Elanco Investor Day Defines New Era as Sustainable Growth Company

Rhea-AI Summary

Elanco (NYSE: ELAN) held Investor Day on Dec 9, 2025, outlining a three-year plan that targets sustainable growth beginning in 2026. Key financial targets include mid-single digit organic revenue growth, high-single digit adjusted EBITDA growth, low-double digit adjusted EPS growth, and at least $1B free cash flow from 2026–2028. The company expects net leverage <3.0x in 2027 with a long-term target of 2.0x–2.5x and forecasts ~$1.1B innovation revenue in 2026.

Operational moves: closure of a German R&D facility, U.S. R&D and manufacturing investments, an accelerated USDA conditional pathway for a potential immuno-therapeutic, and Befrena administrative review with an expected H1 2026 launch. Elanco announced an Elanco Ascend restructuring: ~$175M charge, ~$130M cash, ~600 roles impacted, and expected savings of $200–$250M by 2030.

Positive

• Targeting $1.1B innovation revenue in 2026
• Free cash flow target of at least $1B from 2026–2028
• Net leverage plan to reach <3.0x in 2027; long-term 2.0x–2.5x
• Elanco Ascend expected $200–$250M adjusted EBITDA savings by 2030
• Expectation of 5–6 major approvals from 2026–2031

Negative

• Restructuring charge of approximately $175M (≈$130M cash)
• Approximately 600 roles impacted with ~300 eliminated
• Only $25M savings in 2026 and $60M in 2027 (near-term)
• Closure of German animal R&D facility may shift costs and disruption

Key Figures

Innovation revenue 2026 $1.1 billion Expected revenue contribution from innovation in 2026

Innovation revenue 2025 $840–$880 million Expected innovation revenue range for 2025

Free cash flow target At least $1 billion Cumulative free cash flow 2026–2028

EBITDA savings program $200–$250 million Adjusted EBITDA savings from Elanco Ascend by 2030

Restructuring charge $175 million Expected total Elanco Ascend restructuring charge

Cash-based restructuring costs $130 million Cash portion of Elanco Ascend restructuring charge

Savings 2026 $25 million Expected Elanco Ascend savings in 2026

Savings 2027 $60 million Expected Elanco Ascend savings in 2027

Market Reality Check

$21.69 Last Close

Volume Volume 5,981,363 is 1.25x the 20-day average of 4,785,504, indicating elevated trading activity ahead of the Investor Day. normal

Technical Shares at $21.69 are trading above the 200-day MA of $15.58 and 8.48% below the 52-week high of $23.70.

Peers on Argus

ELAN was down 0.96% while key peers showed mostly mild declines (ALKS -0.47%, INDV -2.97%, LNTH -1.10%, PBH -0.79%) and one small gain (VTRS +0.91%), suggesting stock-specific focus on ELAN’s multi‑year guidance and restructuring.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Nov 26	Board observer role	Neutral	-0.2%	Elanco executive named Neurizon board observer under existing license agreement.
Nov 21	Regulatory authorization	Positive	+4.8%	FDA Emergency Use Authorization for Credelio CAT to treat New World screwworm.
Nov 20	Investor conferences	Neutral	-1.0%	Management participation in two December healthcare investor conferences.
Nov 13	Venture studio launch	Positive	-0.3%	Launch of OneHealth Studio venture platform at Elanco’s Indianapolis campus.
Nov 05	Q3 2025 earnings	Positive	-4.0%	Revenue and guidance raised with higher innovation revenue outlook and deleveraging.

Pattern Detected

Recent history shows mixed reactions, with some positive operational updates (earnings beat, partnerships) followed by negative price moves, while regulatory wins have been better aligned with upside.

Recent Company History

Over the last few months, Elanco has reported several strategic and operational milestones. Q3 2025 results on Nov 5 showed revenue of $1,137 million and raised full‑year guidance, yet the stock fell 4%. Subsequent partnership and innovation‑ecosystem news in November also saw modest negative moves. By contrast, the Nov 21 Emergency Use Authorization for Credelio CAT coincided with a 4.76% gain. Against this backdrop, the current multi‑year growth, innovation and restructuring outlook fits a continuing transformation narrative focused on margin expansion and innovation‑led growth.

