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Eli Lilly posts quarterly loss, to take animal health unit public

FILE PHOTO: The logo of Lilly is seen on a wall of the Lilly France company unit, part of the Eli Lilly and Co drugmaker group, in Fegersheim near Strasbourg, France, February 1, 2018. REUTERS/Vincent Kessler/File Photo (Reuters)

Eli Lilly posted a second-quarter loss on Tuesday, hurt by acquisition-related charges of $1.62 billion.

The company incurred a net loss of $259.9 million, or 25 cents per share, in the second quarter, compared with a profit of $1.01 billion, or 95 cents per share, a year earlier.

Revenue rose 9.1 percent to $6.36 billion.

Lilly also announced it would spin off its Elanco animal health business and take it public.

Lilly will retain a stake of less than 20 percent.

The initial public offering is expected to be completed in the second half of the year.