By a News Reporter-Staff News Editor at Pharma Business Week -- Zoetis Inc. (NYSE:ZTS) reported its financial results for the fourth quarter and full year 2013. The company reported revenue of $1.25 billion for the fourth quarter of 2013, an increase of 7% from the fourth quarter of 2012. Revenue reflected an operational2 increase of 9%, with foreign currency having a negative impact of 2 percentage points (see also Zoetis Inc.).
Net income for the fourth quarter of 2013 was $105 million, or $0.21 per diluted share. Adjusted net income1 for the fourth quarter of 2013 was $180 million, or $0.36 per diluted share. Adjusted net income1 for the fourth quarter of 2013 excludes the net impact of $75 million, or $0.15 per diluted share, for purchase accounting adjustments, acquisition-related costs and certain significant items.
For full year 2013, the company reported revenue of $4.56 billion, an increase of 5% from the full year 2012. Revenue reflected an operational2 increase of 7%, with foreign currency having a negative impact of 2 percentage points.
Net income for the full year 2013 was $504 million, or $1.01 per diluted share, an increase of 16% compared to the full year 2012. Adjusted net income1 for the full year 2013 was $709 million, or $1.42 per diluted share, an increase of 32% and 31%, respectively, compared to the adjusted full year 2012. Adjusted net income1 for the full year 2013 excludes the net impact of $205 million, or $0.41 per diluted share, for purchase accounting adjustments, acquisition-related costs and certain significant items. EXECUTIVE COMMENTARY "In 2013, we successfully established ourselves as a new public company, delivered on our financial objectives, and continued meeting our customer commitments," said Zoetis Chief Executive Officer Juan Ramon Alaix. "Our performance in 2013, together with our guidance for 2014, confirms our long-term objective to grow revenue in line with, or faster than, the market; to grow adjusted net income faster than revenue; and to bring additional value to our customers, colleagues and shareholders."
"We continue to expand our diverse portfolio, receiving approvals and bringing important new products to our customers, such as Apoquel for veterinarians in the U.S., European Union and New Zealand," said Alaix. "We have maintained a reliable, high-quality supply of products around the world, while managing our separation from Pfizer. We also continue to achieve important milestones in standing up our company and achieving our growth strategies. I am very proud of the people of Zoetis for their dedication to our customers and for building on our legacy as the world leader in animal health."
"I am very pleased with our financial performance in our first year operating as a public company and with the progress we have made in building our infrastructure," said Rick Passov, Executive Vice President and Chief Financial Officer of Zoetis. QUARTERLY HIGHLIGHTS Zoetis organizes and manages its business across four regional operating segments: the United States (U.S.); Europe/Africa/Middle East (EuAfME); Canada/Latin America (CLAR); and Asia/Pacific (APAC). Within each of these regional segments, the company delivers a diverse portfolio of products for livestock and companion animals tailored to local trends and customer needs.
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