Market Pulse Summary

This announcement lays out Elanco’s pivot to a sustainable growth profile, highlighting mid‑single digit organic revenue growth, high‑single digit adjusted EBITDA gains and at least $1 billion in free cash flow from 2026–2028. The company expects $1.1 billion in 2026 innovation revenue and $200–$250 million in EBITDA savings from its Elanco Ascend program, offset by a $175 million restructuring charge. Investors may watch approval timelines for Befrena™, execution on cost savings and progress toward the targeted net leverage of <3x in 2027.

Key Terms

adjusted EBITDA financial

"high-single digit adjusted EBITDA growth and low double-digit adjusted EPS growth"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

adjusted EPS financial

"high-single digit adjusted EBITDA growth and low double-digit adjusted EPS growth"

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

net leverage ratio financial

"Expects further net leverage ratio improvement to <3x in 2027"

The net leverage ratio measures how much debt a company has compared to its available assets or earnings, after accounting for its cash and liquid assets. It helps investors understand how heavily a company relies on borrowed money to finance its operations and growth. A higher ratio indicates greater financial risk, while a lower ratio suggests a more cautious approach to borrowing.

monoclonal antibody medical

"monoclonal antibody discovery and immuno-therapeutics"

A monoclonal antibody is a laboratory-made protein designed to recognize and attach to a specific target in the body, such as a disease-causing substance or cell. It functions like a highly precise lock-and-key tool, helping to treat or detect illnesses. For investors, companies developing monoclonal antibodies can represent promising opportunities in the healthcare sector, especially as these treatments often address unmet medical needs.

immuno-therapeutics medical

"Two in-house technology development platforms contributing to next wave innovation pipeline: monoclonal antibody discovery and immuno-therapeutics."

Immuno-therapeutics are medicines or treatments that boost, guide, or reprogram the body’s immune system to detect and fight diseases such as cancer, infections, or abnormal immune responses. For investors, they matter because they can offer breakthrough clinical benefit and large market potential but also come with high research costs and binary regulatory outcomes; think of them as retraining the body’s security system — high reward if it works, high risk until proven.

conditional approval regulatory

"accelerated conditional approval pathway for a potential first-in-class immuno-therapeutic"

Conditional approval is a formal confirmation that a product or plan is permitted to proceed, provided certain specified requirements are met within a designated timeframe. For investors, it signals that approval is nearly complete but depends on the fulfillment of specific conditions, which could influence the final outcome or timeline. This status helps stakeholders assess the likelihood of success while identifying any remaining hurdles.

atopic dermatitis medical

"in treating dogs with allergic dermatitis and canine atopic dermatitis"

A chronic inflammatory skin condition, often called eczema, that causes dry, itchy, red patches and recurring flare-ups; think of it as a persistent rash that can come and go over a person’s life. It matters to investors because its chronic nature and large patient population create steady demand for treatments, influence drug development and approval decisions, affect healthcare costs and reimbursement, and can drive revenue and valuation shifts for companies working on therapies and diagnostics.

free cash flow financial

"Free Cash Flow: At least $1 billion over the period from 2026 through 2028"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

AI-generated analysis. Not financial advice.

