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By Rob Curran
Zoetis Inc. posted an increase in first-quarter profit and revenue as demand for pet medicine remained strong.
The animal-medicine company, spun off by Pfizer Inc. in 2013, said earnings rose to $595 million, or $1.26 a share, from $559 million, or $1.18 a share, a year earlier.
Excluding certain items, the company posted adjusted earnings of $1.32 a share.
Foreign-exchange fluctuations weighed on earnings, Zoetis said.
Revenue rose to $1.99 billion from $1.87 billion in the prior-year period.
Sales of companion animal products increased 18%, driven by growth across the company’s parasiticide portfolio, primarily from sales of Simparica Trio, Zoetis said.
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