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Elanco Animal Health
Elanco Animal Health (ELAN) investor relations material
Elanco Animal Health TD Cowen 46th Annual Health Care Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.TD Cowen 46th Annual Health Care Conference summary2 Mar, 2026
Financial performance and outlook
Achieved 9% growth in Q4 2025, with innovation revenue reaching $892 million for the year and leverage reduced to 3.6x.
2026 guidance targets mid-single-digit top-line growth, high-single-digit EBITDA growth, and low-double-digit EPS growth, with leverage expected in the low 3s.
Pricing actions accelerated in 2026, especially in U.S. vet clinics, supporting margin improvement.
Inflation impact is aligned with CPI, with higher cost inventory expected to flow through in early 2026, but margins are projected to improve by at least 40 basis points.
Capital allocation prioritizes organic investment and debt reduction, with leverage below 3x expected by 2027 and potential for shareholder returns thereafter.
Innovation and product portfolio
The innovation basket, led by Quattro and Zenrelia, is projected to generate $1.15 billion in 2026, up from $892 million in 2025.
Quattro achieved blockbuster status in eight months, with growth driven by share gains, pricing, and global expansion.
Zenrelia is in about half of U.S. vet clinics, with reorder rates above 80% and strong international uptake; label enhancements could provide further upside.
Six major product launches are expected over the next few years, with the innovation basket carrying higher margins than the corporate average.
Elanco Ascend program aims for $200–$250 million EBITDA improvement by 2030, mainly through gross margin gains and operational efficiencies.
Market dynamics and competitive landscape
Seresto sales are split evenly between U.S. and international markets, with limited generic impact expected before U.S. patent expiry in Q3 2027.
The animal health industry is projected to grow by $20 billion over the next decade, with robust fundamentals in both pet and farm segments.
U.S. pet market trends include increased subscription sales and omnichannel shopping, while farm animal protein consumption is projected to grow 5% annually.
Competitive launches, such as Merck’s new derm product, are factored into guidance, with Elanco emphasizing product efficacy and portfolio breadth.
No significant risk factors identified for Quattro, with ongoing data-driven investment and monitoring.
Zenrelia label update: What's the next step?
What drives Quattro's future growth?
Elanco Ascend: How will AI drive cost savings?
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Next Elanco Animal Health earnings date
Barclays 28th Annual Global Healthcare Conference10 Mar, 2026
Elanco Animal Health
Next Elanco Animal Health earnings date
Barclays 28th Annual Global Healthcare Conference10 Mar, 2026
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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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