(NDAgConnection.com) – Zoetis Inc. reported its financial results for the third quarter of 2022 and lowered its guidance for full year 2022 to reflect lower than expected sales due to continued supply constraints, veterinary workforce challenges, and the negative impact of recent changes to foreign exchange rates.

The company reported revenue of $2.0 billion for the third quarter of 2022, an increase of 1% compared with the third quarter of 2021. Net income for the third quarter of 2022 was $529 million, or $1.13 per diluted share, a decrease of 4% and 3%, respectively, on a reported basis.

On an operational1 basis, revenue for the third quarter of 2022 increased 5%, excluding the impact of foreign currency. Adjusted net income for the third quarter of 2022 increased 2% operationally, excluding the impact of foreign currency.

Adjusted net income2 for the third quarter of 2022 was $566 million, or $1.21 per diluted share, which declined 5% and 3%, respectively, on a reported basis. Adjusted net income for the third quarter of 2022 excludes the net impact of $37 million for purchase accounting adjustments, acquisition-related costs and certain significant items.