Zoetis reports Q4, full year results

Animal health company reports 2014 Q4 revenue of $1.3b increased 5% compared to 2013.

Zoetis Inc. reported Feb. 11 its financial results for the fourth quarter and full year 2014 and updated its guidance for full year 2015.

The company reported revenue of $1.3 billion for the 2014 fourth quarter, an increase of 5% from the 2013 fourth quarter; revenue reflected an operational increase of 9%, excluding the impact of foreign currency.

Net income for the fourth quarter was $126 million, an increase of 20%, compared to the 2013 fourth quarter. Adjusted net income for the 2014 fourth quarter was $203 million, an increase of 13%. Adjusted net income for the fourth quarter of 2014 excludes the net impact of $77 million for purchase accounting adjustments, acquisition-related costs and certain significant items.

For the 2014 full year, the company reported revenue of $4.8 billion, an increase of 5% from 2013. Revenue reflected an operational increase of 7%, with foreign currency having a negative impact of 2 percentage points.

Net income for the full year 2014 was $583 million, an increase of 16%, compared to the full year 2013. Adjusted net income for the full year 2014 was $790 million, an increase of 11%, compared to the adjusted full year 2013. Adjusted net income for the full year 2014 excludes the net impact of $207 million, for purchase accounting adjustments, acquisition-related costs and certain significant items.

"We completed a very successful year in 2014 as we continue to create value for shareholders, delivering operational growth of 7% in revenue and 13% in adjusted net income for the full year," Zoetis chief executive officer Juan Ramon Alaix said.

"We generated growth across all four of our regional segments for the year based on our market-leading franchises and the continued adoption of our newer products. Our 9% operational growth in our livestock products for the year demonstrated very favorable market conditions for meat and dairy producers, and the value our premium medicines and vaccines bring to protecting animals and improving productivity," Alaix added.

Zoetis executive vice president and chief financial officer Paul Herendeen added, "We are updating our full year guidance for 2015 to reflect foreign exchange rates as of late January, the closing of the Abbott Animal Health transaction, and other changes in our operating assumptions for 2015. There continue to be opportunities to grow our revenue and improve our margins over the next few years as we finalize our manufacturing strategy and focus on continuous improvement in our operations."

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