RTTNews | Feb 24, 2021 07:13AM EST

07:12 Wednesday, February 24, 2021 (RTTNews.com) - Elanco Animal Health Incorporated (ELAN) reported fourth-quarter net loss of $322.8 million and $0.66 per share compared with $9.5 million or $0.03 per loss per share in the same quarter a year ago. The company also raised its annual outlook

Excluding items, the company earned $0.12 per share that beat the average estimate of analysts polled by Thomson Reuters for earnings of $0.09 per share. Analysts' estimates typically exclude special items.

Revenue for the quarter increased to $1.139 billion from $787 million last year, thanks to growth in U.S. Pet Health, U.S. Farm Animal, and China swine segments. The consensus estimate was for $1.06 billion.

Looking forward to the first quarter, the company sees revenue to be in the range of $1.15 billion to $1.17 billion and earnings on an adjusted basis to be in the range of $0.20 per share to $0.25 per share. Analysts expect the company to report earnings of $0.22 per share on revenue of $1.13 billion for the quarter.

Elanco is raising its full-year 2021 guidance for revenue to the range of $4.55 billion to $4.63 billion from $4.52 billion to $4.6 billion, provided earlier. The consensus estimate stands at $4.56 billion.

The company also increased its full-year earnings outlook to the range of $0.90 per share to $1.00 per share from $0.83 per share to $0.95 per share. Analysts expect earnings of $0.91 per share for the period.

"Our eight launches planned for 2021 are on track. Additionally, we are rapidly executing on the necessary actions to drive synergies from the Bayer Animal Health acquisition, taking important steps toward being an agile, fit-for-purpose animal health leaders'" said Jeff Simmons, president and chief executive officer at Elanco.

ELAN shares are up more than 3% in the pre-market trade on Wednesday. Tuesday the shares closed at $30.86, up 0.92%.

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