- Growth streak continues: Q4 2025 revenue rose to $1.144B (+9% organic constant currency), marking the company’s 10th consecutive quarter of underlying growth.
- Innovation momentum: Elanco raised its 2026 innovation revenue target to $1.15B and guided to 4%–6% organic constant currency revenue growth for 2026.
- Profitability and leverage focus: The company ended 2025 at 3.6x net leverage (adjusted EBITDA basis) and highlighted restructuring and productivity actions aimed at margin expansion.
Elanco Animal Health reported fourth-quarter and full-year 2025 financial results, citing broad-based growth across its pet health and farm animal segments and increased confidence in its innovation portfolio heading into 2026.
For the fourth quarter of 2025, revenue totaled $1.144 billion, up 12% reported and 9% on an organic constant currency basis. Adjusted EBITDA was $189 million, with a margin of 16.7%, and adjusted EPS was $0.13. The company reported a net loss of $276 million for the quarter, driven in part by restructuring and impairment charges.
For the full year, revenue reached $4.715 billion, increasing 6% reported and 7% on an organic constant currency basis. Adjusted EBITDA was $901 million with a margin of 19.2%, and adjusted EPS was $0.94. Reported net loss for the year was $232 million.
Innovation portfolio and product momentum
Elanco said it exceeded its 2025 innovation revenue target, delivering $892 million and completing rollout of its six “Big 6” blockbuster-potential products, including the approval of Befrena™ in Q4 2025. The company also highlighted continued performance from Credelio Quattro™, Zenrelia™, Experior®, and AdTab™, citing share gains and expanding adoption in key markets.
Restructuring and productivity initiatives
During the fourth quarter, Elanco recorded significant charges tied to restructuring and asset impairments. The company reiterated progress on its Elanco Ascend productivity initiative, which is designed to support adjusted EBITDA margin expansion and deliver long-term cost savings. Leadership also pointed to continued balance sheet improvement, with net leverage at 3.6x adjusted EBITDA at year-end 2025.
2026 outlook
For full-year 2026, Elanco guided to revenue of $4.95 billion to $5.02 billion, representing 4%–6% organic constant currency growth. Adjusted EBITDA is expected to be $955 million to $985 million, and adjusted EPS is projected at $1.00 to $1.06. The company also raised its innovation revenue target to $1.15 billion for 2026 and expects further improvement in net leverage to a range of 3.1x to 3.3x by year-end.
Additional financial tables and reconciliations are available on the company’s investor relations website.
Information sourced from the company’s press release.
