$ELAN
Elanco Animal Health Inc Stock $elan

$elan Overview Financials Valuation SEC Filings Company Website

2019 Q2 Form 10-Q Financial Statement

#000173910419000012 Filed on August 13, 2019

Income Statement

Concept	2019 Q2	2018 Q2
Revenue	$781.6M	$770.2M
YoY Change	1.48%	5.1%
Cost Of Revenue	$356.0M	$431.5M
YoY Change	-17.5%	15.37%
Gross Profit	$425.6M	$338.7M
YoY Change	25.66%	-5.6%
Gross Profit Margin	54.45%	43.98%
Selling, General & Admin	$200.9M	$191.1M
YoY Change	5.13%
% of Gross Profit	47.2%	56.42%
Research & Development	$68.80M	$61.40M
YoY Change	12.05%
% of Gross Profit	16.17%	18.13%
Depreciation & Amortization	$77.20M	$75.30M
YoY Change	2.52%	-51.76%
% of Gross Profit	18.14%	22.23%
Operating Expenses	$269.7M	$252.5M
YoY Change	6.81%	-2.06%
Operating Profit	$155.9M	$86.20M
YoY Change	80.86%	-14.65%
Interest Expense	$20.70M	$0.00
YoY Change
% of Operating Profit	13.28%	0.0%
Other Income/Expense, Net	-$3.900M	-$8.800M
YoY Change	-55.68%
Pretax Income	$50.20M	-$40.00M
YoY Change	-225.5%	163.16%
Income Tax	$14.30M	$22.80M
% Of Pretax Income	28.49%
Net Earnings	$35.90M	-$62.80M
YoY Change	-157.17%	107.95%
Net Earnings / Revenue	4.59%	-8.15%
Basic Earnings Per Share	$0.10	-$0.21
Diluted Earnings Per Share	$0.10	-$0.21
COMMON SHARES
Basic Shares Outstanding	365.7M shares	293.3M shares
Diluted Shares Outstanding	367.0M shares	293.3M shares

Balance Sheet

Concept	2019 Q2	2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments	$385.0M	$321.0M
YoY Change	19.94%
Cash & Equivalents	$385.1M	$321.0M
Short-Term Investments
Other Short-Term Assets	$114.0M	$107.0M
YoY Change	6.54%
Inventory	$1.053B	$1.006B
Prepaid Expenses
Receivables	$757.2M	$588.0M
Other Receivables	$74.30M	$36.00M
Total Short-Term Assets	$2.384B	$2.057B
YoY Change	15.87%
LONG-TERM ASSETS
Property, Plant & Equipment	$931.1M	$878.0M
YoY Change	6.05%
Goodwill	$2.960B
YoY Change
Intangibles	$2.353B
YoY Change
Long-Term Investments	$16.30M	$13.00M
YoY Change	25.38%
Other Assets	$229.9M	$163.0M
YoY Change	41.04%
Total Long-Term Assets	$6.473B	$6.520B
YoY Change	-0.71%
TOTAL ASSETS
Total Short-Term Assets	$2.384B	$2.057B
Total Long-Term Assets	$6.473B	$6.520B
Total Assets	$8.857B	$8.577B
YoY Change	3.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$242.9M	$194.0M
YoY Change	25.21%
Accrued Expenses	$91.00M	$65.00M
YoY Change	40.0%
Deferred Revenue	$176.0M
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$27.10M
YoY Change
Total Short-Term Liabilities	$777.5M	$558.0M
YoY Change	39.34%
LONG-TERM LIABILITIES
Long-Term Debt	$2.382B	$0.00
YoY Change
Other Long-Term Liabilities	$175.7M	$257.0M
YoY Change	-31.63%
Total Long-Term Liabilities	$2.558B	$257.0M
YoY Change	895.21%
TOTAL LIABILITIES
Total Short-Term Liabilities	$777.5M	$558.0M
Total Long-Term Liabilities	$2.558B	$257.0M
Total Liabilities	$3.591B	$991.0M
YoY Change	262.4%
SHAREHOLDERS EQUITY
Retained Earnings	$83.80M
YoY Change
Common Stock	$0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$5.266B	$7.576B
YoY Change
Total Liabilities & Shareholders Equity	$8.857B	$8.577B
YoY Change	3.26%

