Elanco Animal Health makes and sells medicines, vaccines, and nutritional products for pets and farm animals. Pet Health (~53% of revenue) is anchored by parasiticides — products protecting dogs and cats from fleas, ticks, heartworms, and intestinal parasites. Key pet health brands include Seresto and the Advantage Family (OTC collars sold through retail and vet clinics), Credelio Quattro (a prescription oral chewable combining broad-spectrum parasite protection in one monthly dose), Zenrelia (a JAK inhibitor for canine allergic skin disease), and Galliprant (for osteoarthritis pain in dogs). Farm Animal (~47% of revenue) focuses on cattle, poultry, swine, and sheep, with key products including Rumensin and Experior (cattle feed additives) and Maxiban/Monteban (poultry feed additives). Elanco sells through veterinary distributors, directly to vet clinics, through retail and e-commerce, and directly to farm animal producers. Elanco's revenue is primarily volume-driven, with price as a secondary lever. Newer, higher-margin products — including Credelio Quattro, Zenrelia, Experior, and Bovaer (a methane-reducing feed additive) — form a growing "innovation basket" that Elanco expects to lift overall margins over time. Growth strategy centers on innovation launches, portfolio optimization, and a cost efficiency program (Elanco Ascend) targeting G&A and manufacturing improvements. Capital allocation is currently focused on debt reduction, with net leverage around 3.7x as of Q3 FY2025.