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ELAN

Elanco Animal Health Incorporated

ELAN

Elanco Animal Health Incorporated • NYSE
$23.27 ▼ -0.17% (-0.04)
Market Cap $11.56 B
52w High $23.70
52w Low $8.02
Dividend Yield 0%
P/E 332.43
Volume 1.77M
Outstanding Shares 496.86M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.137B ▼ $580M ▲ $-34M ▼ -2.99% ▼ $-0.07 ▼ $178M ▼
Q2-2025 $1.241B ▲ $492M ▲ $11M ▼ 0.886% ▼ $0.022 ▼ $264M ▼
Q1-2025 $1.193B ▲ $435M ▲ $67M ▲ 5.616% ▲ $0.14 ▲ $274M ▲
Q4-2024 $1.02B ▼ $381M ▼ $-8M ▼ -0.784% ▼ $-0.016 ▼ $175M ▼
Q3-2024 $1.03B $410M $364M 35.34% $0.74 $814M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $505M ▼ $13.551B ▼ $6.802B ▼ $6.749B ▼
Q2-2025 $539M ▲ $13.742B ▲ $6.967B ▲ $6.775B ▲
Q1-2025 $487M ▲ $12.941B ▲ $6.588B ▲ $6.353B ▲
Q4-2024 $468M ▼ $12.614B ▼ $6.518B ▼ $6.096B ▼
Q3-2024 $490M $13.283B $6.76B $6.523B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-34M ▼ $219M ▼ $-101M ▼ $-153M ▲ $-34M ▼ $127M ▼
Q2-2025 $11M ▼ $237M ▲ $-56M ▲ $-156M ▼ $52M ▲ $180M ▲
Q1-2025 $67M ▲ $-4M ▼ $-58M ▲ $52M ▲ $19M ▲ $-69M ▼
Q4-2024 $-8M ▼ $177M ▲ $-90M ▼ $-32M ▲ $-22M ▼ $124M ▲
Q3-2024 $364M $162M $1.244B $-1.34B $74M $120M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Cattle
Cattle
 $510.00M ▲$270.00M ▼$270.00M ▲$290.00M ▲
Contract Manufacturing
Contract Manufacturing
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Farm Animal
Farm Animal
 $1.16Bn ▲$550.00M ▼$580.00M ▲$590.00M ▲
Pet Health
Pet Health
 $1.02Bn ▲$640.00M ▼$640.00M ▲$530.00M ▼
Poultry
Poultry
 $410.00M ▲$190.00M ▼$210.00M ▲$220.00M ▲
Swine
Swine
 $190.00M ▲$90.00M ▼$100.00M ▲$90.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly steady over the last few years after a big step-up earlier in the decade, suggesting Elanco has largely digested its acquisitions and is now in a more mature, stable phase. Profitability has been bumpy: the company swung from repeated losses to a solid profit in the most recent year, with a big improvement in underlying operating performance after a weak prior year that likely included significant one‑time charges. Gross and operating margins are positive but not yet best‑in‑class for the animal health space, indicating there is still work to do on cost efficiency and mix upgrade. Overall, the income statement shows a business that has moved from restructuring and integration toward more normal, but still improving, earnings.

Balance Sheet

Balance Sheet The balance sheet shows a company that has been slimming down and de‑risking. Total assets have gradually declined, which likely reflects write‑downs, integration clean‑up, and a tighter focus on core businesses. Debt has been reduced meaningfully from earlier peak levels, which is a clear positive for financial risk, though leverage is still an important factor to watch given modest cash on hand. Shareholders’ equity has drifted lower over time because of past losses and impairments, leaving a thinner cushion than at the start of the period. In short, the balance sheet is healthier than a few years ago but still carries a noticeable debt load and the legacy of prior restructuring.

Cash Flow

Cash Flow Cash generation is a relative bright spot. After a weak starting point earlier in the decade, operating cash flow has turned consistently positive and improved in the most recent year, indicating that the core business is now reliably throwing off cash. Capital spending has been steady and manageable, allowing free cash flow to stay positive in each of the past several years after an initial dip. This pattern supports the company’s ability to keep paying down debt and fund its pipeline without overreliance on new financing, as long as cash conversion from earnings remains solid.

Competitive Edge

Competitive Edge Elanco operates in a structurally attractive industry but faces powerful rivals such as Zoetis and Merck Animal Health. Its edge comes from a broad mix of pet and livestock products, global distribution to many countries, and the scale benefits gained from the Bayer Animal Health acquisition. The company is notably differentiated in livestock sustainability, with products designed to cut methane and ammonia emissions, which taps into regulatory and consumer trends. At the same time, some parts of the portfolio are more commoditized, and Elanco’s historical reliance on acquired brands and intangibles may limit pricing power compared with the very strongest peers. Overall, it has a solid, diversified position with some unique strengths but competes in a field where innovation and execution matter a lot.

Innovation and R&D

Innovation and R&D Innovation is one of Elanco’s key levers. On the pet side, the company is pushing new parasite treatments and dermatology products, including oral solutions and cutting‑edge antibody therapies, aimed at high‑value conditions for dogs and cats. On the livestock side, it is an early leader in products that improve environmental outcomes, such as additives that reduce greenhouse gas and ammonia emissions from cattle. Management has targeted multiple potential blockbuster launches over the first half of this decade, which, if successful, could shift the business mix toward higher‑margin, faster‑growing areas. The main risks are typical for pharma‑like R&D: regulatory hurdles, slower‑than‑expected uptake, and intense competitive responses from larger peers.

Summary

Elanco today looks like a company emerging from a long integration and restructuring phase into a more stable, cash‑generating animal health business. Revenues are steady, recent profitability has improved after a volatile stretch, and debt levels are moving down, supported by healthier free cash flow. The balance sheet is in better shape but still reflects past challenges, and leverage remains a consideration. Strategically, Elanco benefits from diversification across pets and livestock, a global footprint, and a clear niche in sustainability‑oriented livestock solutions, alongside a promising pet health pipeline. Its future performance will hinge on continued margin improvement, disciplined balance‑sheet management, and, above all, successful execution on its innovative product launches in the face of strong competition.

NEWS

November 26, 2025 · 6:15 PM UTC

Elanco executive appointed as Neurizon's Board Observer

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November 21, 2025 · 1:35 PM UTC

Elanco's Credelio™ CAT (lotilaner) Receives First FDA Emergency Use Authorization (EUA) for Treatment of New World Screwworm (NWS) in Cats

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November 20, 2025 · 8:00 AM UTC

Elanco to Participate in the Upcoming Investor Conferences

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November 13, 2025 · 8:00 AM UTC

Alloy Partners Launches OneHealth Studio to Create Startups at the Convergence of Animal, Plant and Human Health

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November 5, 2025 · 6:27 AM UTC

Elanco Animal Health Reports Third Quarter 2025 Results

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