Elanco Animal Health raised its outlook for the year after reporting higher profit and revenue in the latest quarter, boosted by increased prices and volumes as well as market share gains.

The animal-health company said Wednesday it now expects adjusted earnings of $1.10 to $1.16 a share on revenue of $5.09 billion to $5.14 billion for the year. It had previously guided for adjusted earnings of $1.03 to $1.09 a share on revenue of $5.01 billion to $5.09 billion.

Analysts polled by FactSet are looking for adjusted earnings of $1.07 a share on revenue of $5.07 billion.

Shares climbed 5.5%, to $27, in premarket trading.

The new outlook came as Elanco reported a second-quarter profit of $54 million, or 11 cents a share, up from $11 million, or 2 cents a share, a year earlier.

Stripping out one-time items, earnings were 34 cents a share. Analysts expected adjusted earnings of 27 cents a share.

Revenue climbed 10% to $1.37 billion, ahead of Wall Street forecasts of $1.31 billion.

"We saw strong contributions from both price and volume, as consumer demand for our basket of innovation drove market share gains and stabilized our base business," Chief Executive Jeff Simmons said.

For the current quarter, Elanco expects adjusted earnings of 19 cents to 22 cents a share, compared with analyst views for 20 cents a share. Revenue is projected to come in between $1.2 billion and $1.22 billion, the low end of which is in line with Wall Street models.