Shares of Elanco Animal Health Inc.
ELAN,
-1.23%
sank 7.3% toward a three-month low in premarket trading Monday, after the animal health company reported second-quarter profit that topped expectations and revenue that more than doubled, amid strength in the U.S. vaccine business and international markets, but provided a mixed full-year outlook. The company said increased logistics costs and inflationary pressure hurt the full-year profit outlook. The net loss widened to $210 million, or 43 cents a share, from $53 million or 13 cents a share, in the year-ago period. Excluding nonrecurring items, such as impairment charges, adjusted earnings per share came to 28 cents, above the FactSet consensus of 27 cents. Revenue grew 118.3% to $1.28 billion, above the FactSet consensus of $1.24 billion, as pet health revenue rose 170% and farm animal revenue increased 79%. For 2021, the company lowered its guidance range for adjusted EPS to 97 cents to $1.03 from $1.00 to $1.06 but raised its revenue guidance to $4.68 billion to $4.73 billion from $4.67 billion to $4.71 billion. The stock has advanced 15.3% year to date while the S&P 500
SPX,
+0.17%
has rallied 18.1%.