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1ST QUARTER: ELANCO'S SALES UP 3%, EARNINGS UP 12%: $379 MILLION
May 11, 2023
Source: Elanco news release
GREENFIELD, Ind - 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.
"Elanco delivered sequentially improved underlying business performance in the first quarter driven by recovering business conditions and actions we have taken to strengthen our commercial positioning, notably in U.S. Pet Health driven by improved share of voice, physical availability, price and innovation. In April, we achieved a major milestone with the successful integration of the Bayer Animal Health business into our ERP system, with the first quarter benefiting from customers shifting their purchases ahead of our system blackout. We expect lower revenue in the second quarter as a result of this shift," said Jeff Simmons, Elanco president and CEO.
"I am very pleased with the progress on Seresto as we continue to align with the EPA on its recommended stewardship actions supporting the continued registration of Seresto. We received USDA conditional approval for our breakthrough Canine Parvovirus Monoclonal Antibody treatment and initiated USDA submission for our IL-31 monoclonal antibody for canine dermatology."
"The combination of advancing innovation, reducing uncertainty with the successful ERP integration and increased confidence in our U.S. Pet Health and international poultry businesses, allow us to confidently raise the bottom end of our first half and full year 2023 guidance for our key metrics. We are focused on delivering an expected return to top-line growth in the second half of the year, while also dedicating resources as we prepare to bring up to four additional potential blockbuster products to market in 2024."
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