Elanco Animal Health Inc (NYSE:ELAN) has reported a 4% increase in revenue for Q3 2023, reaching $1,068 million. The revenue growth was driven by a 6% increase in Pet Health and a 3% rise in Farm Animal revenues, bolstered by new products and a robust European poultry market. Despite the increased revenue, the company posted a net loss of $1,096 million due to a non-cash goodwill impairment charge.
The company's adjusted EBITDA for the quarter stood at $214 million, representing 20% of the revenue. Gross profit was recorded at $581 million or 54.4% of the revenue, while total operating expenses amounted to $399 million. Elanco also saw a 5% increase in marketing, selling, and administrative expenses, primarily driven by employee-related costs and promotional activities.
In light of its Q3 performance and anticipated foreign exchange impact, Elanco has revised its full-year guidance for 2023. Alongside its financial performance update, the animal health company announced it has completed FDA submissions for its dog product Credelio Quattro and Dairy cow feed additive Bovaer. Additionally, the firm received EU approval for Elura, an appetite stimulant for cats.
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