Elanco Animal Health (ELAN) 2026 KeyBanc Capital Markets Healthcare Forum summary

Key product performance and innovation

• Innovation basket revenue reached $892 million in 2025, exceeding guidance and prompting a 2026 target increase to $1.15 billion.

• Credelio Quattro and Zenrelia drove strong growth, with Quattro now in a third of U.S. vet clinics and Zenrelia achieving double-digit U.S. market share.

• Zenrelia's label update led to 3,500 new clinic adoptions; further FDA label improvements could unlock significant upside.

• Experior farm product revenue surpassed $200 million in 2025, growing 80% in a $350 million TAM.

• Befrena is included in 2026 guidance but expected to have a more meaningful impact in 2027 as its phased launch scales.

Geographic expansion and market trends

• Quattro received approval in Australia, with further submissions in Canada, EU, UK, and Japan; international impact expected from 2027 onward.

• Zenrelia holds strong shares in Europe, Brazil (40%), and Japan (30%).

• Globalization of pet care and omni-channel retail are driving higher pet health spending, especially among Millennials and Gen Z.

Financial guidance and growth drivers

• 2026 guidance: 4%-6% organic constant currency growth, 8% adjusted EBITDA growth, 10% adjusted EPS growth.

• High-end guidance depends on continued innovation momentum and farm business strength; low-end risks include macro environment and competition.

• Price increases in 2026 are the highest in five years, enabled by portfolio strength and product launches.