Elanco Animal Health Incorporated · NYSE:ELAN
Elanco Animal Health — J.P. Morgan Healthcare Conference 2026
31 slides from Elanco Animal Health's conference presentation, Jan 12, 2026
Slide 1: J.P. Morgan Healthcare Conference
J.P. Morgan Healthcare Conference Jeff Simmons President & CEO January 13, 2026
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 2025 full year and fourth quarte
Slide 3: What We Shared at Our December Investor Day
What We Shared at Our December Investor Day 3 1 2 3 4 Our Innovation, Portfolio, Productivity Strategy Our Pipeline Our Financial Outlook Our Executive Team Provided Insights About Elanco’s Investor Charge Consistent, reliable delivery and flow of high - impact innovation driving: competitive growth
Slide 4: Elanco Today: A Different Company
Consistent, Predictable Growth Multi - Wave Blockbuster Pipeline Strengthening Financial Profile Innovation Engine at Commercial Scale Clear Path to Higher Profitability Elanco Today: A Different Company – Consistent Growth, Steady Pipeline of New Products, Stronger Financial Profile 4 1 2 3 5 4 MSD
Slide 5: 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 5 Regulated, Science - Based Industry “ Pharma - Like ” ‒ High complexity, high barrier to entry ‒ Innovation revolution with innovation being rewarded ‒ Independence = a ccess and
Slide 6: Trends That Matter Most in Pet Health
5 Trends That Matter Most in Pet Health $17 Billion Industry, Growing MSD - HSD 6 1. Pet owner willingness to spend continues to grow. Younger Pet Owners | Breakthrough Innovation | Higher Expectation of Care 2. Decision - making power shifting to pet owner. Pet Owner CRM Matters | Increasing Connec
Slide 7: Trends That Matter Most in Farm Animal Health
5 Trends That Matter Most in Farm Animal Health $25 Billion Industry, Growing LSD - MSD 7 1. Global animal protein consumption is increasing significantly. Taste, Cost, Nutrition | GLP - 1 Impact | Healthy Food Movement | Global GDP 2. Ruminants & poultry are largest, most stable with biggest opport
Slide 8: Purpose-Driven: Touching Nearly Every Life, Every Day
Purpose - Driven: Touching Nearly Every Life, Every Day 8 Our Vision: Food and Companionship Enriching Life Our Purpose: Making Life Better for Animals, Makes Life Better
Slide 9: Elanco: A Diverse, Durable Animal Health Company
Elanco: A Diverse, Durable Animal Health Company with 70+ Years of Heritage… 9 10 Blockbusters >$100M annual revenue ~$4.7B annual revenue (2025E) 90+ Countries Served #1 in Pet Health Retail #1 in Pet Health Vet Growth #2 in Global Farm Animal 52% 48% International U.S. Pet Health Farm Animal 50% 5
Slide 10: Executing a Clear Path to Sustainable Value Creation
2018 - 2020 2019 - 2021 2021 - 2024 2025 & Beyond Executing a Clear Path to Sustainable Value Creation Built the Foundation • Established independent animal health leader, reaching the world’s animals • Built global systems Scaled for Global Reach • Integrated Bayer Animal Health and Kindred • Achie
Slide 11: Elanco's IPP Strategy to Deliver Value to All Stakeholders
Elanco’s IPP Strategy to Deliver Value to All Stakeholders 11 Customer Veterinarian Farmer Pet Owner Deliver a consistent flow of high - impact Innovation Consistently strengthen our diverse Portfolio to grow market share Consistently i mprove Productivity and c ash flow
Slide 12: The Results Our Strategy Are Delivering
Growth Innovation Cash The Results Our Strategy Are Delivering 12 1 2 3
Slide 13: Our Transformation to a Sustainable Growth Company Continues
2022 2023 2024 2025E - 3% 1% 3% 6 - 6.5% 13 1. GROWTH Our Transformation to a Sustainable Growth Company Continues Organic Constant Currency Revenue Growth
Slide 14: Powerful Rebuilt Innovation Engine
Farm Animal Pet Health 2021 2022 2023 2024 - 2025 2. INNOVATION Powerful Rebuilt Innovation Engine. Expected to Deliver $840 - $880M of Revenue in 2025 1 H1 2026 expected launch; Q4 2025 approval Note: Expected innovation revenue of $840 - $880 million is incremental in reference to 2020 sales and d
Slide 15: Big 6 Expected to Drive $1.1B in Innovation Revenue in 2026
Big 6 Expected to Drive $1.1B in Innovation Revenue in 2026 15 2023 2024 2025E 2026E $275M $461M $840 - $880M $1.1B Big 6 Remaining Innovation Pet Health Farm Animal
Slide 16: Quattro: Our Fastest Blockbuster, with Significant Runway Left
Quattro: Our Fastest Blockbuster, with Significant Runway Left 1 Kynetec Dispensing YTD 2 Kynetec Puppy Index, September QTD 3 Internal estimates based on multiple data sources 16 Rapid Growth as “Best Medicine” 1 2 3 4 5 6 7 8 9 Months Post Launch Broad coverage including multiple species of tapewo
Slide 17: Zenrelia and Befrena: Meaningful Growth Trajectory in Derm