• Details three-year outlook with annual mid-single digit top-line organic constant currency growth driven by a consistent flow of high-impact innovation, high-single digit adjusted EBITDA growth and low double-digit adjusted EPS growth, all starting in 2026. Expects further net leverage ratio improvement to <3x in 2027, with a long-term target of 2.0x to 2.5x.
• Expects innovation revenue contribution of approximately $1.1 billion in 2026, with aims to double revenue from 'Big 6' blockbuster potential products by 2028.
• Discusses 10+ major innovation products in development phase with 5-6 blockbuster-potential approvals expected between 2026 and 2031. Two in-house technology development platforms contributing to next wave innovation pipeline: monoclonal antibody discovery and immuno-therapeutics.
• Announces intended closure of German animal R&D facility and targeted reduction to manufacturing workforce along with increased investment in Elanco Innovation Laboratories at its Indiana headquarters and continued investments in U.S. manufacturing as we have greater clarity on U.S. tariffs and accelerated USDA regulatory timelines. This includes an accelerated conditional approval pathway for a potential first-in-class immuno-therapeutic major pet blockbuster, expected in the next 2-3 years.
• Announces technical sections complete for Befrena™ (tirnovetmab), the company's IL-31 injectable monoclonal antibody for canine dermatitis, with expected differentiation in efficacy, convenience and value. Remains cautiously optimistic that administrative review and approval will be complete in Q4 2025.
• Expects $200 to $250 million in adjusted EBITDA savings from Elanco Ascend by 2030.
• Announces restructuring as part of Elanco Ascend to support margin expansion, optimize footprint and further increase innovation capacity. Creates an expected restructuring charge of approximately $175 million, of which approximately $130 million is expected to be cash-based costs. Expects savings of approximately $25 million in 2026 and approximately $60 million in 2027. 
• Reaffirms Q4 and full year 2025 revenue and adjusted earnings guidance.

INDIANAPOLIS, Dec. 9, 2025 /PRNewswire/ -- Elanco Animal Health Incorporated (NYSE: ELAN) hosts its first Investor Day in five years this morning, marking a pivotal moment as the company further defines its new era of sustainable growth and long-term value creation. Elanco will detail how its consistent Innovation, Portfolio and Productivity (IPP) strategy is designed to guide the company's transformation to a sustainable growth company, delivering consistent mid-single digit organic constant currency revenue growth and adjusted EBITDA margin expansion, while further strengthening its balance sheet and accelerating cash flow.

"Today is a pivotal day for Elanco. We stand as a stronger Elanco ready for our next chapter as a sustainable growth company," said Jeff Simmons, President and CEO at Elanco. "As we outline our financial outlook for the next three years, we are poised for significant growth. Our IPP strategy is delivering, our innovation engine is stronger than ever, and our team has built deep, lasting customer relationships that reinforce our confidence in our ability to win in the animal health market. Elanco is well-positioned to continue transforming, building a future where we expand our leadership and achieve consistent, reliable delivery against our priorities of growth, innovation and cash. We will bring high-impact innovation to customers – ultimately driving sustainable shareholder value while making life better for animals and the people who care for them."

Financial Outlook for Consistent Growth
Elanco will outline a new three-year financial outlook with the expected annual results beginning in 2026, underscoring the company's confidence in delivering strong, consistent performance:

• Revenue Growth: Mid-single digit organic constant currency
• Adjusted EBITDA Growth: High single digit
• Adjusted EPS Growth: Low double digit
• Free Cash Flow: At least $1 billion over the period from 2026 through 2028
• Net Leverage Ratio: Achieving <3x in 2027, with a long-term target of 2.0x to 2.5x

American Investment Driven by Tax, Tariff and Regulatory Clarity
Elanco today announces continued investment in its U.S. operations, workforce and communities over the next five years. This investment deepens Elanco's commitment to product innovation, advanced manufacturing and its customers – farmers, veterinarians and pet owners. The company will expand its R&D presence in its new Indianapolis global headquarters and surrounding OneHealth Innovation District, while continuing to invest in its U.S.-based manufacturing footprint. Elanco will further invest in its Kansas monoclonal antibody (mAb) manufacturing facility to support innovation, particularly a major next generation immuno-therapeutic pet innovation. The U.S. Department of Agriculture (USDA) has granted an accelerated pathway for conditional approval of a novel immuno-therapeutic that has the potential to be a first-in-class major pet health blockbuster, expected in the next 2-3 years.

Additionally, as part of the positive engagement with the USDA, Elanco announces significant progress in the final steps of the approval of Befrena™, its newest potential blockbuster product. Review of all technical sections and label alignment is now complete, with the final administrative review underway at the USDA. Befrena has demonstrated differentiated efficacy in treating dogs with allergic dermatitis and canine atopic dermatitis. In both laboratory and field studies, Befrena has shown to be safe and well-tolerated, offering a dependable treatment option for veterinary professionals and pet owners alike. Befrena will offer important efficacy, convenience and value differentiators. Elanco continues to expect a first half 2026 launch.

