By Ben Glickman
Shares of Elanco Animal Health rose Tuesday after the company lifted its adjusted earnings guidance for the year.
The stock was up 15% to $10.74 in midday trading. Shares are down 12% this year.
The Greenfield, Ind.-based animal-medicine company said it expects adjusted profit of 88 cents to 94 cents a share for 2023, higher than its prior outlook and above the 85 cents a share expected by analysts polled by FactSet.
The company lifted the upper and lower ends of its revenue guidance after sales rose and topped estimates in the third quarter.
Elanco posted a wider loss in the third quarter after taking on a large goodwill impairment charge, but adjusting for one-time items, the company posted a profit above expectations.
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