ELAN - Elanco Animal Health slips following updated lowered guidance

Shares of Elanco Animal Health (NYSE:ELAN) are down 5% in Monday morning trading after the company issued updated 2022 guidance including revenue below expectations. 2022 revenue guidance of $4.7B-~$4.76B (prior ~$4.75B-$4.8B) is below consensus of $4.77B. The company said that the negative impact of foreign exchange rates. Updating adjusted full-year EPS of $1.15-$1.21 (prior $1.18-$1.24) compares to a consensus of $1.21. In Q1 2022, Elanco (ELAN) swung to net income of $48M from a net loss of $61M in the prior-year period ($0.10 EPS, basic and diluted, vs. -$0.12). Revenue of ~$1.2B was a 1% decline from Q1 2021. The company's results beat on top and bottom lines. Elanco (ELAN) was helped in the quarter by expense reductions, particularly in cost of sales and asset impairment, restructuring, and other special charges. Read why Seeking Alpha contributor BOOX Research views Elanco (ELAN) as a buy.

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Elanco Animal Health slips following updated lowered guidance