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Elanco revenue up 46% in 2021, down in fourth quarter

Company said diverse portfolio contributed to growth in all three regions and in four out of five species.

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Company says it saw its fifth consecutive quarter of outperforming expectations

Elanco Animal Health Inc.’s full-year 2021 revenue was up 46% from the previous year, while its fourth quarter revenue was down 2%, the company said on February 24.

The company reported a net loss of US$97 million for the quarter and US$472 million for the full year. Fourth-quarter revenue was US$1.11 billion, down US$27 million from the same period the previous year. Full-year revenue was US$4.77 billion, compared with US$3.27 billion from the previous year.

“The fourth quarter of 2021 represents our fifth consecutive quarter of outperforming our expectations. Our diverse portfolio delivered across the business – growing in all three regions and in four out of five species, demonstrating the durable growth profile of our business,” said Jeff Simmons, president and CEO of Elanco.

For the fourth quarter, Farm Animal unit revenue decreased 1% and was flat excluding the unfavorable impact from foreign exchange rates. Performance was driven by growth in global poultry and aqua. This was the result of improved conditions related to the COVID-19 pandemic and the addition of innovation products, which was more than offset by a decline in the China swine business from pressured producer profitability and the unfavorable impact of exiting certain products since the fourth quarter of 2020 and from a short-term competitor stock-out benefiting the company’s U.S. cattle vaccines and implant business in the fourth quarter of 2020.

For the full year, the Farm Animal unit delivered revenue of US$2.33 billion, including an additional US$417 million of Bayer Animal Health product revenue in the full year 2021 compared to the full year 2020. Rumensin continued to fare better than initial expectations regarding market share despite nearly 2.5 years of generic competition. In the second half of 2021, global poultry and aqua markets benefited from improving economic conditions as the COVID-19 pandemic eased in many markets.

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