Pfizer Animal Health sees revenue increase in Q2 2012

Pfizer Animal Health has experienced year-on-year growth during the second quarter of 2012, a period marked by deliberation over the future strategic direction of the company.

The business unit's revenue total for the quarter came to $1.09 billion (695.68 million pounds), up by seven percent annually, with growth attributed to increased demand across the companion animal and global livestock portfolios in key geographies.

In June, parent company Pfizer announced that it is planning to spin out the division into a standalone business unit, which will be named Zoetis.

Administrative processes associated with this potential separation remain on track, with a registration statement to be filed with the US Securities and Exchange Commission by mid-August, ahead of a potential initial public offering of up to a 20 percent ownership stake in Zoetis.

Ian Read, chairman and chief executive officer of Pfizer, said: "As we continue to work toward a separation of this business, we remain open to all alternatives to maximise the after-tax return for our shareholders."