Ricks: 'Good Time' to Weigh Elanco Options

Posted: Updated:
Ricks says "over the last many years, we've grown this business rather substantially," Ricks says "over the last many years, we've grown this business rather substantially,"
INDIANAPOLIS -

The chief executive officer of Eli Lilly and Co. (NYSE: LLY) says growth for its animal health division Elanco, including two recent major acquisitions, makes now a good time to evaluate the unit's future. During a conference call this morning with investors, David Ricks said the company expects to complete its analysis by mid-2018. The company today announced it was weighing options for Elanco, including a potential sale or taking it public.

Ricks says "over the last many years, we've grown this business rather substantially," adding it participates in all the relevant segments of animal health. The unit has been involved in two major acquisitions in recent years. Last year, Elanco announced an $885 million acquisition deal with Boehringer Ingelheim Vetmedica Inc., involving dozens of cat, dog and rabies vaccines, as well as an Iowa manufacturing facility. IN 2015, Lilly announced it had completed the $5.4 billion acquisition of Novartis Animal Health.

Lilly this morning reported third quarter net income of $555.6 million, compared to $778 million during the same quarter last year. In this morning's earnings report, the company also reported a 9 percent revenue increase, beating analyst expectations.

Ricks says Lilly has been considering Elanco's long-term future for years.
  • Perspectives

    • The Importance of Strategic Planning

      How many years have you put work-life balance on your list of New Year's resolutions? Every day, I see so many business owners struggle with the same issues: working 60+ hours each week, not being able to remember the last time they had a vacation, and simply feeling like it's up to them to do it all in their business. After working with countless business owners to identify and overcome their challenges, I've realized the most common root cause is a lack of strategic planning.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Electric Works Lands State Incentives

      The first phase of a major redevelopment project in downtown Fort Wayne will receive state assistance. The Indiana Economic Development Corp. has awarded a conditional tax credit for Electric Works, a mixed-use innovation district located at the former GE campus. The incentive is part of the IEDC's Industrial Recovery Tax Credit program, used to boost investment in the redevelopment of former industrial facilities. Developers are projecting an initial investment of more than...

    • Well-Known Real Estate Firm Expanding to Fort Wayne

      Texas-based Keller Williams Realty Inc. has announced plans to open its first office in downtown Fort Wayne. Financial details of the real estate company's investment in the location were not immediately disclosed, however the expansion will bring at least 35 jobs to the Allen County city.

    • Nestl√© Planning $80M Anderson Expansion

      Nestlé USA has unveiled plans to invest nearly $80 million into its Anderson operations. Our partners at The Herald Bulletin report the company will purchase new equipment for the facility and add 30 jobs.

    • Construction to Begin on $15M Fieldhouse

      City and development officials will break ground Friday on a $15 million sports complex in Noblesville. Finch Creek Park Fieldhouse will include five courts with hard surfaces, two turf-surfaced fields and 11 batting and pitching cages. The project, which was first unveiled a year ago, is a public-private partnership between Klipsch-Card Athletic Facilities LLC and the city. The company is also owner/operator of the fieldhouse at Grand Park in Westfield.

    • hc1 Goes High-Tech in Opioid Battle

      An Indiana healthcare tech company is bringing artificial intelligence and machine learning to the battle against the opioid epidemic. Indianapolis-based hc1.com has unveiled its Opioid Dashboard, designed to organize data that was previously disconnected and use it to fight opioid misuse, abuse and addiction. Saying "you can't manage what you can't measure," Chief Executive Officer Brad Bostic adds the platform can help government agencies and healthcare providers...