Elanco Swings to Profit in First Post-IPO Earnings

Posted: Updated:
Elanco says third quarter revenue hit $761.1 million, a 9 percent increase over last year. Elanco says third quarter revenue hit $761.1 million, a 9 percent increase over last year.
GREENFIELD -

Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN) is reporting its first set of earnings since spinning off from Eli Lilly and Co. (NYSE: LLY) earlier this year. The company is reporting third quarter net income of $60.2 million, compared to a loss of $20.7 million during the same quarter last year.

Elanco says revenue hit $761.1 million for the third quarter, which is a 9 percent increase compared to the third quarter of 2017. The company credits a "portfolio of innovation" fueled much of that revenue, including pig vaccine Pervacent, poultry nutritional health product Correlink and cat flea and tick treatment Credelio.

The company is projecting fiscal year revenue to be between $3.05 billion and $3.08 billion.

“We are pleased to have met our expectations in our first quarter as a publicly traded company," said Chief Executive Officer Jeff Simmons in a release. "Our results reflect the broad-based momentum established as we have executed against our strategy.”

Elanco began its Initial Public Offering on the New York Stock Exchange in September, with hopes of raising more than $1.7 billion. Lilly announced the decision to spin off Elanco in July, after a review of the business that began a year earlier. At the time, Lilly CEO Dave Ricks said the move would "maximize the after-tax value for Lilly shareholders and provide Lilly with even greater focus on our human pharmaceutical business."

  • Perspectives

    • Startup Spirit Fuels Growth

      As the South Bend - Elkhart Region celebrates a $42.4 million grant from Lilly Endowment Inc., we know that the work to make the best investment with it is really just beginning. The spirit of entrepreneurship has been a vibrant part of our region for decades and the story of our family company could be somewhat of a guidebook for the region as it ventures forward. ITAMCO began as a dream of my uncle Donald Neidig and my father Noble Neidig to have their own business.

    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

    • (Rendering provided by the city of Fishers.)

      Flexware to Break Ground on Headquarters

      Fisher’s based engineering servicing firm, Flexware Innovation Inc., will break ground Thursday on its new headquarters the Nickel Plate District Amphitheater. The $3.5 million project will feature a 35,000-square-foot office building with 12,000-square feet of office space for Flexware and what it calls “a build-to-suit area” in the remaining space. 

    • The Waterside project aims to transform 100-acres of the former GM Stamping Plant site. (photo courtesy of Ambrose Property Group)

      Ambrose, Glick Partner on Waterside

      Indianapolis-based Ambrose Property Group has announced a key partnership for the redevelopment of the former GM Stamping Plant in downtown Indianapolis. The commercial real estate firm is teaming up with the Gene B. Glick Co. to build and manage apartments as part of the $1.4 billion mixed-use redevelopment project. Ambrose says the partnership is also part of plans to catalyze "philanthropic and community-centric strategies to strengthen Indianapolis." The firm also...

    • Photo courtesy of Lafayette Elementary School

      Hammond to Close Three Schools, to Cut Jobs

      The  School City of Hammond board has voted to close three schools and cut 130-150 positions. Our partners at The Times of Northwest Indiana report Columbia and Lafayette Elementary schools, and the Miller School will close after this school year. 

    • Pearl will take the position on May 22

      Bloomington Launches Online Economic Development Tool

      The city of Bloomington has officially launched its new online development tool. The platform will streamline public data for current and prospective business owners and entrepreneurs.

    • (rendering courtesy of Brightmark Energy)

      Construction to Begin on Plastics-to-Fuel Plant

      California-based Brightmark Energy will today break ground on its $260 million plastics-to-fuel plant in the northeast Indiana town of Ashley. The 112,000-square-foot facility, which the company says will be the first of its kind in the nation, is expected to create 136 full-time jobs when fully operational. The plant will use a state-of-the-art process to recycle plastic waste that has reached the end of its useful life, including items that normally cannot be recycled, such as...