3. Business – Page 56

Scatec reaches financial close and starts construction of 130 MW solar power plant in Colombia – Scatec Group

Oslo/Bogotá, 24 February 2026: Scatec ASA, a leading renewable energy solutions provider, has reached financial close for the 130 MW “Barzalosa” solar plant in Colombia, and is starting construction.

The project has previously signed a 15-year Power Purchase Agreement (PPA) with BTG Pactual Comercializadora de Energía (BTG), a Colombian energy trading subsidiary of Banco BTG Pactual S.A. Brazil. The PPA will cover approximately 85% of the estimated production, with the remaining production to be sold in the Colombian electricity market. The PPA will be denominated in Colombian Pesos and inflation adjusted based on Colombia’s Producer Price Index.

“Financial close marks a key step in advancing the Barzalosa project in Colombia. With a robust financing structure and a long-term PPA in place with a strong offtaker, the project is well positioned for construction and delivery. We are pleased to support Colombia’s transition towards clean energy,” says Terje Pilskog, CEO of Scatec.

Scatec holds 65% of the equity in the project, which has been developed in partnership with Norfund who will provide the remaining equity. The total capital expenditure (capex) for the project is estimated at USD 121 million and will be financed by a combination of non-recourse debt and equity, with leverage of approximately 70%. The senior Lenders for the project are Bancolombia and Financiera de Desarrollo Nacional (FDN).

Scatec is the lead developer of the project and will be the designated Engineering, Procurement and Construction (EPC) provider with an EPC scope of approximately 70% of capex. Scatec will also provide Operations & Maintenance (O&M) and Asset Management (AM) services for the plant. The project is expected to reach Commercial Operation Date (COD) in the first half of 2027.

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February 24, 2026
‘A feedback loop with no brake’: how an AI doomsday report shook US markets | AI (artificial intelligence)
1. AI agents remove all ‘friction’ in the economy

The scenario begins with AI agents undergoing a “jump in capability”. This has already happened. Citrini refers to Anthropic’s Claude Code and OpenAI’s Codex, both of which have wowed users with their performance in recent months.

The agents dent software-as-a-service companies such as Monday.com, Zapier and Asana, because they offer businesses a cheaper way to do in-house tasks , for example, managing databases and organising workflows. This forces businesses such as Oracle that rely on long-term contracts with customers into “a race to the bottom” on pricing.

Meanwhile the AI agents wreak havoc elsewhere. The scenario imagines every consumer deciding to use their own personal agent to transact and conduct business. This completely sidelines companies that monetise “friction” in the economy, such as travel and estate agencies that operate as middlemen in processes such as booking holidays or buying property.

Instead of using DoorDash, developers – and civilians – code up their own food delivery apps, all of which compete, fragment the market, and destroy the margins of legacy businesses. Business for Uber and other ride-sharing apps also evaporates. Instead of using Visa and Mastercard, AI agents decide to do all business in cryptocurrency, because transaction costs are cheaper. This guts traditional payment providers.

To Citrini, this is a logical endpoint for tireless AI agents that have the time and capability to optimise everything. “Habitual app loyalty, the entire basis of the business model, simply didn’t exist for a machine,” it writes.

In the real world, Uber, DoorDash, Mastercard and American Express shares have all fallen this week on the back of this scenario.

An Uber cab in Manhattan, New York City. Photograph: Andrew Kelly/Reuters
2. Mass white-collar unemployment

Traditional narratives about progress envision the latest technologies creating new jobs as they destroy others. Not so with AI.

“AI is now a general intelligence that improves at the very tasks humans would redeploy to. Displaced coders cannot simply move to “AI management” because AI is already capable of that,” Citrini writes.

Instead, white-collar workers redeploy en masse into unstable, gig-economy jobs – the writers describe a hypothetical friend of theirs laid off from Salesforce driving for Uber. This in turn suppresses wages in the sector. The layoffs meanwhile drive down consumer spending. Companies, suffering from weakening demand, decide to invest not in workers but in more AI.

This is “a feedback loop with no natural brake”, Citrini writes. The consequences are far-reaching when the wallets of the 10% of US workers who account for 50% of consumer spending suddenly snap shut.
3. Ripples out into the broader economy

The scenario imagines that job losses and the evisceration of software companies will ripple out into broader markets in two ways: through defaults in private credit and a mortgage crisis.

Private credit firms, or lenders that are not banks, have been involved in restructuring a number of software businesses in recent years, taking out loans based on those businesses’ predicted annual revenue far into the future. The example Citrini gives is how Hellman & Friedman and Permira, an asset manager, took Zendesk, a software company, private in 2022 for $10.2bn (£7.6bn). The acquisition included a loan structured around the assumption that Zendesk’s revenue would be stable.

After AI agents, that assumption is no longer holds.

This leads to “the largest private credit software default” in history. It should be contained to software, writes Citrini, but it isn’t, because the capital on the balance sheets of the asset managers includes life insurance policies and “the savings of American households”.

Regulators downgrade this software debt, which contributes to a 2027 crash.

Meanwhile, there is a mortgage crisis. White-collar workers no longer have white-collar jobs and are unable make repayments on their home loans. “People borrowed against a future they can no longer believe in,” writes Citrini.
4. Downward spirals

All this makes the negative feedback loop worse.

The first-order spiral is companies laying off workers, which weakens demand and consumer spending, which in turn leads companies to invest in more AI and lay off more workers.

The second-order spiral is that the private credit turmoil and mortgage concerns mean that markets tighten, consumer confidence is shaken, there are more layoffs and more mortgage impairment. “Each reinforces the other,” writes Citrini.

