Elanco Swings to Profit in First Post-IPO Earnings
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."