Zoetis (ZTS) stock surged in intraday trading Tuesday after the company beat second-quarter revenue expectations and raised its full-year guidance.
The veterinary drugmaker now expects full-year revenue of $9.1 billion to $9.25 billion, up from its prior forecast of $9.05 billion to $9.2 billion. Analysts expect $9.12 billion, per Visible Alpha.
For the quarter, the Parsippany, N.J.-based company reported earnings per share (EPS) of $1.37, down 6% year-over-year and below expectations, on revenue that increased 8% to $2.36 billion, topping estimates.
“We achieved 12% revenue growth in the U.S. and 10% operational revenue growth internationally, with both our companion animal and livestock portfolios seeing impressive global operational growth, 12% and 9% respectively,” Chief Executive Officer (CEO) Kristin Peck said.
Zoetis stock climbed nearly 6% to $185.10 as of 1 p.m. ET Tuesday.