At a glance
Elanco Animal Health is worth $11.32B. Revenue grew 6.2% to $4.71B in fiscal 2025, at a loss; over 5 years it has grown 7.6% a year. It pays no dividend. The stock returned +2.4% over the past year with dividends reinvested and −7.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 46.5% in the 2020 crash (S&P 500: 33.7%) and 59.4% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Elanco Animal Health makes medicines, vaccines and feed additives for pets and farm animals. Its customers are veterinarians, pet owners and livestock farmers, and its roughly 200 brands are marketed in more than 90 countries. Elanco began as a business unit of Eli Lilly and completed its separation in March 2019. In August 2020 it acquired Bayer Animal Health, which it calls the largest acquisition in the industry's history.
Elanco reports a single business segment but breaks revenue out by animal. In the fiscal year ended December 31, 2025, revenue was $4.7 billion. Pet health (dogs and cats) made up 48.8%, cattle 23.9%, poultry 18.2% and swine 8%, with contract manufacturing and other revenue at about 1%. The US supplied 47% of revenue, and Brazil, the UK and China were the largest markets outside it.
A few big brands do much of the work. The top five, which are the Advantage flea-and-tick family, Seresto collars, Credelio oral treatments, Rumensin for cattle and Maxiban/Monteban for poultry, brought in about 38% of 2025 revenue. Advantage alone was near 10%. Parasiticides (products that kill fleas, ticks and worms) are seasonal: about 70% of Seresto's 2025 revenue came in the first half of the year. Newer launches include Zenrelia for itchy skin in dogs and Credelio Quattro.
Price history
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ELAN +2.4% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Pet Health | $2.30B | 48.8% |
| Cattle | $1.13B | 23.9% |
| Poultry | $858.0M | 18.2% |
| Swine | $379.0M | 8% |
| Contract Manufacturing and Other | $53.0M | 1.1% |
By geography
| International | $2.48B | 52.6% |
| United States | $2.23B | 47.4% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.37B, up 10.2% from a year earlier, and net income was $54.0M (+390.9%).
- For fiscal 2025, revenue was $4.71B (+6.2% year over year; +7.6% a year from FY2020 to FY2025) with a -4.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.6% good |
|---|---|
| Free cash flow margin | 6% watch |
| Return on equity (FY2025) | -3.5% weak |
| Return on assets (FY2025) | -1.7% weak |
| Net cash (cash minus debt) | $-3.13B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $3.27B | $-574.0M | $-176.0M |
| FY2021 | $4.76B | $-483.0M | $324.0M |
| FY2022 | $4.41B | $-78.0M | $281.0M |
| FY2023 | $4.42B | $-1.23B | $131.0M |
| FY2024 | $4.44B | $338.0M | $394.0M |
| FY2025 | $4.71B | $-232.0M | $284.0M |
Valuation snapshot
| Market value | $11.32B |
|---|---|
| P/E ratio | — |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Elanco Animal Health’s market value went from $11.53B at the end of 2018 to $11.32B on Oct 28, 2026, down 2%; since the end of 2025 it is up 1%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $11.32B | +0.6% |
| 2025 | $11.24B | +87.8% |
| 2024 | $5.99B | -18.5% |
| 2023 | $7.34B | +26.7% |
| 2022 | $5.79B | -56.8% |
| 2021 | $13.43B | -7.2% |
| 2020 | $14.47B | +31.8% |
| 2019 | $10.98B | -4.7% |
| 2018 | $11.53B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ELAN price data to Oct 28, 2026 | +0.1% | +2.4% | +36.8% | -7.2% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +0.1% |
| 2025 | +86.9% |
| 2024 | -18.7% |
| 2023 | +21.9% |
| 2022 | -56.9% |
| 2021 | -7.5% |
| 2020 | +4.1% |
| 2019 | -6.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.3% over that stretch · deepest drop along the way 46.5%, back to its old high 6.7 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 58.4% over that stretch · deepest drop along the way 59.4%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 5 open-market purchases ($1.5M) and 1 sales ($100K), 1 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 20, 2026 | Lawrence Erik Kurzius Director | buy | $936K |
| Aug 7, 2026 | Paul Herendeen Director | buy | $237K |
| Aug 12, 2026 | Michael J Harrington Director | buy | $109K |
| Oct 15, 2026 | Timothy J Bettington SEE REMARKS | sell (plan) | $100K |
| Aug 7, 2026 | Robert M VanHimbergen EVP and CFO | buy | $97K |
Who owns it
Large shareholders (13G filings)
| Dodge & Cox | 13.9% | Mar 31, 2026 |
| FMR LLC | 10.5% | Dec 31, 2025 |
| PRIMECAP MANAGEMENT CO/CA/ | 9.22% | Mar 31, 2026 |
| BlackRock, Inc. | 8.9% | Sep 30, 2025 |
| T. Rowe Price Investment Management, Inc. | 6.4% | Sep 30, 2025 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5.1% | Jun 30, 2026 |
ETFs with the most weight in ELAN
| XPH SPDR S&P Pharmaceuticals ETF | 3.8% |
| FXH First Trust Health Care AlphaDEX Fund | 2.08% |
| IHE iShares U.S. Pharmaceuticals ETF | 2.01% |
| MOO VanEck Agribusiness ETF | 1.19% |
| PPH VanEck Pharmaceutical ETF | 0.93% |
| FLCV Federated Hermes MDT Large Cap Value ETF | 0.53% |
| BUYO KraneShares Man Buyout Beta Index ETF | 0.49% |
| AUSF Global X Adaptive U.S. Factor ETF | 0.39% |
What could go wrong
- A few brands drive much of revenue. The top five product families made up about 38% of 2025 revenue. Competition, generic copies, safety concerns or supply problems hitting any one of them could noticeably dent sales and profits.
