Zoetis slips as pet care weakness weighs on sentiment
ZTS•Zoetis shares fell 3.48% after its CEO said U.S. clinic visits were down about 3% year-to-date as pet owners cut back on care. Third-quarter revenue fell 1% to $2.4 billion but topped analysts’ $2.30 billion estimate.
1. Care demand weakens
CEO Kristin Peck said on an earnings call that U.S. clinic visits were down about 3% year-to-date as cost pressures led pet owners to cut back on care, while high housing costs contributed to fewer pet adoptions. Zoetis’ third-quarter revenue fell 1% to $2.4 billion, topping analysts’ estimate of $2.30 billion; U.S. sales declined 6% amid weakness in companion animal dermatology and generic competition.
