Elanco reported strong financial performance in Q2, with significant growth driven by innovation and strong cash generation, allowing for improved leverage ratios. However, the company faced challenges with declining gross margins, increased operating expenses, and tariff risks. Despite these challenges, the positive aspects of their performance, particularly in innovation and growth, outweigh the lowlights.

Company Guidance -

Q3 2025

In the second quarter of 2025, Elanco Animal Health exceeded its high-end guidance for revenue, adjusted EBITDA, and adjusted EPS, achieving an 8% organic constant currency growth. The company's innovation portfolio, which generated $420 million in first-half revenue, led the strong performance, prompting an upward revision of its full-year expectations to $720-$800 million. The U.S. Pet Health sector saw an 11% increase, marking eight consecutive quarters of growth. Elanco's quarter-end net leverage ratio improved to 4.0x, with year-end targets now set between 3.8x and 4.1x. The company also adjusted its 2025 guidance for organic constant currency growth to 5%-6%, with an adjusted EBITDA range of $850-$890 million and adjusted EPS of $0.85-$0.91. Despite potential tariff impacts, Elanco expects a net effect of $10-$14 million, a reduction from previous estimates.

Strong Organic Growth and Exceeding Guidance

Elanco achieved 8% organic constant currency growth in Q2, exceeding the high end of guidance for revenue, adjusted EBITDA, and adjusted EPS. U.S. Pet Health grew by 11% and innovation revenue reached $420 million in the first half.

Innovation Outperformance

Elanco raised its full-year innovation revenue expectations by an additional $60 million, to $720 million to $800 million. Key products like Credelio Quattro and Zenrelia showed strong adoption and share gains.

Improved Leverage and Cash Generation

Net leverage ratio improved to 4.0x, with a year-end target of 3.8 to 4.1x due to strong cash generation and working capital discipline.

Pet Health Segment Success

U.S. Pet Health grew by 11%, led by innovations like Credelio Quattro. International Pet Health also saw 7% growth driven by products like AdTab and Zenrelia.

Farm Animal Business Growth

The U.S. Farm Animal business grew by 5%, driven by products like Experior. International Farm Animal saw a 6% growth, with strong performance in poultry and swine.

Elanco Animal Health (ELAN) Earnings, Revenues Date & History

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ELAN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 11, 2025	2025 (Q3)	0.13 / -	0.13	―	―	―
Aug 07, 2025	2025 (Q2)	0.20 / 0.26	0.3	-13.33% (-0.04)
May 07, 2025	2025 (Q1)	0.31 / 0.37	0.34	8.82% (+0.03)
Feb 25, 2025	2024 (Q4)	0.15 / 0.14	0.08	75.00% (+0.06)
Nov 07, 2024	2024 (Q3)	0.12 / 0.13	0.18	-27.78% (-0.05)
Aug 08, 2024	2024 (Q2)	0.24 / 0.30	0.18	66.67% (+0.12)
May 08, 2024	2024 (Q1)	0.27 / 0.34	0.45	-24.44% (-0.11)
Feb 26, 2024	2023 (Q4)	0.10 / 0.08	0.19	-57.89% (-0.11)
Nov 07, 2023	2023 (Q3)	0.13 / 0.18	0.2	-10.00% (-0.02)
Aug 07, 2023	2023 (Q2)	0.05 / 0.18	0.36	-50.00% (-0.18)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

ELAN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 07, 2025	$13.95	$16.48	+18.14%
May 07, 2025	$9.51	$12.01	+26.29%
Feb 25, 2025	$11.11	$10.70	-3.69%
Nov 07, 2024	$12.86	$14.50	+12.75%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.