Elanco Reports Q3 Loss, Recaps Bayer Deal
![Elanco Reports Q3 Loss, Recaps Bayer Deal](https://www.insideindianabusiness.com/wp-content/uploads/2021/09/19738247_G.jpg)
Subscriber Benefit
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 third quarter net loss of $135 million, compared to net income of $10 million during the same period a year ago.
During the period, Elanco closed on its nearly $7 billion Bayer Animal Health. In September, it announced it would eliminate 900 jobs globally to reduce duplication and improve efficiencies. Most of the positions were in sales and marketing. But Elanco says research & development and some manufacturing positions were cut.
The company says it continues to feel the economic pressure COVID-19 has had on the animal health industry.
“Although improvements were made in reducing the backlog of animal processing in the U.S. livestock industry, unfavorable macroeconomic conditions and reduced consumption trends pressured prices and producer profitability in both poultry and aqua,” said the company in a news release.
To view the full report, click here.
Meanwhile, Elanco President and Chief Executive Officer Jeff Elanco will be on this week’s edition of Inside INdiana Business with Gerry Dick where he will discuss the recently launched Healthy Purpose 2030 Sustainability Commitments initiative.
Among the goals, the company pledges to remove 21 million tons of farm emissions.