Animal health company Zoetis Inc. said Tuesday its net income fell 26 percent in the second quarter, as it booked costs related to its separation from Pfizer, its former parent company.
Zoetis said its revenue increased, but it took $77 million in charges connected to its split from Pfizer. Those charges covered new branding, the creation of stand-alone systems and infrastructure, and other items. Zoetis is the world’s biggest maker of medicines for pets and farm animals. It was spun off from Pfizer Inc. in February, and Pfizer sold its remaining stake in Zoetis in June.
The company said its net income slipped to $128 million, or 26 cents per share, from $173 million, or 35 cents per share, last year.
Zoetis said it earned 36 cents per share in the latest quarter if one-time costs and gains are excluded.
Revenue rose 2 percent, to $1.11 billion from $1.09 billion.
Analysts were expecting net income of 36 cents per share and $1.13 billion in revenue, according to FactSet.
Shares of Zoetis closed Tuesday trading down 12 cents at $31.13. The stock has traded between $28.97 and $35.42 since its debut.
Zoetis maintained its guidance for the full year, calling for adjusted net income of $1.36 to $1.42 per share, on $4.43 billion to $4.53 billion in revenue.
Analysts are forecasting net income of $1.40 per share, and $4.5 billion in revenue, on average.