Zoetis shares rose 3 percent on Wednesday after the global animal-health company beat the Street's expectations and raised its outlook.
The New Jersey–based company reported second-quarter earnings of 48 cents per share on revenue of $1.2 billion, which beat estimates of $1.17 billion, according to Thomson Reuters.
Zoetis raised its guidance for fiscal year 2016 at $1.52 to $1.63 earnings per share and forecast its revenue to be in between $4.8 billion and $4.9 billion, the company said in a Wednesday release.
The company, which researches and creates medicine for pets and livestock, attributed its positive outlook to the growth of the cattle business, sales and strong operational revenues.
"We also continue to reap the benefits of a productive, world-class R&D organization focused on new discoveries like APOQUEL and SIMPARICA, as well as lifecycle innovations across our approximately 300 product lines. Our investments in internal R&D and external business development opportunities have us well-positioned as the world leader in animal health today and into the future," said Zoetis CEO Juan Ramon Alaix.
Zoetis shares closed at $51.21 on Wednesday. The stock has gained nearly 7 percent since the beginning of the year.
