Elanco Animal Health Incorporated's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Elanco Animal Health Incorporated (ELAN) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Elanco Animal Health Incorporated vs Its Competitors
- TTM: Trailing 12-month revenue of 5,020M vs 97,831M combined for tracked competitors (4.9% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+9.0% annualized vs trailing 12 months), vs holding steady (+0.9%) for its tracked peer group.
- Growth: Elanco Animal Health Incorporated generated 10.2% revenue growth year over year in Q2 2026, vs 4.7% for its tracked competitors combined.
- Profitability: Its 4.0% net margin compares with -1.7% for the peer group.
- Scale: Elanco Animal Health Incorporated ranks #36 of 544 companies by market capitalization in the Major Pharmaceutical Preparations industry, holding 0.2% of industry market cap.
- Peer revenue share: Elanco Animal Health Incorporated accounted for 5.3% of combined revenue among its tracked peer group, up from 5.0% a year earlier.
- Peer differentiation: Revenue per employee of $0.51M compares with $0.72M for the peer group (0.7x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
ELAN Sales vs. its Competitors, Q2 2026
Elanco Animal Health Incorporated reported revenue growth of 10.23 % year on year in Q2 2026, above its competitors' combined revenue growth of 4.71 %.
With a net margin of 3.95 %, Elanco Animal Health Incorporated achieved higher profitability than its competitors (-1.70 %).
Elanco Animal Health Incorporated generated 5.25 % of the combined sales of its peer group, up from 5.00 % a year earlier.
Elanco Animal Health Incorporated vs. its Competitors, Q2 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Elanco Animal Health Incorporated and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Elanco Animal Health Incorporated | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (3) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (8) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Elanco Animal Health Incorporated's competitor groups requires a Commercial License.
For context: the Major Pharmaceutical Preparations industry grew revenue 7.2% year over year, combined, vs 10.2% for Elanco Animal Health Incorporated. Elanco Animal Health Incorporated's share of combined industry revenue moved from 0.17% to 0.18%, a gain of 0.00 percentage points.
Elanco Animal Health Incorporated's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Elanco Animal Health Incorporated | No | Yes | Yes | - |
| Competitors combined (9) | ||||
| High-Confidence Competitors (4) | ||||
| Similar-Size Competitors (10) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
ELAN Stock Performance relative to its Competitors
ELAN Stock Performance relative to High-Confidence Competitors
ELAN Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Neogen Corporation | 282.9% | Outperformed |
| 2 | Merck and Co Inc | 282.9% | Outperformed |
| 3 | Viatris Inc | 282.9% | Outperformed |
| 4 | Immucell Corporation | 282.9% | Outperformed |
| 5 | Zomedica Corp | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Elanco Animal Health Incorporated's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Elanco Animal Health Incorporated's Comment on Competition and Industry Peers
Publicly Traded Peers of Elanco Animal Health Incorporated
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Elanco Animal Health Incorporated | 11,357.46 | 5,020.00 |
| Merck and Co Inc | 367,264.30 | 66,569.00 |
| Idexx Laboratories Inc | 41,960.81 | 4,553.79 |
| Zoetis Inc | 29,836.31 | 9,517.00 |
| Viatris Inc | 21,253.49 | 14,737.30 |
| Neogen Corporation | 2,984.10 | 870.19 |
| SUBTOTAL | 476,314.07 | 102,851.00 |
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Sources: Elanco Animal Health Incorporated's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Elanco Animal Health Incorporated versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Elanco Animal Health Incorporated's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Zoetis Inc. | Named by the company | 85% |
| Bayer Animal Health | Named by the company | 85% |
| DowDuPont, Inc. | Named by the company | 85% |
| Petvivo Holdings Inc | Named by the company | 85% |
| Boehringer Ingelheim Vetmedica, Inc. | Named by the company | 85% |
| Merck & Co., Inc. | Named by the company | 85% |
| Boehringer Ingelheim Animal Health GmbH | Named by the company | 85% |
| DSM Nutritional Products AG | Named by the company | 85% |
| Zivo Bioscience Inc | Named by the company | 85% |
| Danisco Animal Nutrition | Named by the company | 85% |
| Boehringer Ingelheim GmbH | Named by the company | 85% |
| E.I. du Pont de Nemours and Company | Named by the company | 85% |
| Immucell Corporation | Named by the company | 85% |
| Medicines Co | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Elanco Animal Health Incorporated's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Elanco Animal Health Incorporated's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Elanco Animal Health Incorporated | Reportable 100.00 % |
