Zoetis received several approvals for new indications and claims the same for its key product franchises. Sales of poultry products also increased due to market expansion in several key geographies. Growth in the cattle portfolio was driven by improved sales in Australia and smaller emerging markets. On a year-over-year basis, livestock product sales grew 3% on a reported basis and 10% operationally. These include monoclonal antibody products for osteoarthritis pain- Librela, dermatology product Cytopoint and feline vaccines. Sales of companion animal products grew 3% on a reported and 10% on an operational basis, driven by growth in several key products. Revenues in the International segment improved 3% year over year to $978 million. However, this growth was partially offset by a decline in swine product revenues due to lower disease prevalence. This was driven by an increase in sales of vaccines despite a challenging economic condition. Revenues from poultry products increased in the reported quarter. This can be attributed to an increase in cattle product sales as a result of improved product supply and growth across beef implant portfolio. Nevertheless, sales of livestock products surged 15% year over year. This was mainly due to distributor de-stocking across the portfolio and higher purchases in the fourth quarter of 2022, ahead of expected price increases. Sales of companion animal products in this region fell 7% from the prior-year quarter’s level. segment declined 1% year over year to $1.005 billion for the first quarter. The company reports business results under two geographical operating segments - the United States and International. Zoetis derives the majority of its revenues from a diversified product portfolio of medicines and vaccines used to treat and protect livestock and companion animals. Image Source: Zacks Investment Research Quarterly Highlights The stock has gained 21.3% in the year-to-date period against the industry’s 0.1% decline. Shares of Zoetis were down in the pre-market trading session on Thursday.
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