Zoetis Inc. reported its financial results for the second quarter of 2014, showing revenue of $1.2 billion for the second quarter of 2014, an increase of 4% from the second quarter of 2013.
Net income for the second quarter of 2014 was $136 million, or 27 cents per diluted share, an increase of 6% and 4%, respectively, compared to the second quarter of 2013. Adjusted net income for the second quarter of 2014 was $189 million, or 38 cents per diluted share, an increase of 6% compared to the second quarter of 2013, the announcement said.
"In the second quarter, we generated 6% operational growth in revenue, based on the strong performance of our livestock products," Zoetis chief executive officer Juan Ramon Alaix said. "We benefited from positive economic conditions for livestock producers versus the year-ago quarter, especially in the U.S., Canada and Brazil. This performance helped offset the impact of PEDV (porcine epidemic diarrhea virus) in swine and slower growth in companion animal products. Sales of Apoquel (a treatment for dermatitis in dogs), which continues to have limited supply, contributed to our growth in companion animal revenue and were somewhat offset by increased competition in other product areas."
"We also saw operational growth in revenue across all our geographical segments in the quarter, reflecting the strength and balance of our diverse portfolio," Alaix added.