| Merck and Co Inc | Pharmaceutical segment 88.88 % |
| Idexx Laboratories Inc | Companion Animal Group 91.92 % |
| Zoetis Inc | International 50.80 % |
| Viatris Inc | Developed Markets 57.61 % |
| Neogen Corporation | Food Safety 74.27 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Elanco Animal Health Incorporated's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Elanco Animal Health Incorporated | 11,357 | 507,071 | -20,101 |
| Merck and Co Inc | 367,264 | 887,587 | 42,267 |
| Idexx Laboratories Inc | 41,961 | 413,981 | 103,605 |
| Zoetis Inc | 29,836 | 656,345 | 180,414 |
| Viatris Inc | 21,253 | 491,243 | -13,690 |
| Neogen Corporation | 2,984 | 330,118 | -2,997 |
| PEERS TOTAL | 464,957 | 719,467 | 48,382 |
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Elanco Animal Health Incorporated's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Elanco Animal Health Incorporated | Non-US 55.87 % |
| Merck and Co Inc | EMEA 23.60 % |
| Idexx Laboratories Inc | United States 63.54 % |
| Neogen Corporation | Non Us 51.61 % |
| Phibro Animal Health Corporation | US 60.83 % |
| Zomedica Corp | US 87.02 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
Elanco Animal Health Incorporated's Position in Industry Market Structure
Market-capitalization share and concentration across all 498 companies in Elanco Animal Health Incorporated's industry classification, broader than the peer set above. Market cap in millions of $.Elanco Animal Health Incorporated ranks #36 of 498 companies by market capitalization in its industry, holding 0.21 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 823, indicating a unconcentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Eli Lilly And Company | 1,058,838 | 19.26 % |
| 2 | Johnson and Johnson | 663,585 | 12.07 % |
| 3 | Beone Medicines Ltd | 552,468 | 10.05 % |
| 4 | Abbvie Inc | 471,582 | 8.58 % |
| 5 | Merck and Co Inc | 1,234 | 5.2% |
| 6 | Novartis Ag | 1,234 | 5.2% |
| 7 | Abbott Laboratories | 1,234 | 5.2% |
| 8 | Novo Nordisk A | 1,234 | 5.2% |
| 9 | Pfizer Inc | 1,234 | 5.2% |
| 10 | Vertex Pharmaceuticals Inc | 1,234 | 5.2% |
| 36 | Elanco Animal Health Incorporated | 11,357 | 0.21 % |
Market cap and industry share for the rest of Elanco Animal Health Incorporated's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
Elanco Animal Health Incorporated's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 31 | Corcept Therapeutics Inc | 13,689 | 39.33 % |
| 32 | Bridgebio Pharma Inc | 13,041 | 32.85 % |
| 33 | Hutchmed china Limited | 12,334 | -10.64 % |
| 34 | Summit Therapeutics Inc | 12,046 | -24.16 % |
| 35 | Biomarin Pharmaceutical Inc | 1,234 | 12.3% |
| 36 | Elanco Animal Health Incorporated | 11,357 | 17.10 % |
| 37 | Dr Reddy s Laboratories Limited | 1,234 | 12.3% |
| 38 | Protagonist Therapeutics inc | 1,234 | 12.3% |
| 39 | Axsome Therapeutics Inc | 1,234 | 12.3% |
| 40 | Arrowhead Pharmaceuticals Inc | 1,234 | 12.3% |
| 41 | Tg Therapeutics Inc | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of Elanco Animal Health Incorporated's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
Elanco Animal Health Incorporated's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Major Pharmaceutical Preparations industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (341 companies). See the full Major Pharmaceutical Preparations industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 55.36 % | 64.89 % (avg) | -9.5 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | 16.02 % | -7.21 % (avg) | +23.2 pp |
| Capital Intensity (Capex / Revenue) | 4.74 % | 4.92 % (avg) | -0.2 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Elanco Animal Health Incorporated's Valuation vs Competitive Position
Valuation multiples vs the Major Pharmaceutical Preparations industry average (341 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Major Pharmaceutical Preparations industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 25.1x | - |
| EV / EBITDA | 20.6x | 17.3x | +3.4x |
| P/B | 1.8x | 4.5x | -2.6x |
| Return on Equity | -3.02 % | industry aggregate | -20.27 % |
| Return on Invested Capital | - | -2.95 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Elanco Animal Health Incorporated's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2019 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Revenue Growth | - | 63.15 % | -7.43 % | 0.14 % | 0.50 % | 6.22 % |
| Operating Margin | 6.01 % | -6.84 % | 4.56 % | -19.09 % | 11.40 % | -4.35 % |
| Return on Invested Capital | 1.36 % | -1.43 % | 0.94 % | -4.10 % | 2.77 % | -1.06 % |
| P/E | 145.8x | - | - | - | 18.6x | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Elanco Animal Health Incorporated's BCG Growth-Share Matrix
Relative market share (vs Elanco Animal Health Incorporated's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
Elanco Animal Health Incorporated falls in the Dog quadrant: relative market share of 0.01x vs its largest competitor, in an industry growing revenue 8.0% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution.
