(NDAgConnection.com) – Elanco Animal Health Incorporated reported financial results for the third quarter of 2022, provided guidance for the fourth quarter of 2022, and updated guidance for the full year 2022.

“Elanco’s Innovation, Portfolio, and Productivity (IPP) strategy and leadership position in the animal health industry sets us up for sustained value creation. While we continued to face topline pressure in the third quarter, we delivered 5% adjusted EPS growth, expanded adjusted EBITDA margin by 120 asis points and reduced gross debt by nearly $170 million,” said Jeff Simmons, Elanco president and chief executive officer. “The Elanco team is focused on execution, – advancing the pipeline, driving market share, price growth, and accelerating our systems integration. Environmental conditions have worsened from our assumptions in August causing us to reduce our full year financial outlook to reflect additional foreign exchange headwinds, the global economic slowdown further impacting Europe and U.S. pet retail markets, and the continued impacts of COVID-19 lockdowns in China.”

Simmons adds that the company’s R&D team has made progress on the pipeline and see a path toward five products with blockbuster potential approved in the U.S. by the first half of 2024.