- Second Quarter 2023 Financial Results
- Revenue of $1,057 million, impacted by an estimated $90-$110 million of revenue related to customer purchasing shifted from the second quarter into the first as a result of ERP system commercial ordering blackout period for legacy Bayer Animal Health products in April
- Reported Net Loss of $(97) million, Adjusted Net Income of $90 million
- Adjusted EBITDA of $222 million or 21.0% of Revenue
- Reported EPS of $(0.20), Adjusted EPS of $0.18
- Net leverage ratio of 5.9x Adjusted EBITDA
- Raising full year 2023 guidance ranges to reflect current assumptions:
- Revenue of $4,350 to $4,410 million
- Reported Net Loss of $127 to $170 million, Reported diluted EPS of $(0.34) to $(0.26)
- Adjusted EPS of $0.80 to $0.89, Adjusted EBITDA of $950 to $1,010 million
- Net leverage ratio expected at 5.5x to 5.8x Adjusted EBITDA at year-end 2023
- Announced the Environmental Protection Agency (EPA) completed its review of Seresto®, confirming continued registration
GREENFIELD, Ind (August 7, 2023) - Elanco Animal Health Incorporated (NYSE: ELAN) today reported financial results for the second quarter of 2023, provided guidance for the third quarter of 2023, and raised guidance for the full year 2023.
“Elanco exceeded expectations for the second quarter and first half of 2023, putting us on track to return to revenue growth in the second half and raise full year guidance for revenue, adjusted EBITDA and adjusted EPS. Excluding the estimated impact of the successful ERP integration in the second quarter, we delivered sequential improvement in topline performance driven by strong performance in our U.S. Pet Health and International Farm Animal businesses, and contributions from new products and price,” said Jeff Simmons, Elanco president and CEO. “In addition to our improving business performance, Elanco advanced key drivers of our strategic Innovation, Pipeline, and Portfolio framework. I am very pleased with the positive EPA resolution on Seresto and proud that we have launched our Canine Parvovirus Monoclonal Antibody treatment, providing veterinarians with a breakthrough lifesaving product for infected dogs."
“We also made significant progress on our late-stage pipeline – advancing strategic programs and enhancing our confidence in our differentiation and launch revenue plans. By the end of August, we expect the FDA will have all data necessary to approve our differentiated JAK inhibitor for canine dermatology, our differentiated broad spectrum parasiticide for dogs, and Bovaer, a novel product for methane reduction in cattle, supporting our timeline for a path to approval in the first half of 2024 for these potential blockbusters. We are very encouraged by this progress and are intently focused on our launch preparation strategies.”
