Elanco Optimistic After Bayer Purchase
(photo courtesy: Wes Mills)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowGreenfield-based Elanco Animal Health Inc. (NYSE: ELAN) is reporting a first quarter net loss of $61 million, compared to a net loss of $49 million during the same period a year ago. Despite the drop, the company says Q1 was its best yet in terms of revenue after becoming a standalone company in March 2019.
Revenue in the first quarter was $1.2 billion, of which $559 million resulted from its acquisition of Bayer Animal Health. Elanco closed on the purchase of the Germany-based animal health division last August.
“Over the past two years, we have made several hard strategic decisions. Today we are seeing the payoff from those choices, and from the disciplined execution that I believe truly sets Elanco on a path to be a global animal health leader,” said Jeff Simmons, president and chief executive officer at Elanco.
With the acquisition of Bayer, Elanco says its product portfolio grew to 60% companion-animal business. In this most recent report, the company says for the first time ever, its pet business accounted for more than half of its revenue.
The company says it is on track to launch eight new products this year.
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