First Quarter 2023 Financial Results
FIRST QUARTER FINANCIAL RESULTS
Key Takeaways
1Q Revenue Growth and Earnings Results
Generated 4% operational¹ revenue growth and a 3% operational decline in adjusted net income², with International
revenue up 10% operationally, partially offset by a decline of 1% in the U.S.
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• Our livestock portfolio growth of 12% operationally was broad-based, with double-digit operational growth across
cattle, poultry, sheep and fish.
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Companion animal revenue was flat operationally, with growth in our monoclonal antibodies for pain, Librela and
Solensia, offsetting declines in Apoquel, parasiticides and anti-infectives.
Maintains Guidance for 2023
• We are reaffirming our 2023 guidance provided during February's earnings call.
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Revenue range of $8.575B and $8.725B, with operational growth of 6% to 8%.
Adjusted net income range of $2.490B and $2.540B, with operational growth of 7% to 9%.
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• We anticipate double-digit operational growth for companion animal products and relatively flat operational growth in
our livestock portfolio in 2023.
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¹ Operational results (a non-GAAP financial measure) excludes the impact of foreign exchange.
2 Adjusted net income (a non-GAAP financial measure) is defined as reported GAAP net income, excluding purchase accounting adjustments, acquisition-related costs and certain significant items.
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