Zoetis impresses in the second quarter of 2024 with strong revenue growth

Zoetis achieved impressive results in the second quarter of 2024, prompting the company to raise its annual forecasts. Kristin Peck, Chief Executive Officer, and Wetteny Joseph, Chief Financial Officer of the company, presented the outstanding figures to investors in a conference call. Zoetis' total revenue increased by 11% on an operational basis compared to the same quarter last year, while the adjusted net income rose by 18%. This success is based on strong demand for innovative products and the company's continued market leadership. Notably, the Companion Animal portfolio grew operationally by 12%, and the Livestock segment saw a 9% increase. Sales in the United States rose by 12%, and international operational growth reached 10%. Key products driving this growth include Apoquel, Simparica Trio, and Cytopoint. Zoetis achieved particular success with its pain management franchise for osteoarthritis: Librela for dogs grew by 142%, while Solensia for cats registered a growth rate of 60%. These products not only promote animal health but also help open new markets and expand existing market shares. Peck emphasized that the ongoing success is based on the combination of industry-leading innovation and differentiated execution. Zoetis has launched more than 300 science-based innovations and leads the industry in research and development investments. With a global presence and top-notch production facilities, the company ensures timely delivery of products in the highest quality. The strong performance in the second quarter has led Zoetis to raise its annual target: the company now expects annual revenue for 2024 to be between USD 9.1 billion and USD 9.25 billion and an operational growth rate in adjusted net income of 13.5% to 15.5%. CEO Peck and CFO Joseph expressed confidence that Zoetis will continue to outpace market growth in the coming quarters.