Elanco set for best day ever on 2024 profit forecast raise

** Elanco Animal Health's ELAN shares rise as much as 26.1% to a near 2-year high of $17.05

** Stock set for biggest one day pct rise since IPO in September 2018, if gains hold

** Company, that makes medicines and vaccinations for pets and livestock, raises its 2024 adj EPS forecast range to 88 cents to 96 cents from 87 cents to 95 cents

** ELAN's Q1 adj EPS of 34 cents beats Wall Street estimates of 26 cents - LSEG

** Company's Q1 revenue of $1.21 bln beats estimates of $1.17 bln

** There were concerns regarding the U.S. FDA approval for company's drugs Zenrelia and Credelio Quattro being pushed to 2025 from H1 2024 - Stifel

** "While Zenrelia and Quattro's approvals were slightly pushed out to 3Q24, there was a lot of granularity in the PR on where the process stood with FDA, which we believe will help alleviate fears" - Stifel

** YTD, stock up 13.4%