Biotech Values

[DewDiligence]

ZTS +2% on company’s first-ever quarterly report, which (as I predicted in #msg-85781758) features a lower tax rate (29%) than the 32% rate used for modeling purposes in the pre-IPO roadshow:

http://finance.yahoo.com/news/zoetis-reports-first-quarter-2013-110000041.html

http://www.reuters.com/article/2013/04/30/zoetis-results-idUSL3N0DH2HT20130430

On its own 1Q13 today, PFE said it still hasn’t decided how to distribute ZTS shares to PFE shareholders—i.e. whether or not it will be done via a swap of ZTS shares for PFE shares.