Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN) is reporting a full-year net loss of $560 million in 2020, compared to net income of $67.9 million the previous year. Despite the drop, Elanco President and Chief Executive Officer Jeff Simmons say the company is entering 2021 “with good momentum.”
The company is also reporting a fourth-quarter loss of nearly $323 million, compared to a loss of $9.5 million during the same period a year ago.
“Fourth quarter revenue surpassed our guidance as U.S. Pet Health, U.S. Farm Animal, and China swine outperformed our expectations,” said Simmons.
In January, the company announced it was laying off 350 employees worldwide, including 50 in Indiana, as part of an ongoing restructuring effort, following the $7 billion acquisition of Bayer.
“Additionally, we are rapidly executing on the necessary actions to drive synergies from the Bayer Animal Health acquisition, taking important steps toward being an agile, fit-for-purpose animal health leader.
The company says its farm animal sector surpassed expectations as the pressure from COVID-19 on cattle and swine customers lessened.
Elanco says it is on track to launch eight new products in 2021.
“We are increasing our 2021 guidance to reflect the ongoing advancement of our Innovation, Portfolio, Productivity strategy in driving shareholder value, and continued confidence in our underlying fundamentals and market positioning,” said Simmons.
Click here to view the full report.