Elanco Animal Health, a leading developer and manufacturer of pet and farm-animal medicines based in Greenfield, Indiana, has provided an update on its projected earnings for 2023. The company has adjusted its earnings target while also tightening its revenue range and widening its net loss forecast based on various market factors.
Adjusted Earnings Projection
Elanco Animal Health has raised its projected adjusted earnings for 2023 to a range of 88 to 94 cents per share. This represents an increase from the previous estimate of 80 to 89 cents per share. The company remains confident in its ability to deliver strong financial performance in the coming years.
Net Loss Forecast
However, Elanco has widened its net loss forecast for the year. The new range for the full-year loss is between $1.174 billion and $1.2 billion, compared to the previous target of $127 million to $170 million. This translates to a 2023 loss of $2.37 to $2.43 per share. Notably, this revised forecast now includes a significant goodwill impairment charge in the third quarter.
Elanco Animal Health now anticipates its full-year revenue to be within the range of $4.36 billion and $4.4 billion, narrowing it slightly from the previous estimate of $4.35 billion to $4.41 billion. The company points to better-than-expected third-quarter sales offset by unfavorable foreign-exchange rates as the main factors influencing this adjustment.
Looking ahead to the fourth quarter, Elanco has set a target for adjusted earnings between 7 and 13 cents per share on revenue ranging from $978 million to $1.018 billion. However, the company expects a net loss between $83 million and $113 million, equating to a loss of 17 to 23 cents per share during this period.
Elanco Animal Health remains committed to its mission of delivering innovative healthcare solutions for animals. As the company navigates market fluctuations and other challenges, it continues to drive towards its goals.