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Elanco ● TM FOR IMMEDIATE RELEASE Investor Contact : Dave Pugh ( 317 ) 361-9892 or david.pugh@elancoah.com Media Contact : Colleen Parr Dekker ( 317 ) 989-7011 or colleen.dekker@elancoah.com ● Elanco Animal Health 2500 Innovation Way Greenfield , IN 46140 Elanco Animal Health Reports Third Quarter 2021 Results Exceeding Revenue Guidance ; Raising Full Year 2021 Revenue Guidance Third quarter revenue increased 27 percent , benefiting from increased scale and diversification with the addition of Bayer Animal Health . On a pro forma combined company basis , Elanco's revenue grew approximately 6 percent , assuming the Bayer Animal Health acquisition had occurred on January 1 , 2020 . Third quarter revenue was $ 1,131 million , exceeding the midpoint of guidance by $ 44 million , due to strength in the global Farm Animal business and global Pet Health retail . Gross margin improved 530 basis points year over year to 55.6 percent on a reported basis , and 150 basis points to 55.7 percent on an adjusted basis . Reported earnings per share ( EPS ) was $ ( 0.21 ) , and adjusted EPS was $ 0.19 . Updating full year 2021 financial guidance for diluted EPS of $ ( 0.91 ) to $ ( 0.83 ) on a reported basis , and reported net loss of $ ( 405 ) to $ ( 360 ) million . Raising full year 2021 financial guidance for revenue of $ 4,730 to $ 4,770 million , and maintaining full year 2021 financial guidance for adjusted EPS of $ 0.97 to $ 1.03 , and adjusted EBITDA of $ 1,035 to $ 1,075 million , driving approximately 300 basis points in adjusted EBITDA margin expansion on a pro forma combined company basis . Providing financial guidance for the fourth quarter of 2021 with revenue of $ 1,078 to $ 1,118 million , diluted EPS of $ ( 0.14 ) to $ ( 0.07 ) on a reported basis , or $ 0.13 to $ 0.19 on an adjusted basis , reported net loss of $ ( 65 ) to $ ( 30 ) million , and adjusted EBITDA of $ 190 to $ 230 million . GREENFIELD , Ind . ( November 5 , 2021 ) - Elanco Animal Health Incorporated ( NYSE : ELAN ) today reported financial results for the third quarter of 2021 , provided guidance for the fourth quarter of 2021 , and updated guidance for the full year 2021. The results reflect the inclusion of the Bayer Animal Health business Elanco acquired on August 1 , 2020 . " Our business continues to show good momentum and strong fundamentals since closing the Bayer Animal Health acquisition a year ago , now with our fourth consecutive quarter exceeding our top - line growth expectations while concurrently making steady headway toward our long - term margin targets , " said Jeff Simmons , president and chief executive officer at Elanco . " As we near the anniversary of our Investor Day when we established our commitments for the newly combined Elanco , it is clear that 2021 will be a strong step toward our long - term growth algorithm , with pro forma combined company revenue expected up approximately 7 percent and outperformance in both sides of our business , while expanding our pro forma combined company adjusted EBITDA margin by approximately 300 basis points . Our teams remain focused on finishing 2021 well and continuing to drive growth in 2022 as we deliver on our vision of food and companionship enriching life , while generating sustainable value for our shareholders . " In the third quarter , Elanco's results compared to the company's August 9 , 2021 guidance are as follows : 1