 per share, a gain from $1.51 per share in the prior-year period.

Adjusted net income was $860.0 million, an increase from $740.0 million in the prior-year period.

Year-to-date revenue grew 7.9% year over year to $3.00 billion from $2.78 billion.

The company said GAAP net income declined 7.2% on an annual basis to $683.0 million, or $1.41 per share, in the year to June 30, from $736.0 million, or $1.51 per share.

Guidance

Zoetis forecasts adjusted EPS in the range of $3.53 to $3.60 for the full year, up from previous guidance in the range of $3.42 to $3.52.

The S&P Global Market Intelligence consensus normalized EPS estimate for the full year is $3.49.

The company also forecasts revenue in the range of $6.18 billion to $6.28 billion for the full year, up from previous guidance in the range of $6.10 billion to $6.23 billion.