Pfizer's Zoeti (ZTS) IPO Prices at $26, Above Expected Range

January 31, 2013 5:47 PM EST
Pfizer's (NYSE: PFE) animal health spin-off, Zoetis, Inc. (NYSE: ZTS), priced its IPO at $26 per share, above the expected $22-$25 range.

Shares are expected to being trading on the NYSE Friday under the symbol "ZTS."

The offering is being led by J.P. Morgan, BofA Merrill Lynch and Morgan Stanley.

Zoetis is a global leader in the discovery, development, manufacture and commercialization of animal health medicines and vaccines, with a focus on both livestock and companion animals. For more than 60 years, as a business unit of Pfizer, the company has been committed to enhancing the health of animals and bringing solutions to customers who raise and care for them. Measured by revenues of $4.2 billion for the year ended December 31, 2011, Zoetis is the largest animal health medicines and vaccines business, with products sold in more than 120 countries and across eight core species and five major product categories.

For the nine months ended September 30, 2012, revenues were $3.2 billion, reflecting growth of 2% compared to the nine months ended October 2, 2011. For the years ended December 31, 2011 and 2010, revenues were $4.2 billion and $3.6 billion, reflecting growth of 18% and 30% compared to the prior year periods.

For the nine months ended September 30, 2012, Adjusted net income (a non-GAAP financial measure) was $482 million, reflecting growth of 27% compared to the nine months ended October 2, 2011. In 2011 and 2010, Adjusted net income was $503 million and $275 million, reflecting growth of 83% and 46% compared to the prior year period.

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