12:32 PM EDT, 05/08/2024 (MT Newswires) -- (Updates with stock price movement in the headline and first paragraph)

Elanco Animal Health ( ELAN ) shares were up nearly 26% in recent Wednesday trading after the company reported its Q1 earnings.

The company booked Q1 adjusted earnings of $0.34 per diluted share, down from $0.45 a year earlier.

Analysts polled by Capital IQ expected $0.27

Revenue for the quarter ended March 31 was $1.21 billion, down from $1.26 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.17 billion.

For 2024, the veterinary medicines company now expects adjusted EPS of $0.88 to $0.96 on revenue of $4.46 billion to $4.52 billion, compared with its previous guidance of adjusted EPS of $0.87 to $0.95 on revenue of $4.45 billion to $4.54 billion.

Analysts polled by Capital IQ expect adjusted EPS of $0.92 on revenue of $4.49 billion.

Price: 16.95, Change: +3.43, Percent Change: +25.37