Elanco Animal Health Incorporated
- Open
- 24.36
- Day high
- 25.20
- Day low
- 24.25
- Prev close
- 24.61
- Volume
- 923K
- Mkt cap
- $12.4B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 1.9
- P/S
- 2.5
- Yield
- —
- Per share
- —
- ▲Insiders net buying $200K over the last 3 months (2 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Elanco Animal Health Incorporated (ELAN) is a Healthcare company listed on NYSE. The stock is up 71% over the past year. Over the trailing 3 months, insiders filed 2 open-market buys and 0 sales (SEC Form 4). Drillr has 1 published research article covering ELAN.
Elanco Animal Health Incorporated (ELAN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
ELAN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $0.34 | $0.40 | +17.6% | $1.4B | +7.4% |
| Feb 24, 2026 | $0.11 | $-0.56 | -604.9% | $1.1B | -10.4% |
| Nov 5, 2025 | $0.13 | $0.19 | +46.2% | $1.1B | +4.1% |
| Aug 7, 2025 | $0.20 | $0.26 | +30.0% | $1.2B | +13.9% |
| Feb 25, 2025 | $0.16 | $0.14 | -12.5% | $1.0B | -15.7% |
| Nov 7, 2024 | $0.12 | $0.13 | +8.3% | $1.0B | +1.7% |
| Aug 8, 2024 | $0.24 | $0.30 | +25.0% | $1.2B | +2.8% |
| Feb 26, 2024 | $0.10 | $0.08 | -20.0% | $1.0B | +3.3% |
| Feb 21, 2023 | $0.13 | $0.19 | +46.2% | $988M | +0.7% |
| Feb 24, 2022 | $0.17 | $0.21 | +23.5% | $1.1B | +0.8% |
| Nov 5, 2021 | $0.17 | $0.19 | +11.8% | $1.1B | +2.2% |
| May 7, 2021 | $0.23 | $0.37 | +60.9% | $1.2B | +7.4% |
ELAN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 30, 2026 | Modi Rajeev A.officer: SEE REMARKS | Grant | 60 | — |
| Jun 30, 2026 | Simmons Jeffrey Ndirector, officer: PRESIDENT, CEO AND DIRECTOR | Grant | 115 | — |
| Jun 30, 2026 | VanHimbergen Robert Mofficer: EVP and CFO | Grant | 8 | — |
| Jun 16, 2026 | Modi Rajeev A.officer: SEE REMARKS | Grant | 61 | — |
| Jun 16, 2026 | Simmons Jeffrey Ndirector, officer: PRESIDENT, CEO AND DIRECTOR | Grant | 117 | — |
| Jun 16, 2026 | VanHimbergen Robert Mofficer: EVP and CFO | Grant | 8 | — |
| Jun 2, 2026 | Modi Rajeev A.officer: SEE REMARKS | Grant | 62 | — |
| Jun 2, 2026 | VanHimbergen Robert Mofficer: EVP and CFO | Grant | 8 | — |
| Jun 2, 2026 | Simmons Jeffrey Ndirector, officer: PRESIDENT, CEO AND DIRECTOR | Grant | 119 | — |
| May 26, 2026 | Harrington Michael Jdirector | Grant | 4,678 | — |
| May 26, 2026 | Ma Staceydirector | Grant | 4,678 | — |
| May 26, 2026 | McDonald Kirk Pdirector | Grant | 4,678 | — |
| May 26, 2026 | Kochevar Deborah Turnerdirector | Grant | 4,678 | — |
| May 26, 2026 | Herendeen Pauldirector | Grant | 4,678 | — |
| May 26, 2026 | Kurzius Lawrence Erikdirector | Grant | 4,678 | — |
Source: ELAN SEC Form 4 filings, latest Jun 30, 2026. For informational purposes only — not investment advice.
See the full ELAN insider & 13F page →ELAN research & analysis
Elanco Animal Health Incorporated company profile
Overview
Elanco Animal Health Incorporated (NYSE:ELAN) is a leading global animal health company that develops, manufactures, and markets products for both companion animals (pets) and farm animals. Founded in 1954 as a division of Eli Lilly and Company, Elanco operated as part of the pharmaceutical giant for over six decades before being spun off as an independent public company in September 2018. The company is headquartered in Greenfield, Indiana, and has established itself as one of the largest animal health companies worldwide, serving veterinarians, pet owners, and livestock producers across more than 90 countries.
Business
Elanco operates in the animal health industry, which encompasses the development and commercialization of pharmaceuticals, vaccines, and health products specifically designed for animals rather than humans. This industry serves two primary markets: companion animals (primarily dogs and cats) and production animals (cattle, swine, poultry, and aquaculture). The company's business is organized into two main segments that generate roughly equal revenue shares: Pet Health Business (~50% of revenue): This segment focuses on companion animal health products including parasiticides that protect pets from fleas, ticks, and worms under brands like Seresto, Advantage, Advantix, and Advocate. The division also produces therapeutic treatments for pain management, osteoarthritis, ear infections, cardiovascular conditions, and dermatology issues in dogs and cats, marketed under brands such as Galliprant and Claro. Recent innovations include Zenrelia for canine dermatology and Credelio Quattro, a broad-spectrum parasiticide. Farm Animal Business (~50% of revenue): This segment serves livestock producers with vaccines, antibiotics, parasiticides, nutritional health products, and growth-promoting solutions. Key products include Rumensin for ruminants, Baytril antibiotics, and Experior for cattle. The division also develops sustainability-focused innovations like Bovaer, which reduces methane emissions from dairy cows. Products are used across various protein production including beef, dairy, pork, poultry, and aquaculture operations. The animal health industry differs significantly from human pharmaceuticals in that it involves treating multiple species with varying physiologies, regulatory pathways that differ by country and animal type, and distribution channels that include veterinarians, agricultural retailers, and direct-to-farm sales.
