Elanco Animal Health (ELAN) FY2024 results: revenue $4.4 billion, up 0.5% on the year

Elanco Animal Health Inc. (ELAN) reported revenue of $4.4 billion for fiscal 2024, the year ended 31 December 2024, up 0.5% on the year before. Net income was $338 million, and diluted earnings per share $0.68. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2025.

Revenue

$4.4 billion

+0.5% on the year

FY2017FY2024

Operating margin

11.0%

-27.1% a year earlier

FY2017FY2024

Net income

$338 million

FY2017FY2024

Diluted EPS

$0.68

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	4,439	4,417	4,411	+0.5%
Cost of revenue	2,003	1,931	1,913	+3.7%
Gross profit	2,436	2,486	2,498	-2.0%
Gross margin	54.9%	56.3%	56.6%
Research and development	344	327	321	+5.2%
Selling, general and administrative	1,314	1,285	1,265	+2.3%
Operating income	488	-1,195	-72.0
Operating margin	11.0%	-27.1%	-1.6%
Interest expense	n/a	277	241
Pre-tax income	488	-1,195	-72.0
Income tax	150	36.0	6.0	+316.7%
Effective tax rate	30.7%	n/a	n/a
Net income	338	-1,231	-78.0
Net margin	7.6%	-27.9%	-1.8%
Diluted EPS	$0.68	-$2.50	-$0.16

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2024	FY2023	FY2022	On the year
Operating cash flow	541	271	452	+99.6%
Capital expenditure	147	140	171	+5.0%
Free cash flow	394	131	281	+200.8%
Free cash flow margin	8.9%	3.0%	6.4%
Cash from investing	1,158	-169	-179
Cash from financing	-1,492	-83.0	-549
Depreciation and amortisation	662	694	682	-4.6%
Share-based compensation	55.0	46.0	59.0	+19.6%
Diluted shares, weighted	497m	492m	488m	+1.0%
Shares outstanding at period end	494m	493m	474m	+0.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	6,096	6,223	7,289	-2.0%
Debt	4,321	5,774	5,836	-25.2%
Operating lease liabilities	92.0	110	111	-16.4%
Finance lease liabilities	0.0	n/a	n/a
Other liabilities	2,105	2,255	2,255	-6.7%
Total liabilities and equity	12,614	14,362	15,491	-12.2%
Fixed assets	993	1,026	999	-3.2%
Goodwill	4,414	5,094	5,993	-13.3%
Intangible assets	3,681	4,494	4,842	-18.1%
Cash and equivalents	468	352	345	+33.0%
Receivables	805	842	797	-4.4%
Inventory	1,574	1,735	1,538	-9.3%
Other assets	679	819	977	-17.1%
Total assets	12,614	14,362	15,491	-12.2%

10-K for the year ended 31 December 2024, filed 25 February 2025: the filing.