Shares of veterinary health solutions provider Elanco Animal Health (NYSE:ELAN) are ticking higher today after it posted better-than-expected second-quarter numbers and upped its full-year financial outlook.
In Q2, revenue declined 10.2% year-over-year to $1.06 billion but landed better than estimates by $20 million. Additionally, EPS at $0.18 too handily surpassed expectations by $0.13. While Elanco is seeing gains across its U.S. Pet Health and International Farm Animal businesses, the company’s product pipeline is also tracking ahead with a potential launch of a broad spectrum parasiticide in dogs and Bovaer (for methane reduction in cattle) anticipated in H1 2024.
Moreover, owing to an expected uptick in U.S. Pet Health, Poultry, and Aqua, Elanco has also upped its financial outlook for the full year 2023. Revenue is now anticipated between $4,310 million to $4,410 million versus the prior outlook between $4,310 million to $4,400 million. EPS for the year is seen landing between $0.80 and $0.89 as compared to earlier guidance between $0.76 and $0.83.
Overall, the Street has a $14 consensus price target on Elanco alongside a Moderate Buy consensus rating. Shares of the company have now gained nearly 23% over the past month.
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