Befrena : Building Our Differentiated Portfolio Zenrelia and Befrena : Meaningful Growth Trajectory in Derm Q3 U.S. sales nearly doubled vs. Q2; momentum extended into October; achieved 5% patient share 2 1,900 new purchasers following September label update tor remove vaccine - induced disease lang
Slide 18: Many U.S. Veterinarians Expect to Use Befrena
Many U.S. Veterinarians Expect to Use Befrena 83% of Veterinarians Are Likely to Use Befrena , Especially in Seasonal Cases, Because Befrena : x Effectively reduces itch within one day x Effectively reduces itch for at least six weeks Not Likely at All Very Likely 18 83% Surveyed Potential Future Us
Slide 19: Zenrelia OUS Launch Exceeding Expectations
Zenrelia OUS Launch Exceeding Expectations Rapid Rollout • $700M+ international opportunity growing double - digits 1 Rapid Market Share Gains • Double - digit share gains in Brazil, Canada, Japan • Year 3 - 4 analog share reached in year 1 • Strong early traction in Europe / UK / Australia Long Run
Slide 20: Experior: Blockbuster with Significant Runway Ahead
Experior: Blockbuster with Significant Runway Ahead 20 Strong Trajectory Differentiated Product Drivers to Next Era of Growth First U.S. FDA approved product with an environmental claim Reduces ammonia gas emissions Elanco created and grew the product category Flexible feeding window Improved enviro
Slide 21: Big and Next Wave Expected to Drive Sustainable MSD Growth
Big 6 and Next Wave Expected to Drive Sustainable MSD Growth Through 2028+ 21 2025E 2028E $4,645 - $4,670M • 2x increase with ongoing geo - expansion • Peak sales after 2028 Big 6 • Expected to remain stable (i.e. +/ - LSD%) with portfolio benefit from recent and upcoming launches Base • Launches in
Slide 22: Next Wave Innovation Portfolio to Deliver Potential Blockbuster Approvals
Next Wave Innovation Portfolio to Deliver 5 - 6 Potential Blockbuster Approvals 2026 - 2031 †Total number of R&D projects is >150 distributed between, research, development and brandmax . *Multiple vaccine projects combined to equal blockbuster potential. 1 Non - risk - adjusted, excl. c annibalizat
Slide 23: Clear Product Flow Into the Next Decade
Time Clear Product Flow Into the Next Decade Sustained Across Three Innovation Waves *Vaccine projects combined to equal blockbuster potential 23 Big 6 Era (Proven Engine) Next Wave (High - Impact Assets) Next - Next Wave (Platform - Powered Growth) 2021 - 2025 2026 - 2031 2032+ • 6 innovations appr
Slide 24: Strengthened Balance Sheet with Improving Cash Generation
3. CASH Strengthened Balance Sheet with Improving Cash Generation Anticipate Future Capital Allocation Flexibility as Net Leverage Ratio Expected to Move Below 3x Substantial Improvement to Adj. Net Leverage Ratio 5.6 x 2023 2024 2025E 4.3x 3.7 - 3.8x 24
Slide 25: Launching Elanco Ascend to Enable Margin Improvement
Launching Elanco Ascend to Enable Margin Improvement 25 Procurement and Operational Excellence Optimize supplier spend and deploy strategic sourcing; optimize site network and distribution Organizational Optimization Optimize workforce, org design and geo - footprint including shared service center
Slide 26: Reasons Elanco Will Win
5 Reasons Elanco Will Win 26 2 1 3 Pivoting to New Financial Profile A Rebuilt Innovation Engine Proven Strategy with Growing Momentum A Stronger, Stabilized Portfolio 3 4 2 1 5 Foundation: Team & Culture
Slide 27: Deeply Experienced Animal Health Executive Team
Deeply Experienced Animal Health Executive Team Driving Growth, Innovation and Cash 27 Tim Bettington Center for Strategic Growth Fueling Pipeline & Portfolio Jose Simas U.S. Farm Animal Bobby Modi U.S. Pet Health Customer & Portfolio Value Driving Growth Ramiro Cabral International Ellen de Braband
Slide 28: Pivoting to a New Financial Growth Profile
MSD% Organic CC Revenue Growth HSD% Adj. EBITDA Growth LDD% Adj. EPS Growth $1B+ Total Free Cash Flow 2026 - 2028 <3x in 2027 2x - 2.5x Long - Term Target Net Leverage Ratio WHY WE WILL WIN Pivoting to a New Financial Growth Profile Starting in 2026 Through 2028 28
Slide 29: Early Considerations for 2026
Tailwinds Diverse portfolio of innovation continuing to scale globally, on a stabilizing base Price growth More complete portfolio enhancing our customer offer OTC Pet Health retail leadership Cattle and poultry leadership Moving past launch investments Elanco Ascend Headwinds Competitive pressure a
Slide 30: Key Drivers of Long-Term Sustainable Value
30 New Financial Profile • MSD o rganic CC r evenue growth w/ stable base: +/ - LSD% • HSD adj. EBITDA growth • LDD adj. EPS growth • Free cash flow $1B+ (2026 - 2028) • Net leverage r atio < 3x in 2027 ; 2.0x - 2.5x target Elanco Ascend • $200 - $250M in adj. EBITDA savings by 2030 • Optimizing glo
Slide 31: ©2026 Elanco or
©2026 Elanco or
Elanco Animal Health — J.P. Morgan Healthcare Conference 2026 on 6ix