Best Smidcap Ideas: New Product Cycle Delivering Compelling Growth

研报英文原文证据摘录

Best Smidcap Ideas: New Product Cycle Delivering Compelling Growth

TD Cowen Pharmaceuticals/Major: Animal Health

Global Research

Elanco Animal Health

TD SECURITIES (USA) LLC BEST SMIDCAP IDEAS 2026

Price: $23.39 (06/17/2026) Best Smidcap Ideas: New Product Cycle

Price Target: $32.00 (Prior $31.00) Delivering Compelling Growth

BUY (1)

ESG SCORE: 64/100

Steve Scala, R.Ph., CFA THE TD COWEN INSIGHT

617 946 3923

Seven potential blockbuster launches are key catalysts for sales growth and margin

stephen.scala@tdsecurities.com

expansion. These launches augment a diversified existing portfolio - including a #1 Pet Retail

Chris LoBianco position - which together are poised to drive +5% revenue and +10% EPS growth during

617 946 3734 2025-32. Favorable Zenrelia U.S. label update or pipeline progress could add upside.

chris.lobianco@tdsecurities.com

Michael Nedelcovych, Ph.D. Summary Of Our Thesis

617 946 3744

Elanco is an established player in the $40B+ Animal Health market, a durable and diversifiedmichael.nedelcovych@tdsecurities.com

sector supported by global demand for protein and spending tailwinds from the humanization

Paul Kuhn, Ph.D. of pets. The company is in the midst of a new product cycle with 7 potential Animal Health

646 562 1328

blockbusters now launching. These launches could support accelerating top-line growth,

paul.kuhn@tdsecurities.com

margin improvement, and continued deleveraging.

Key Data

What Is Underappreciated Or Misunderstood?

Symbol NASDAQ: ELAN

Beta: 1.69 While uncertainty around execution in tandem with macro pressures have previously weighed

52-Week Range: $26.84-$13.33 on the stock, U.S. approvals plus favorable early launch metrics build confidence in the Elanco

Market Cap: $11.7B story.