ELAN (9.36) beats estimates - issues inline guidance for Q4 and FY23 - EPS of $1+ seems realistic for FY24 -
briefing -
Elanco Animal Health beats by $0.06, beats on revs; guides Q4 EPS in-line, revs in-line (9.36 ) :
Reports Q3 (Sep) earnings of $0.18 per share, excluding non-recurring items, $0.06 better than the FactSet Consensus of $0.12; revenues rose 3.9% year/year to $1.07 bln vs the $1.04 bln FactSet Consensus.
Co issues in-line guidance for Q4, sees EPS of $0.07-0.13, excluding non-recurring items, vs. $0.10 FactSet Consensus; sees Q4 revs of $978 mln - $1.018 bln vs. $1.01 bln FactSet Consensus.
"Elanco delivered a strong third quarter across both pet health and farm animal, with revenue, adjusted EBITDA, and adjusted EPS growth. Constant currency revenue growth of 5 percent was driven by accelerating contribution from innovation, stabilizing core volumes, price growth and improved market conditions in Europe. In constant currency, Pet Health grew 6% and Farm Animal grew 4%, enabled by our differentiated global omnichannel execution, strategic leverage of our diverse portfolio, and our enhanced capabilities and leadership," said Jeff Simmons, Elanco President and CEO. "Our innovation pipeline remains on track, with potential blockbuster products Credelio Quattro, Bovaer and our differentiated JAK inhibitor for canine dermatology, which upon approval will be known as Zenrelia, all on a path toward U.S. approval in the first half of 2024. We are also investing in important commercial capabilities and expanded share of voice to drive our current portfolio and expected launches in 2024."
