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Elanco Animal Health Incorporated

elanco.com

What Do They Do?

Sells medicines, vaccines and other products to prevent and treat disease in pets and farm animals, serving veterinarians, pet owners and livestock producers.

How Do They Make Money?

Farm-animal customers buy products, generally paying when the goods ship; pet-health products are sold on the same basis. Contract manufacturing may be billed as work is done or when goods are delivered, while royalties follow the underlying sales.

revenue

Segment	Share	How money arrives
Pet Health Sold outright	49% FY2022: 48%	Sold outright
Farm Animal: Sold outright	50% FY2022: 50%	Sold outright
Contract Manufacturing and Other Mix	1.1% FY2022: 1.2%	Mix

Who Are Their Customers?

Pet-health products are sold mainly through distributors and retailers, with some direct sales to veterinarians; farm-animal products are sold through distributors and directly to producers.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 10% from one customer

Do Revenues Turn Into Profits?

Not on paper. It lost $232M in FY2025, but brought in more cash than it spent: $284M of free cash flow.

Operating income, FY2025

17% of revenue

▲ +2% vs FY2024 ($778M, 18%)

Net income, FY2025

−5% of revenue

▼ Now a loss vs FY2024 ($338M, 8%)

Free cash flow, FY2025

6% of revenue

▼ −28% vs FY2024 ($394M, 9%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +10%; vs $1.2B in Q2 FY2025
Net income: ▲ +391%; vs $11M in Q2 FY2025

Farm Animal: share of revenue vs 47.0% in Q2 FY2025

Flat. Revenue was $4.7B in FY2025, about the same as the $4.8B of FY2021.

Aqua business sold The older report includes aquaculture among farm-animal products; the latest report says Elanco sold its aqua business.

Revenue over time

Pet Health Farm Animal: Contract Manufacturing and Other

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Zoetis, Boehringer Ingelheim, and Merck &