** Elanco Animal Health's ELAN.N shares rise 8.83% to $10.35 premarket

** Company, which makes drugs for animals, reports Q1 revenue of $1.19 billion vs est $1.17 billion - LSEG

** Raises annual forecast to be between $4.51 billion and$4.58 billion vs prior expectation of $4.45 billion to $4.51 billion

** Elanco says its outlook incorporates current estimate for tariff net impact between $16 million and $20 million to adjusted core profit

** Company's updated tariff exposure appears manageable, which was a concern heading into the print, says brokerage Leerink

** Elanco posts Q1 adjusted profit of 37 cents/shr vs est 31 cents/shr

** As of last close, stock down 22%

(Reporting by Sriparna Roy in Bengaluru)

((Sriparna.Roy@thomsonreuters.com))