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Zoetis Report Strong Quarterly Financials
USAgNet - 05/05/2016

Zoetis Inc. reported its financial results for the first quarter of 2016 and updated its guidance for full year 2016 and full year 2017.

The company reported revenue of $1.2 billion for the first quarter of 2016, an increase of 5% compared with the first quarter of 2015. Revenue reflected an operational1 increase of 12%, excluding the impact of foreign currency.

Net income for the first quarter of 2016 was $204 million, or $0.41 per diluted share, an increase of 24%, compared with the first quarter of 2015. Adjusted net income2 for the first quarter of 2016 was $239 million, or $0.48 per diluted share, an increase of 15% and 17%, respectively.

Adjusted net income for the first quarter of 2016 excludes the net impact of $35 million, or $0.07 per diluted share, for purchase accounting adjustments, acquisition-related costs and certain significant items. On an operational basis, adjusted net income for the first quarter of 2016 increased 28%, with foreign currency having a negative impact of 13 percentage points.

Due to accounting calendars, the first quarter of 2016 includes six additional calendar days compared with the first quarter of 2015, resulting in higher sales, costs and expenses. The company estimates the impact of the additional days to be approximately 6 percentage points of operational growth.


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