Elanco Animal Health Incorporated filed its third quarter 2026 financial results on November 6, 2026, reporting revenue of $1.265 billion and raising its full year 2026 guidance across all key metrics.

Key Highlights

  • Revenue of $1.265 billion in Q3 2026, up 11% year-over-year on a reported basis and 9% on an organic constant currency basis.
  • Reported net income of $18 million and adjusted net income of $136 million, compared to a reported net loss of $34 million in Q3 2025.
  • Adjusted EBITDA of $243 million, representing an adjusted EBITDA margin of 19.5% and a 23% increase year-over-year.
  • Adjusted EPS of $0.27, up 42% from $0.19 in the third quarter of 2025; reported EPS was $0.04.
  • Net leverage ratio reached 2.9x Adjusted EBITDA, which the company described as a milestone that "accelerates our capital allocation flexibility."
  • Full year 2026 revenue guidance raised to $5.155 billion to $5.18 billion, implying approximately 8% organic constant currency growth.
  • Full year 2026 Adjusted EPS guidance raised to $1.17 to $1.20, representing a year-over-year increase of 26% at the midpoint.

Elanco Q3 2026 Results: Pet Health and Ruminants Drive Growth as Guidance Rises

According to the filing, Elanco Animal Health Incorporated (NYSE:ELAN) reported total revenue of $1,265 million for the third quarter of 2026, an 11% increase on a reported basis compared to $1,137 million in the third quarter of 2025. Pet Health revenue was $608 million, up 14% on both a reported and organic constant currency basis, driven by demand for Zenrelia, Credelio Quattro, and AdTab, the company disclosed. Farm Animal revenue was $631 million, up 6% on a reported basis or 4% on an organic constant currency basis, with a 3% price increase and a 2% contribution from AHV International B.V., acquired April 30, 2026.

Gross profit was $720 million in Q3 2026, with a gross margin percentage of 56.9%, an increase of 350 basis points year-over-year, according to the filing. On an adjusted basis, gross profit was $699 million and gross margin was 56.1%, up 300 basis points, which the company attributed primarily to increased pricing and favorable mix from U.S. Pet Health and global ruminants. Total operating expenses were $492 million, up 12%, with marketing, selling and administrative expenses rising 12% to $393 million and research and development expenses up 11% to $99 million. Reported net interest expense was $59 million, up $7 million year-over-year.

The company raised its full year 2026 Adjusted EBITDA guidance to $1.05 billion to $1.065 billion, representing a year-over-year increase of 17% at the midpoint, and raised its innovation revenue target to $1.275 billion. For 2027, the filing states the company reaffirms expectations consistent with its December 2025 Investor Day annual algorithm: "mid-single digit organic constant currency revenue growth, high-single digit Adjusted EBITDA growth, and low-double digit Adjusted EPS growth." The company also announced Jamie Preston as Executive Vice President and Chief People Officer, effective November 3, succeeding Dave Kinard who intends to retire at the end of the year.

What Was Disclosed

Elanco reported Q3 2026 financial results showing revenue of $1.265 billion, adjusted EPS of $0.27, and a net leverage ratio of 2.9x Adjusted EBITDA. The company raised its full year 2026 revenue, Adjusted EBITDA, and Adjusted EPS guidance and provided an early 2027 outlook consistent with its prior annual algorithm.