Posted by: Colleen Parr Dekker
- Revenue in the third quarter was $889.6 million, comprised of $694.0 million from the legacy Elanco portfolio and $195.6 million from the legacy Bayer Animal Health portfolio.
- Gross margin was 50.3% on a reported basis and 54.2% on an adjusted basis, benefiting from the addition of the Bayer Animal Health portfolio as well as continued productivity improvements.
- Earnings per share (EPS) was $(0.29) (reported), or $0.13 (adjusted).
- Integration and synergy capture are on track, with initial actions announced in the third quarter expected to generate at least $100 million in annual savings.
- Fourth quarter 2020 revenue is expected to be between $1,020 and $1,060 million.
GREENFIELD, Ind. (November 6, 2020) - Elanco Animal Health Incorporated (NYSE: ELAN) today reported its financial results for the third quarter of 2020 and provided guidance for the fourth quarter of 2020. The results reflect the inclusion of the Bayer Animal Health business that Elanco acquired on August 1, 2020.
"In the third quarter, Elanco executed with discipline and urgency to deliver on our stated expectations for the quarter, achieving results at the high end of our guidance while bolstering our competitive position amid lingering pandemic headwinds in our Farm Animal business," said Jeff Simmons, president and chief executive officer at Elanco. "We closed the industry's largest acquisition and moved with speed and decisiveness to integrate the Bayer Animal Health business and announce at least $100 million in actions toward our synergy target. Our IPP strategy is working through a combined portfolio and greater access to the world's animals, a pipeline that is progressing, and a productivity agenda that continues to support gross margin expansion. We closed the quarter as a stronger enterprise, driving sustainable, long term value creation for shareholders and society."
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Colleen Parr Dekker