RTTNews | Jan 26, 2021 08:45AM EST

08:45 Tuesday, January 26, 2021 (RTTNews.com) - Elanco Animal Health Incorporated (ELAN) announced restructuring initiative which include the consolidation of R&D activities to align capabilities to the newly combined innovation portfolio to support the company's IPP strategy. The company expects to record charges of between $58 million to $77 million in connection with this restructuring. Elanco expects to recognize between $58 million to $70 million of the total restructuring costs in the first quarter.

Elanco intends to close R&D sites in Manukau, New Zealand and Cuxhaven, Germany. The company will also reduce duplication and optimize structures in U.S. operations, Marketing, Manufacturing and Quality central functions, and administrative areas. The restructuring will result in the elimination of approximately 350 positions.

Elanco increased and tightened its 2021 guidance. Adjusted earnings per share is now expected in a range of $0.86 to $0.96, revised from $0.83 to $0.95.

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