Elanco Animal Health Incorporated · NYSE:ELAN
Elanco Animal Health — Q1 2026 Earnings Presentation
22 slides from Elanco Animal Health's earnings presentation, May 6, 2026
Slide 1: Enriching Life
Food and Companionship Enriching Life
Slide 2: Notices and Disclaimers
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 second quarter gui
Slide 3: Touching nearly every person, every day
Touching nearly every person, every day
Slide 4: Elanco: A Diverse, Durable Animal Health Company with 70+ Years of Heritage
Elanco: A Diverse, Durable Animal Health Company with 70+ Years of Heritage… U.S. $4.7B 90+ 48% 52% annual revenue Countries Served (2025) International Pet Health Farm Animal 10 Blockbusters #1 in Pet Health Retail >$100M annual revenue #1 in Pet Health Vet Growth 49% 51% #2 in Global Farm Animal N
Slide 5: Executing a Clear Path to Sustainable Value Creation
Executing a Clear Path to Sustainable Value Creation Positioned for Sustainable Growth Focused on • Growth: Stronger portfolios and Innovation Delivery share of voice Scaled for • Innovation: Multiple blockbusters • Delivered late-stage Global Reach globalizing and progressing next innovation pipeli
Slide 6: Deeply Experienced Animal Health Executive Team
Deeply Experienced Animal Health Executive Team Driving Growth, Innovation and Cash Consistent Flow Fueling Pipeline Elanco Ascend Risk & Access of Innovation & Portfolio Margin & Cash Ellen de Brabander Tim Bettington Bob VanHimbergen Shiv O’Neill Research & Development Center for Strategic Growth
Slide 7: The Attractiveness of Investing in Animal Health
The Attractiveness of Investing in Animal Health Durable & Diverse Industry with a Path from $42 Billion to $60 Billion 1 Regulated, Science-Based Industry “Pharma-Like” ‒ High complexity, high barrier to entry ‒ Innovation revolution with innovation being rewarded ‒ Independence = access and owners
Slide 8: A Global Shift in Pet Owner Behavior
A Global Shift in Pet Owner Behavior Access, Convenience and Willingness to Spend Convenience Increase Spend Subscriptions Drive Humanization of Is King Across Channels Passive Spending Pets Globalizing #1 driver of treatment +30% higher annual spend from 40% pet care 70% global pet ownership adhere
Slide 9: Accelerating Global Animal Protein Consumption
Accelerating Global Animal Protein Consumption Projected to Grow at 5% Annually in the U.S. Alone3 Overwhelming Dietary Guidelines Muscle Retention in Consumer Demand Recommendations GLP-1 Usage Aging Population 61% U.S. consumers ~2x recommended daily ~40-50% more protein 25% increase in adults see
Slide 10: Global Pet Health Market Positioning
n Po tio rtf a Innov olio Global Pet Health Market Positioning Customer Strategic Framework Pr oductivit y ` Pain & Other Vaccines1 Parasiticides Dermatology Therapeutics Vision Omnichannel offerings Differentiated entrant Broad portfolio for dogs Prevention with retail leadership and into fast grow
Slide 11: Global Farm Animal Market Positioning
n Po tio rtf a Innov olio Global Farm Animal Market Positioning Customer Strategic Framework Pr oductivit y Efficiency & Disease Prevention Food Safety Sustainability Performance & Treatment Vision Market leading Trusted partners Partnering with Building new market portfolio of medicated with best-i
Slide 12: Elanco’s IPP Strategy to Deliver Value to All Stakeholders
Elanco’s IPP Strategy to Deliver Value to All Stakeholders Consistently Deliver a on Po strengthen our consistent flow of i diverse Portfolio to at rtf high-impact Innov olio grow market share Innovation Customer Veterinarian Farmer Pet Owner Pro ductivity Consistently improve Productivity and cash
Slide 13: The Results Our Strategy Are Delivering
The Results Our Strategy Are Delivering 1 2 3 Growth Innovation Cash 13
Slide 14: Our Transformation to a Sustainable Growth Company Continues
1. GROWTH Our Transformation to a Sustainable Growth Company Continues Organic Constant Currency Revenue Growth 7% 3% 1% -3% 2022 2023 2024 2025 14
Slide 15: Innovation: Big 6 Now Expected to Drive $1.2B in Incremental Revenue in 2026
2 . I N N O VAT I O N Innovation: Big 6 Now Expected to Drive $1.2B in Incremental Revenue in 2026 Prior Guidance: $1.15B Pet Health Guidance: $1.2B $840-$880M $892M Big 6 Farm Animal $461M $275M Remaining Innovation 2023 2024 2025 2026E Note: Innovation revenue is incremental in reference to 2020 s
Slide 16: Next Wave Innovation Portfolio to Deliver 5-6 Potential Blockbuster Approvals Through 2031
2 . I N N O VAT I O N Next Wave Innovation Portfolio to Deliver 5-6 Potential Blockbuster Approvals Through 2031 >15 Projects† in 8 Innovation Spaces # Projects Powerful Next Wave Profile Parasiticides 3 ✓ All are first/best in class or differentiated Infectious Disease Multiple Dermatology 3 ✓ >$2B
Slide 17: Strengthened Balance Sheet with Improving Cash Generation
3. CASH Strengthened Balance Sheet with Improving Cash Generation Capital Allocation Priorities Substantial Improvement to Adj. Net Leverage Ratio Primary use of free cash flow 5.6x Targeting below 3x over time Debt Paydown 4.3x R&D, manufacturing capex, 3.6x bolt-on M&A, commercial Investment launc
Slide 18: Appendix
Appendix
Slide 19: Revenue Performance by Top Ten Countries
Full Year 2025 Revenue Total % of Total Organic CC Change1 Performance by United States $2,234 47% 10% Top Ten Brazil $199 4% 8% Countries United Kingdom $173 4% 5% China $172 4% (4)% Italy $131 3% 6% France $128 3% 6% Canada $125 3% 8% Mexico $115 2% 2% Spain $103 2% 13% Japan $97 2% 12% Other Inte
Slide 20: Revenue Performance for Select Products
Full Year 2025 Revenue 2025 Revenue % of Total CC Change1 Performance for Select 2 $465 10% 1% Products $378 8% 3% 3 $358 8% 59% Slightly $289 6% Positive $289 6% 9% Reported revenue in millions. Numbers may not add due to rounding. 1Constant Currency (CC) is a non-GAAP financial measure, representi
Slide 21: Adjusted Income Statement Highlights
Full Year 2025 Adjusted1 Income Statement Highlights Including Impact from Aqua Divestiture $ millions, except per share values 2025 2024 Change ($)2 Change (%)2 Revenue $4,715 $4,439 $276 6% Adjusted Gross Profit $2,576 $2,436 $140 6% Adjusted Gross Margin3 54.9% 54.9% NM 0 bps Operating Expense $1
Slide 22: Financial Guidance
2026 Full Year Financial Guidance February May Comments 5%-7% organic CC2 growth; Revenue1 $4,950 - $5,020 $5,010 - $5,085 expecting $60M tailwind from FX 10% growth at midpoint; $ millions, except Adjusted EBITDA3 $955 - $985 $975 - $1,005 adj. gross margin up ~40 bps per share values Adjusted Dilu