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Enriching Life Food and Companionship
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2 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 2026 full year and first quarter guidance, long-term expectations, our expectations regarding debt levels, and expectations regarding our industry and our operations, performance and financial condition, and including, in particular, statements relating to our business, growth strategies, distribution strategies, product development efforts and future expenses. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important risk factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions, including but not limited to the following: operating in a highly competitive industry; the success of our research and development (R&D), regulatory approval and licensing efforts; the impact of disruptive innovations and advances in veterinary medical practices, animal health technologies and alternatives to animal-derived protein; competition from generic products that may be viewed as more cost-effective; changes in regulatory restrictions on the use of antibiotics in farm animals; an outbreak of infectious disease carried by farm animals; risks related to the evaluation of animals; consolidation of our customers and distributors; our dependence on the success of our top products; our ability to complete acquisitions and divestitures and to successfully integrate the businesses we acquire; our ability to implement our business strategies or achieve targeted cost efficiencies and gross margin improvements; manufacturing problems and capacity imbalances, including at our contract manufacturers; fluctuations in inventory levels in our distribution channels; risks related to the use of artificial intelligence in our business; our dependence on sophisticated information technology systems and infrastructure, including the use of third-party, cloud-based technologies, and the impact of outages or breaches of the information technology systems and infrastructure we rely on; the impact of weather conditions, including those related to climate change, and the availability of natural resources; demand, supply and operational challenges associated with the effects of a human disease outbreak, epidemic, pandemic or other widespread public health concern; the loss of key personnel or highly skilled employees; adverse effects of labor disputes, strikes and/or work stoppages; the effect of our substantial indebtedness on our business, including restrictions in our debt agreements that limit our operating flexibility and changes in our credit ratings that lead to higher borrowing expenses and restrict access to credit; changes in interest rates that adversely affect our earnings and cash flows; risks related to the write-down of goodwill or identifiable intangible assets; the lack of availability or significant increases in the cost of raw materials; risks related to foreign and domestic economic, political, legal and business environments; risks related to foreign currency exchange rate fluctuations; risks related to underfunded pension plan liabilities; our current plan not to pay dividends and restrictions on our ability to pay dividends; the potential impact that actions by activist shareholders could have on the pursuit of our business strategies; risks related to tax expense or exposures; actions by regulatory bodies, including as a result of their interpretation of studies on product safety; the possible slowing or cessation of acceptance and/or adoption of our farm animal sustainability initiatives; the impact of increased regulation or decreased governmental financial support related to the raising, processing or consumption of farm animals; risks related to tariffs, trade protection measures or other modifications of foreign trade policy; the impact of litigation, regulatory investigations and other legal matters, including the risk to our reputation and the risk that our insurance policies may be insufficient to protect us from the impact of such matters; challenges to our intellectual property rights or our alleged violation of rights of others; misuse, off-label or counterfeiting use of our products; unanticipated safety, quality or efficacy concerns and the impact of identified concerns associated with our products; insufficient insurance coverage against hazards and claims; compliance with privacy laws and security of information; risks related to environmental, health and safety laws and regulations; and inability to achieve goals or meet expectations of stakeholders with respect to environmental, social and governance matters. For additional information about the factors that could cause actual results to differ materially from forward-looking statements, please see the company’s latest Form 10-K and Form 10-Qs filed with the Securities and Exchange Commission. We undertake no duty to update forward-looking statements. Non-GAAP Financial Measures. This presentation contains non-GAAP financial measures, such as organic constant currency (CC) revenue growth, adjusted gross profit, adjusted gross margin, adjusted net income, adjusted earnings per share (EPS), EBITDA, adjusted EBITDA and adjusted EBITDA margin and net debt and net debt leverage, which we use to assess and analyze our operational results and trends. Reconciliation of non-GAAP financial measures and reported GAAP financial measures are included in the tables in the appendix to this presentation and are posted on our website at www.elanco.com. These non-GAAP measures are not, and should not be viewed as, substitutes for U.S. GAAP reported measures.
