Elanco Animal Health Incorporated / "Research and Development" | Tables in SEC filings

ELAN Elanco Animal Health Incorporated

Quarterly report

The following discussion and analysis of our results of operations should be read along with our condensed consolidated financial statements and the notes thereto. Our results of operations for the periods presented below may not be comparable with prior periods or with our results of operations in the future due to many factors, including but not limited to the factors identified above.

Three Months Ended September 30,	Nine Months Ended September 30,
(Dollars in millions)		2024	2023			% Change			2024			2023			% Change
Revenue		$	1,030	$	1,068	(4)	%	$			3,419	$	3,382	1	%
Costs, expenses and other:		Cost of sales	492			487	1	%	1,502			1,415	6	%
% of revenue		48	%	46			%	44			%	42			%	Research and development	87	86	1	%	263	248	6	%
% of revenue		8	%	8			%	8			%	7			%	Marketing, selling and administrative	323	313	3	%	1,014	993	2	%
% of revenue		31	%	29			%	30			%	29			%	Amortization of intangible assets	133	140	(5)	%	397	410	(3)	%
Asset impairment, restructuring and other special charges		17	16	6	%	143			91	57	%
Goodwill impairment		—	1,042	NM	—			1,042	NM
Gain on divestiture		(640)	—	NM	(640)			—	NM
Interest expense, net of capitalized interest		58	72	(19)	%	189			210	(10)	%
Other expense, net		1	9	(89)	%	12			41	(71)	%
Income (loss) before income taxes		559	(1,097)	NM	539			(1,068)	NM
Income tax expense (benefit)		195	(1)	NM	193			22	NM
Net income (loss)		$	364	$	(1,096)	NM	$			346	$	(1,090)	NM

	Three Months Ended June 30,								Six Months Ended June 30,
		2024			2023			2024			2023
Revenue		$	1,184	$	1,057	$	2,389	$	2,314	Costs, expenses and other:	Cost of sales	495	434	1,010	928	Research and development	89	81	176	162	Marketing, selling and administrative	354	353	691	680	Amortization of intangible assets	131	136	264	270	Asset impairment, restructuring and other special charges	80	35	126	75	Interest expense, net of capitalized interest	65	74	131	138	Other expense, net	2	23	11	32	1,216	1,136	2,409	2,285	(Loss) income before income taxes	(32)	(79)	(20)	29	Income tax expense (benefit)	18	18	(2)	23	Net (loss) income	$	(50)	$	(97)	$	(18)	$	6	(Loss) earnings per share:	Basic	$	(0.10)	$	(0.20)	$	(0.04)	$	0.01	Diluted	$	(0.10)	$	(0.20)	$	(0.04)	$	0.01	Weighted-average shares outstanding:	Basic	494.2	492.6	493.7	491.8	Diluted	494.2	492.6	493.7	492.7

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