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Elanco Animal Health Incorporated

ELAN Healthcare Drug Manufacturers Specialty & Generic

Elanco Animal Health Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $4.7 billion, up 6.22% from fiscal 2024.

Revenue
+10.2%
EPS
+450.0%
Free cash flow
+35.6%
Total debt
−6.91%

Quarter to June 2026, against a year earlier

23.74 1.57 −6.20%
Market cap
$11.8B
P/E
0.0×
Fwd P/E
161×
Dividend yield
—
F-score
5/9
Altman Z
1.28
Beneish M
−2.68
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2019

  • Farm Animal:
  • Pet Health
  • Contract Manufacturing

Every year since 2016 →

Insider Decisions last twelve months

Bought, $m 2.61
Sold, $m 0.10
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 4 — — — — 2 — — 5 — — —
Sell — — — — — — — — — — 1 —
Insider Ownership 1.00%

Capital & Financial Ratios $m

Size
Market Cap 11,830.00
Revenue ttm 5,020.00
Net income ttm (199.00)
Free cash flow ttm 379.00
Net debt Q 3,388.00
Valuation
P/E 0.00
Forward P/E 161.00 (above 35: high)
Price / sales 2.36
Forward P/S Powerpack
Price / FCF 33.22
Price / book 1.80
Financial health
Current ratio Q 2.05 (at or above 1.5: strong)
Debt / equity Q 0.59
Interest coverage Q 1.85
Growth
Revenue growth Q +10.23% (above 0%: growing)
Operating income growth Q +29.76% (above 0%: growing)
EPS, this year +20.42% (at or above 15%: strong)
EPS, next year A +11.79%
Revenue, next year A +8.80%
EPS, past 5 yrs —
EPS, next 5 yrs A +14.89%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.0×, against a ten-year median of 3.3×; over the ten years it ranged from 1.9× in 2025 to 6.8× in 2020.
P/S against its own 10 years 46.66%
10-year low 10-year high
P/B against its own 10 years 69.51%
10-year low 10-year high
EV/Sales against its own 10 years 41.16%
10-year low 10-year high
EV/FCF against its own 10 years 45.56%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 352 468 545 530
Receivables 1,010 886 940 1,152
Inventory 1,735 1,574 1,737 1,769
Other — — — —
3,407 3,215 3,458 3,797
2023 2024 2025 Q'26
Payables 270 296 368 427
ST’ Debt 38 44 74 73
Other 776 798 949 1,352
1,241 1,315 1,597 1,852

Compound Annual Growth %

10y 5y 3y
Sales 4.95% 7.59% 2.25%
Cash Flow 55.91% 0.00% 7.40%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% (5.03%) (3.52%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.27 Actual 0.34

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.13 0.19 Beat by 0.06
Q4 FY25 0.11 0.13 Beat by 0.02
Q1 FY26 0.34 0.40 Beat by 0.06
Q2 FY26 0.27 0.34 Beat by 0.07
Q3 FY26 0.20 — Reports 6 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.11 0.11 — — —
’25 0.13 0.02 (0.07) (0.56) (0.47)
’24 0.06 (0.10) 0.73 (0.02) 0.68
’23 0.21 (0.20) (2.22) (0.29) (2.50)
’22 0.10 (0.02) (0.10) (0.11) (0.15)
’21 (0.12) (0.43) (0.21) (0.20) (0.97)
’20 (0.12) (0.13) (0.29) (0.66) (1.27)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,371 1,368 — — —
’25 1,193 1,241 1,137 1,144 4,715
’24 1,205 1,184 1,030 1,020 4,439
’23 1,257 1,057 1,068 1,035 4,417
’22 1,226 1,175 1,026 984 4,411
’21 1,242 1,279 1,131 1,112 4,764
’20 658 586 890 1,137 3,271
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 13 277 — — —
’25 (4) 237 219 108 560
’24 2 200 162 177 541
’23 (145) 61 198 157 271
’22 (62) 312 189 13 452
’21 22 149 89 223 483
’20 4 160 (112) (93) (41)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (38) 244 — — —
’25 (69) 180 127 46 284
’24 (22) 166 112 116 380
’23 (183) 19 165 116 117
’22 (88) 279 143 (66) 268
’21 (34) 124 64 132 286
’20 (41) 164 (235) (168) (280)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 17.8% a year for ten years. It grew 4.8% a year over the last ten.

