EarningsQ2 2026 Earnings Report
DE:5EA Q2 2026 EPS Results
Actual EPS€0.30
Consensus EPS€0.24
Beat/MissBeat by +€0.06
One Year Ago EPS€0.23
DE:5EA Q2 2026 Revenue Results
Actual Revenue€1.21B
Expected Revenue€1.17B
Beat/MissBeat by +€49.30M
YoY Revenue Growth+10.23%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeBefore Open
Conference CallWednesday, August 5, 2026
DE:5EA Upcoming Earnings
Elanco Animal Health's next earnings date is estimated for November 6, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
DE:5EA Q2 2026 Earnings Call
0:00 / 0:00
Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was predominantly positive: strong top-line performance (8% organic growth, $1.368B revenue), robust innovation momentum (Zenrelia, Credelio Quattro, AdTab), margin expansion (adjusted gross margin +80 bps, adjusted EBITDA +21%, adjusted EPS +31%), raised full-year guidance, and improving leverage (target ~3.0x year-end). Near-term headwinds include inventory cost pressures, elevated inflation, continued operating expense investments (DTC/R&D) and some regional/timing softness in International Farm Animal. Supply constraints for Befrena and moderating comparisons for some Farm Animal products are acknowledged but framed as manageable. Overall, highlights materially outweigh the limited lowlights.Company Guidance
Reported and Organic Revenue Growth
Second quarter revenue of $1.368 billion, up 10% reported and 8% organic on a constant currency basis (driven by +6% volume and +2% price). Full-year revenue guidance raised to $5.09B–$5.14B with organic constant currency growth guidance increased to 6%–7% (from 5%–7%).
Strong U.S. Pet Health and U.S. Farm Animal Performance
U.S. Pet Health grew 11% organic constant currency in Q2, and U.S. Farm Animal also grew 11% organic constant currency, both leading company growth and outperforming guidance.
Innovation Revenue and Upsized Target
Innovation revenue of $340 million in Q2. Company raised its full-year innovation revenue target by $50 million to approximately $1.25 billion.
Zenrelia Commercial Milestones
Zenrelia treated over 2.5 million dogs, reached ~18,000 U.S. vet clinic penetration (>60% of clinics), maintained >80% reorder rate, achieved >40% first-line use among users, and improved JAK market share by 9 points year-over-year; available in 47 countries.
Credelio Quattro Traction
Credelio Quattro accelerated penetration: market share +4 points in Q2 (after +3 points in Q1), now carried by over 50% of U.S. clinics (approx. +3,000 clinics since Q1); international rollouts underway (Australia, Canada, Japan) with EU/UK upcoming.
Other Product Momentum (AdTab, Experior, Bovaer)
AdTab sales increased >30% internationally and is fastest-growing brand in its European OTC ecto category. Experior grew double digits in Q2 and helped drive U.S. Farm Animal performance. Bovaer achieved year-over-year growth off a small base with continued CPG interest.
Profitability and Margin Expansion
Adjusted EBITDA of $288 million, up $50 million or 21% year-over-year; adjusted EPS $0.34, up 31% year-over-year. Adjusted gross margin expanded to 58.1%, an 80 basis point improvement versus prior-year quarter. Company increased full-year adjusted EBITDA guidance to $1.01B–$1.035B and raised adjusted EPS guidance to $1.10–$1.16 (≈20% growth at midpoint).
Balance Sheet and Leverage Progress
Net debt decreased by approximately $90 million in the first half of the year, reducing net leverage by ~0.5 turns since the start of the year to 3.1x in Q2. Company now targets ~3.0x net leverage at year-end (previously 3.0–3.2x) and longer-term target of 2.0–2.5x.
Productivity Program (Elanco Ascend) and Longer-Term Margin Opportunity
Elanco Ascend expected to deliver $200M–$250M of adjusted EBITDA savings by 2030 (net of inflation and reinvestment). Early traction is driving procurement wins, gross margin tailwinds (company targeting long-term path toward 60% gross margin) and increased confidence in margin expansion.
DE:5EA Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed