Elanco Animal Health Incorporated · NYSE:ELAN
Elanco Animal Health — Q4 2025 Earnings Presentation
38 slides from Elanco Animal Health's earnings presentation, Feb 24, 2026
Slide 1: 2025 Earnings – Fourth Quarter
2025 Earnings – Fourth Quarter D February 24, 2026
Slide 2: Notices and Disclaimers
2025 | Q4 Earnings 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
Slide 3: On Today's Call
2025 | Q4 Earnings On Today’s Call Jeff Simmons Bob VanHimbergen Elanco Animal Health Elanco Animal Health President and Executive Vice President, Chief Executive Officer Chief Financial Officer 3
Slide 4: Elanco as a Consistent, Strong Q4 Exceeding Expectations
2025 | Q4 Earnings Elanco as a Consistent, Strong Q4 Exceeding Expectations Reliable Growth Company Revenue, Adj. EBITDA, and Adj. EPS all above guidance; 9% organic CC3 revenue growth led by U.S. Farm Animal up 17% and U.S. Pet Health up Delivering Our Diverse 10% with International Pet Health up 8
Slide 5: Delivering on Our Commitments
2025 | Q4 Earnings Our Commitment ✓Results ✓ Innovation $500-$600M Dec. 2020 Target $892M Revenue $640-$720M Feb. 2025 Guidance ✓ Big 6 Deliver Our Late-Stage Delivery of Big 6 by End of Pipeline Assets 2025 Without Attrition ✓ 5-6 Potential Blockbuster 2025 Next Wave Refill the Pipeline Approvals E
Slide 6: 9% Organic CC Revenue Growth
2025 | Q4 Earnings Q4 2024 to Q4 2025 Revenue Bridge 9% Organic CC1 Revenue Growth 9% Revenue 9% Growth 10% $ millions Growth Growth 4% 17% Growth Growth 8% $1,144 10% Growth Growth $27 $6 $1,020 Q4 2024 FX CMO & Royalty Q4 2025 Actual Revenue U.S. Int’l U.S. Int’l Actual Numbers may not add due to
Slide 7: Innovation: Big Now Expected to Drive $1.15B in Incremental Revenue in 2026
2025 | Q4 Earnings Innovation: Big 6 Now Expected to Drive $1.15B in Incremental Revenue in 2026 Prior Guidance: $1.1B Pet Health Guidance: $1.15B $840-$880M $892M Big 6 Farm Animal $461M $275M Remaining Innovation 2023 2024 2025 2026E Note: Innovation revenue is incremental in reference to 2020 sal
Slide 8: Updates on Big Major Innovation Products
2025 | Q4 Earnings Updates on Big 6 Major Innovation Products • Efficacy driving global momentum and share • Only major animal health company growing • Continued robust growth trajectory gains; double-digit U.S. JAK share exiting para Rx vet clinic market share in 20253, with Q4 sales up over 50% De
Slide 9: Deliver Consistent, High-Impact Innovation Without Attrition
2025 | Q4 Earnings Deliver Consistent, High-Impact Innovation Delivered the Big 6 Next Wave Platforms for Without Attrition 5-6 blockbuster- Pipeline Refill 2 are already potential approvals Built in-house small blockbusters: expected through molecule platforms IPP Po Experior, Credelio Quattro 2031
Slide 10: Financial Results
Financial Results Fourth Quarter 2025 10
Slide 11: Impact of Price, Rate, and Volume on Revenue
2025 | Q4 Earnings Fourth Quarter 2025 Impact of Price, Rate, and Volume on Revenue Organic Organic CC1 $ Millions Revenue Price FX Rate Volume Total Change Pet Health $489 1% 2% 8% 11% 9% Cattle $296 2% 17% 15% Poultry $237 3% 11% 8% Swine $107 2% 3% 1% Farm Animal $640 2% 2% 8% 12% 10% Contract Mf
Slide 12: Revenue by Geography and Species
2025 | Q4 Earnings Fourth Quarter 2025 Revenue by Geography and Species Organic CC1 $ Millions 2025 2024 Change (%) Change (%) U.S. Pet Health $278 $253 10% 10% International Pet Health $211 $186 13% 8% Total Pet Health $489 $439 11% 9% U.S. Farm Animal $262 $223 17% 17% International Farm Animal $3
