Elanco Animal Health Reports 2019 Fourth Quarter and Full Year Results

Posted on February 19, 2020

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Fourth quarter 2019 earnings per share (EPS) was $(0.03) (reported), or $0.23 (adjusted). Full year 2019 EPS was $0.18 (reported), or $1.06 (adjusted).
Fourth quarter 2019 gross margin was 47.9 percent of revenue (reported and adjusted). Full year 2019 gross margin was 52.1 percent of revenue (reported and adjusted), an improvement of 340 basis points on a reported basis and 220 basis points on an adjusted basis.
Fourth quarter 2019 Total Revenue was $787.0 million, a decline of 2 percent, while Core Revenue was flat; on a constant currency basis, Total Revenue declined 1 percent and Core Revenue grew 1 percent. Full year 2019 Total Revenue was $3.1 billion, flat compared to 2018, while Core Revenue grew 1 percent; on a constant currency basis, Total Revenue grew 2 percent and Core Revenue 3 percent.
Completed offering of common stock and tangible equity units and priced a term facility to finance acquisition of Bayer AG's animal health business.
Announced divestiture agreements to advance antitrust clearance; received antitrust clearance in China, Ukraine and Turkey.
Confirmed financial guidance for the full year 2020, with total revenue in the range of $3.05 billion - $3.11 billion, Core Revenue in the range of $3.00 billion - $3.06 billion, and EPS in the range of $0.04 - $0.16 (reported), or $1.09 to $1.16 (adjusted). Guidance does not contemplate contributions from Bayer animal health or additional financing elements.