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Delivered 10% organic constant currency revenue growth, outperforming guidance across revenue, adjusted EBITDA, and adjusted EPS through a combination of price and volume gains.

Zenrelia achieved blockbuster status on a trailing four-quarter basis, with U.S. vet clinic sell-in for March exceeding any previous month by 30%.

U.S. Farm Animal revenue grew 15%, benefiting from a 'protein revolution' and favorable producer economics in cattle and poultry despite lower herd counts.

Credelio Quattro captured significant market share, reaching 53% of broad spectrum dispensing sales within the 40% of U.S. clinics that currently carry the product.

The omnichannel strategy drove high single-digit consumption growth in U.S. retail, supported by new distribution partnerships with Costco and Dollar General.

Management attributed the strong quarter to a 'no regrets' launch approach for the Big 6 innovation portfolio, which is now expected to reach $1.2 billion in 2026 revenue.

International Pet Health grew 9%, led by Zenrelia's rapid share capture in Brazil (over 50% JAK market share) and Japan (over 35%).

Raised full-year organic constant currency growth guidance to 5% to 7%, reflecting confidence in innovation trajectories and a stable base business.

Expects U.S. Pet Health to accelerate to high single-digit or low double-digit growth in the second half of 2026 as new products gain further share.

Full-year guidance conservatively assumes no incremental change to the Zenrelia U.S. label, treating potential FDA improvements as pure upside for 2027.

Anticipates meaningful gross margin expansion in the second half of 2026 as inventory cost headwinds subside and high-margin pet health revenue scales.

Projecting end-of-year net leverage of 3.0x to 3.2x, with a clear path to falling below the 3.0x landmark in 2027.

International Farm Animal growth included a 1 percentage point total company benefit from accelerated customer shipments to the Middle East.

The FDA requested additional data for Zenrelia's U.S. label improvement; Elanco has initiated a new study with plans to submit results by year-end.

Manufacturing for Zenrelia has moved to 24/7 operations to meet sharply rising global demand ahead of the peak allergy season.

The AHV International acquisition closed on April 30, intended to expand Elanco's share of voice and innovation platform in the dairy segment.

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Management cited the official launch of Befrena this quarter and the continued ramp of corporate account contracts as primary drivers.

Confidence is bolstered by March and April trajectory changes that showed a sharp recovery from weather-related softness in January and February.

Management noted that while beef herd sizes are low, producers are profitable, and the shift toward protein consumption is driving durable demand in dairy and poultry.

The company expects Farm Animal growth to normalize toward long-term algorithms following the outsized 13% organic growth in Q1.

Elanco implemented its highest price increase in five years for U.S. vet clinics, indicating that the industry is successfully pricing to value.

Management observed that while prices are holding firm, there is an increased necessity for marketing spend to capture and maintain market share.

Debt paydown remains the top priority, but reaching sub-3.0x leverage in 2027 will provide flexibility for shareholder returns or disciplined bolt-on M&A.

Current M&A focus remains on small 'tuck-under' opportunities that do not derail the deleveraging timeline.

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