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Sep 30, 2024
Zoetis Q3 2024 Earnings Report
Reported an 11% increase in revenue and a 14% increase in net income for Q3 2024.
Key Takeaways
Zoetis reported strong Q3 2024 results, with revenue reaching $2.4 billion, an 11% increase compared to Q3 2023. Net income grew by 14% to $682 million, and adjusted net income increased by 15%. The company has raised its full-year 2024 revenue and adjusted EPS guidance, reflecting confidence in its diverse portfolio and market leadership.
Revenue reached $2.4 billion, growing 11% overall and 14% operationally.
Net income increased by 14% to $682 million, or $1.50 per diluted share.
U.S. revenue grew by 15%, driven by companion animal products.
International revenue increased by 13% operationally, with growth in both companion animal and livestock products.
Zoetis
Zoetis
Zoetis Revenue by Segment
Zoetis Revenue by Geographic Location
Revenue by Segment
Companion Animal Revenue
CapyFin.comLivestock Revenue
CapyFin.comContract Mfg. & Human Health Revenue
CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.comInternational Revenue
CapyFin.com Forward Guidance
Zoetis raises its full year 2024 guidance for revenue to $9.2 - $9.3 billion, representing operational growth of 10% to 11%, with adjusted diluted EPS of $5.86 to $5.92. The company updates full year operational growth in adjusted net income to 13.5% to 14.5%.
Positive Outlook
- Revenue between $9.200 billion to $9.300 billion (operational growth of 10% to 11%)
- Adjusted net income between $2.670 billion to $2.695 billion (operational growth of 13.5% to 14.5%)
- Adjusted diluted EPS between $5.86 to $5.92
- Strong first three quarters
- Underlying strength in companion animal
Challenges Ahead
- Guidance reflects foreign exchange rates as of mid-October.
- Certain significant items and acquisition and divestiture-related costs: $126 - $136 million
- Adjusted interest expense and other (income)/deductions-net: Approximately $190 million
- Effective tax rate on adjusted income: 20.0% to 20.5%
- Adjusted cost of sales as a percentage of revenue: Approximately 29.3%
Revenue & Expenses
Visualization of income flow from segment revenue to net income