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- Elanco Animal Health Inc ELAN has reported Q2 EPS of $0.28 higher than $0.09 reported a year ago, surpassing analysts' estimate of $0.26 and the company guidance of $0.22 - $0.27.
- Sales of $1.28 billion, +118% Y/Y, were above the guidance range of $1.23 - $1.26 billion, beating the consensus estimate of $1.23 billion.
- The growth was driven by the inclusion of the Bayer Animal Health business.
- Legacy Elanco's revenue was $750 million (+28% Y/Y). $529 million in sales came from the legacy Bayer Animal Health portfolio.
- Pet Health's revenue increased 54% to $685 million. Farm Animal revenue increased 44% for the quarter to $567 million.
- The gross margin compressed from 50.5% to 43.1%.
- Guidance Q3 2021: Elanco expects revenue of $1.08 billion - $1.1 billion, versus the analyst consensus of $1.09 billion.
- It expects adjusted EPS of $0.15 - $0.19 (consensus of $0.20) and adjusted EBITDA of $195 million - $220 million.
- FY21 Guidance: Elanco revised revenue guidance to $4.68 - $4.73 billion (consensus of 4.71 billion) from $4.67 billion - $4.71 billion
- It expects an adjusted EPS outlook of $0.97 - $1.0 (consensus $1.04), down from prior guidance of $1.00 - $1.06.
- It also lowered adjusted EBITDA guidance to $1.04 billion - $1.08 billion from $1.055 - $1.095 billion.
- Price Action: ELAN shares are down 14% at $30.40 on the last check Monday.
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