In connection with these investments, Elanco expects the 2026 net tariff impact to be immaterial to adjusted EBITDA growth, given additional tariff clarity and a positive offset from an incremental price increase.

The combination of a favorable tax environment from the One Big Beautiful Bill Act, regulatory reform resulting in improved timelines for USDA regulatory reviews and greater certainty on tariffs has created favorable conditions for the continuation of U.S. investments in R&D and manufacturing, while bringing key innovation capabilities from Europe to the U.S.

Innovation: Delivering a Consistent Flow of High-Impact Innovation
Since defining its basket of innovation in December 2020, Elanco has repeatedly raised the bar on its innovation target. Elanco now expects this innovation to generate approximately $1.1 billion in revenue in 2026, an increase of over $200 million from $840 to $880 million expected in 2025. 

Looking ahead at Elanco's next wave of innovation, the company has increased its target innovation areas to eight and added two new major internal development platforms with monoclonal antibodies (mAbs) and immunotherapy. Elanco has 10+ major innovation projects with blockbuster potential in development, expecting approvals for 5-6 major differentiated assets from this pipeline between 2026 and 2031. These differentiated pipeline assets represent an unprobabilized potential peak sales value of more than $2 billion – effectively doubling the value of the last wave.

"Over the past several years, Elanco has created a one-of-a-kind innovation powerhouse that has maximized capacity and throughput, delivering a continuous flow of differentiated products," said Dr. Ellen de Brabander, Executive Vice President of Innovation and Regulatory Affairs at Elanco. "There are more projects and more value in the pipeline than ever, and we've added cutting edge in house monoclonal and immunotherapy technology development platforms. We will continue to invest in the capacity and capabilities to bring new solutions to market that help pets live heathier, more active, longer lives and help farmers improve animal health, welfare and sustainability."

Diverse Market-Leading Portfolio: Positioned for Sustained Growth
Elanco is innovating in large, growing markets, supported by a strong, diverse portfolio. This includes leading growth in U.S. Pet Health and #1 positions in global pet retail and poultry, U.S. beef and swine. Elanco expects to double revenue from its 'Big 6' potential blockbuster products from 2025 to 2028 as it globalizes this basket of innovation (AdTab™, Befrena, Bovaer®, Credelio Quattro™, Experior®, Zenrelia™).

Productivity: Driving Margin Expansion and Free Cash Flow
Elanco's commitment to operational excellence and financial discipline is a cornerstone of its strategy, with a clear path to expanding margins, improving free cash flow and becoming a simpler, more efficient company. The company anticipates meaningful adjusted EBITDA improvement with high single-digit percentage growth, and free cash flow generation increasing through the period.

Elanco is also announcing organizational changes designed to generate approximately $25 million and $60 million in savings in 2026 and 2027, respectively, as part of its Elanco Ascend productivity initiative.

These strategic adjustments include:

• Transforming and Investing in Innovation: A larger, more complex pipeline requires more capacity, new technical capabilities and increased investment. As such, Elanco is expanding its R&D organization in Indianapolis, refining its regulatory structure and proposing the closure of its Germany animal facility. The company also announces a strategic partnership with The Clinglobal Group to substantially expand capacity and capabilities, while being significantly more cost effective.
• Optimizing Manufacturing Footprint: Elanco will continue to optimize its manufacturing footprint to power its pipeline, adjust to future volume expectations and continue the organization's productivity journey, including reducing workforce in higher-cost locations.

Approximately 600 roles will be impacted across Elanco with 300 eliminated positions and 300 shifted to other areas or locations. The company expects a charge of approximately $175 million, of which about $130 million is expected to be cash based.

In total, the company expects its Elanco Ascend program to deliver $200 to $250 million in adjusted EBITDA savings by 2030, with about 30% achieved in 2026.