Cashflow Statement

Concept	2019 Q2	2018 Q2
OPERATING ACTIVITIES
Net Income	$35.90M	-$62.80M
YoY Change	-157.17%	107.95%
Depreciation, Depletion And Amortization	$77.20M	$75.30M
YoY Change	2.52%	-51.76%
Cash From Operating Activities	$50.10M	$136.9M
YoY Change	-63.4%	51.1%
INVESTING ACTIVITIES
Capital Expenditures	-$21.30M	-$23.80M
YoY Change	-10.5%	138.0%
Acquisitions
YoY Change
Other Investing Activities	-$25.20M	$700.0K
YoY Change	-3700.0%	-100.08%
Cash From Investing Activities	-$46.50M	-$23.10M
YoY Change	101.3%	-97.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	89.70M	-47.20M
YoY Change	-290.04%	-105.81%
NET CHANGE
Cash From Operating Activities	50.10M	136.9M
Cash From Investing Activities	-46.50M	-23.10M
Cash From Financing Activities	89.70M	-47.20M
Net Change In Cash	93.30M	66.60M
YoY Change	40.09%	-5223.08%
FREE CASH FLOW
Cash From Operating Activities	$50.10M	$136.9M
Capital Expenditures	-$21.30M	-$23.80M
Free Cash Flow	$71.40M	$160.7M
YoY Change	-55.57%	59.74%

