Elanco Animal Health (NYSE: ELAN) reported Q3 EPS of $0.29, $0.04 better than the analyst estimate of $0.25. Revenue for the quarter came in at $761.1 million versus the consensus estimate of $767.27 million.

• Third quarter revenue grew 9 percent to $761.1 million.
• Revenue, excluding strategic exits, grew 13 percent to $733.4 million; removing the impact of foreign currency exchange rates, growth was 15 percent.
• Reported net income grew $80.9 million in the third quarter to $60.2 million, which represents $0.16 per diluted share and $0.29 per diluted share on an adjusted basis.
• Delivered Innovation, including launching Prevacent® PRRS, a swine vaccine, and CorrelinkTM, a nutritional health product for poultry, as well as signing a licensing agreement with Novozymes to develop nutritional health products for cattle.
• Continued progress on the Productivity agenda, including finalizing the sale of a manufacturing facility in Larchwood, Iowa.
• 2018 revenue is expected to be between $3.05 billion and $3.08 billion. Earnings per share (EPS) for 2018 are expected to be in the range of $0.31 to $0.33 on a reported basis and $1.14 to $1.16 on an adjusted basis.

“We are pleased to have met our expectations in our first quarter as a publicly traded company. Our results reflect the broad-based momentum established as we have executed against our strategy,” said Jeff Simmons, President and Chief Executive Officer of Elanco. “Looking back at the last nine months, Elanco has accelerated growth by delivering on our commitment to innovation and continuing progress on our aggressive margin expansion agenda to increase profitability and unlock value for shareholders.”

GUIDANCE:

Elanco Animal Health sees FY2018 EPS of $1.14-$1.16, versus the consensus of $0.97. Elanco Animal Health sees FY2018 revenue of $3.05-3.08 million, versus the consensus of $3.05 million.

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