Elanco reports Q4 adjusted EPS 8c, consensus 11c

Reports Q4 revenue $1.04B, consensus $1B. “Elanco ended 2023 with momentum, returning to constant currency revenue growth for the full year and delivering 5% growth in the fourth quarter, primarily driven by our farm animal business, innovation revenue and price growth,” said Jeff Simmons, president and CEO of Elanco Animal Health. “While we exceeded our sales expectations and demonstrated strong operating expense management in the fourth quarter, adjusted EBITDA was adversely impacted by approximately $18 million of unexpected items, primarily the significant devaluation of the Argentinian peso that occurred in December of 2023. Over the past year, we have enhanced our commercial infrastructure to support future growth, doubled year over year innovation sales, returned to revenue growth and taken actions to accelerate debt paydown.”