Facts In Submission

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	dei	Document Period End Date DocumentPeriodEndDate	2019-06-30
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CY2019Q2	us-gaap	Lessee Operating Lease Liability Payments Remainder Of Fiscal Year LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear	24800000	USD
CY2019Q2	us-gaap	Lessee Operating Lease Liability Undiscounted Excess Amount LesseeOperatingLeaseLiabilityUndiscountedExcessAmount	6400000	USD
CY2018Q4	us-gaap	Liabilities Liabilities	3759200000	USD
CY2019Q2	us-gaap	Liabilities Liabilities	3591400000	USD
CY2018Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	8956700000	USD
CY2019Q2	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	8856900000	USD
CY2018Q4	us-gaap	Liabilities Current LiabilitiesCurrent	970700000	USD
CY2019Q2	us-gaap	Liabilities Current LiabilitiesCurrent	777500000	USD
CY2018Q4	us-gaap	Litigation Reserve LitigationReserve	0	USD
CY2019Q2	us-gaap	Litigation Reserve LitigationReserve	0	USD
CY2018Q4	us-gaap	Long Term Debt LongTermDebt	2472300000	USD
CY2019Q2	us-gaap	Long Term Debt LongTermDebt	2409100000	USD
CY2018Q4	us-gaap	Long Term Debt Current LongTermDebtCurrent	29000000	USD
CY2019Q2	us-gaap	Long Term Debt Current LongTermDebtCurrent	27100000	USD
CY2018Q4	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	2443300000	USD
CY2019Q2	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	2382000000	USD
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-123700000	USD
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-249800000	USD
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-57500000	USD
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-77500000	USD
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	183900000	USD
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	58200000	USD
CY2018Q1	us-gaap	Net Income Loss NetIncomeLoss	72700000	USD
CY2018Q2	us-gaap	Net Income Loss NetIncomeLoss	-62800000	USD
	us-gaap	Net Income Loss NetIncomeLoss	9900000	USD
CY2019Q1	us-gaap	Net Income Loss NetIncomeLoss	31500000	USD
CY2019Q2	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-3900000	USD
	us-gaap	Nonoperating Income Expense NonoperatingIncomeExpense	-6500000	USD
CY2019Q2	us-gaap	Number Of Countries In Which Entity Operates NumberOfCountriesInWhichEntityOperates	90	country
	us-gaap	Number Of Operating Segments NumberOfOperatingSegments	1	segment
CY2019Q2	us-gaap	Operating Lease Cost OperatingLeaseCost	6600000	USD
CY2019Q2	us-gaap	Operating Lease Liability OperatingLeaseLiability	81600000	USD
	us-gaap	Operating Lease Cost OperatingLeaseCost	12300000	USD
CY2019Q2	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	23300000	USD
CY2019Q2	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	58300000	USD
	us-gaap	Operating Lease Payments OperatingLeasePayments	11800000	USD
CY2019Q2	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	81300000	USD
CY2019Q2	us-gaap	Operating Lease Weighted Average Discount Rate Percent OperatingLeaseWeightedAverageDiscountRatePercent	0.042
CY2019Q2	us-gaap	Operating Lease Weighted Average Remaining Lease Term1 OperatingLeaseWeightedAverageRemainingLeaseTerm1	P5Y
CY2018Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	118400000	USD
CY2019Q2	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	229900000	USD
CY2018Q2	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	-224900000	USD
	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	-105700000	USD
CY2019Q2	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	35400000	USD
	us-gaap	Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax	5200000	USD
CY2018Q1	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	118600000	USD
CY2018Q2	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	-222900000	USD
	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	-104300000	USD
CY2019Q1	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	-28200000	USD
CY2019Q2	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	35600000	USD
	us-gaap	Other Comprehensive Income Loss Net Of Tax OtherComprehensiveIncomeLossNetOfTax	7400000	USD
CY2018Q2	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax	-2000000	USD
	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax	-1400000	USD
CY2019Q2	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax	-200000	USD
	us-gaap	Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Adjustment Net Of Tax OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentNetOfTax	-2200000	USD
CY2018Q4	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	199000000	USD
CY2019Q2	us-gaap	Other Liabilities Current OtherLiabilitiesCurrent	205400000	USD
CY2018Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	121500000	USD
CY2019Q2	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	175700000	USD
	us-gaap	Other Operating Activities Cash Flow Statement OtherOperatingActivitiesCashFlowStatement	700000	USD
	us-gaap	Other Operating Activities Cash Flow Statement OtherOperatingActivitiesCashFlowStatement	-22600000	USD
CY2018Q4	us-gaap	Other Receivables Net Current OtherReceivablesNetCurrent	57600000	USD
CY2019Q2	us-gaap	Other Receivables Net Current OtherReceivablesNetCurrent	74300000	USD
	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	1000000	USD
	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	25700000	USD
	us-gaap	Payments For Restructuring PaymentsForRestructuring	38300000	USD
	us-gaap	Payments For Restructuring PaymentsForRestructuring	15500000	USD
	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	56500000	USD
	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	51800000	USD
CY2018Q4	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	109100000	USD
CY2019Q2	us-gaap	Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent	108400000	USD
CY2018Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	113900000	USD
CY2019Q2	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	102300000	USD
	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	-900000	USD
	us-gaap	Proceeds From Payments For Other Financing Activities ProceedsFromPaymentsForOtherFinancingActivities	1400000	USD
