PresentationLadies and gentlemen, the program is about to begin. At this time, it is my pleasure to turn the program over to your host, Michael Ryskin. You may begin.Great. Thanks, everyone, for joining us. My name is Mike Ryskin, Bank of America Life Science Tools and Diagnostics Analyst and also covering animal health space. Excited for our next session with the Elanco Animal Health. We're joined by Jeff Simmons, President and CEO; and Bob V., Executive VP and CFO. Jeff, Bob, thanks so much.Michael Ryskin ...

Elanco Animal Health Conference Call Summary Company Overview - **Company**: Elanco Animal Health (NYSE: ELAN) - **Date**: February 26, 2026 - **Speakers**: Jeff Simmons (President and CEO), Bob VanHimbergen (Executive VP and CFO) Key Points Industry and Market Position - The animal health industry is experiencing positive trends, particularly in pet care and protein sectors, with Elanco positioned well within these markets [5][6] - Elanco's strategy focuses on growth, innovation, and cash generation, aiming to be a consistent and reliable performer [5][6] Financial Performance - Elanco reported strong Q4 results, exceeding expectations in adjusted EBITDA, revenue, and EPS [6] - Guidance for fiscal 2036 includes: - Mid-single-digit top-line growth - High single-digit EBITDA growth - Low double-digit EPS growth - Deleveraging to low threes by year-end [8][22] Innovation and Product Pipeline - Elanco's innovation pipeline is robust, with a focus on products like Zenrelia and Befrena, which are expected to drive future growth [10][12] - Zenrelia has shown strong market uptake, achieving 40% market share in Brazil and significant growth in the U.S. [13][15] - The company plans to increase investment in Zenrelia due to its positive performance and demand [14] Competitive Landscape - Elanco anticipates competitive responses from companies like Zoetis and Merck, but believes its product efficacy will maintain its market position [62][67] - The entry of new competitors, such as Merck's NUMELVI, is factored into Elanco's guidance, with expectations of continued market share growth [30][34] Pricing Strategy - Elanco has implemented a price increase of 2% in 2025, with expectations for further price uplift in 2026 due to new product launches [74][76] - The company emphasizes that market share gains are driven by product efficacy rather than pricing alone [74] Distribution Relationships - Elanco maintains strong relationships with major distributors, which are expected to provide a competitive advantage moving forward [78][80] - The company has a unique buy-sell model that allows for better value creation and demand generation [78] Long-term Outlook - Elanco expects to see EBITDA margins improve by 200 to 350 basis points by 2028, driven by volume leverage and a favorable product mix [88] - The Ascend initiative is expected to contribute significantly to operational efficiency and margin improvement [88] Additional Insights - The company is focused on maintaining a balanced approach to investment in innovation and operational efficiency, ensuring long-term growth [81][85] - Elanco's omnichannel approach is highlighted as a key strategy to enhance customer engagement and compliance in pet care [41] Conclusion Elanco Animal Health is positioned for growth in the animal health market, driven by a strong innovation pipeline, effective pricing strategies, and robust distribution relationships. The company is optimistic about its future performance, with a focus on maintaining product efficacy and market share amidst increasing competition.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 Commission file number 001-38661 Elanco Animal Health Incorporated (Exact name of Registrant as specified in its charter) INDIANA 82-5497352 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 450 ELANCO CIRCLE, INDIANAPOLIS, INDIANA 46221 (Address an ...

Elanco Animal Health Incorporated (ELAN) came out with quarterly earnings of $0.13 per share, beating the Zacks Consensus Estimate of $0.11 per share. This compares to earnings of $0.14 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +16.07%. A quarter ago, it was expected that this company would post earnings of $0.13 per share when it actually produced earnings of $0.19, delivering a surprise of +46.15%.Over the last four qu ...

Elanco Animal Health (NYSE:ELAN) Q4 2025 Earnings call February 24, 2026 08:00 AM ET Company ParticipantsBob VanHimbergen - CFOBrandon Vazquez - Healthcare Equity Research AnalysChris Schott - Managing DirectorDaniel Clark - VP of Equity ResearchJeff Simmons - President and CEOJonathan Block - Managing DirectorMichael Ryskin - Managing DirectorTiffany Kanaga - VP of Investor Relations and ESGUmer Raffat - Senior Managing DirectorConference Call ParticipantsErin Wright - Senior Equity Research AnalystNavann ...