Revenue model
Elanco generates revenue primarily through product sales to a diverse customer base including veterinarians, agricultural distributors, and livestock producers. The company's business model operates on several revenue streams: Direct Product Sales: The majority of revenue comes from selling pharmaceuticals, vaccines, and health products directly to distributors and end customers. Pet health products are typically sold through veterinary clinics and retail channels, while farm animal products are distributed through agricultural retailers and directly to large farming operations. Licensing and Royalties: The company generates additional income through licensing agreements, as demonstrated by the recent monetization of Lotilaner U.S. royalties for $295 million. Innovation Premium: Newer products command higher margins, with the company's innovation portfolio contributing $640-720 million in annual revenue and growing rapidly. Key factors that influence profitability include pricing power derived from product differentiation and patent protection, with the company achieving approximately 2-3% annual price increases. Regulatory approval timelines significantly impact revenue recognition, as new products require extensive testing and approval processes that can span several years. Commodity cycles affect farm animal demand, as livestock producers' purchasing power fluctuates with protein prices and feed costs. Veterinary consolidation and the growth of corporate veterinary chains influence distribution dynamics and negotiating power. Generic competition pressures margins as patents expire, while manufacturing efficiency and scale economies become increasingly important as the company integrates acquisitions and optimizes production facilities.
Competitive moat
Elanco's competitive moat is moderately strong but faces ongoing challenges from multiple directions. The company's primary defensive advantages stem from regulatory barriers that require extensive clinical trials and approval processes, creating high barriers to entry for new competitors. Each product requires separate approvals across different countries and animal species, making the regulatory pathway complex and expensive to navigate. The company benefits from established distribution relationships with veterinarians and agricultural retailers built over decades, along with brand recognition in key product categories like Seresto and Advantage. Patent protection provides temporary exclusivity for innovative products, though this protection eventually expires, leading to generic competition. However, Elanco's moat faces significant challenges. The company operates in a highly competitive industry with well-funded rivals including Zoetis, Merck Animal Health, and Boehringer Ingelheim, all of whom have substantial R&D capabilities and established market positions. Patent cliffs represent a constant threat as key products lose exclusivity to generic competitors. The company's innovation pipeline, while promising, requires consistent investment and successful execution to maintain competitive positioning. Consolidation pressures in veterinary practices and among livestock producers are shifting negotiating power toward customers, potentially pressuring margins. Additionally, the company's high debt levels from acquisitions have historically limited financial flexibility, though recent debt reduction efforts have improved this position. The moat is further challenged by the need for continuous innovation in a science-driven industry where technological disruption and new treatment modalities can quickly obsolete existing products.
Risks & safety
Elanco presents a moderate margin of safety with improving financial metrics but some lingering concerns: Liquidity and Solvency: - Cash position: $487 million with current ratio of 2.71x indicating solid short-term liquidity - Net leverage reduced from 5.6x to 4.3x debt-to-EBITDA through aggressive debt paydown of $1.475 billion in 2024 - Positive free cash flow of $394 million in 2024, showing improved cash generation - Debt-to-equity ratio of 0.69x, down from previous highs Valuation Metrics: - Trading at 19.4x P/E ratio, reasonable for a healthcare company with growth prospects - EV/EBITDA of 8.7x appears attractive relative to historical levels - Price-to-book ratio of 0.82x suggests potential undervaluation - Graham number indicates potential value at current levels Other Considerations: - Revenue growth guidance of 4-6% provides visibility into near-term performance - Innovation pipeline contributing $640-720 million annually with multiple product launches - Exposure to agricultural commodity cycles and veterinary spending patterns creates some earnings volatility
Recent development
Over the past few years, Elanco has undergone significant strategic transformation focused on innovation acceleration and debt reduction. The company has successfully launched six potential blockbuster products, including Zenrelia for canine dermatology, Credelio Quattro as a broad-spectrum parasiticide, and Experior for cattle, which became the first farm animal blockbuster in over a decade with sales exceeding $100 million. Portfolio Optimization: The company divested its aquaculture business for approximately $1.3 billion and monetized Lotilaner U.S. royalties for $295 million, using proceeds primarily for debt reduction. A strategic restructuring program impacted 420 personnel while shifting resources from farm animal to pet health segments to capitalize on higher-growth opportunities. Sustainability Innovation: Elanco has pioneered environmental solutions with Bovaer, a methane-reducing feed additive for dairy cows that addresses climate concerns while creating new revenue streams through carbon credit markets. Financial Discipline: The company has dramatically improved its balance sheet by reducing net leverage from 5.6x to 4.3x EBITDA through aggressive debt paydown of over $1.4 billion. This financial discipline has restored operational flexibility while maintaining investment in R&D and commercial capabilities. Commercial Excellence: Significant investments in sales force expansion, digital capabilities, and omnichannel distribution have enhanced market access and launch execution capabilities, particularly evident in the successful rollout of recent product launches across veterinary and retail channels.
ELAN company profile · for informational purposes only — not investment advice.
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