CY2018Q4	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	922400000	USD
CY2019Q2	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	931100000	USD
	us-gaap	Repayments Of Long Term Lines Of Credit RepaymentsOfLongTermLinesOfCredit	0	USD
	us-gaap	Repayments Of Long Term Lines Of Credit RepaymentsOfLongTermLinesOfCredit	65000000	USD
CY2018Q2	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	61400000	USD
	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	126600000	USD
CY2019Q2	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	68800000	USD
	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	132900000	USD
CY2018Q2	us-gaap	Restricted Cash Current RestrictedCashCurrent	0	USD
	us-gaap	Restructuring Charges RestructuringCharges	21200000	USD
	us-gaap	Restructuring Charges RestructuringCharges	2500000	USD
CY2017Q4	us-gaap	Restructuring Reserve RestructuringReserve	78000000	USD
CY2018Q2	us-gaap	Restructuring Reserve RestructuringReserve	46800000	USD
CY2018Q4	us-gaap	Restructuring Reserve RestructuringReserve	44400000	USD
CY2019Q2	us-gaap	Restructuring Reserve RestructuringReserve	28100000	USD
	us-gaap	Restructuring Reserve Accrual Adjustment1 RestructuringReserveAccrualAdjustment1	-14100000	USD
	us-gaap	Restructuring Reserve Accrual Adjustment1 RestructuringReserveAccrualAdjustment1	-3300000	USD
CY2018Q2	us-gaap	Restructuring Settlement And Impairment Provisions RestructuringSettlementAndImpairmentProvisions	68000000	USD
CY2018Q4	us-gaap	Restricted Cash Current RestrictedCashCurrent	202700000	USD
CY2019Q2	us-gaap	Restricted Cash Current RestrictedCashCurrent	11500000	USD
	us-gaap	Restructuring Settlement And Impairment Provisions RestructuringSettlementAndImpairmentProvisions	70400000	USD
CY2019Q2	us-gaap	Restructuring Settlement And Impairment Provisions RestructuringSettlementAndImpairmentProvisions	31800000	USD
	us-gaap	Restructuring Settlement And Impairment Provisions RestructuringSettlementAndImpairmentProvisions	56700000	USD
CY2018Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	16400000	USD
CY2019Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	83800000	USD
CY2018Q2	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	770200000	USD
	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	1506400000	USD
CY2019Q2	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	781600000	USD
	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	1512700000	USD
	us-gaap	Revenue Performance Obligation Description Of Timing RevenuePerformanceObligationDescriptionOfTiming	Payment terms differ by jurisdiction and customer, but payment terms in most of our major jurisdictions typically range from 30 to 100 days from date of shipment.
	us-gaap	Right Of Use Asset Obtained In Exchange For Operating Lease Liability RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability	0	USD
CY2018Q2	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	191100000	USD
	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	371100000	USD
CY2019Q2	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	200900000	USD
	us-gaap	Selling General And Administrative Expense SellingGeneralAndAdministrativeExpense	382000000	USD
CY2018Q2	us-gaap	Severance Costs1 SeveranceCosts1	-2700000	USD
	us-gaap	Severance Costs1 SeveranceCosts1	-2600000	USD
CY2019Q2	us-gaap	Severance Costs1 SeveranceCosts1	-1300000	USD
	us-gaap	Severance Costs1 SeveranceCosts1	-800000	USD
	us-gaap	Share Based Compensation ShareBasedCompensation	13300000	USD
	us-gaap	Share Based Compensation ShareBasedCompensation	21900000	USD
CY2019Q2	us-gaap	Short Term Lease Cost ShortTermLeaseCost	200000	USD
	us-gaap	Short Term Lease Cost ShortTermLeaseCost	400000	USD
CY2017Q4	us-gaap	Stockholders Equity StockholdersEquity	7780300000	USD
CY2018Q1	us-gaap	Stockholders Equity StockholdersEquity	7902100000	USD
CY2018Q2	us-gaap	Stockholders Equity StockholdersEquity	7576100000	USD
CY2018Q4	us-gaap	Stockholders Equity StockholdersEquity	5197500000	USD
CY2019Q1	us-gaap	Stockholders Equity StockholdersEquity	5196200000	USD
CY2019Q2	us-gaap	Stockholders Equity StockholdersEquity	5265500000	USD
CY2018Q3	us-gaap	Stockholders Equity Note Stock Split Conversion Ratio1 StockholdersEquityNoteStockSplitConversionRatio1	2932900
CY2019Q2	us-gaap	Stockholders Equity Other StockholdersEquityOther	-1900000	USD
CY2019Q2	us-gaap	Variable Lease Cost VariableLeaseCost	600000	USD
	us-gaap	Variable Lease Cost VariableLeaseCost	1100000	USD
CY2019Q2	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	367000000	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	366500000	shares
CY2018Q2	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	293300000	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	293300000	shares
CY2018Q2	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	293300000	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	293300000	shares
CY2019Q2	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	365700000	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	365700000	shares
	us-gaap	Basis Of Accounting BasisOfAccounting	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-indent:0px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-weight:bold;">Note 2. Basis of Presentation</font><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">We have prepared the accompanying unaudited condensed consolidated and combined financial statements in accordance with the requirements of Form 10-Q and, therefore, they do not include all information and footnotes necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with accounting principles generally accepted in the United States (GAAP). In our opinion, the financial statements reflect all adjustments (including those that are normal and recurring) that are necessary for a fair presentation of the results of operations for the periods shown. In preparing financial statements in conformity with GAAP, we must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures at the date of the financial statements and during the reporting period. Actual results could differ from those estimates.