Elanco Animal Health (NYSE: ELAN) reported second quarter 2026 revenue of $1.368 billion, up 10% year over year on a reported basis and 8% on an organic constant currency basis, defying the broader companion animal market pressure that led Zoetis to cut its guidance just one day earlier. Pet Health segment revenue grew 12% to $718 million, driven by volume growth of 9% and price expansion of 2%.
The standout performer was Zenrelia, Elanco’s newest dermatology treatment for pruritus associated with allergic dermatitis, which achieved blockbuster status in July year-to-date. The product is now available in approximately 18,000 US veterinary clinics — over 60% of the clinic base — with a reorder rate above 80% and first-line use exceeding 40% of users. More than 2.5 million dogs have been treated to date. In key European markets, Zenrelia has captured up to 40%+ of the JAK inhibitor market, outperforming the competitive entrant. Credelio Quattro, the company’s broad-spectrum parasiticide, gained 4 percentage points of dollar share in Q2 and has penetrated over 50% of US clinics.
Elanco raised its full-year 2026 revenue guidance to $5.09–$5.14 billion (from $4.96–$5.06 billion) and increased its adjusted EBITDA target to $1.01–$1.035 billion. Adjusted EPS guidance was raised to $1.10–$1.16, representing 20% growth at the midpoint. The innovation revenue target was raised by $50 million to $1.25 billion. Net leverage improved to 3.1x, with a year-end target of approximately 3.0x. CEO Jeff Simmons cited Zenrelia and Credelio Quattro as the largest contributors to global growth, alongside strong US farm animal performance (+11% organic CC).
