Katy. quarter for and Elanco full reported Good fourth results XXXX. Today, year morning, Thanks, everyone.
us core Our off. actions that launch performance new to and gives optimize that productivity confidence working paying year last and investments our innovation, our and innovations our portfolio strategy is are strong our portfolio and
As to focused sustained we improved enter priorities: on XXXX, we strategy these deliver and conversion. are cash X advancing our revenue innovation growth,
and conditions growth European with growth. innovation, Animal with health line quarter revenue in improved X% fourth revenue by was Fourth quarter, currency price. the market third pet driven our X strength In Slide on Starting the Farm retail performance in growth in quarter. business, increased delivered constant across our the we
adversely the EBITDA the occurred XX% and $XX sales operating in that demonstrated our unexpected expense December. devaluation items, was management exceeded to quarter, for by strong the of peso related of million we Argentinian approximately primarily expectations adjusted impacted While
to a business quarter along U.S. sales full with drivers, retail strength to in health currency at sales fourth led growth year pet return X%. our Our constant growth the
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million We XXXX our in innovation deliver outlook expectations exceeded track million of our contribution XXXX. by and to expected revenue to XXXX, $XXX for our us $XXX on for puts
We continue from to prioritize our expectations flow exceeded improvements, debt our and paying free leverage and debt guidance. paydown cash November down reducing
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expected drive are us ERP capitalize adoption completion and to we making us will Today, we It globalize restructuring to also lastly, third-party announced prepare transition or allows model models future. a from pet certain The is notably roles of us million of within strategic restructuring concentrate to and Importantly, our impact it and resources and into for of pipeline. invest markets, other workforce million to innovation global first, in the savings $XX approximately to reallocate Argentina. international the of of our taking ERP to that efficiencies our operations $XX net beyond. system the in things: business in integration and to shift allow X% resulting capital do savings products late-stage to annualizing million of to and $XX disciplined across XXXX, strategic business XXX our decisions health $XX X deliver animal our farm about actions from XXXX and the we million or as locations, on distribution the allows will to personnel
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strong we'll efficiently more that track credit look of next for actions with a proactive our we believe to these I and additional have Elanco set delivering record leadership continue our allocate deliver era capital. to to up will productivity growth. of We opportunities senior
Moving to Slide X.
year full led marked X% business saw we but our revenue improvement health Our farm animal, constant growth as well. of currency was by pet in
and growth growth U.K., International especially animal, of result of largest places Farm demand revenue revenue strength accelerated year the underlying represented but in poultry team and Animal. compared for for in for China. in key the swine Farm and cattle. revenue and currency XXXX. in poultry, farm rates Brazil we Starting market constant have growth across strong our growth, international primarily to the by contributor like X% full Animal driven delivered increased notably constant robust business poultry. markets the U.S. currency X and cattle where The quadrants share price A X% executed positions,
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growth the encouraged Experior's progress by globally in and continued expect XXXX. for remain We product
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On the all X pipeline, are and differentiated our late-stage assets, Quattro, Bovaer Credelio FDA. progressing the Zenrelia with
we shared half process potential previously, we are an iterative this rolling regulatory Veterinary of to Center the dialogue towards These the X U.S. and for approval stage, productive FDA path ongoing a in have blockbusters with and As continue Medicine. at first XXXX. is the
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life extends of deliver team continues the Additionally, the the to helping and which targeted the cycle to value existing and life core. protect stabilize brands, management,
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around We to expect close the transaction midyear.
expect transaction, free billion pay business, down. $X with with from Importantly, flow proceeds accelerate combined of debt expected cash over the from improved this we to
are Aqua enriching delivering to We our customers purpose of to lives to as animal dedication our our team's as bigger grateful protein. well with deeply
Now our on XXXX moving X. for to Slide outlook
remain underlying resilient begin for the in the care. year, we we confident demand As animal
global impacting tensions protein of and economic the the balanced tailwinds Our around outlook reflects macroeconomic cyclical demand, and by political the the in factors conditions livestock for health consumers, and and humanization world. animal profitability underlying market pets from
growth believe is this, for suited year. Elanco uniquely Despite we well this
strategy Our investment innovation this capabilities, omnichannel the actions, team confidence. experienced in differentiated to and contribute key expectations, our restructuring our
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business through as base are execution macroeconomic a year-over-year volumes last regulatory and challenges expected as and some sequentially on lapping we improved year. our core lessen Headwinds to stabilize well
business under for includes product late-stage our close to Importantly, We our but guidance the expect with plan the contribution with the health products farm and line quarterly This we account our and it Aqua regulatory growth update in animal. review full expectations year, currently revenue our to FDA. X year, both excludes in transaction approvals. for from cadence the the pet
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of is health in increasing the portfolio. reallocate we parts investment other overall SG&A pet business our XXXX into from Our as
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will Importantly, investment this half loaded. increased front be
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