ELAN - Elanco outperforms as Bayer Animal Health drives Q3 growth

Elanco Animal Health (NYSE:ELAN) is trading ~1.9% higher in the pre-market after the company reported better than anticipated Q3 2021 financials and raised its outlook ahead of expectations. Third-quarter revenue grew ~27% YoY to reach $1.1B driven by the addition of Bayer Animal Health which the company said has brought scale and diversification. On a pro forma basis, the revenue has expanded only ~6% YoY. Pet Health revenue rose ~31% YoY to reach $527M making up ~47% of total revenue, while the Farm Animal segment generated $583M in sales, contributing ~52% to the topline with ~23% YoY growth. Meanwhile, on a reported basis, the gross margin rose by 530 basis points to reach ~56% narrowing the net loss by ~23% YoY to $104M. For the full year, Elanco (ELAN) now expects its revenue to reach~ $4.73 – $4.77B from $4.68B – $4.673 estimated three months ago. Reflecting two non-cash charges related to R&D asset

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Elanco outperforms as Bayer Animal Health drives Q3 growth