ZTS - Zoetis Inc (ZTS) Q1 2024 Earnings Call Transcript
2024-05-02 13:25:26 ET
Zoetis Inc (ZTS)
Q1 2024 Results Conference Call
May 02, 2024 08:30 AM ET
Company Participants
Steve Frank - Vice President of Investor Relations
Kristin Peck - Chief Executive Officer
Wetteny Joseph - Chief Financial Officer
Conference Call Participants
Michael Ryskin - Bank of America
Jon Block - Stifel
Erin Wright - Morgan Stanley
David Westenberg - Piper Sandler
Brandon Vazquez - William Blair
Christopher LoBianco - TD Cowen
Nathan Rich - Goldman Sachs
Balaji Prasad - Barclays
Glen Santangelo - Jefferies
Chris Schott - JPMorgan
Navann Ty - BNP
Presentation
Operator
Welcome to the First Quarter 2024 Financial Results Conference Call and Webcast for Zoetis. Hosting the call today is Steve Frank, Vice President of Investor Relations for Zoetis. The presentation materials and additional financial tables are currently posted on the Investor Relations section of zoetis.com. The presentation slides can be managed by you, the viewer, and will not be forwarded automatically. In addition, a replay of this call will be available approximately two hours after the conclusion of the call via dial-in or on our Investor Relations section of zoetis.com. [Operator Instructions].
It is now my pleasure to turn the floor over to Steve Frank. Steve, you may begin.
Steve Frank
Thank you, operator. Good morning, everyone, and welcome to the Zoetis first quarter 2024 earnings call. I am joined today by Kristin Peck, our Chief Executive Officer; and Wetteny Joseph, our Chief Financial Officer.
Before we begin, I'll remind you that the slides presented on this call are available on the Investor Relations section of our website, and that our remarks today will include forward-looking statements, and that actual results could differ materially from those projections. For a list and description of certain factors that could cause results to differ, I refer you to the forward-looking statements in today's press release and our SEC filings, including, but not limited to, our
annual report on Form 10-K and our reports on Form 10-Q.
Our remarks today will also include references to certain financial measures, which were not prepared in accordance with Generally Accepted Accounting Principles or U.S. GAAP. A reconciliation of these non-GAAP financial measures to the most directly comparable U.S. GAAP measures is included in the financial tables that accompany our earnings press release and the company's 8-K filing dated today, Thursday, May 2, 2024. We also cite operational results, which exclude the impact of foreign exchange.
And with that, I will turn the call over to Kristin.
Kristin Peck
Thank you, Steve, and good morning, everyone, and welcome to our first quarter earnings call for 2024. Today, we reported outstanding first quarter results underscored by steady demand for our products, a focused strategy and our purpose-driven colleagues. We delivered 12% operational revenue growth and grew adjusted net income 15% operationally in line with the tenets of our value proposition. Driven by the launch of our osteoarthritis pain franchise, the U.S. led the way with 16% growth and 8% operational growth internationally.
More specifically, globally, Librela grew 189% operationally, including $40 million sales in the U.S., in line with our expectations. The powerful human animal bond fueled demand for our companion animal portfolio with 20% growth operationally, while livestock declined 1% operationally. This quarter's results even amidst global uncertainty are a testament once again to the power of our diverse and durable portfolio across markets, species and therapeutic areas. It also highlights the continued rise and resilience of the animal health industry.
Our purpose and performance are rooted in science, which has always been the great disruptor. And as animal health is increasingly essential for nutrition and companionship, caregivers demand even more high quality innovation. That means we identified the most prevalent areas of unmet veterinary need and invest in, develop, manufacture and deliver life-changing products that customers have been waiting for....
Zoetis Inc (ZTS) Q1 2024 Earnings Call Transcript