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T ouching nearly every person, every day No Update Needed
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Elanco: A Diverse, Durable Animal Health Company with 70+ Years of Heritage… 10 Blockbusters >$100M annual revenue $4.7B annual revenue (2025) 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 51%49% Note: Rankings represent market share based on Elanco estimate of global animal health market. Revenue percentages are based on 2025 and exclude revenue contribution from contract manufacturing. #2 Global Farm Animal position is based on Cattle, Swine, Poultry 4
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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 • Achieved global scale, portfolio mix, omnichannel and productivity Focused on Innovation Delivery • Delivered late-stage innovation pipeline • Built high-capacity R&D engine • Refilled pipeline for next wave Positioned for Sustainable Growth • Growth: Stronger portfolios and share of voice • Innovation: Multiple blockbusters globalizing and progressing next wave • Cash: Elanco Ascend with a focus on cash and margins 5
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Deeply Experienced Animal Health Executive Team Driving Growth, Innovation and Cash 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 Brabander Research & Development Bob VanHimbergen Chief Financial Officer Shiv O’Neill General Counsel Grace McArdle Manufacturing & Quality Dave Kinard Human Resources Reliable Supply & Productivity Culture & Engagement Consistent Flow of Innovation Elanco Ascend Margin & Cash Risk & Access Jeff Simmons CEO 6
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The Attractiveness of Investing in Animal Health Durable & Diverse Industry with a Path from $42 Billion to $60 Billion Regulated, Science-Based Industry “Pharma-Like” ‒ High complexity, high barrier to entry ‒ Innovation revolution with innovation being rewarded ‒ Independence = access and ownership of innovation 1 2 Brand Driven “CPG-Like” ‒ Vet and pet owner: Brand loyalty ‒ Protein companies: Quality assurance and brand protection ‒ Limited patent cliffs ‒ Continuous lifecycle management Value Orientation “Economic Driven” ‒ Cash pay market: Holistic value proposition essential ‒ Size & scale matter ‒ Highly complex: Species therapeutic classes, geographies ‒ Requires customer interface 3 7
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© 2026 Elanco or its affiliates A Global Shift in Pet Owner Behavior Access, Convenience and Willingness to Spend Humanization of Pets Globalizing Increase Spend Across Channels Convenience Is King Subscriptions Drive Passive Spending +30% 70%#1 40% higher annual spend from omnichannel vs. single channel2 global pet ownership growth from emerging markets5 driver of treatment adherence: convenience1 pet care dollars from subscription sales3 China and Brazil among fastest growing pet care markets Global industry momentum centers on omnichannel access and innovation Pet owners are taking on more of the decision-making power A third of pet owners state spending more on their pets than on their own health needs4 2025 | Q4 Earnings 81AAHA Dec 2023 Trends Magazine 2McKinsey Omnichannel research 3NielsenIQ data 4U.S. News 2026 Pet Owner Survey 5Euromonitor, The World Market for Pet Care
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© 2026 Elanco or its affiliates Accelerating Global Animal Protein Consumption Projected to Grow at 5% Annually in the U.S. Alone 3 9 Overwhelming Consumer Demand Dietary Guidelines Recommendations GLP-1 Usage Muscle Retention in Aging Population ~2x61% ~40-50% 25% recommended daily protein consumption U.S. consumers seeking protein increase1 more protein consumption for GLP-1 users2 increase in adults over 60 by 20304 High-protein diets are now the most popular eating pattern in the U.S. FDA Dietary Guidelines recommend 1.2-1.6g/kg of protein per day 21% of Americans projected to be on a GLP-1 by 20353 Higher protein intake is essential in healthy aging 2025 | Q4 Earnings 91Cargill 2025 Protein Profile 2Helmsman Group, The GLP-1 Revolution 3Morgan Stanley Protein research 4World Health Organization
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Vision Helping pets live longer, healthier, more active lives Market PositioningGlobal Pet Health Strategic Framework Parasiticides Dermatology Pain & Other Therapeutics 10 Differentiated entrant into fast growing global market with robust pipeline including monoclonal antibody product and multiple shots on goal Omnichannel offerings with retail leadership and innovation to drive growth in largest pet health market Broad portfolio for dogs and cats, including pain products across modes of action, indications, and disease stages Pet Health Key Enablers Innovation Address unmet needs and expand portfolio Share of Voice Increase product awareness with our customers Physical Availability Maximize access to our products Price Execution Optimize value based on willingness to pay FAMILY FAMILY ` 1 US only. Innovation Portfolio Productivity Customer Vaccines1 Prevention coverage for a number of important pet health risks One of only two animal health companies to have full pet health portfolio
