Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN) is reporting second quarter net income of $35.9 million, compared to a nearly $63 million loss in the same period last year. Chief Executive Officer Jeff Simmons says the results reflect underlying price and volume growth, and improved profitability.
“We continue to be pleased with the delivery of our productivity agenda driving the significant increase in adjusted gross margin as a percent of sales. We are encouraged by the 9 percent constant currency growth in our targeted growth categories and continue to make strategic investments,” said Simmons.
The company undertook several strategic moves towards the end of the second quarter and entering the third. In June the company entered into an R & D collaboration with AgBiome for swine nutritional health. In July, Elanco announced its acquisition of Kansas-based Aratana Therapeutics. In August, the company completed its purchase of a Canadian vaccine maker, Prevtech Microbia.
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