New Product Cycle Delivering Compelling Growth

研报英文原文证据摘录

New Product Cycle Delivering Compelling Growth

$0.62 term to mid-term top-line and bottom-line trajectory. All products have been clinically de-

Dil. Shares Out (MM): 506.0 risked by successful U.S. approvals. The latest launch metrics support an optimistic view and

Enterprise Value build confidence in management's estimate for combined "Big 6" peak sales potential of $1B

$16,491.3

(MM): +. The Big 6 include (1) Experior, which has demonstrated robust growth in a market Elanco

BV/Share: $13.02

estimates has $350MM+ peak potential; (2) Credelio Quattro, a broad spectrum parasiticide

Dividend: $0.00 launched in the U.S. in January 2025 (early launch metrics are encouraging with >50% share

Yield: 0.0% in U.S. vet clinics where Quattro is being stocked as of Q1:26); (3) Zenrelia, a JAK inhibitor for

dermatology, which was FDA approved in September 2024. Safety profile may temper initial

FY 2025A 2026E 2027E U.S. launch, although ex-U.S. labels appear to more favorable; filing to support U.S. label

(Dec)

update expected by YE:26; (4) Befrena, an anti-IL-31 short-acting antibody for dermatology

EPS

(dosing modestly differentiated from incumbent Cytopoint, although longer-acting Cytopoint

Q1 $0.37 $0.40A $0.42

is on the horizon); (5) Bovaer feed additive for cattle methane reduction (U.S. approval in May

Q2 $0.26 $0.29 $0.33 2024, commercial rollout underway); and (6) AdTab (oral flea/tick parasiticide relaunched in

Q3 $0.19 $0.18 $0.24 Europe as an OTC brand).

Q4 $0.13 $0.20 $0.21

December '25 Investor Day Provides Line Of Sight On Mid-Term Outlook

Year $0.94 $1.07 $1.20

P/E 27.2x 23.9x 21.3x At Elanco's December 2025 Investor Day, management set mid-term revenue and profit

growth targets, which start in 2026 and extend three years to 2028. Over this timeframe,