Shares of Elanco Animal Health Incorporated (NYSE:ELAN) are trading higher on Wednesday, following a recent announcement regarding the approval of its products, Negasunt Powder and Tanidil, which received emergency use authorization.

The animal health company also released better-than-expected first-quarter earnings.

Elanco Stock Rises On Emergency Use Authorization Approvals

The recent approval of Elanco’s Negasunt Powder (Coumaphos, Propoxur, Sulfanilamide Topical Powder) and Tanidil (Coumaphos, Propoxur) covers use against new world screwworm in livestock.

Elanco Animal Health reported first-quarter adjusted earnings of 40 cents, beating the consensus of 35 cents, and within management guidance of 33-36 cents.

Sales increased 15% (+10% organic constant currency growth) to $1.37 billion, beating the consensus of $1.29 billion and management guidance of $1.28 billion-$1.31 billion.

Read Also:

Novavax Faces Shareholder Revolt As Shah Capital Criticizes Strategy

Pet Health Segment Shows Steady Growth

Pet Health revenue was $710 million, up 12% (+7% on an organic constant currency basis).

Volume increased 5%, primarily ...