Zoetis cuts annual forecasts as pet healthcare demand slows
ZTS•Zoetis names new CFO and COO
Separately, Zoetis on Thursday also named former GE HealthCare CFO Jay Saccaro as chief financial officer and chief operating officer, effective Aug. 17. Current CFO Wetteny Joseph will become a special adviser to the CEO until early 2027 to support the transition.
Second-quarter results and segment performance
- Quarterly revenue in Zoetis' companion-animal segment — its largest business — fell 5% to $1.71 billion, below analysts' estimate of $1.81 billion.
- Second-quarter revenue was $2.47 billion, below analysts' estimates of $2.50 billion, while adjusted earnings of $1.87 per share slightly topped estimates of $1.86 per share, according to LSEG data.
Zoetis lowers full-year outlook after revenue miss
Aug. 6 (Reuters) - Animal health company Zoetis cut its annual forecasts on Thursday after missing Wall Street estimates for second-quarter revenue, as softer demand for pet healthcare products and increased competition weighed.
Shares of the company were down about 3% in premarket trading.
Management cites pressure in companion-animal market
- CEO Kristin Peck said lower clinic visits, pet owners' price sensitivity and heightened competition in key categories pressured the companion-animal market.
- Zoetis cut its 2026 forecast for adjusted earnings per share to $6.15 to $6.25, compared with its prior view of $6.85 to $7.00.
- The midpoint of the new forecast is below analysts' average estimate of $6.88, according to data compiled by LSEG.
