Item 2.02 Results of Operations and Financial Condition.
In connection with its participation at the 40th Annual
This is based on management's initial analysis of operations for the full year
and fourth quarter of 2021. However, the Company is still in the process of
completing the closing procedures for its financial results for such periods and
the related financial audit. The Company expects to issue full financial results
for the full year and fourth quarter of 2021 in
Item 7.01 Regulation FD Disclosure.
On
In addition to the information about the Company's 2021 financial guidance set forth in Item 2.02 above, key points from the presentation include:
· In 2022, the Company expects to deliver continued revenue growth and
double-digit percent adjusted EBITDA and adjusted EPS growth. The Company plans to provide 2022 financial guidance in connection with its fourth quarter and full year 2021 earnings release inFebruary 2022 .
· In
realized, should deliver approximately$70 million in annualized savings. Approximately$45 million of those savings are expected to be incremental to the$300 million value capture commitment the Company made in connection with its acquisition ofBayer Animal Health in 2020.
· In 2022, the Company expects to obtain approval, and intends to launch, at
least seven new products in major markets. These portfolio-enhancing products are expected to be concentrated in pet health and are expected to include products in the following areas: pain, parvovirus, vaccines, and over-the-counter (OTC) parasiticides.
· The Company is making progress against the development milestones related to
the potential pet health blockbuster products in its portfolio.
· The Company continues to believe it will deliver annualized innovation-related
sales of$600 million to$700 million by 2025, as well as achieve its previously communicated long-term adjusted gross margin, adjusted EBITDA margin and net leverage targets.
· Finally, as part of its short-term compensation program, the Company is
introducing an EVA-like metric that focuses on improving returns on after-tax cash in excess of cost of capital, which has been shown to correlate with total shareholder return.
The information contained in the accompanying Exhibit 99.1 is being furnished pursuant to Item 7.01 of Form 8-K. Neither the information set forth in Item 2.02 above, or the information furnished pursuant to this Item 7.01, shall be deemed to be "filed" for purposes of Section 18 of the Exchange Act, nor otherwise subject to the liabilities of that Section, and shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act or the Exchange Act, whether made before or after the date hereof, except as otherwise expressly stated in such filing.
Cautionary Statement Regarding Forward-Looking Statements
This Current Report on Form 8-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including but not limited to statements about the Company's financial results and future performance, expected cost savings from the Company's restructuring program, and future product launches and associated revenue. These forward-looking statements are based on the Company's current expectations and assumptions regarding, among other things, the Company's operations, performance, and financial condition, and are subject to change. The Company's current expectations are also subject to the completion of the Company's financial close process and financial audit for the full year 2021 and are also subject to change. You are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analysis only as of the date of this Current Report on Form 8-K. The Company undertakes no duty to update forward-looking statements.
Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Investor Presentation ofElanco Animal Health Incorporated . 104.1 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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