Summary
Eli Lilly and Company (LLY) announced the completion of the split-off of its subsidiary, Elanco Animal Health Incorporated, on March 11, 2019. This transaction involved shareholders exchanging shares of Lilly common stock for shares of Elanco common stock. Lilly accepted 65,000,775 shares of its own stock in exchange for 293,290,000 shares of Elanco it held. This strategic move signifies a significant divestiture, allowing Lilly to focus on its core pharmaceutical business. Investors should note that this filing includes unaudited pro forma condensed consolidated financial information as of December 31, 2018, and for the years ended December 31, 2018, 2017, and 2016. This pro forma data is crucial for understanding Lilly's financial position and operational performance as if the Elanco split-off had already occurred, providing a clearer picture of the company's standalone financial health moving forward.
Key Highlights
- 1Completion of the Elanco Animal Health Incorporated split-off on March 11, 2019.
- 2Shareholders exchanged Lilly common stock for Elanco common stock.
- 3Lilly accepted 65,000,775 shares of its own stock in the exchange.
- 4Lilly divested 293,290,000 shares of Elanco common stock.
- 5Filing includes unaudited pro forma condensed consolidated financial statements.
- 6Pro forma financial information covers the balance sheet at December 31, 2018, and statements of operations for 2018, 2017, and 2016.