Implied
17.8%
10 years, reported
4.8%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,914 2,889 3,067 3,071 3,271 4,764 4,411 4,417 4,439 4,715 5,020 +5.5% 5,130 5,407 5,670 +6.3%
Gross margin, % 51.64 48.29 48.68 52.13 49.04 55.25 56.63 56.28 54.88 54.99 55.36 +3.4 pt
EBT (22) (233) 114 78 (677) (571) (72) (1,195) 488 (224) (166) +29.2%
EBT margin, % (0.77) (8.05) 3.72 2.54 (20.70) (11.99) (1.63) (27.05) 10.99 (4.75) (3.31) (4.0) pt
Net income (48) (311) 87 68 (574) (483) (78) (1,231) 338 (232) (199) +19.2%
Per share, $
Per share, $ Revenue 9.93 9.85 9.78 8.32 7.41 9.78 9.03 8.97 8.99 9.50 10.05 (0.5%)
Earnings (0.16) (1.06) 0.28 0.18 (1.27) (0.97) (0.15) (2.50) 0.68 (0.47) (0.41) +12.5%
Cash flow 0.53 0.59 1.55 0.61 (0.09) 0.99 0.93 0.55 1.10 1.13 1.24 +8.7%
Capex (0.35) (0.27) (0.41) (0.53) (0.54) (0.40) (0.38) (0.31) (0.33) (0.56) (0.48) +5.3%
Free cash flow 0.18 0.32 1.15 0.07 (0.63) 0.59 0.55 0.24 0.77 0.57 0.76 +13.7%
Book value 23.96 26.53 16.57 15.03 19.20 15.41 14.93 12.64 12.34 13.19 13.19 (6.4%)
Shares, m 293 293 314 369 441 487 488 492 494 496 498 +6.0%
Valuation, ×
Valuation, × P/E 0.00 0.00 134.86 155.00 0.00 0.00 0.00 0.00 17.81 0.00 0.00 30.8
P/S 0.00 0.00 3.23 3.54 4.14 2.90 1.37 1.63 1.35 2.38 2.36 2.1
P/B 1.50 1.50 1.90 1.96 1.60 1.84 0.83 1.16 0.98 1.72 1.80 1.5
EV/Sales 0.00 0.00 3.81 4.19 5.86 4.09 2.61 2.86 2.22 3.12 3.04 2.9
EV/FCF 42.88 42.88 32.26 (218.25) (68.42) 68.21 42.99 107.94 26.44 56.13 42.71 13.3
Cash, $m
Cash, $m Operating cash flow 156 174 487 224 (41) 483 452 271 541 560 617 +15.3%
Capex (103) (79) (127) (197) (239) (197) (184) (154) (161) (276) (238) +11.6%
Free cash flow 53 94 360 27 (280) 286 268 117 380 284 379 +20.5%
Balance, $m
Balance, $m Working capital 1,329 1,481 1,534 1,555 1,340 1,627 1,577 2,166 1,900 1,861 1,945 +3.8%
Net debt (259) (323) 1,795 2,010 5,621 5,681 5,491 5,422 3,853 3,472 3,388 n/m
Shareholders’ equity 7,028 7,780 5,198 5,547 8,476 7,508 7,289 6,223 6,096 6,547 6,588 (0.8%)
Returns, %
Returns, % ROA (1.18) (3.65) 0.97 0.76 (4.30) (2.83) (0.49) (8.25) 2.51 (1.79) (1.46) (0.6) pt
ROIC (0.23) (1.95) 1.65 1.53 (3.13) (1.56) 0.98 (4.52) 0.63 0.09 0.51 +0.3 pt
ROE (0.65) (4.20) 1.33 1.27 (8.19) (6.04) (1.05) (18.22) 5.49 (3.67) (2.98) (3.0) pt
People
People Employees — 5,640 5,590 6,080 10,200 1,100 9,000 9,300 9,000 9,400 — +6.6%
Revenue/emp, $m 0.00 0.51 0.55 0.51 0.32 4.33 0.49 0.47 0.49 0.50 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Elanco makes products that prevent and treat disease in pets and farm animals. Its customers include veterinarians, pet owners, livestock producers, distributors and retailers. The company sells products in more than 90 countries and operates as a single animal health segment.

For dogs and cats, Elanco sells products for parasites, skin conditions, pain and vaccination. Its flea and tick products include the Advantage Family and Seresto, which are available over the counter, and the prescription Credelio Family. Zenrelia is an oral treatment for itching and atopic dermatitis in dogs. Galliprant treats pain and inflammation associated with osteoarthritis in dogs.

