Animal health pharmaceutical company Zoetis (ZTS 2.71%) reported an 8% increase in overall sales this quarter, bringing $1.1 billion in revenue. U.S. revenue accounted for $495 million, 10% above the company's third quarter in 2012.
Zoetis CEO Juan Ramon Alaix was pleased with the company's progress and expressed particular satisfaction with "how we are meeting our commitments to customers, delivering financial results, and setting a solid foundation for our future."
Revenue was up, but Zoetis' net income suffered for the quarter, dropping from $162 million in Q3 2012 to $131 million, or $0.26 per diluted share, a 19% decrease. The drop was partly caused by a 7% increase in Zoetis' cost of sales, along with a 19% increase in the amount of money the company spent on research and development.
Going into the future, Alaix expects Zoetis to "continue to build on the commercial performance, innovative R&D, and reliable supply chain that have been critical to our success, while managing through all the changes that come with standing up a new company."
