Fountain Report Excerpts May 09, 2023

Fountain Report Excerpts
  1. Zoetis reported first quarter revenue of $2 billion, up 1%. Net income of $552 million was down 7%, and earnings of $1.19 per diluted share were down 6%. “Our international segment led the way, growing revenue 10% operationally, and was partially offset by a decline of 1% in the U.S.,” said CEO Kristin Peck. “Our livestock portfolio drove our results, with 12% operational growth in revenue, while companion animal product revenues were flat operationally.” U.S. revenue of $1.005 billion was down 1% from last year. Sales of companion animal products dropped 7%, driven by distributor de-stocking across the portfolio as well as higher purchases in the fourth quarter of 2022 ahead of expected price increases and based on promotional activities. Sales of livestock product sales increased 15%.
  1. AmerisourceBergen reported second quarter revenue of $63.5 billion, up 9.9%. Earnings per share of $2.13 were down 18%. Adjusted diluted EPS were up 8.7% to $3.50. The company raised its 2023 guidance. It now expects EPS to be in a range of $11.70 to $11.90, up from the previous range of $11.50 to $11.75.
  1. Idexx reported first quarter revenue of $900 million, up 8% reported and 10% organic. Sales were driven by companion animal group diagnostics recurring revenue growth of 9% reported and 12% organic. Livestock, poultry and dairy revenues decreased 5% reported and 2% organic, as solid gains in the United States and Europe were offset by comparison to high prior-year herd health screening levels and reduced revenue from non-core food and safety products in certain regions. First quarter earnings per diluted share were $2.55, up 12% reported and 18% on a comparable basis.

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