Where the money comes from and where it goes Fiscal 2019

Fiscal 2019: revenue by products and services, and margins
Farm Animal: 1,855 60.40%
Pet Health 1,136 36.99%
Contract Manufacturing 80 2.61%
Gross margin 52.13%
Operating margin 6.02%
Pre-tax margin 2.54%

Revenue by segment since 2016

Elanco Animal Health Incorporated vs peers in Drug Manufacturers Specialty & Generic (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
VTRS Viatris Inc. $21.8B — (loss-making) 82.6× −0.28% (below 0%: shrinking) n/m +38.78% (above 0%: growing) 38.35% 6.97% Compare
NBIX Neurocrine Biosciences, Inc. $16.2B 23.0× 20.6× +41.24% (above 0%: growing) −3.67% (below 0%: shrinking) +79.00% (above 0%: growing) 97.63% 29.51% Compare
RDY Dr. Reddy's Laboratories Ltd $12.1B 44.4× 30.7× −10.09% (below 0%: shrinking) −36.84% (below 0%: shrinking) −70.49% (below 0%: shrinking) 52.13% 14.63% Compare
ELAN Elanco Animal Health Incorporated $11.8B — (loss-making) 161× +10.23% (above 0%: growing) +450.00% (above 0%: growing) +35.56% (above 0%: growing) 58.33% 7.97%
ALKS Alkermes plc $7.5B — (loss-making) — (loss-making) +21.80% (above 0%: growing) −80.60% (below 0%: shrinking) +6.78% (above 0%: growing) 80.38% 7.50% Compare
KNSA Kiniksa Pharmaceuticals International, plc $6.9B 62.1× 67.8× +58.12% (above 0%: growing) +142.20% (above 0%: growing) +43.51% (above 0%: growing) 90.29% 18.97% Compare
AMRX AMNEAL PHARMACEUTICALS, INC. $6.8B 36.9× 44.2× +9.96% (above 0%: growing) +267.00% (above 0%: growing) −50.92% (below 0%: shrinking) 38.73% 11.06% Compare
LNTH Lantheus Holdings, Inc. $6.6B 24.3× 21.3× +1.54% (above 0%: growing) −17.07% (below 0%: shrinking) +7.71% (above 0%: growing) 62.43% 8.26% Compare
HIMS Hims & Hers Health, Inc. $5.6B — (loss-making) — (loss-making) +38.25% (above 0%: growing) n/m +5.09% (above 0%: growing) 63.83% (12.90%) Compare
Median of peers $7.2B 36.9× 37.5× +15.88% −10.37% +7.25% 63.13% 9.66%

All 84 Drug Manufacturers Specialty & Generic stocks →

From the latest earnings call

Updated

  • CEO Jeffrey Simmons said Zenrelia and Credelio Quattro helped drive innovation revenue, while Elanco expected Befrena supply to become unconstrained in early 2027.
  • Robert VanHimbergen said Elanco would continue investing in direct-to-consumer marketing as it sought market share, while expecting productivity and product mix to support margins.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 112.14%
Held by the ten largest 72.87%
Holder Shares Stake Change
Dodge & Cox 67.40m 13.49% −1.55m
Fidelity (FMR) 56.95m 11.40% +6.02m
Vanguard 49.32m 9.87% +380.23k
BlackRock 48.85m 9.78% +1.23m
PRIMECAP Management 45.45m 9.10% −395.94k
T. Rowe Price 30.13m 6.03% −7.70m
Dimensional Fund Advisors 25.42m 5.09% +890.14k
State Street 16.06m 3.22% +726.57k
Black Creek Investment Management Inc. 13.05m 2.61% +2.55m
UBS 11.42m 2.29% +1.32m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 8 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 14.93m 37.81m 74.00
2024 14.83m 9.23m 39.00
2023 13.66m 17.32m 49.00
2022 12.71m (2.02m) 40.00
2021 12.06m 16.53m 93.00

Ownership

Directors and executive officers, together less than 1%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Elanco Animal Health Incorporated (ELAN) Latest News

28 Oct

Impact 3 · · Zacks

27 Oct

Impact 4 · · ACCESS Newswire

26 Oct

Impact 3 · · Trefis

22 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · PR Newswire

21 Oct

Impact 3 · · Trefis

19 Oct

Impact 4 · · Zacks

14 Oct

Impact 4 · · ACCESS Newswire

6 Oct

Impact 3 · · StockStory

26 Sep

Impact 4 · · MarketBeat

15 Sep

Impact 3 ·
Impact 3 ·

31 Aug

Impact 3 ·

26 Aug

Impact 4 · · newspressnow.com
Impact 4 ·

14 Aug

Impact 3 ·

12 Aug

Impact 4 · · The Motley Fool transcript

11 Aug

Impact 3 ·

9 Aug

Impact 4 ·
Impact 4 ·

8 Aug

Impact 3 · · MarketBeat

7 Aug

Impact 3 ·

6 Aug

Impact 4 ·

5 Aug

Impact 4 ·
Impact 3 ·
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29 Jul

Impact 3 ·

27 Jul

Impact 3 ·

ELAN metrics, ten years each

stockrow.com/ELAN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com