Financial Data and Key Metrics Changes - Elanco reported $1.14 billion in revenue for Q4 2025, a 12% increase year-over-year, with 9% organic constant currency growth driven primarily by volume increases [23][24] - Full-year revenue reached $4.715 billion, representing a 6% growth, with Adjusted EBITDA of $901 million and Adjusted EPS of $0.94, compared to $0.91 in 2024 [26][27] - The net leverage ratio improved to 3.6 times at year-end, with expectations to reduce it to 3.1-3.3 times in 2026 [6][28] Business Line Data and Key Metrics Changes - U.S. Pet Health revenue grew 10% in Q4, driven by innovation products like Credelio Quattro and Zenrelia, while international pet health grew 8% [23][24][9] - U.S. Farm Animal business achieved a 17% growth in Q4, with strong contributions from Experior and Pradalex, while international farm animal grew 4% [24][9] - Innovation revenue for 2025 was $892 million, with expectations to reach $1.15 billion in 2026 [5][10] Market Data and Key Metrics Changes - The U.S. broad-spectrum parasiticide market grew 30% year-over-year, with Credelio Quattro gaining significant market share [12][11] - Zenrelia achieved over 30% market share in Japan and 40% in Brazil, indicating strong international performance [15][42] - The overall animal health market is projected to add $20 billion in value over the next decade, with Elanco positioned to capitalize on this growth [34] Company Strategy and Development Direction - Elanco's strategy focuses on growth, innovation, and cash management, with a commitment to introducing new products and enhancing operational efficiency [5][21] - The company is expanding its leadership in the dairy industry through the acquisition of AHV International, which will enhance its portfolio and market presence [20][21] - Elanco Ascend, a productivity initiative, aims to drive efficiencies and margin enhancements starting in 2026 [32] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in Elanco's trajectory, highlighting strong momentum and a commitment to transforming animal care [33][38] - The company anticipates sustainable revenue growth driven by innovation and strategic pricing, despite competitive pressures [31][36] - Management acknowledged the importance of adapting to changing consumer behaviors in both pet health and farm animal sectors [35][37] Other Important Information - Adjusted gross margin increased to 51.2% in Q4, driven by price and volume increases, while operating expenses grew by 10% to support strategic investments [24][25] - The effective tax rate for 2025 was 21.8%, reflecting a year-over-year increase due to non-recurring tax credits recognized in 2024 [27] Q&A Session Summary Question: Insights on Zenrelia's international share gains - Management noted that Zenrelia's efficacy is increasingly recognized, leading to significant share gains in international markets like Japan and Brazil, with expectations for continued growth in the U.S. [41][42][44] Question: Impact of Covetrus and MWI merger on Elanco - Management emphasized strong relationships with distributors and the value they add, indicating confidence in maintaining competitive advantages despite market changes [48][49] Question: Clarification on pricing strategy for 2026 - Management confirmed expectations for accelerating price growth in 2026, driven by the value of new innovations and a comprehensive portfolio [54][56] Question: Stocking dynamics and competitive positioning in parasiticides - Management reported strong dispensing demand with no significant stocking issues, indicating a solid position in the parasiticides market [65][66] Question: Timeline for Zenrelia label update in the U.S. - Management is in constructive dialogue with the FDA regarding the label update, with confidence in achieving alignment with international standards [68][70]

Elanco Animal Health (NYSE:ELAN) Q4 2025 Earnings call February 24, 2026 08:00 AM ET Speaker4Thank you. I'd now like to hand the call over to Tiffany Kanaga, Vice President of Investor Relations. You may begin.Speaker10Good morning. Thank you for joining us for Elanco Animal Health's fourth quarter 2025 earnings call. I'm Tiffany Kanaga, Vice President of Investor Relations and ESG. Joining me on today's call are Jeff Simmons, our President and Chief Executive Officer, Bob Van Hembergen, our Chief Financial ...

D 2025 Earnings – Fourth Quarter February 24, 2026 2025 | Q4 Earnings Notices and Disclaimers Forward-Looking Statements. This presentation contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements concerning product launches and revenue from such products, our 2026 full year and first quarter guidance, long-term expectations, our expectations regarding debt levels, and expectations regarding our industry and our operations, performance ...

Enriching Life Food and Companionship Notices and Disclaimers Forward-Looking Statements. This presentation contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements concerning product launches and revenue from such products, our 2026 full year and first quarter guidance, long-term expectations, our expectations regarding debt levels, and expectations regarding our industry and our operations, performance and financial condition, and inc ...

FOR IMMEDIATE RELEASE Investor Contact: Tiffany Kanaga (765) 740-0314 or tiffany.kanaga@elancoah.com Media Contact: Colleen Parr Dekker (317) 989-7011 or colleen.dekker@elancoah.com **Per Kynetec Q3 and Q4 data ***Internal estimates based on multiple data sources Elanco Animal Health Reports Fourth Quarter and Full Year 2025 Results Raising 2026 Innovation Target; Full Year 2026 Guidance of 4%-6% Organic Constant Currency Revenue Growth, 6%-9% Adjusted EBITDA Growth In Line with Investor Day Outlook Indiana ...