NEW YORK - Pfizer (IW 500/17) said Monday it had exited the capital of Zoetis, its former animal-health unit, and lowered its full-year earnings outlook.
The world's leading drug maker said it had accepted shares of Pfizer stock in exchange for all of its roughly 401 million shares of Zoetis common stock, representing about 80% of the capital of Zoetis.
The share exchange offer, which expired at midnight Friday, was oversubscribed fourfold, the company said in a statement.
Pfizer began to separate from Zoetis earlier this year, launching Zoetis's market debut in February. Zoetis now has a market capitalization of nearly $15 billion.
Following its full separation from Zoetis, Pfizer said it would present Zoetis's financial results from Jan. 1 through June 24 as a discontinued operation.
It said it was lowering its 2013 outlook "solely to reflect the impact of the Zoetis exchange offer."
It estimated full-year adjusted earnings per share of $2.10 to $2.20, down from the prior estimate of $2.14 to $2.24.
"This is an historic day for Zoetis," Zoetis chief executive Juan Ramon Alaix said in a separate statement.
"We are setting off on the next stage in our company's life - pursuing our own initiatives and strategies as a fully independent company."
Zoetis announced the departure of four Pfizer representatives on its executive board.
Copyright Agence France-Presse, 2013
