[Form 4] Elanco Animal Health Inc Insider Trading Activity

Rhea-AI Filing Summary

Jeffrey N. Simmons, President, CEO and Director of Elanco Animal Health Inc. (ELAN), reported on 10/03/2025 an acquisition of 134.1686 deferred stock units at an indicated price of $20.64. After the transaction, Mr. Simmons is recorded as beneficially owning 17,970.3106 shares (or share equivalents). The deferred stock units represent the right to receive one share each or the cash equivalent and will settle in cash or shares following termination of employment or in a specified future year under the Executive Deferral and Stock Match Plan. The Form 4 was signed by an attorney-in-fact on 10/07/2025.

Positive

• CEO increased recorded stake to 17,970.3106 shares via deferred units
• Acquisition under formal plan (Executive Deferral and Stock Match Plan), indicating structured compensation

Negative

• Deferred units may settle in cash, creating a potential future cash obligation for the company
• Settlement in shares could dilute existing shareholders if paid in stock

Insights

Corporate Governance Expert

CEO acquisition of deferred units signals continuing alignment with shareholders.

The reported acquisition of 134.1686 deferred stock units increases the CEO's recorded beneficial ownership to 17,970.3106 shares, which strengthens his stake without an immediate change to outstanding shares because these are deferred units.

These units may settle in cash or stock, creating a future cash or equity obligation for the company; investors should note the settlement mechanism when assessing potential dilution or cash-flow timing over the plan's payout horizon.

Compensation Analyst

Grant appears to be a routine executive deferral under the company plan.

The units are described as deferred stock units tied to the Executive Deferral and Stock Match Plan and reflect non‑derivative compensation rather than open‑market purchases, indicating tax- or compensation-driven grant mechanics rather than new investment by the executive.

Monitor vesting/settlement timing in the plan and any future disclosures that specify cash vs. share settlement, as those choices affect company cash needs and potential share count changes within the next compensation cycle.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Simmons Jeffrey N

(Last) (First) (Middle)

C/O ELANCO ANIMAL HEALTH INCORPORATED

450 ELANCO CIRCLE

(Street)

INDIANAPOLIS IN 46221

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Elanco Animal Health Inc [ ELAN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	PRESIDENT, CEO AND DIRECTOR

3. Date of Earliest Transaction (Month/Day/Year)
10/03/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Deferred Stock Units	(1)	10/03/2025		A		134.1686		(2)	(2)	Common Stock	134.1686	$20.64	17,970.3106	D

Explanation of Responses:

1. Each deferred stock unit represents the right to receive one share of Company common stock or the cash equivalent.

2. Deferred stock units settle in cash or shares of Company common stock following termination of employment or during a specified future year in accordance with Executive Deferral and Stock Match Plan.

	/s/ Amy C. Seidel, as Attorney-in-Fact for Jeffrey N. Simmons	10/07/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Elanco CEO Jeffrey N. Simmons report on Form 4 (ELAN)?

He reported an acquisition of 134.1686 deferred stock units on 10/03/2025, bringing his beneficial ownership to 17,970.3106 shares.

What is the indicated price per unit in the filing for ELAN?

The filing shows a price of $20.64 associated with the deferred stock units.

How do the deferred stock units settle according to the filing?

Each deferred stock unit represents the right to one share or the cash equivalent and will settle in cash or shares following termination of employment or during a specified future year under the Executive Deferral and Stock Match Plan.

When was the Form 4 for ELAN signed and filed?

The Form 4 was executed by an attorney-in-fact and dated 10/07/2025.

Does this Form 4 indicate an open-market purchase?

No; the units were acquired as deferred stock units under the company plan, not reported as an open-market cash purchase.