Zoetis Inc . (NYSE:ZTS) reported worse-than-expected earnings for the fiscal fourth quarter, leading to a share price drop of more than 3.6% in premarket trading.
The animal health company posted an EPS of $1.24, which fell short of the consensus estimates of $1.32. The company's revenue for the quarter was slightly above expectations, at $2.2 billion compared to the anticipated $2.19 billion.
In the U.S., Zoetis saw its revenue reach $1.2 billion, marking a 9% increase from the fourth quarter of the previous year.
Internationally, revenue stood at $982 million, showing a 9% increase on a reported basis and 8% on an operational basis when compared to the same quarter in 2022.
“Zoetis delivered another strong performance in 2023 thanks to our diverse portfolio across markets and species and our dedicated colleagues,” said Kristin Peck, CEO of Zoetis.
“We grew revenue 7% operationally, driven by our innovative companion animal franchises across pain, dermatology and parasiticides.
For the fiscal year 2024, Zoetis has projected its EPS to be between $5.74 and $5.84, which is below the consensus projection of $5.99.
Revenue for the year is expected to be in the range of $9.075 billion to $9.225 billion, also missing the $9.206 billion estimated by analysts.