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Elanco Animal Health (ELAN) investor relations material
Elanco Animal Health Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue reached $1,137 million, up 10% year-over-year and 9% organic constant currency, driven by innovation and strong growth in both pet health and farm animal segments.
Adjusted EBITDA grew 21% to $198 million, adjusted EPS rose to $0.19, and net leverage ratio improved to 3.7x, with further deleveraging targeted.
Major innovation products contributed $655 million year-to-date, prompting a raised full-year innovation revenue target to $840–$880 million.
Net loss for Q3 2025 was $34 million, mainly due to the absence of the prior year’s gain on the aqua business divestiture; adjusted net income was $94 million.
Full-year 2025 guidance was raised for revenue, adjusted EBITDA, and EPS, reflecting strong execution and innovation momentum.
Financial highlights
Q3 2025 revenue: $1,137 million (+10% YoY, +9% organic CC); adjusted EBITDA: $198 million (+21% YoY); adjusted EPS: $0.19 (+46% YoY); gross margin: 53.1%–53.4% (+90–120 bps YoY).
Adjusted net income: $94 million; reported net loss: $34 million.
Cash from operations: $219 million in Q3 2025, $452 million for nine months ended September 30, 2025.
Interest expense for Q3 2025: $34–$52 million, down year-over-year due to lower average debt balances.
Weighted-average shares outstanding: 496.8 million (basic and diluted) for Q3 2025.
Outlook and guidance
Full-year 2025 revenue guidance raised to $4,645–$4,670 million, with organic constant currency growth expected at 6–6.5%.
Adjusted EBITDA guidance increased to $880–$900 million; adjusted EPS guidance raised to $0.91–$0.94.
Q4 2025 revenue guidance: $1,085–$1,110 million; adjusted EBITDA: $168–$188 million; adjusted EPS: $0.09–$0.12.
Year-end net leverage ratio target improved to 3.7x–3.8x.
Management expects continued revenue growth driven by new product launches and international expansion.
Innovation basket's future margin impact
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Next Elanco Animal Health earnings date
Evercore ISI 8th Annual HealthCONx Conference3 Dec, 2025
Next Elanco Animal Health earnings date
Evercore ISI 8th Annual HealthCONx Conference3 Dec, 2025
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Frequently asked questions
Animal Health Experts
Elanco Animal Health Inc. formerly a division of Eli Lilly, is an American company with multinational operations that specializes in animal health products and services. Elanco's portfolio includes a variety of products for both farm animals and pets, focusing on disease prevention, treatment, parasite control, and enhancing productivity in livestock. The company is headquartered in Greenfield, Indiana, and its shares are listed on the NYSE.
Foundation and Divestiture
Elanco was initially founded as a division of Eli Lilly in 1954. Initially, the division focused on feed additives to promote growth in livestock, later expanding to include a broader range of animal health products, such as vaccines and treatments for both livestock and pets. In 2019, Elanco was divested from Eli Lilly, becoming a standalone company. Today, Elanco is one of the largest animal health companies in the world, operating in the same sector as companies such as Zoetis and Virbac.
For Pets
Elanco produces products aimed at both companion animals and livestock. Its revenue is split nearly 50/50 between products for livestock and pets. Its product range for companion animals encompasses therapeutics, vaccines, parasiticides, and dermatology products. These offerings aim to address various health issues, such as flea and tick infestations, arthritis, and chronic pain, as well as supporting overall wellness. This is done both through medications, as well as through things such as anti-flea collars and similar products.
For Livestock
Elanco also plays a significant role in the livestock sector. The company offers a range of products and services aimed at improving the health, productivity, and well-being of farm animals such as cattle, poultry, and swine. Their portfolio for livestock includes vaccines, feed additives, antimicrobials, and products for parasite control and pain management. These products are designed to address health challenges and diseases common in livestock, enhance growth and efficiency, and ensure food safety.
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