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Financial News Briefs – June 2009

Quick financial updates from the veterinary field from June 2009.

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Food giant Nestlé, based in Vevey, Switzerland, reported Pet Care Division sales of $2.8 billion in the first quarter of 2009, compared to $2.5 billion a year earlier. The company attributed the performance to resilient demand for key premium and superpremium Purina brands, such as Dog Chow, Beneful, Pro Plan and Cat Chow. According to Nestlé, the growth of its pet care business was supported by products at different price points as well as the continued success of 2008 launches.


Vetco Hospitals Inc., a subsidiary of PawsPlus Inc. of Sarasota, Fla., reported that March sales jumped by 39.1 percent, to $1.4 million, up from $981,600 in the year-ago period. First-quarter sales increased by 40.7 percent, to $3.1 million.


Schering-Plough’s animal health business reported revenue of $630 million in the first quarter ended March 31, a 13 percent decrease from the year-ago period. Overall, the Kenilworth, N.J., company saw first-quarter net income of $805 million on revenue of $4.4 billion, compared to $314 million and $4.7 billion, respectively, in the year-ago period. Schering-Plough also reported that its merger with Merck remains on track.


Abbott of Abbott Park, Ill., reported net income of $1.4 billion on revenue of $6.7 billion in the first quarter ended March 31, compared to $938 million and $6.8 billion, respectively, in the year-ago period. The company also confirmed its double-digit earnings-per-share growth outlook for 2009.


Heska’s Companion Animal Division reported revenue of $18.1 million in the first quarter ended March 31, compared to revenue of $17.6 million in the year-ago period. Overall, the Loveland, Colo., company booked first-quarter net income of $460,000 on revenue of $20.1 million, compared to a net loss of $226,000 on revenue of $21.9 million in the year-ago period.


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