ELAN

MKT CAP:$11B

Elanco Animal Health Incorporated

Market Cap

$11B

Healthcare·Drug Manufacturers - Specialty & Generic·🇺🇸 United States·NYSE

Healthcare·Drug·🇺🇸·NYSE

Stock Price

$22.46-$0.06 (-0.27%)

Apr 22, 2026

Company Details

Elanco Animal Health Incorporated, an animal health company, innovates, develops, manufactures, and markets products for pets and farm animals. It offers pet health disease prevention products, such as parasiticide and vaccine products that...

CEO

Jeffrey N. Simmons

IPO Date

Sep 20, 2018

Website

www.elanco.com

Key Metrics TTM

Revenue

$4.6B

+3.1% YoY

Net Income

$36M

EPS (Diluted)

$0.07

Free Cash Flow

$362M

Revenue / Share

$9.24

Gross Margin

46.4%

Operating Margin

5.2%

Net Margin

0.8%

FCF Margin

7.9%

P/S

2.5x

P/E

313.6x

Earnings Reports

Q4 2025

May 6, 2026

PENDING

FY 2025

Feb 24, 2026

$4.7B+6.2%EPS -$0.47

Q3 2025

Nov 5, 2025

$1.1B+10.4%EPS -$0.07

Q2 2025

Aug 7, 2025

$1.2B+4.8%EPS $0.02

Q1 2025

May 7, 2025

$1.2B-1.0%EPS $0.13

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 20	$890M	$352M	-$14M
Q4 20	$1.1B	$380M	-$107M
Q1 21	$1.2B	$526M	$89M
Q2 21	$1.3B	$599M	$120M
Q3 21	$1.1B	$488M	$52M
Q1 23	$1.3B	$629M	$221M
Q2 23	$1.1B	$487M	$53M
Q3 23	$1.1B	$441M	$42M
Q4 23	$1.0B	$381M	$10M
Q1 24	$1.2B	$557M	$133M
Q2 24	$1.2B	$558M	$115M
Q3 24	$1.0B	$405M	-$5M
Q4 24	$1.0B	$389M	$8M
Q1 25	$1.2B	$556M	$121M
Q2 25	$1.2B	$577M	$85M
Q3 25	$1.1B	$607M	$27M

Valuation

Quarter	P/S	P/E
Q3 20	3.9x	—
Q4 20	3.4x	—
Q1 21	2.9x	—
Q2 21	2.5x	—
Q3 21	2.4x	—
Q1 23	2.3x	—
Q2 23	2.4x	—
Q3 23	2.5x	—
Q4 23	2.6x	—
Q1 24	2.6x	—
Q2 24	2.5x	—
Q3 24	2.5x	55.1x
Q4 24	2.5x	33.4x
Q1 25	2.5x	30.3x
Q2 25	2.5x	26.0x
Q3 25	2.5x	313.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 20	-$112M	-$216M
Q4 20	-$93M	-$240M
Q1 21	$22M	-$34M
Q2 21	$149M	$124M
Q3 21	$89M	$64M
Q1 23	-$145M	-$183M
Q2 23	$61M	$19M
Q3 23	$198M	$165M
Q4 23	$157M	$116M
Q1 24	$2M	-$22M
Q2 24	$200M	$166M
Q3 24	$162M	$120M
Q4 24	$177M	$124M
Q1 25	-$4M	-$69M
Q2 25	$237M	$180M
Q3 25	$219M	$127M

