Aug 8 (Reuters) - Animal healthcare products maker Zoetis cut its full-year revenue forecast on Tuesday due to a stronger dollar, and reported lower-than-expected quarterly sales in its pet drugs and products unit.
The New Jersey-based company earns most of its revenue from drugs used to treat pets. Sales in the unit rose 9% to $1.49 billion, but missed estimates of $1.53 billion, according to Refinitiv.
A staffing crunch across healthcare providers, including veterinary hospitals, and high inflation has hit demand for some animal products. Analysts expect some recovery in these trends in the second half of 2023.
Zoetis expects its full-year revenue in the range of $8.50 billion to $8.65 billion, lower than its previous forecast of $8.58 billion to $8.73 billion. Analysts had expected revenue of $8.63 billion for 2023.
On an adjusted basis, the company now expects to earn $5.37 to $5.47 per share this year, compared with its prior forecast of $5.34 to $5.44 per share. Analysts had expected a profit of $5.41 for 2023.
The company reported overall revenue of $2.18 billion, up 6% in the quarter, compared with estimates of $2.17 billion.
Excluding special items, Zoetis made a profit of $1.41 per share, compared with expectations of $1.32 per share.
(Reporting by Vaibhav Sadhamta in Bengaluru; Editing by Krishna Chandra Eluri)
