Elanco’s quarterly loss widens
GREENFIELD, Ind. (Inside INdiana Business) — Greenfield-based Elanco Animal Health Inc. (NYSE: ELAN) is reporting a second quarter net loss of $210 million, compared to a loss of $53 million during the same period a year ago. The earnings report comes as the company marks one year since it completed its purchase of Germany-based Bayer Animal Health.
The acquisition put a larger portion of Elanco’s product portfolio into the companion pet sector Chief Executive Officer Jeff Simmons says Elanco’s launches of pet health products are outperforming 2021 expectations, while farm animal launches are largely on track.
“Elanco continues to deliver strong results, extending our track record of execution since acquiring Bayer Animal Health a year ago,” said Simmons. “Outperformance on both sides of our business allows us to raise 2021 revenue guidance for the third time, with full year growth exceeding our long-term growth algorithm.”
In June, Elanco announced plans to sell two manufacturing properties to Connecticut-based TriRx Pharmaceuticals, a global contract manufacturer. The sale of the Shawnee, Kansas plant was completed last week. The sale of a plant in Speke, United Kingdom is expected to close in early 2022. Elanco says it has a long-term agreement with TriRx to continue manufacturing Elanco products at the two plants.
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