- Q1 2026 revenue increased 15% year over year to $1.37 billion, with 10% organic constant currency growth.
- Pet Health revenue rose 12%, supported by new product momentum and expanded retail distribution.
- Farm Animal revenue grew 18%, led by poultry and cattle demand.
- Adjusted EBITDA increased 21% to $334 million, with margin expansion to 24.5%.
- Elanco raised its full-year 2026 revenue guidance to $5.01 billion–$5.09 billion.
- The company increased its innovation revenue target to $1.2 billion and improved its year-end leverage target.
Elanco Animal Health reported first-quarter 2026 revenue of $1.37 billion, up 15% year over year, as continued momentum from its companion animal portfolio and farm animal business helped drive growth across all major species categories.
Organic constant currency revenue increased 10% during the quarter, while adjusted EBITDA rose 21% to $334 million. Adjusted earnings per share reached $0.40, compared with $0.37 in the prior-year period.
Company leadership said the quarter reflected continued execution of Elanco’s innovation-led growth strategy, supported by expanding adoption of key products and operational improvements tied to its Elanco Ascend initiative.
Companion Animal Portfolio Drives Growth
Pet Health revenue totaled $710 million during the quarter, representing 12% reported growth and 7% organic constant currency growth year over year. Elanco attributed the gains primarily to demand for new products and expanded retail distribution for parasiticides.
The company highlighted continued momentum for Credelio Quattro, which expanded its share of broad-spectrum parasiticide sales in U.S. veterinary clinics during the quarter. Elanco also noted that Zenrelia achieved trailing four-quarter blockbuster status, with more than 2 million dogs treated globally.
Additional launches included the rollout of Advantage Collar for Dogs and continued commercialization efforts for Befrena in the United States.
Farm Animal Business Posts Double-Digit Gains
Farm Animal revenue increased 18% year over year to $642 million, or 13% on an organic constant currency basis. Poultry, cattle and swine segments all contributed to growth, with management citing strong underlying demand and pricing improvements.
The company reported that farm animal volumes increased 11% during the quarter, led by poultry and ruminant products.
Outlook Raised for Full Year 2026
Elanco increased its full-year 2026 financial guidance following the stronger-than-expected quarter.
The company now expects:
- Revenue between $5.01 billion and $5.09 billion
- Adjusted EBITDA between $975 million and $1.01 billion
- Adjusted EPS between $1.03 and $1.09
Elanco also improved its projected year-end net leverage ratio target to between 3.0x and 3.2x adjusted EBITDA.
In addition, the company raised its innovation revenue target to $1.2 billion for the year.
Balance Sheet and Strategic Activity
As of March 31, 2026, Elanco reported a net leverage ratio of 3.5x adjusted EBITDA, an improvement from the end of 2025. Operating cash flow was positive during the quarter at $13 million.
The company also completed its previously announced acquisition of AHV International on April 30.
Information sourced from Elanco Animal Health’s earnings release issued May 6, 2026.