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Portfolio Comprehensive, complementary product offerings Value Beyond Product Data and analytics to drive improved outcomes Innovation Solutions to producers’ greatest challenges Price Execution Optimize value based on willingness to pay Global Farm Animal Strategic Framework Efficiency & Performance Disease Prevention & Treatment 11 Trusted partners with best-in-class products and services that create solutions to animal health challenges Market leading portfolio of medicated feed additives that increase production efficiency providing value for the producer Vision Helping farmers improve animal health and wellbeing, and raise livestock more sustainably Food Safety Partnering with producers by offering a portfolio of vaccines, insecticides, and feed additives and serving as a leading industry advocate Sustainability Building new market with portfolio of innovative sustainability solutions that provide an economic benefit to cattle farmers Farm Animal Key Enablers Market Positioning Innovation Portfolio Productivity Customer
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Elanco’s IPP Strategy to Deliver Value to All Stakeholders Innovation Portfolio Productivity Customer Veterinarian Farmer Pet Owner Deliver a consistent flow of high-impact Innovation Consistently strengthen our diverse Portfolio to grow market share Consistently improve Productivity and cash flow 12
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Growth Innovation Cash The Results Our Strategy Are Delivering 1 2 3 Investor Overview | February 2026 13
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2022 2023 2024 2025 -3% 1% 3% 7% 1 . G R O W T H Our Transformation to a Sustainable Growth Company Continues Organic Constant Currency Revenue Growth 14
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Note: Innovation revenue is incremental in reference to 2020 sales and does not include the expected impact of cannibalization on the base portfolio 15 2 . I N N O V A T I O N Innovation: Big 6 Now Expected to Drive $1.15B in Incremental Revenue in 2026 2023 2024 2025 2026E $275M $461M $892M $1.15B Big 6 Remaining Innovation Pet Health Farm Animal 2025 | Q4 Earnings Guidance: $840-$880M Prior Guidance: $1.1B
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Next Wave Innovation Portfolio to Deliver 5-6 Potential Blockbuster Approvals Through 2031 †Total number of R&D projects is >150 distributed between, research, development and brandmax. *Multiple vaccine projects combined to equal blockbuster potential. 1Non-risk-adjusted, excl. cannibalization Note: Not all pipeline projects listed may make it through to approval or meet the indicated timing window due to the inherent uncertainty of scientific outcomes and differences in regulatory pathways and timelines around the world. Peak sales potential of approved products may vary significantly depending on both the regulatory claimset achieved and competitive landscape during the product lifecycle Parasiticides Dermatology Sustainability Dermatology Pain Obesity Chronic Kidney Disease Infectious Disease 3 3 3 2 2 1 1 Multiple # Projects ✓ All are first/best in class or differentiated ✓ >$2B peak sales potential1 ✓ 5-6 potential blockbuster approvals expected in 2026-2031 ✓ Mostly from in-house discovery and capabilities >15 Projects† in 8 Innovation Spaces Powerful Next Wave Profile 2 . I N N O V A T I O N 16
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Anticipate Future Capital Allocation Flexibility as Net Leverage Ratio Expected to Move Below 3x Capital Allocation Priorities Debt Paydown Investment in Business Primary use of free cash flow Targeting below 3x over time R&D, manufacturing capex, bolt-on M&A, commercial launches investment expected to drive sustainable topline growth 17 3 . C A S H Strengthened Balance Sheet with Improving Cash Generation Substantial Improvement to Adj. Net Leverage Ratio 5.6x 2023 2024 2025 4.3x 3.6x
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Appendix
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Full Year 2025 2025 | Q4 Earnings 19 Revenue Performance by Top Ten Countries Total % of Total Organic CC Change1 United States $2,234 47% 10% Brazil $199 4% 8% United Kingdom $173 4% 5% China $172 4% (4)% Italy $131 3% 6% France $128 3% 6% Canada $125 3% 8% Mexico $115 2% 2% Spain $103 2% 13% Japan $97 2% 12% Other International $1,238 26% 6% Total $4,715 100% 7% Reported revenue in millions. Numbers may not add due to rounding. 1Organic CC growth represents revenue growth excluding the impacts from our prior year divestiture of the aqua business, which was divested July 9, 2024, royalty revenue that was sold to a third party and the impact of foreign exchange rates.
