Elanco Animal Health Inc. 第二季度要点：强劲季度/Zenrelia 采用率令人鼓舞后上调盈利预测

研报英文原文证据摘录

J P M O R G A N

North America Equity Research

05 August 2026

Elanco Animal Health Inc.

2Q Takeaways: Raising Estimates After Strong Qtr/

Encouraging Zenrelia Uptake

Overweight

ELAN, ELAN US

Price (04 Aug 26):$25.60

▲Price Target (Dec-26):$33.00

Prior (Dec-26):$30.00

ELAN had another strong qtr/guidance raise driven by a mix of better-thanexpected pet new product launches (mainly Zenrelia and Credelio Quattro) as well

as strong performance for US farm animal (Experior, cattle) and we are again

raising our estimates/PT on the stock. Both Zenrelia (which continues to gain share

and has now exceeded $100mm in revenues YTD) and Credelio Quattro (which

gained 4 pct pts of market share in Q2) exceeded expectations and we believe both

products represent sources of further upside to numbers. And bigger picture, we see

revenue growth accelerating at ELAN in the coming years, which we expect will

flow through the P&L supporting margin expansion and EPS. Remain OW.

ELAN not seeing any changes in the pricing environment. Pricing dynamics

have emerged as a topic of debate for investors following the comments ZTS made

in Q1. ELAN reiterated that it continues to see healthy industry dynamics with pet

owner demand and willingness to spend remaining high. The company has seen no

changes in the pricing environment with a competitor recently taking a mid-season

price increase. ELAN also saw its net price increases accelerate in Q2 vs Q1 and

with the company taking its largest price increase in 5 years, pricing is expected to

accelerate further in 2H.

Zenrelia uptake accelerating with YTD revenues exceeding $100mm. In the

US, Zenrelia is increasingly used as a first line treatment (>40% of use) with market

share continuing to move higher (gains vs Q1 and up 9 pct pt vs 2025). Ex-US,

Zenrelia is seeing very strong uptake in Europe (40%+ market share in some

markets, #1 in France) and Brazil. Net-net Zenrelia uptake is exceeding our

expectations and we exit the quarter again raising our estimates for the product (we

are now modeling $220mm in derm revenues in 2026 growing to $325mm in

2027).

Credelio Quattro also doing very well. Credelio Quattro gained 4 pct pts of

…