ELAN Stock — Elanco Animal Health Incorporated: Cash, EV, Pipeline

What they do

We partner with farmers, pet owners, veterinarians and society to create value and help our customers improve the health of animals in their care, while also making a meaningful impact on the communities we serve. Our diverse, durable product portfolio is sold in more than 90 countries and serves animals across many species, primarily: dogs and cats (collectively, pet health) and cattle, poultry, swine and sheep (collectively, farm animal).

Source: 10-K FY2025 via SEC EDGAR

Share price

$25.73

Market cap

$12,855.3M

Cash

$465.0M

Enterprise value

$15,839.3M

Balance sheet

Cash	$465.0M
Debt	$3,449.0M
Net cash	-$2,984.0M
Enterprise value	$15,839.3M
Basic shares	499.8M shares
Fully diluted shares	521.2M shares
Fully diluted market cap	$13,411.0M
Cash per share	$0.93
Quarterly burn	+$277.0M generated

Cash figures as of 2026-09-30. Database snapshot: 2026-11-07.

Share structure

Common

499.6M

Pre-funded warrants

—

Options

3.5M

RSUs

8.1M

Warrants

—

Converts

—

Conv preferred

—

ESPP reserve

10.0M

FDSO

521.2M

Cap table as of 2026-08-03.

Price history

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Upcoming catalysts

No upcoming catalysts on file for this company.

Full readout calendar →

Pipeline assets

Zenrelia

Approved · Active Modality: small molecule (once-daily oral tablet)

Target JAK

Indications

Pruritus and atopic dermatitis in dogs (Approved)

Status note FDA approval September 2024; launched in U.S. and also commercialized in Australia, Brazil, Canada, EU, Japan and U.K.

Credelio Quattro

Approved · Active Modality: chewable tablet

Indications

Fleas, ticks, heartworms, roundworms, hookworms and three species of tapeworms in dogs (Approved)

Status note FDA approval October 2024; launched January 2025; conditional approval for treatment of New World screwworm (December 2025).

Befrena

Approved · Active Modality: monoclonal antibody (injection)

Target IL-31

Indications

Canine allergic and atopic dermatitis (Approved)

Status note USDA approval December 2025; phased launch initiated second quarter 2026.

AdTab

Approved · Active Modality: chewable tablet

Indications

Flea and tick treatment for dogs and cats (Approved)

Status note Approved and launched in the U.K. (April 2025).

lotilaner royalty interest

Approved · Active Modality: ophthalmic solution

Aliases lotilaner ophthalmic solution 0.25% (marketed by Tarsus as XDEMVY)

Partnerships Tarsus Pharmaceuticals (license agreement); Blackstone (May 2025 purchase and sale agreement for rights to proceeds from qualifying future U.S. royalties and certain global sales milestones for $295M; Elanco retains ex-U.S. royalties and U.S. royalties after August 24, 2033)

Indications

Demodex blepharitis (human) (Approved)

Status note Royalty/milestone interest in human health application of lotilaner marketed by Tarsus as XDEMVY; Elanco retains rights to royalties/milestones from future expansion of lotilaner in other human health applications.

Per-asset detail extracted from the 10-Q filed 2026-08-05. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

No lead program on file for this company.

No active ClinicalTrials.gov trials matched to this company as sponsor or collaborator.

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
ADAR1 Capital Management	0	-20,000	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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ELAN — Elanco Animal Health Incorporated ☆

What they do

Balance sheet

Share structure

Price history

Upcoming catalysts

Pipeline assets

Specialist fund holders

Latest news

ELAN — Elanco Animal Health Incorporated