Elanco Animal Health (ELAN) FY2025 results: revenue $4.7 billion, up 6.2% on the year

Elanco Animal Health makes medicines, vaccines and other products that prevent and treat disease in pets and farm animals. Its products are sold in more than 90 countries under approximately 200 brands, mainly for dogs and cats and for cattle, poultry, swine and sheep. It reports a single segment, and the U.S. is its largest market; its largest markets outside it are Brazil, the United Kingdom and China.

Where it came from

The business dates back to 1954 as a unit of Eli Lilly and Company. It became an independently incorporated company on September 18, 2018 and completed its separation from Lilly in March 2019. In August 2020 it acquired Bayer Animal Health, which the company describes as the largest acquisition in the industry's history, and which brought a better balance between pet and farm animal products and between the U.S. and international markets.

Pet health

The pet business focuses on parasiticides, dermatology, vaccines and pain medicines. The Advantage Family and Seresto, a flea and tick collar that works for up to 8 months, are sold over the counter, alongside the company's prescription parasiticides. Credelio Quattro, launched in January 2025, is a monthly chewable tablet for dogs that protects against fleas, ticks, heartworms and several intestinal worms. Zenrelia, a once-daily JAK inhibitor tablet for itching and atopic dermatitis in dogs, launched in the U.S. after FDA approval in September 2024. Other pet products include Galliprant for osteoarthritis pain, the Drontal dewormers and the Tru Family of vaccines. In December 2025 the USDA approved Befrena, a monoclonal antibody injection for allergic and atopic dermatitis in dogs.

Farm animals

Farm animal products include medicated feed additives, injectable antibiotics, vaccines, insecticides and enzymes. Rumensin improves feed and milk production efficiency in cattle, Maxiban and Monteban prevent coccidiosis in broiler chickens, and Experior reduces ammonia gas emissions from cattle. Bovaer is a feed ingredient that reduces methane from lactating dairy cattle, which U.S. producers began feeding in the third quarter of 2024. The five top-selling products and families in 2025 were Advantage, Seresto, Credelio, Rumensin and Maxiban / Monteban.

Selling and making

More than 2,200 sales representatives call on veterinarians, farm animal producers and resellers. Pet products go mainly through third-party distributors and retailers, including e-commerce, and directly to veterinarians, while farm animal products go through distributors and directly to beef, dairy, pork and poultry operations. Its largest customer is an affiliate of Cencora, a third-party veterinary distributor. Pet parasiticide sales are concentrated in the first half of the year, during the Northern Hemisphere flea and tick season. Products are made at 16 company-run sites, including Clinton and Terre Haute in Indiana and Elwood, Kansas, and at approximately 140 contract manufacturers.

People

At December 31, 2025 the company employed approximately 9,400 full time and approximately 500 fixed-duration employees, approximately 30% of them in the U.S., with over 1,000 in research and development and regulatory affairs. Its research headquarters are in Indianapolis.

From Elanco Animal Health's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 24 February 2026: read the full 10-K.