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Elanco announces 2020 guidance ahead of FY'19 earnings release

Elanco Animal Health Inc. reported its full-year 2020 earnings guidance and said its $7.6 billion acquisition of Bayer AG's animal health business received antitrust clearance in China.

The company made the announcement ahead of releasing its 2019 earnings results.

The Greenfield, Ind.-based company expects 2020 adjusted EPS to be in the range of $1.09 to $1.16 while GAAP EPS is expected to be between 4 cents to 16 cents. Elanco said it expects total revenue to be in the range of $3.05 billion to $3.11 billion, while core revenue, which excludes strategic exits, is expected to be between $3 billion and $3.06 billion.

The company noted that its 2020 guidance includes full-year revenues for products that may be divested and do not include any expected sales from the Bayer animal health business, among other things.

Elanco added that while its financial audit for 2019 was not complete, it expects 2019 revenue and EPS results to be toward the low end of its previously announced estimates. Elanco said in November 2019 that it expects total revenue to be in the range of $3.07 billion to $3.09 billion for the year. Adjusted EPS was expected to be between $1.04 and $1.08, while GAAP EPS was expected to be in the range of 10 cents to 18 cents.

The company said environmental issues, which include the African swine fever and the Australian drought, would impact its 2019 revenue by about $100 million.

In addition, Elanco said in a Jan. 10 press release that its acquisition of Bayer's animal health business received antitrust clearance from China's competition authority, called the State Administration for Market Regulation.

The company added that antitrust reviews were still ongoing in other areas around the world.

Earlier in January, Elanco announced that it was selling Osurnia, an ear inflammation therapy for dogs, to U.K.'s Dechra Pharmaceuticals PLC for $135 million in cash in an effort to allay antitrust concerns related to the Bayer deal.