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ELAN

Elanco

$26.58

0.19 (0.72%)

16:32
09/30/19
09/30
16:32
09/30/19
16:32

Elanco to undergo $50M business restructuring, eliminate 250 jobs

Since its September 2018 IPO, Elanco has continued to evaluate its capabilities, structure and staffing to meet its goal of being an agile, standalone company, focused exclusively on animal health and delivering on its Innovation, Portfolio and Productivity strategy. As part of this effort, Elanco is implementing actions to "enhance productivity and drive efficiency." The company is announcing its intent to eliminate approximately 250 positions across multiple locations and functions. This includes exiting R&D operations in Prince Edward Island, Canada; ceasing certain operations at the company's Wusi, China site; and streamlining operations at the Speke, England location. The cost of this restructuring will be approximately $50M with approximately $30M relating to non-cash asset write downs. Elanco expects to realize at least $12M of savings in 2020 from this restructuring. An estimated restructuring charge of $38M will be incurred in Q3 2019 with the remaining $12M to be incurred in 2020.

  • 06

    Nov

ELAN Elanco
$26.58

0.19 (0.72%)

09/13/19
JPMS
09/13/19
NO CHANGE
Target $38
JPMS
Overweight
Elanco overhangs well reflected in current valuation, says JPMorgan
JPMorgan analyst Chris Schott continues to see several near-term overhangs in the Elanco Animal Health (ELAN) story, including the unknown divestiture requirements, the equity issuance for Bayer transaction, and ASF, Rumensin and Simparica Trio sales headwinds. However, with shares trading at a 30% discount to peer Zoetis (ZTS), these overhangs as well reflected in valuation, Schott tells investors in a research note. He sees a "very attractive setup" for Elanco shares looking out to 2020 and beyond. The analyst keeps an Overweight rating on the name with a $38 price target.
09/23/19
LEHM
09/23/19
INITIATION
Target $36
LEHM
Overweight
Elanco initiated with an Overweight at Barclays
Barclays analyst Balaji Prasad started Elanco Animal Health with an Overweight rating and $36 price target. The company is poised to be a top two animal health firm once the Bayer acquisition closes, Prasad tells investors in a research note. The analyst sees the deal bringing a boost to gross margins from product mix.
09/23/19
09/23/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Verisk Analytics (VRSK) assumed with a Market Perform at Keefe Bruyette. 2. Easterly Government Properties (DEA) initiated with a Buy at Compass Point. 3. Elanco (ELAN) initiated with an Overweight at Barclays. 4. Accenture (ACN) initiated with a Buy at Redburn. 5. Lululemon (LULU) initiated with an Overweight at Piper Jaffray. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/26/19
CLVD
09/26/19
NO CHANGE
CLVD
Neutral
Elanco accelerates cost cuts amid 'underwhelming' sales, says Cleveland Research
Cleveland Research analyst Rob Eich said his checks suggest Elanco is still seeing sluggish and "underwhelming" sales growth in the quarter-to-date and he is hearing that the company is accelerating its cost cuts in response. Eich keeps a Neutral rating on Elanco shares.

TODAY'S FREE FLY STORIES

BRY

Berry Petroleum

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-2.695 (-23.84%)

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BA

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ESE

Esco Technologies

$86.89

2.12 (2.50%)

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DIS

Disney

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0.88 (0.60%)

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MYOV

Myovant Sciences

$13.98

7.96 (132.23%)

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  • 19

    Nov

ACM

Aecom

$42.75

0.11 (0.26%)

15:26
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MSFT

Microsoft

$150.52

0.17 (0.11%)

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  • 20

    Nov

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ALC

Alcon

$59.24

0.35 (0.59%)

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  • 20

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$NSD

NASDAQ Market Internals

$0.00

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$NYE

NYSE Market Internals

$0.00

(0.00%)

15:16
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INFN

Infinera

$6.63

-0.17 (-2.50%)

15:15
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Options
Infinera put volume heavy and directionally bearish »

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  • 09

    Dec

HD

Home Depot

$226.30

-12.68 (-5.31%)

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  • 19

    Nov

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URBN

Urban Outfitters

$28.49

-1.67 (-5.54%)

15:04
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Urban Outfitters options imply 18.0% move in share price post-earnings »

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  • 19

    Nov

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CRON

Cronos Group

$6.87

0.74 (12.07%)

, MO

Altria Group

$47.20

-1.14 (-2.36%)

14:57
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CRON

Cronos Group

$6.87

0.74 (12.07%)

MO

Altria Group

$47.20

-1.14 (-2.36%)

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  • 30

    Jan

GRUB

GrubHub

$40.59

-0.42 (-1.02%)

, UBER

Uber

$27.06

0.3 (1.12%)

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GrubHub

$40.59

-0.42 (-1.02%)

UBER

Uber

$27.06

0.3 (1.12%)

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BRY

Berry Petroleum

$10.23

-1.075 (-9.51%)

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BRY

Berry Petroleum

$10.23

-1.075 (-9.51%)

, HAL

Halliburton

$19.94

-0.21 (-1.04%)

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BRY

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$10.23

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HAL

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BHGE

Ticker changed to BKR

$0.00

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CJ

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$0.00

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XOM

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CHK

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DVN

Devon Energy

$21.52

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  • 21

    Jan

PAGS

PagSeguro Digital

$37.06

-0.79 (-2.09%)

14:49
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  • 19

    Nov

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ET

Energy Transfer LP

$11.22

-0.105 (-0.93%)

14:45
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14:45
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Options
Energy Transfer call volume above normal and directionally bullish »

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BHE

Benchmark Electronics

$33.59

-0.05 (-0.15%)

14:40
11/19/19
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  • 09

    Dec

KSS

Kohl's

$47.23

-11.16 (-19.11%)

14:37
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14:37
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14:37
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  • 19

    Nov

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FB

Facebook

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2.04 (1.03%)

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  • 26

    Nov

GOOG

Alphabet

$1,314.83

-3.62 (-0.27%)

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$1,313.48

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GOOG

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-3.62 (-0.27%)

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$1,313.48

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FB

Facebook

$199.38

1.93 (0.98%)

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  • 26

    Nov

$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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Technical Analysis
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