- First Quarter 2024 Financial Results
- Revenue of $1,205 million
- Reported Net income of $32 million, Adjusted Net income of $167 million
- Adjusted EBITDA of $294 million, or 24.4% of Revenue
- Reported EPS of $0.06, Adjusted EPS of $0.34
- Net leverage ratio of 6.1x Adjusted EBITDA
- Year over year growth rates are meaningfully impacted by a shift in customer purchasing related to the ERP Blackout in 2023, with an estimated $90 to $110 million of revenue shift from the second quarter of 2023 into the first quarter of 2023
- Updating full year 2024 financial guidance to reflect first quarter outperformance offset by expected unfavorable impact of foreign exchange rates:
- Revenue of $4,460 to $4,515 million, constant currency growth improves to 2% to 3%
- Reported Net Loss of $(3) to $(45) million; Reported EPS of $(0.01) to $(0.09)
- Adjusted EBITDA of $960 to $1,000 million; Adjusted EPS of $0.88 to $0.96
GREENFIELD, Ind (May 8, 2024) - Elanco Animal Health Incorporated (NYSE: ELAN) today reported financial results for the first quarter of 2024, provided guidance for the second quarter of 2024, and updated guidance for the full year 2024.
"Elanco’s strong business momentum continued in the first quarter, reinforced by the diversity of our portfolio and balanced geographic presence. We delivered estimated revenue growth of 3% to 5% in the first quarter, excluding the impact of the ERP blackout from last year, and exceeded the top end of our guidance range for revenue, adjusted EBITDA and adjusted EPS in the quarter. These results follow the 5% revenue growth we delivered in the last two quarters of 2023. We are increasing our new product sales expectations, led by Experior® and AdTab®, and our innovation is enhancing the durability of our base portfolio with customers, allowing us to raise our full year constant currency revenue growth range to 2% to 3%," said Jeff Simmons, Elanco President and CEO. “Additionally, we improved operating cash flow by nearly $150 million year over year in the first quarter as a result of our disciplined focus on improving net working capital and the benefit of completing our ERP system integration.”
Simmons continued, “We are encouraged by the strong progress of our late-stage pipeline, which has advanced significantly over the last several months. Based on our dialogue with the FDA and the status of packages submitted, we have increased certainty in the expected approval timing for Bovaer®, Zenrelia™ and Credelio Quattro™. We continue to expect to bring differentiated products to the market, with revenue contribution expected from all three new products in the second half of 2024.”
