- Elanco reported first quarter revenue of $1.3 billion, up 3%. Pet health sales of $675 million were up 5%, and farm animal sales of $573 million were up 1%. Reported net income of $103 million was up from $51 million last year, with reported earnings per share of 21 cents up from 10 cents. Adjusted earnings per share of 45 cents were up from 36 cents. “In April, we achieved a major milestone with the successful integration of the Bayer Animal Health business into our ERP system, with the first quarter benefiting from customers shifting their purchases ahead of our system blackout,” said CEO and President Jeff Simmons. “We expect lower revenue in the second quarter as a result of this shift.”
- The pet insurance industry in the United States and Canada last year generated more than $3.5 billion in combined revenue, up 23.5% from the year before, according to the North American Pet Health Insurance Association. U.S. policyholders spent an all-time high of $3.22 billion, and the number of covered pets in the United States rose to a record 4.85 million. Eighty percent of those pets were dogs. “With more than 5 million pets now insured across North America, it’s clear that more and more pet owners are viewing pet health insurance as an ideal way to ensure their pets are well cared for,” said Kristen Lynch, NAPHIA’s executive director.
- Zoetis announced the FDA has approved Librela (bedinvetmab injection) for the control of pain associated with osteoarthritis in dogs. According to the announcement, Librela is the first and only once-a-month, anti-NGF monoclonal antibody treatment for canine OA pain. It’s approved as safe and effective in providing long-term control of OA pain symptoms in dogs, which can improve their mobility and overall quality of life, according to Zoetis. It’s expected to be available to U.S. veterinarians in late 2023.