Elanco Animal Health

ELAN · NYSE

$22.70−$0.79 (−3.36%)TodayMarket closed · Oct 20, 7:47 PM ET

Prev close $23.49

ELAN analyst rating

BuyConsensus of 11 analysts over the last 12 months. 82% rate it a buy.

Strong buy0
Buy9
Hold2
Underperform0
Sell0

12-month price target · 15 analysts

Average $31.52 (+38.9% upside)

Low: $26.26
Now: $22.70
High: $35.70

Upgrades and downgrades

The latest rating actions, newest first

ELAN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Jefferies	Oct 20, 2026	Downgrade	Buy → Hold	$31.00 → $24.00	50%
Goldman Sachs	Oct 16, 2026	Initiates	Buy	$32.00	80%
UBS	Aug 6, 2026	Maintains	Buy	$31.00 → $33.00	83%
Keybanc	Aug 6, 2026	Maintains	Overweight	$29.00 → $30.00	50%
Morgan Stanley	Jul 22, 2026	Maintains	Equal-Weight	$23.00 → $26.00	62%
TD Cowen	Jun 18, 2026	Maintains	Buy	$31.00 → $32.00	76%
Citigroup	May 7, 2026	Maintains	Buy	$30.00 → $31.00	44%
JP Morgan	May 7, 2026	Maintains	Overweight	$28.00 → $30.00	65%
Citigroup	Apr 15, 2026	Initiates	Buy	$30.00	44%
Morgan Stanley	Feb 25, 2026	Maintains	Equal-Weight	$22.00 → $24.00	62%

The case for and against

Updated Oct 17, 2026

Bull case

Elanco Animal Health is benefitting from a clear inflection in execution, with 2Q revenue of $1,368M, adjusted EBITDA of $288M, and adjusted EPS of $0.34 all beating expectations, while management also raised FY26 revenue to $5,090M-$5,140M, EBITDA to $1,010M-$1,035M, and EPS to $1.10-$1.16. Its bullish case is reinforced by multiple product catalysts—Zenrelia, Quattro, and Befrena—alongside a next wave innovation portfolio with $2B+ peak sales potential, supporting higher growth, margin expansion, and deleveraging. Pricing discipline appears intact as competition is increasingly centered on portfolio selling and targeted marketing, while strong pet and farm-animal demand across a global footprint in over 90 countries provides a diversified, resilient base.

Bear case

Elanco Animal Health is facing a bearish setup because its industry is intensely competitive, with rivals advancing R&D, generics pressuring pricing, and disruptive innovation potentially eroding demand across companion and food-animal categories. Regulatory bans on antibiotics and productivity products, plus disease outbreaks, customer consolidation, manufacturing issues, and weather-related volatility, can all disrupt volumes, delay launches, and raise costs, while pipeline setbacks and weaker blockbuster ramps could weigh on sales and EPS growth. Its global exposure also adds foreign exchange, emerging-market, and political risk, and concerns around cannibalization, commoditization in K9 markets, and soft pet spending further undermine confidence in future performance.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.