Capital Expenditures

Quarter	CapEx
Q3 20	$104M
Q4 20	$147M
Q1 21	$56M
Q2 21	$25M
Q3 21	$25M
Q1 23	$38M
Q2 23	$42M
Q3 23	$33M
Q4 23	$41M
Q1 24	$24M
Q2 24	$34M
Q3 24	$42M
Q4 24	$53M
Q1 25	$65M
Q2 25	$57M
Q3 25	$92M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 20	+15.3%	+34.1%
Q4 20	+44.8%	+74.4%
Q1 21	+88.8%	+82.1%
Q2 21	+118.1%	+104.4%
Q3 21	+27.1%	+19.5%
Q1 23	+10.3%	-16.9%
Q2 23	-14.9%	-12.9%
Q3 23	-16.5%	-11.5%
Q4 23	-8.5%	-5.0%
Q1 24	-4.1%	+3.5%
Q2 24	+12.0%	+6.5%
Q3 24	-3.6%	+0.9%
Q4 24	-1.4%	-1.3%
Q1 25	-1.0%	+0.0%
Q2 25	+4.8%	+8.1%
Q3 25	+10.4%	+7.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 20	$12M	1.3%
Q4 20	$17M	1.5%
Q1 21	$15M	1.2%
Q2 21	$16M	1.3%
Q3 21	$17M	1.5%
Q1 23	$12M	1.0%
Q2 23	$9M	0.9%
Q3 23	$10M	0.9%
Q4 23	$15M	1.4%
Q1 24	$11M	0.9%
Q2 24	$14M	1.2%
Q3 24	$15M	1.5%
Q4 24	$15M	1.5%
Q1 25	$15M	1.3%
Q2 25	$20M	1.6%
Q3 25	$17M	1.5%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q3 20	$88M	—	$278M
Q4 20	$113M	—	$374M
Q1 21	$89M	—	$348M
Q2 21	$94M	—	$385M
Q3 21	$94M	—	$342M
Q1 23	$81M	—	$327M
Q2 23	$81M	—	$353M
Q3 23	$86M	—	$313M
Q4 23	$79M	—	$292M
Q1 24	$87M	—	$337M
Q2 24	$89M	—	$354M
Q3 24	$87M	—	$323M
Q4 24	$81M	—	$300M
Q1 25	$94M	—	$341M
Q2 25	$92M	—	$400M
Q3 25	$89M	$351M	—

Revenue Segments

Quarter	Contract Manufacturing	Farm Animal Future Protein And Health	Farm Animal Ruminants And Swine	Pet Health Disease Prevention	Pet Health Therapeutics	Farm Animal	Pet Health
Q3 20	$16M	$181M	$292M	$297M	$103M	—	—
Q1 21	$19M	—	—	—	—	$578M	$645M
Q2 21	$27M	—	—	—	—	$567M	$685M
Q3 21	$21M	—	—	—	—	$583M	$527M

Revenue by Geography

Quarter	Non-US	United States
Q3 20	$468M	$422M
Q4 20	$634M	$506M
Q1 21	$709M	$533M
Q2 21	$698M	$581M
Q3 21	$624M	$507M
Q1 23	$714M	$543M
Q2 23	$557M	$500M
Q3 23	$589M	$479M
Q4 23	$574M	$461M
Q1 24	$674M	$531M
Q2 24	$641M	$543M
Q3 24	$543M	$487M
Q4 24	$545M	$475M
Q1 25	$639M	$554M
Q2 25	$648M	$593M
Q3 25	$590M	$547M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$342M	$0	$342M
Q2 22	$507M	$0	$507M
Q3 22	$460M	$0	$460M
Q4 22	$345M	$0	$345M
Q1 23	$318M	$0	$318M
Q2 23	$367M	$0	$367M
Q3 23	$369M	$0	$369M
Q4 23	$352M	$0	$352M
Q1 24	$345M	$0	$345M
Q2 24	$416M	$0	$416M
Q3 24	$490M	$0	$490M
Q4 24	$468M	$0	$468M
Q1 25	$487M	$0	$487M
Q2 25	$539M	$0	$539M
Q3 25	$505M	$0	$505M
Q4 25	$545M	$0	$545M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 20	462M	+11.9%	+23.9%
Q4 20	486M	+5.1%	+29.7%
Q1 21	487M	+0.1%	+20.5%
Q2 21	487M	+0.1%	+17.9%
Q3 21	487M	0.0%	+5.4%
Q1 23	493M	+1.1%	+1.4%
Q2 23	493M	-0.0%	+1.2%
Q3 23	493M	+0.0%	+1.1%
Q4 23	493M	+0.0%	+1.1%
Q1 24	496M	+0.6%	+0.6%
Q2 24	494M	-0.4%	+0.3%
Q3 24	498M	+0.7%	+1.0%
Q4 24	494M	-0.7%	+0.3%
Q1 25	499M	+1.0%	+0.6%
Q2 25	500M	+0.2%	+1.2%
Q3 25	497M	-0.7%	-0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 20	$154.4K	6K
Q4 20	$121.2K	9K
Q1 21	$132.1K	9K
Q2 21	$136.1K	9K
Q3 21	$120.3K	9K
Q1 23	$139.7K	9K
Q2 23	$117.4K	9K
Q3 23	$118.7K	9K
Q4 23	$111.3K	9K
Q1 24	$129.6K	9K
Q2 24	$127.3K	9K
Q3 24	$110.8K	9K
Q4 24	$113.3K	9K
Q1 25	$132.6K	9K
Q2 25	$137.9K	9K
Q3 25	$126.3K	9K

Revenue / Employee