Elanco Animal Health Inc

NYSE:ELAN   3:59:59 PM EDT
-0.22 (-0.81%)
Layoffs, Restructuring / Reorganization, Other Pre-Announcement

Elanco To Remove About 380 Positions, Including About 20% Of Senior Management

Published: 11/30/2021 12:31 GMT
Elanco Animal Health Inc (ELAN) - Elanco Announces Changes to Simplify Organizational Structure, Drive Profitable Growth and Focus Investments on Growth and Innovation Opportunities.
Eliminating Approximately 380 Positions, Including Approximately 20% of Elanco's Senior Management.
Eliminating Positions Creates a Q4 2021 Charge to GAAP Net Income of $65 Million to $71 Million.
Savings of Approximately $60 Million in 2022 Will Help Offset Added Inflation Costs.
Eliminating Positions Generates About $70 Million in Savings Once Fully Realized.
Consolidating Commercial Operations for Elanco International and Elanco Europe Into One Organization.
Expects to Record Q4 2021 Pre-tax Charge for Severance Costs of Between $86 Million to $94 Million.
Restructuring Charge Does Not Impact Company's Adjusted (non-GAAP) Expectations, As Previously Disclosed.
Sees Q4 Reported Loss per Share $0.29 - $0.20.
Restructuring Charge Does Not Impact Adjusted (non-GAAP) Expectations, As Previously Disclosed on November 5.
Q4 Pretax Charge for Severance Costs to Reduce Q4 Earnings per Share by Approximately $0.13 to $0.15.
Sees No Change to 2021 Full Year Guidance for Revenue, Adjusted EBITDA Adjusted Earnings per Share.
Q4 Earnings per Share View $0.17 -- Refinitiv Ibes Data (analyst estimates).