9 May 2023

Elanco Animal Health Reports First Quarter 2023 Results


Post by: Colleen Parr Dekker

  • First Quarter 2023 Financial Results
    • Revenue of $1,257 million, including an estimated $90-$110 million benefit from customer purchasing shifted from the second quarter into the first as a result of ERP system commercial ordering blackout period for legacy Bayer Animal Health products in April
    • Reported Net Income of $103 million, Adjusted Net Income of $220 million
    • Adjusted EBITDA of $379 million or 30.2% of Revenue
    • Reported EPS of $0.21, Adjusted EPS of $0.45
    • Net leverage ratio of 5.4x Adjusted EBITDA
  • Raising the bottom end of full year 2023 guidance ranges to reflect current assumptions:
    • Revenue of $4,310 to $4,400 million
    • Reported Net Loss of $(134) to $(98) million, Reported diluted EPS of $(0.27) to $(0.20)
    • Adjusted EPS of $0.76 to $0.83, Adjusted EBITDA of $940 to $1,000 million
    • Net leverage ratio expected at 5.3x to 5.8x Adjusted EBITDA at year-end 2023
  • Successful integration of legacy Bayer Animal Health business into Elanco’s ERP system and shared service center network with all affiliates and sites resuming normal operations in April, as scheduled
  • Received USDA conditional approval for breakthrough Canine Parvovirus Monoclonal Antibody treatment; Initiated USDA submission for IL-31 monoclonal antibody for canine dermatology

GREENFIELD, IN (May 9, 2023) - Elanco Animal Health Incorporated (NYSE: ELAN) today reported financial results for the first quarter of 2023, provided guidance for the second quarter of 2023, and raised the bottom-end of guidance for the full year 2023.

To view full Press Release, click here.

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