May 7, 2020 / 11:53 AM / 2 months ago

BRIEF-Elanco Animal Health Reports Q1 Adjusted Earnings Per Share $0.13

May 7 (Reuters) - Elanco Animal Health Inc:

* Q1 LOSS PER SHARE $0.12

* Q1 REVENUE $657.7 MILLION VERSUS REFINITIV IBES ESTIMATE OF $718.4 MILLION

* Q1 EARNINGS PER SHARE ESTIMATE $0.24 — REFINITIV IBES DATA

* BAYER ANIMAL HEALTH ACQUISITION REMAINS ON TRACK FOR MID-YEAR CLOSE

* LONG-TERM INDUSTRY FUNDAMENTALS REMAIN INTACT

* 2020 GUIDANCE WITHDRAWN

* IN Q1, COVID-19 PANDEMIC CREATED WORKING CAPITAL PRESSURES ACROSS COMMERCIAL VALUE CHAIN

* ELANCO ANIMAL HEALTH - COVID-19 PANDEMIC DAMPENED ASSUMPTIONS ABOUT NEAR-TERM DEMAND FROM END USERS OF PRODUCTS

* CO’S ANALYSIS SHOWS INTERNAL DEMAND GENERATION EFFORTS ARE SUPERIOR TO DISTRIBUTORS

* CO’S ANALYSIS SHOWS HIGHER INVENTORY LEVELS ARE NOT DRIVING DEMAND AS IT HAD IN PAST

* ELANCO ANIMAL HEALTH - COMPANION ANIMAL DISEASE PREVENTION REVENUE DECREASED 25% FOR QUARTER, DRIVEN BY DECREASED VOLUME

* COMPANION ANIMAL THERAPEUTICS REVENUE DECREASED 19 PERCENT FOR QUARTER

* IN Q1, WE MADE INITIAL PROGRESS TO ‘MEANINGFULLY’ REDUCE CHANNEL INVENTORY

* EXPECT TO FURTHER TIGHTEN CHANNEL INVENTORY ACROSS ALL BUSINESS AREAS, PRIMARILY IN Q2

* FOOD ANIMAL FUTURE PROTEIN & HEALTH REVENUE INCREASED 8 PERCENT FOR QUARTER, DRIVEN BY INCREASED VOLUME AND PRICE

* ACTIONS WE ARE TAKING WITH COMMERCIAL PARTNERS NEGATIVELY IMPACT REPORTED SALES PERFORMANCE IN NEAR TERM

* FOOD ANIMAL RUMINANTS & SWINE REVENUE DECREASED 8 PERCENT FOR QUARTER, DRIVEN BY DECEASED VOLUME AND PRICE

* DO EXPECT DEMAND-RELATED PRESSURE ON BUSINESS AS A RESULT OF COVID-19 PANDEMIC IN COMING QUARTERS

* FOOD ANIMAL RUMINANTS & SWINE REVENUE DECREASED 8 PERCENT FOR QUARTER

* EXPECT TO HAVE SUFFICIENT CAPITAL TO FINALIZE BAYER ACQUISITION Source text for Eikon: Further company coverage:

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