Elanco Animal Health Incorporated's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | High | Industry HHI of 823 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | Moderate, in line with the industry | Capital intensity (capex / revenue) of 4.74 % vs industry average 4.92 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Elanco Animal Health Incorporated's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Elanco Animal Health Incorporated's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Elanco Animal Health Incorporated's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Elanco Animal Health Incorporated falls in the Low attractiveness / Medium strength cell: Harvest.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Elanco Animal Health Incorporated's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+9.0% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
- Return on equity 20.3 points below the industry aggregate.
- Low relative market share vs the industry leader (0.01x).
Opportunities
No rule matched.
Threats
No rule matched.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Elanco Animal Health Incorporated's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Elanco Animal Health Incorporated | 0.31 | 2.18 | 0.75 |
| Merck and Co Inc | 0.40 | 1.46 | 1.01 |
| Idexx Laboratories Inc | 0.16 | 1.17 | 0.30 |
| Zoetis Inc | 0.68 | 3.23 | 2.25 |
| Viatris Inc | 0.18 | 1.47 | 0.96 |
| Neogen Corporation | 0.97 | 3.65 | 0.49 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Elanco Animal Health Incorporated's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Elanco Animal Health Incorporated | Q2 2026 | +10.2 % | +390.9 % |
| Merck and Co Inc | Q2 2026 | +5.1 % | - |
| Idexx Laboratories Inc | Q2 2026 | +9.7 % | +15.1 % |
| Zoetis Inc | Q2 2026 | +0.3 % | -4.8 % |
| Viatris Inc | Q2 2026 | +4.9 % | - |
| Neogen Corporation | Q2 2026 | -0.6 % | - |
| PEERS TOTAL | +5.0 % | - |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Elanco Animal Health Incorporated's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Elanco Animal Health Incorporated | Q2 2026 | +8.0 % | -42.1 % |
| Merck and Co Inc | Q2 2026 | +23.6 % | +16.9 % |
| Idexx Laboratories Inc | Q2 2026 | +5.7 % | -22.2 % |
| Zoetis Inc | Q2 2026 | +1.4 % | -21.5 % |
| Viatris Inc | Q2 2026 | +2.3 % | -0.2 % |
| Neogen Corporation | Q2 2026 | -12.3 % | -75.2 % |
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Elanco Animal Health Incorporated's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Elanco Animal Health Incorporated | - | - | - |
| Merck and Co Inc | 2.42% | 3.24% | 6.59% |
| Idexx Laboratories Inc | 33.61% | 51.80% | 71.96% |
| Zoetis Inc | 17.19% | 19.44% | 68.87% |
| Viatris Inc | - | - | - |
| Neogen Corporation | - | - | - |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Elanco Animal Health Incorporated's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Elanco Animal Health Incorporated | - | 2.26 |
| Merck and Co Inc | 119.91 | 5.52 |
| Idexx Laboratories Inc | 37.26 | 9.21 |
| Zoetis Inc | 11.67 | 3.14 |
| Viatris Inc | - | 1.44 |
| Neogen Corporation | - | 3.43 |
| PEERS AVERAGE | 74.66 | 4.63 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.