- New products may disappoint or raise safety concerns. In 2024 the FDA required Zenrelia's label to include a boxed warning, its most prominent safety alert. New products can also launch late or win narrower approvals than hoped, slowing growth.
- Heavy debt limits flexibility. As of June 30, 2026, Elanco had $3.7 billion of debt and $530 million of cash and investments. Debt agreements limit its flexibility, and higher interest rates or a credit downgrade could raise costs.
- Limits on antibiotics in livestock. Several farm products, including Rumensin, Baytril, Denagard, Pulmotil and Surmax, are antibiotics. Regulatory restrictions or bans, along with changing demand, may keep hurting sales of these and of products that help animals grow more efficiently.
- Manufacturing problems have caused shortages and delays. Elanco says manufacturing challenges and capacity imbalances, including at contract manufacturers it relies on, have caused product launch delays, inventory shortages, recalls or unexpected costs, and could do so again.
- Tough rivals and cheaper generics. Competitors include the animal health arms of large drugmakers, some with more resources. Generic products may look more cost-effective, and shifts in how pet products reach owners could squeeze market share and margins.
Recent events
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Quarterly results released
- Investor presentation or announcement
- Restructuring or exit costs; Investor presentation or announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
For income and retirement investors
Elanco pays no dividend, and its 10-K filed February 24, 2026 says it does not expect to pay one in the foreseeable future. It also repurchased no shares from fiscal 2021 through fiscal 2025. Instead, shares outstanding rose 5.6% between August 2021 and August 2026, so each share represents a slightly smaller piece of the company. For an income investor, any return has to come from share price gains. Cash for living expenses would have to come from trimming shares, not from collecting payouts.
The price has swung hard in downturns. In the 2020 COVID crash it fell 46.5% and regained its prior peak about 6.7 months after its low. In the 2022 bear market it dropped 59.4% from its March 2022 high and, as of October 28, 2026, had not recovered to that level. Single stocks carry more risk than diversified funds, which spread money across many companies.
Questions investors ask
How does Elanco make money?
Elanco earns its revenue from medicines, vaccines and feed additives for pets and farm animals, marketed to veterinarians, pet owners and farmers in more than 90 countries. In the fiscal year ended December 31, 2025, revenue was $4.7 billion. Pet health brought in 48.8%, cattle 23.9%, poultry 18.2% and swine 8%, and the US supplied 47%. Its five biggest product families, led by the Advantage flea-and-tick line, made up about 38% of revenue.
Does Elanco pay a dividend?
No. Elanco does not pay a dividend, and its 10-K filed February 24, 2026 says it does not anticipate paying one on its common stock in the foreseeable future. It also made no share repurchases from fiscal 2021 through fiscal 2025, and its share count rose 5.6% between August 2021 and August 2026. For income-focused investors, that means any return depends entirely on the share price.
Is Elanco profitable?
Not consistently. Elanco posted a net loss of $232 million in fiscal 2025 on $4.7 billion of revenue, after net income of $338 million in fiscal 2024. It also lost money in every year from fiscal 2020 through fiscal 2023. Free cash flow is the cash left after running the business and paying for equipment. It was positive in each year from fiscal 2021 through fiscal 2025, including $284 million in fiscal 2025. In the quarter ended June 30, 2026, net income was $54 million.
How much debt does Elanco have?
About $3.7 billion as of June 30, 2026, against $530 million of cash and investments. That leaves net debt (debt minus cash) of roughly $3.1 billion, compared with shareholders' equity of $6.6 billion. Elanco's 10-K lists its substantial debt as a risk: debt agreements limit its flexibility, and higher interest rates or a lower credit rating could raise borrowing costs. The company's stock market value was about $11.3 billion as of October 28, 2026.
How has Elanco stock performed?
Unevenly. As of October 28, 2026, the share price was down 31% over five years (7.2% a year) but up 156% over three years. Calendar years swing widely: the stock fell 56.9% in 2022 and rose 86.9% in 2025. Over the year to October 28, 2026, it gained 2.4%. Its deepest peak-to-trough drop across 8.1 years of trading history was 78%. Because Elanco pays no dividend, these price returns are the whole return.