# Elanco Animal Health Incorporated (ELAN)

> Source: Nexqual · https://nexqual.com/ELAN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Elanco Animal Health Incorporated (ELAN), nexqual.com/ELAN" · informational, not investment advice.

**Price:** USD 22.69 (+0.62% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 22.55 · day 22.35–22.84 · 52w 19.4–27.98 · market cap $11.3B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.02B, net income -$199M (-4.0% margin), free cash flow $379M (SEC filings).
- 2 of 80 tracked superinvestors hold ELAN (13F, Q2 2026): 0 new, 0 added, 2 reduced, 0 unchanged.
- Analysts: Buy (mean 1.94 on a 1–5 scale) (16 analysts), mean target USD 30.31 (range 24–34).
- Total return with dividends: 1Y +4.2% vs S&P 500 +14.9%; 5Y -33.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD 0.21, revenue estimate $1.21B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.76B | $4.41B | $4.42B | $4.44B | $4.71B | $5.02B |
| Gross profit | $2.63B | $2.50B | $2.49B | $2.44B | $2.59B | — |
| Net income | -$483M | -$78.0M | -$1.23B | $338M | -$232M | -$199M |
| EPS (diluted) | -$0.99 | -$0.16 | -$2.50 | $0.68 | -$0.47 | — |
| Free cash flow | $324M | $281M | $131M | $394M | $284M | $379M |
| Gross margin | 55.2% | 56.6% | 56.3% | 54.9% | 55.0% | — |
| Net margin | -10.1% | -1.8% | -27.9% | 7.6% | -4.9% | -4.0% |
| Revenue growth | +45.6% | -7.4% | +0.1% | +0.5% | +6.2% | — |
| Cash + short-term investments | $638M | $345M | $352M | $468M | $545M | — |
| Total debt | $6.32B | $5.84B | $5.77B | $4.32B | $3.76B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.3x · EV/Sales 2.9x · P/FCF 29.9x · P/B 1.7x · FCF yield 3.34% · Earnings yield -1.76% · Net debt $3.13B · EV $14.5B
P/E at fiscal year-ends: Dec 2024 17.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold ELAN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dodge & Cox Funds | Dodge & Cox | 0.87% | $1.66B | Reduced -2.2% |
| Lee Ainslie | Maverick Capital | 0.02% | $2.4M | Reduced -32.1% |

## Analysts
Consensus Buy (mean 1.94 on a 1–5 scale), 16 analysts; mean target USD 30.31 (low 24, high 34).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Jefferies | Downgrade | Buy → Hold | $31 → $24 |
| 2026-10-16 | Goldman Sachs | Initiated | Buy | $32 |
| 2026-08-06 | UBS | Target raised | Buy | $31 → $33 |
| 2026-08-06 | Keybanc | Target raised | Overweight | $29 → $30 |
| 2026-07-22 | Morgan Stanley | Target raised | Equal-Weight | $23 → $26 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +4.2% | -33.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +4.2% | -7.7% |
| Volatility (annualized) | 42.2% | 42.5% |
| Max drawdown | -26.2% (Feb 2026→May 2026) | -75.6% (Nov 2021→May 2023) |

## Peers (Drug Manufacturers - Specialty & Generic)
RDY (Dr. Reddy's Laboratories Ltd) USD 13.23 +0.30% · NBIX (Neurocrine Biosciences, Inc.) USD 143.29 +1.40% · ALKS (Alkermes plc) USD 44.18 +1.61% · AMRX (Amneal Pharmaceuticals, Inc.) USD 20.48 +1.39% · HIMS (Hims & Hers Health, Inc.) USD 29.13 -0.27% · LNTH (Lantheus Holdings, Inc.) USD 100.1 -0.14%

## More
Full page: https://nexqual.com/ELAN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ELAN's own 10-K filed 2026-02-24 (https://www.sec.gov/Archives/edgar/data/1739104/000173910426000012/elan-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Cencora (COR) | "Our largest customer, an affiliate of Cencora, Inc., is a third-party veterinary distributor and represented approximately 12% of our total revenue in 2025." |
| Partner | Tarsus Pharmaceuticals, Inc. (TARS) | "Pursuant to the PSA, we received a cash payment of $295 million from Blackstone for the rights to the proceeds from (a) the future royalties we are owed from net sales in the U.S. of XDEMVY® (lotilaner ophthalmic solutio…" |
| Competitor | Merck (MRK) | "Our primary competitors include animal health medicines and vaccines companies such as Zoetis Inc., Boehringer Ingelheim Animal Health GmbH, the animal health division of Boehringer Ingelheim GmbH, and Merck Animal Healt…" |

Other companies that name ELAN in their own reports (relationship from ELAN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Pacira BioSciences, Inc. (PCRX) | 10-K 2026-02-26 | "In December 2012, we entered into an Exclusive License, Development and Commercialization Agreement and related Supply Agreement with Aratana Therapeutics, Inc., a wholly owned subsidiary of Elanco An…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Pet Health | $718.0M | 52.5% | +11.7% |
| Farm Animal: | $633.0M | 46.3% | +8.6% |
| — Cattle (part of Farm Animal:) | $313.0M | 22.9% | +16.8% |
| — Poultry (part of Farm Animal:) | $223.0M | 16.3% | +3.7% |
| — Swine (part of Farm Animal:) | $97.0M | 7.1% | -3.0% |
| Contract Manufacturing | $17.0M | 1.2% | +13.3% |
| Total revenue | $1.37B | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| International | $705.0M | 51.5% | +8.8% |
| United States | $663.0M | 48.5% | +11.8% |
| Total revenue | $1.37B | 100% | — |

## Customer concentration

Period ended 2026-06-30: 12% of revenue from unnamed direct customers (10-Q, filed 2026-08-05).

## Company outlook (8-K filed 2026-08-05)

- "Full Year Outlook and Innovation Target, Improving Year-End Net Leverage Ratio Target • Second Quarter 2026 Financial Results: ◦ Revenue of $1,368 million , an increase of 10% year-o ver-ye ar; 8% organic constant currency growth ◦ Reported Net Income of $54 million , Adjusted Net Income of $174 million ◦ Adjusted EBITDA of $288 million ;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.21 | $0.19 | +6.2% | $1.21B | 12 |
| Next quarter (ends 2026-12-31) | $0.19 | $0.20 | -5.4% | $1.19B | 11 |
| Current fiscal year (ends 2026-12-31) | $1.14 | $1.07 | +6.7% | $5.13B | 14 |
| Next fiscal year (ends 2027-12-31) | $1.29 | $1.20 | +7.5% | $5.41B | 14 |