(Reuters) – Animal healthcare company Zoetis surpassed analysts’ expectations for first-quarter profit on Thursday, helped by strong demand for its medicines and vaccines for pets.
Zoetis deals with vaccines, medicines and diagnostic solutions for animals and manufactures products for livestock and fish, which it markets in more than 40 countries.
The company posted adjusted profit of $1.38 per share for the first quarter, beating analysts’ average estimate of $1.34 per share, according to LSEG data.
Shares of the company rose 4% to $163.52 in premarket trading.
Zoetis had said in February it expects companion animal to be the primary growth driver in 2024, helped in part by strong demand for its osteoarthritis pain medication — Librela for dogs and Solensia for cats.
The New Jersey-based company posted first-quarter revenue of $2.19 billion, compared with analysts’ estimate of $2.13 billion.
Revenue in its companion animal segment, which sells vaccines and medicines for dogs, cats and horses, rose 18% to $1.45 billion, also beating estimates of $1.37 billion.
Zoetis attributed the rise in revenue to growth in its flea, tick and heartworm combination product and its pet pain products.
The company, however, expects its 2024 adjusted profit to be between $5.71 and $5.81 per share, compared with its previous forecast range of $5.74 to $5.84 per share.
(Reporting by Sneha S K in Bengaluru; Editing by Shilpi Majumdar)
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