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Full Year 2025 Revenue Performance for Select Products Reported revenue in millions. Numbers may not add due to rounding. 1Constant Currency (CC) is a non-GAAP financial measure, representing revenue growth excluding the impact of foreign exchange rates. 2Includes the entire Advantage Family line of products 3Includes Credelio Dog and Credelio Cat. 2025 Revenue % of Total CC Change1 $465 10% 1% $378 8% 3% $358 8% 59% $289 6% Slightly Positive $289 6% 9% 3 2025 | Q4 Earnings 20 2
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21 Adjusted1 Income Statement Highlights Including Impact from Aqua Divestiture Full Year 2025 $ millions, except per share values 2025 2024 Change ($)2 Change (%)2 Revenue $4,715 $4,439 $276 6% Adjusted Gross Profit $2,576 $2,436 $140 6% Adjusted Gross Margin3 54.9% 54.9% NM 0 bps Operating Expense $1,798 $1,658 $140 8% Interest Expense, Net $159 $223 $(64) (29)% Other Expense $14 $3 $11 367% Effective Tax Rate 21.8% 18.1% NM NM Adjusted Net Income $473 $452 $21 5% Adjusted Diluted Earnings Per Share $0.94 $0.91 $0.03 3% Adjusted EBITDA $901 $910 $(9) (1)% Adjusted EBITDA Margin4 19.2% 20.5% NM (130) bps 2025 | Q4 Earnings Note: Numbers may not add due to rounding. 1Non-GAAP financial measures. See Appendix to this presentation for more information, including GAAP to non-GAAP reconciliations. 2Comparisons have not been adjusted for the unfavorable impact of the aqua divestiture which was completed on July 9, 2024. 3We define adjusted gross margin as adjusted gross profit divided by total revenue, excluding royalty revenue sold to a third party. 4We define adjusted EBITDA margin as adjusted EBITDA divided by total revenue, excluding royalty revenue sold to a third party, 4fdfasdfsdf
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22 2026 Full Year 1Revenue guidance excludes royalty revenue that was sold to a third party 2Organic CC growth represents revenue growth excluding the impacts from royalty revenue that was sold to a third party and the impact of foreign exchange rates 3Non-GAAP financial measure Financial Guidance Accelerating Price Contribution YoY Reflecting our latest innovation and the value of our portfolio to customers $ millions, except per share values Adj. EBITDA Margin Expansion Led by Elanco Ascend program, with G&A savings more front- loaded over the 5-year period 2025 | Q4 Earnings ‘Below the Line’ Items Expecting modest step-up in interest expense with expiration of favorable interest rate swap amortization benefit, and ~22% effective tax rate FY Guidance Comments Revenue1 $4,950 - $5,020 4%-6% organic CC2 growth; expecting $55M tailwind from FX Adjusted EBITDA3 $955 - $985 8% growth at midpoint; adj. gross margin up ~40 bps Adjusted Diluted EPS3 $1.00 - $1.06 10% growth at midpoint