showing that owners are still willing to spend money on pet health. Vet visits are down 1.3% YOY but revenue is up 6.4%. But as we tracked visits to the clinic over a number of years, the visits in the second quarter were the fourth-highest of visits that we have on record. “That created a really high watermark, if you will, if you go back in the first half of last year. “Puppies and kittens need to go see the vet,” he said. The company reported a strong quarter, with 8% operational growth in revenue and 9% in adjusted net income, "driven by a companion animal portfolio," Joseph said, while the companion animal business grew 14% operationally on a global level. "And the underlying fundamentals of the industry remain strong." 'We don't see any signs of slowing down'įor Zoetis, an essential aspect of the company's business model is its medications being recommended by veterinarians. "Despite the broader uncertainty in the economic environment, pet spending and the prioritization on pet health remains very strong," Joseph said. An estimated $123.6 billion was spent on pets in 2021, with $34.3 billion used towards veterinary care. (Photo by Joseph Prezioso/AFP) (JOSEPH PREZIOSO via Getty Images)įurthermore, pet owners who took the survey also stated that they spent more on their pets now than they did before the onset of COVID-19. Fiona Richert prepares to removes a dog, Bruno, from a car during a drive-through veterinarian clinic in Salem, New Hampshire on May 27, 2020.
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