Slide 13: Adjusted Income Statement Highlights
2025 | Q4 Earnings Fourth Quarter 2025 Adjusted1 Income Statement Highlights $ millions, except per share values 2025 2024 Change ($) Change (%) Revenue $1,144 $1,020 $124 12% Adjusted Gross Profit $581 $519 $62 12% Adjusted Gross Margin2 51.2% 50.9% NM 30 bps Operating Expense $431 $381 $50 13% Int
Slide 14: Adjusted EBITDA and Adjusted EPS Drivers
2025 | Q4 Earnings Fourth Quarter 2025 Adjusted EBITDA1 and Adjusted EPS1 Drivers Q4 Adjusted EBITDA Q4 Adjusted EPS $ millions $45 $(40) $0.01 ~Flat $(0.03) ~$0.01 ~$8 $189 $0.14 $177 $0.13 Q4 2024 FX Gross Operating Q4 2025 Q4 2024 FX EBITDA Interest Tax Q4 2025 Actual Profit Expenses Actual Actua
Slide 15: Adjusted Income Statement Highlights
2025 | Q4 Earnings 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 O
Slide 16: Adjusted EBITDA and Adjusted EPS Drivers
2025 | Q4 Earnings 2024 to 2025 Full Year Bridge Adjusted EBITDA1 and Adjusted EPS1 Drivers 2025 Adjusted EBITDA 2025 Adjusted EPS $ millions $177 $(145) $0.09 $(0.04) $(0.07) $0.94 $(40) $0.05 $0.91 $910 $901 Full Year Aqua Gross Profit Operating Full Year Full Year Aqua EBITDA Interest Tax Full Ye
Slide 17: Key Balance Sheet and Cash Flow Metrics
2025 | Q4 Earnings Key Balance Sheet and Cash Flow Metrics Cash and Debt Balances Key Metrics Capital Allocation as of December 31, 2025 Q4 Net Leverage Ratio3 3.6x Priorities $ millions Exceeded 2025 year-end NLR target of 3.7x-3.8x Primary use of free $3,790 $545 cash flow Operating Cash Flow of $
Slide 18: Financial Guidance
Financial Guidance First Quarter and Full Year 2026 18
Slide 19: 2026 Full Year Financial Guidance
2025 | Q4 Earnings 2026 Full Year Financial Guidance FY Guidance Comments 4%-6% organic CC2 growth; Revenue1 $4,950 - $5,020 expecting $55M tailwind from FX 8% growth at midpoint; $ millions, except Adjusted EBITDA3 $955 - $985 per share values adj. gross margin up ~40 bps Adjusted Diluted EPS3 $1.0
Slide 20: First Quarter 2026 Financial Guidance
2025 | Q4 Earnings First Quarter 2026 Financial Guidance Q1 Guidance Comments 4%-6% organic CC2 growth; Revenue1 $1,280 - $1,305 expecting $40M tailwind from FX 9% growth at midpoint; $ millions, except Adjusted EBITDA3 $290 - $310 per share values operating expenses up 7% (4% CC) Adjusted Diluted E
Slide 21: Considerations for 2026
2025 | Q4 Earnings Considerations for 2026 Tailwinds Headwinds Diverse portfolio of innovation continuing to scale Competitive pressure and innovation globally, on a stabilizing base Consumer/macro pressure and U.S. vet visit volume Price growth declines Comprehensive portfolios Generic pressure OTC
Slide 22: The Attractiveness of Investing in Animal Health
2025 | Q4 Earnings 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
Slide 23: A Global Shift in Pet Owner Behavior
2025 | Q4 Earnings 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 p
Slide 24: Accelerating Global Animal Protein Consumption
2025 | Q4 Earnings 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% inc
Slide 25: Elanco Today: A Different Company
2025 | Q4 Earnings Elanco Today: A Different Company – Consistent Growth, Steady Pipeline of New Products, Stronger Financial Profile 1 2 3 4 5 Consistent, Innovation Engine at Multi-Wave Clear Path to Higher Strengthening Predictable Growth Commercial Scale Blockbuster Pipeline Profitability Financ
Slide 26: Appendix
Appendix Reference slides and GAAP reported to non-GAAP adjusted reconciliations 26
