Elanco Closes Out First Full Year of Independence
(Provided Photo/Elanco Animal Health)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowGreenfield-based Elanco Animal Health Inc. (NYSE: ELAN) is reporting full-year net income of nearly $68 million in 2019, down from $86.5 million the previous year. 2019 marked the first full year for Elanco as an independent, public company. It separated from Indianapolis-based Eli Lilly and Co. (NYSE: LLY) in 2018.
The company is also reporting a fourth-quarter net loss of $9.5 million, compared to net income of $16.4 during the same period a year ago.
Elanco President and Chief Executive Officer Jeff Simmons says the company is moving with “speed and agility” like never before.
“We are advancing our pipeline, executing across a diverse portfolio and improving profitability through a robust productivity agenda,” said Simmons. “We remain confident in the underlying fundamentals in our base business.”
Simmons says the acquisition of Bayer Animal Health is developing better than expected. In August, Elanco announced it was purchasing the animal health assets from Germany-based Bayer AG in a deal valued at $7.6 billion.
“We are encouraged by the progress from a regulatory, financing and integration planning perspective, as well as, Bayer’s underlying market positioning and performance. We continue to look toward a mid-2020 close.”
If approved, it would double Elanco’s Companion Animal business and create the second-largest animal health company by revenue.
To view the complete earnings report, click here.