Zoetis (NYSE: ZTS) reported Q2 EPS of $0.89, $0.25 better than the analyst estimate of $0.64. Revenue for the quarter came in at $1.5 billion versus the consensus estimate of $1.36 billion.

• Reports Flat Revenue of $1.5 Billion, and Net Income of $377 Million, or $0.79 per Diluted Share, Increasing 2% and 3%, Respectively, on a Reported Basis for Second Quarter 2020
• Reports Adjusted Net Income of $427 Million, or Adjusted Diluted EPS of $0.89 for Second Quarter 2020
• Delivers 4% Operational Growth in Revenue and 4% Operational Growth in Adjusted Net Income for Second Quarter 2020
• Raises and Narrows Full Year 2020 Revenue Guidance to $6.300 - $6.475 Billion and Diluted EPS of $3.14 - $3.32 on a Reported Basis, or $3.52 - $3.68 on an Adjusted Basis

“As an essential business supporting the global food supply and the care of people’s pets during the pandemic, Zoetis demonstrated greater resiliency than expected in the second quarter, with 4% operational growth in revenue and 4% operational growth in adjusted net income,” said Kristin Peck, Chief Executive Officer of Zoetis. “Our strong companion animal portfolio, based on our internal innovations, helped offset some of the deeper challenges in the livestock market today.”

“Looking ahead, we expect our overall revenue growth for the remainder of the year to be driven largely by companion animal products, especially parasiticides and our key dermatology portfolio, and we are raising our guidance to reflect our current outlook for the year. We will continue to invest in products that will strengthen the innovations and digital solutions that are needed by our customers across the continuum of care – from prediction and prevention to detection and treatment of diseases,” said Peck.

GUIDANCE:

Zoetis sees FY2020 EPS of $3.52-$3.68, versus the consensus of $3.35. Zoetis sees FY2020 revenue of $6.3-6.475 billion, versus the consensus of $6.19 billion.

Zoetis is raising and narrowing its full year 2020 guidance, which includes:

• Revenue between $6.300 billion and $6.475 billion
• Reported diluted EPS between $3.14 and $3.32
• Adjusted diluted EPS between $3.52 and $3.68

This guidance reflects foreign exchange rates as of mid-July. Additional details on guidance are included in the financial tables and will be discussed on the company's conference call this morning.

For earnings history and earnings-related data on Zoetis (ZTS) click here.