Slide 27: Impact of Price, Rate, and Volume on Revenue
2025 | Q4 Earnings Full Year 2025 Impact of Price, Rate, and Volume on Revenue Organic Aqua Organic CC1 Revenue Price FX Rate Volume Volume Total Change Pet Health $2,300 2% 0% 5% 0% 7% 7% Cattle $1,125 1% 12% 11% Poultry $858 1% 8% 7% Swine $379 1% 4% 3% Aqua $0 (100)% Farm Animal $2,362 2% 1% 6% (
Slide 28: Revenue by Geography and Species
2025 | Q4 Earnings Full Year 2025 Revenue by Geography and Species Organic CC1 2025 2024 Total (%) Change (%) US Pet Health $1,292 $1,213 7% 7% Int’l Pet Health $1,008 $930 8% 7% Total Pet Health $2,300 $2,143 7% 7% US Farm Animal $940 $819 15% 15% Int’l Farm Animal $1,422 $1,431 (1)% 4% Total Farm
Slide 29: Revenue Performance by Top Ten Countries
2025 | Q4 Earnings 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 $9
Slide 30: Revenue Performance for Select Products
2025 | Q4 Earnings 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
Slide 31: Full Year 2026 Financial Guidance and Additional Assumptions
2025 | Q4 Earnings Full Year 2026 Financial February Guidance Total Revenue2 $4,950 – $5,020 & Additional Adjusted Gross Margin1 55.1% – 55.5% Assumptions Operating Expenses $1,915 – $1,940 Adjusted EBITDA1 $955 – $985 $ millions, except Adjusted EBITDA Margin1 19.3% – 19.6% per share values Depreci
Slide 32: Adjusted EBITDA Reconciliation
2025 | Q4 Earnings Fourth Quarter 2025 Adjusted 2025 2024 EBITDA Reported Net Loss $(276) $(8) Reconciliation Net Interest Expense $80 $46 Income Tax Expense (Benefit) $17 $(43) $ millions $174 $164 Depreciation and Amortization EBITDA $(5) $159 Non-GAAP Adjustments Cost of Sales $1 $0 Asset Impairm
Slide 33: Reconciliation of GAAP Reported to Non-GAAP EPS
2025 | Q4 Earnings Fourth Quarter 2025 Reconciliation 2025 2024 of GAAP Net Income EPS Net Income EPS Reported to GAAP Reported Net Loss and Non-GAAP EPS $(276) $(0.56) $(8) $(0.02) Adjusted Cost of Sales Adjustments $1 $0.00 - - Income Amortization of Intangible $139 $0.28 $130 $0.26 Statement Item
Slide 34: Details of Adjustments to Certain GAAP Reported Measures
2025 | Q4 Earnings Fourth Quarter 2025 Details of For the three months ended December 31, 2025 and 2024: Adjustments to (1) Adjustments of $202 million for the three months ended December 31, 2025, primarily represented $155 million of charges associated with our 2025 Restructuring Plan and a $47 mi
Slide 35: Adjusted EBITDA Reconciliation
2025 | Q4 Earnings Full Year 2025 Adjusted 2025 2024 EBITDA Reported Net (Loss) Income $(232) $338 Reconciliation Net Interest Expense $220 $235 Income Tax Expense $8 $150 $ millions Depreciation and Amortization $680 $662 EBITDA $676 $1,385 Non-GAAP Adjustments Cost of Sales $2 $0 Asset Impairment,
Slide 36: Reconciliation of GAAP Reported to Non-GAAP EPS
2025 | Q4 Earnings Full Year 2025 Reconciliation 2025 2024 of GAAP Net Income EPS Net Income EPS Reported to GAAP Reported (Loss) Net $(232) $(0.47) $338 $0.68 Non-GAAP Income Adjusted Cost of Sales Adjustments $2 $0.00 - - Income Amortization of Intangible Assets $543 $1.08 $527 $1.06 Statement Ite
Slide 37: Details of Adjustments to Certain GAAP Reported Measures
2025 | Q4 Earnings Full Year 2025 Details of For the year ended December 31, 2025 and 2024: Adjustments to (1) Adjustments of $237 million for the year ended December 31, 2025, primarily included $155 million of charges associated with the 2025 Restructuring Plan, a $47 million impairment of a marke
Slide 38: © 2025 Elanco or its affiliates
© 2025 Elanco or its affiliates