(Reuters) -Animal healthcare company Zoetis on Tuesday raised its forecasts for annual adjusted profit and revenue above Wall Street expectations, after beating first-quarter estimates, benefiting from a weak U.S. dollar.
The New Jersey-based firm expects its 2025 revenue to be between $9.43 billion and $9.58 billion, compared with its prior forecast of $9.23 billion to $9.38 billion.
Analysts on average were expecting annual revenue of $9.33 billion, according to data compiled by LSEG.
The company raised its full-year adjusted profit per share forecast to a range of $6.20 to $6.30, the midpoint of which exceeded the estimate of $6.09.
Zoetis is viewed as “one of the more defensive names in the group” due to its diverse sales channels, including vet offices and online, brokerage Piper Sandler said in a note.
Shares of the company, which operates in over 45 countries outside the U.S., were up about 3% in premarket trading following the results.
The company posted adjusted profit of $1.48 per share in the first quarter, beating estimates of $1.39 per share on the back of robust demand for its flea, tick and heartworm combination product as well as pet pain products.
Zoetis’ quarterly revenue of $2.22 billion exceeded market expectations of $2.19 billion.
(Reporting by Kamal Choudhury in Bengaluru; Editing by Shreya Biswas)
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