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The information included in this Quarterly Report on Form 10-Q should be read in conjunction with our consolidated and combined financial statements and accompanying notes for the year ended </font><font style="font-family:Arial;font-size:10pt;">December 31, 2018</font><font style="font-family:Arial;font-size:10pt;"> included in our Annual Report on Form 10-K filed with the SEC on February 20, 2019.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">For the periods after Separation, the financial statements are prepared on a consolidated basis and reflect the results of operations, comprehensive income, financial position, equity and cash flows resulting from our operations as an independent company. For periods prior to the Separation, our financial statements are combined, have been prepared on a standalone basis, and are derived from Lilly's consolidated financial statements and accounting records. The consolidated and combined financial statements reflect the financial position, results of operations and cash flows related to the animal health businesses that were transferred to Elanco Parent and are prepared in conformity with GAAP.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The combined financial statements include the attribution of certain assets and liabilities that historically have been held at the Lilly corporate level but which are specifically identifiable or attributable to the businesses that have been transferred to Elanco Parent. All intercompany transactions and accounts within Elanco have been eliminated. All transactions between us and Lilly are considered to be effectively settled in the combined financial statements at the time the intercompany transaction is recorded. The total net effect of the settlement of these intercompany transactions is reflected in the combined statements of cash flows as a financing activity and in the condensed consolidated and combined statement of equity as net parent company investment.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Prior to Separation, these combined financial statements include an allocation of expenses related to certain Lilly corporate functions, including executive oversight, treasury, legal, finance, human resources, tax, internal audit, financial reporting, information technology and investor relations, prior to IPO. These expenses have been allocated to us based on direct usage or benefit where specifically identifiable, with the remainder allocated primarily on a pro rata basis of revenue, headcount and other measures. We consider the expenses methodology and results to be reasonable for all periods presented. However, the allocations may not be indicative of the actual expense that would have been incurred had we operated as an independent, publicly traded company for the periods presented. It is impractical to estimate what the standalone costs of Elanco would have been in the historical periods. After the Separation, a Transitional Services Agreement (TSA) between Lilly and Elanco went into effect. Under the terms of the TSA, we will be able to use these Lilly services for a fixed term established on a service-by-service basis. We are paying Lilly mutually agreed upon fees for the Lilly services provided under the TSA. Our consolidated and combined financial statements reflect the charges for Lilly services after the IPO. See Note 15: Related Party Agreements and Transactions for additional details.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The income tax amounts in the combined financial statements have been calculated based on a separate return methodology and presented as if our operations were separate taxpayers in the respective jurisdictions. We file income tax returns in the United States (U.S.) federal jurisdiction and various state, local and non-U.S. jurisdictions. Prior to full separation, certain of these income tax returns were filed on a consolidated or combined basis with Eli Lilly and Company and/or its subsidiaries.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Prior to Separation, Lilly maintained various benefit and combined stock-based compensation plans at a corporate level and other benefit plans at a country level. Our employees participated in such programs and the portion of the cost of those plans related to our employees is included in our financial statements. However, the condensed balance sheets do not include any equity issued related to stock-based compensation plans or any net benefit plan obligations unless the benefit plan covers only our dedicated employees or where the legal obligation associated with the benefit plan transferred to Elanco. Upon Lilly's full divestiture of Elanco in March 2019, all Lilly share-based awards held by our employees were converted into awards that will be settled in Elanco shares.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:justify;text-indent:12px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Prior to Separation, the equity balance in the combined financial statements represents the excess of total assets over liabilities, including intercompany balances between Elanco and Lilly (net parent company investment) and accumulated other comprehensive income/(loss). Net parent company investment is primarily impacted by contributions from Lilly which are the result of treasury activities and net funding provided by or distributed to Lilly. See Note 15: Related Party Agreements and Transactions for further information.</font></div></div>

Files In Submission

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$ELAN
Elanco Animal Health Inc Stock $elan

2019 Q2 Form 10-Q Financial Statement

#000173910419000012 Filed on August 13, 2019

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Balance Sheet

Cashflow Statement

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$ELAN Elanco Animal Health Inc Stock $elan

2019 Q2 Form 10-Q Financial Statement

#000173910419000012 Filed on August 13, 2019

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$ELAN
Elanco Animal Health Inc Stock $elan