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Global animal health company selling medicines and vaccines for pets and farm livestock, spun off from Eli Lilly.
Global animal health company selling medicines and vaccines for pets and farm livestock, spun off from Eli Lilly.
Sells through veterinary clinics and animal-health distributors, with pet products the faster-growing side and farm-animal products the slower, farm-economics-tied side. The 2020 purchase of Bayer's animal health unit added the Seresto flea-and-tick collar to its pet range.
Moat: narrow (brand, distribution, regulatory licence). Established veterinary brand relationships and regulatory approvals across species create switching costs.
Headquarters: Greenfield, Indiana, US · Founded: 2018 · Employees: 9,900
Size Elanco Animal Health (ELAN) is a United States Health Care company (Biotechnology) with a market value of $12.9B, the 665th largest of 3,117 United States companies the cockpit tracks. Shares closed at $25.74 on 6 Nov 2026.
Performance Over six months the shares gained 8.8%, against +9.2% for the median peer and -1.1% for the United States market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue grew 11.9% over the last twelve months (peer median +25.6%); the operating margin is 6.6% (peer median 13.9%).
Valuation It trades at 21.8× forward earnings against a peer median of 35.3× (5th cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 35% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +27 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 9.0 points below its cost of capital (11.6% WACC).
Credit Elanco Animal Health has 1 bond outstanding ($732M), rated BB- by the agencies and trading like BBB- at a weighted spread of 99 bp.
Short interest Short interest is 6.2% of the free float (15 Oct 2026).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $5.02B | $4.71B | $4.44B | $4.42B | $4.41B |
| Revenue growth | — | +6% | 0% | 0% | — |
| Gross profit | $2.22B | $2.05B | $1.91B | $1.94B | $1.97B |
| EBITDA | $1.03B | $932M | $913M | $1.02B | $1.07B |
| Net income | -$199M | -$232M | $338M | -$1.23B | -$78.0M |
| Free cash flow | $379M | $284M | $394M | $131M | $315M |
| Capital expenditure | $238M | $276M | $161M | $154M | $184M |
| Total debt | $3.92B | $4.14B | $4.44B | $5.92B | $5.98B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Elanco Animal Health ELAN | $12.9B | +9% | +12% | 7% | 21.8× | 34.8% |
| Zoetis ZTS | $32.8B | -4% | +1% | 38% | 12.8× | -4.3% |
| Merck & MRK | $362B | +33% | +5% | 18% | 17.4× | 4.1% |
| Idexx Laboratories IDXX | $53.3B | +21% | +12% | 32% | 41.5× | 28.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ELAN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +14.2% | -4.9% | 5th highest of 21 |
| 6-month return | +8.8% | +9.2% | 11th highest of 21 |
| Distance from 52-week high | -8.0% | -26.0% | 3rd highest of 21 |
| Revenue growth (TTM) | +11.9% | +25.6% | 6th lowest of 19 |
| Operating margin | 6.6% | 13.9% | 8th lowest of 19 |
| Forward P/E | 21.8× | 35.3× | 5th cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 34.8% | 7.2% | 3rd most demanding of 14 |
| Growth delivered (Del g) | +7.6% | +19.8% | 4th lowest of 14 |
| Hurdle (Req g minus delivered) | +27.2 pp | -10.4 pp | most demanding of 14 |
| ROIC minus cost of capital | -9.0 pp | -0.7 pp | 8th lowest of 19 |
| EV / EBITDA | 15.8× | 16.4× | 5th cheapest of 10 |
| Net debt / EBITDA | 3.3× | -1.4× | 2nd most indebted of 10 |
| Bond spread | 99 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Elanco Animal Health ELAN | United States | $12.9B | +9% | +12% | 7% | 21.8× | 34.8% | +7.6% |
| Summit Therapeutics SMMT | United States | $13.1B | -10% | n/a | n/a | n/a | n/a | n/a |
| Cspc Pharma 1093.HK | Hong Kong | $12.4B | +5% | +25% | 28% | 9.3× | -10.3% | +0.1% |
| Halozyme Therapeutics HALO | United States | $11.8B | +62% | +41% | 57% | 10.7× | 2.5% | +39.2% |
| Bio-Techne TECH | United States | $11.4B | +51% | 0% | 22% | 35.9× | 31.3% | +5.5% |
| BridgeBio Pharma BBIO | United States | $14.5B | +10% | +167% | -37% | n/a | n/a | n/a |
| Kymera Therapeutics KYMR | United States | $11.2B | +53% | +134% | -396% | n/a | n/a | n/a |
| BioMarin Pharmaceutical BMRN | United States | $10.9B | +4% | +20% | 19% | 10.3× | 6.5% | +12.0% |
| Sichuan Kelun Pharmaceutical 002422.SZ | China | $10.8B | +30% | 0% | 9% | 37.3× | 7.2% | +2.3% |
| ALTEOGEN 196170.KS | South Korea | $10.3B | -46% | +61% | 53% | 47.0× | 29.8% | +38.5% |
| Vaxcyte PCVX | United States | $10.1B | +21% | n/a | n/a | n/a | n/a | n/a |
| Neurocrine Biosciences NBIX | United States | $16.7B | +8% | +38% | 25% | 18.2× | -1.7% | +22.3% |
| Krystal Biotech KRYS | United States | $8.92B | -2% | +26% | 48% | 34.7× | 11.9% | +26.0% |
| Genscript Biotech 1548.HK | Hong Kong | $8.81B | +96% | +53% | 12% | 297.9× | 36.5% | +19.8% |
| Arrowhead Pharmaceuticals ARWR | United States | $8.22B | -20% | +17% | -34% | n/a | n/a | n/a |
| Twist Bioscience TWST | United States | $7.95B | +112% | +19% | -32% | n/a | n/a | n/a |
| 10x Genomics TXG | United States | $7.72B | +174% | -4% | -14% | n/a | 41.8% | +16.6% |
| BioNTech SE Sponsored ADR BNTX | United States | $22.8B | -7% | -1% | -38% | n/a | 5.7% | +42.6% |
| Caris Life Sciences CAI | United States | $7.13B | +56% | +85% | 15% | 86.1× | 18.7% | +85.4% |
| Axsome Therapeutics AXSM | United States | $6.96B | -39% | +54% | -19% | 75.5× | n/a | n/a |
| United Therapeutics UTHR | United States | $24.1B | -1% | +2% | 44% | 22.0× | -0.4% | +16.5% |
Elanco Animal Health has 1 bond outstanding with $732M face value. The agencies rate it BB-; its bonds trade like BBB-. Weighted yield 5.38%, a spread of 99 bp over government bonds.