"Our goal is clear: consistent, reliable delivery," said Bob VanHimbergen, Executive Vice President and CFO at Elanco. "We are taking the steps needed to become a more efficient, productive company, ensuring our resources are in the right places to fuel our no-regrets launches and invest in our pipeline while deleveraging and delivering on adjusted EBITDA margin growth. As we move into the second half of the decade, Elanco expects to deliver durable, profitable growth and sustained cash generation while creating lasting value for shareholders.

In conjunction with today's event, Elanco is reaffirming its fourth quarter and fiscal 2025 outlook, provided on November 5, 2025, other than reported net loss and net loss per share, which will be impacted by the aforementioned restructuring charges.

WEBCAST
Elanco will host a webcast from approximately 9 a.m. to 12 p.m. Eastern Time today, featuring presentations from Elanco's senior leadership team on the company's strategic priorities, financial outlook and innovation pipeline – defining Elanco's new era as a sustainable growth company. Access to the live webcast and related materials is available on Elanco's Investor Events and Presentations website. A replay will be available on the website following the event.

ABOUT ELANCO
Elanco Animal Health Incorporated (NYSE: ELAN) is a global leader in animal health dedicated to innovating and delivering products and services to prevent and treat disease in farm animals and pets, creating value for farmers, pet owners, veterinarians, stakeholders and society as a whole. With 70 years of animal health heritage, we are committed to breaking boundaries and going beyond to help our customers improve the health of animals in their care, while also making a meaningful impact on our local and global communities. At Elanco, we are driven by our vision of Food and Companionship Enriching Life and our purpose – all to Go Beyond for Animals, Customers, Society and Our People. Learn more at www.elanco.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release 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 2025 full year and fourth quarter guidance and 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;
• the impact of increased or decreased sales into our distribution channels resulting in fluctuations in our revenues;
• 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. Although we have attempted to identify important risk factors, there may be other risk factors not presently known to us or that we presently believe are not material that could cause actual results and developments to differ materially from those made in or suggested by the forward-looking statements contained in this press release. If any of these risks materialize, or if any of the above assumptions underlying forward-looking statements prove incorrect, actual results and developments may differ materially from those made in or suggested by the forward-looking statements contained in this press release. We caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements that are included elsewhere in this press release. Any forward-looking statement made by us in this press release speaks only as of the date thereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or to revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should be viewed as historical data.

Use of Non-GAAP Financial Measures

This press release contains forward-looking non-GAAP financial measures, such as organic constant currency revenue growth, adjusted EBITDA growth, adjusted EPS growth, free cash flow and net debt leverage. We have not provided related GAAP financial measures for forward-looking non-GAAP financial measures because we are unable to predict with reasonable certainty and without unreasonable effort the timing and impact of certain items, such as restructuring and certain non-cash items, which could significantly impact our GAAP results. These non-GAAP measures are not, and should not be viewed as, substitutes for GAAP reported measures.

Investor Contact: Tiffany Kanaga (765) 740-0314 tiffany.kanaga@elancoah.com
Media Contact: Colleen Parr Dekker (317) 989-7011 colleen.dekker@elancoah.com

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SOURCE Elanco Animal Health

FAQ

What growth targets did Elanco (ELAN) announce at its Dec 9, 2025 Investor Day?

Elanco projects mid-single digit organic revenue growth, high-single digit adjusted EBITDA growth, and low-double digit adjusted EPS growth beginning in 2026.

How much innovation revenue does Elanco (ELAN) expect in 2026?

Elanco expects approximately $1.1 billion of innovation revenue in 2026.

What restructuring did Elanco (ELAN) announce and what is the cost?

Elanco announced Elanco Ascend with an expected charge of about $175 million, of which ~$130 million is cash; ~600 roles impacted.

When does Elanco (ELAN) expect Befrena approval and launch?

Technical sections are complete and Elanco remains cautiously optimistic administrative review will finish with an expected H1 2026 launch.

What are Elanco's debt and cash-flow targets after the Investor Day?

Elanco targets net leverage <3.0x by 2027 (long-term 2.0x–2.5x) and at least $1 billion free cash flow from 2026–2028.

How many pipeline approvals does Elanco (ELAN) expect between 2026 and 2031?

The company expects approvals for approximately 5–6 major differentiated assets from its pipeline between 2026 and 2031.