No financial policy tools exist to address this, because the crisis that is happening in the real economy – job losses and suppressed wages and spending – is not a result of tight financial conditions that central banks can address, but of investment in AI, which makes “human intelligence less scarce and less valuable”.

The upshot is a crash in late 2027, driven by the mortgage markets. It wipes out 57% of the S&P.
5. Occupy Silicon Valley and Ghost GDP

Protesters take part in an Occupy Wall Street rally near the New York Stock Exchange in November 2011. Photograph: Justin Lane/EPA

Citrini imagines the crash will throw governments into a crisis they will be unable to manage.

“The system wasn’t designed for a crisis like this. The federal government’s revenue base is essentially a tax on human time. People work, firms pay them, the government takes a cut,” it writes.

“The government needs to transfer more money to households at precisely the moment it is collecting less money from them in taxes.”

AI companies, however, are doing well. The big-tech players who build and sell AI models are making fabulous sums. Because their companies make up a large share of the markets, the economy looks great on paper.

Citrini has a term for this: ghost GDP, that is “output that shows up in the national accounts but never circulates through the real economy”.

The social fabric frays and a movement styled after Occupy Wall Street blockades the offices of AI firms for weeks on end.

Citrini’s scenario ends with a caution: “This is the first time in history the most productive asset in the economy has produced fewer, not more, jobs. Nobody’s framework fits, because none were designed for a world where the scarce input became abundant. So we have to make new frameworks. Whether we build them in time is the only question that matters.”

The impact of the Citrini scenario has startled some commentators, including experts who say AI tools are not yet capable of enacting it. Stephen Innes, a managing partner at SPI Asset Management, says AI thought pieces have become market movers.

“We have watched this market absorb wars, sticky inflation, banking tremors and tariff theatrics with a shrug, yet a widely circulated Substack thought piece is enough to knock it sideways,” he said.

Fresenius Medical Care published Report on Form 20-F for fiscal year 2025

Bad Homburg (February 24, 2026) – Fresenius Medical Care (FME), the world’s leading provider of products and services for individuals with renal diseases, has filed the Annual Report 2025 on Form 20-F with the U.S. Securities and Exchange Commission (SEC). The report is available at FME’s website in the “Investors” section as well as on the SEC’s website.

A hard copy of FME’s Annual Report on Form 20-F, including the complete audited consolidated financial statements, may be obtained from the Company free of charge upon request to FME’s Investor Relations department by email at ir@freseniusmedicalcare.com.

About Fresenius Medical Care:
Fresenius Medical Care is the world’s leading provider of products and services for individuals with renal diseases of which around 4.5 million patients worldwide regularly undergo dialysis treatment. Through its network of 3,601 dialysis clinics, Fresenius Medical Care provides dialysis treatments for approx. 292,000 patients around the globe. Fresenius Medical Care is also the leading provider of dialysis products such as dialysis machines or dialyzers. Fresenius Medical Care is listed on the Frankfurt Stock Exchange (FME) and on the New York Stock Exchange (FMS).

Disclaimer:
This release contains forward-looking statements that are subject to various risks and uncertainties. Actual results could differ materially from those described in these forward-looking statements due to various risk factors and uncertainties, including, but not limited to, changes in business, economic or competitive conditions, changes in reimbursement, regulatory compliance issues, regulatory reforms, results of clinical studies, foreign exchange rate and interest rate fluctuations, uncertainties in litigation or investigative proceedings, cyber security issues and the availability of financing. These and other risks and uncertainties are detailed in Fresenius Medical Care’s reports filed with the U.S. Securities and Exchange Commission. Fresenius Medical Care does not undertake any responsibility to update the forward-looking statements in this release.

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February 24, 2026

Data Center Power Demands Are Contributing to Higher Energy Bills | Article

Key Takeaways:

As data centers expand nationwide, utilities are receiving hundreds of gigawatts in interconnection requests, necessitating significant infrastructure investments.
Natural gas power plants are being built and existing coal power plants are being propped up to meet the surging demand from data centers.
Electricity bills are spiking for many households, contributing to an affordability crisis, particularly for the most vulnerable communities.

As data centers expand nationwide, utilities are receiving hundreds of gigawatts in interconnection requests, with implications for the power grid and consumers. Dozens of utilities received data center requests for at least 700 gigawatts (GW) of power connection development in 2025, which is more than the 477 GW in electricity that the United States consumed in all of 2023. Even though many of these projects will never be built, the requests are still leading to a ramp-up in energy infrastructure investments, including generation facilities, transmission lines, and transformers.

Utilities make decisions about building or purchasing new power in a complicated ecosystem of independent system operators (ISOs), state energy regulators, and local regulations. Electric utilities are the first to receive load-interconnection applications (or applications to connect to the grid) for proposed data centers within their service territories. Regulated investor-owned utilities are obligated to serve interconnection requests within their service territory, as set out in the “obligation to serve” or “duty to serve” legal principle. All types of utilities—regulated and non-regulated—must balance these power requests against current generation capacity, future demand projections, and reliability concerns. State energy regulatory entities (i.e., public utility commissions) approve requests from regulated utilities to increase energy rates to cover upfront investments in building new power plants, transmission lines, and related infrastructure, such as transformers. Non-regulated utilities can adjust their rates without seeking approval.

An Affordability Crisis Is Brewing

To cover the investments needed to accommodate the surge in interconnection requests, many utilities are passing on the costs to their consumers through higher monthly utility bills. Utilities requested more than $29 billion in rate increases in the first half of 2025, double the amount requested in the first half of 2024. Electric rate increases were expected to affect 40 million customers nationwide last year. This is in addition to the rate increases granted by state energy commissions over the previous couple of years.

Before 2019, electricity prices had been flat at around 13 cents per kilowatt-hour (kWh) for more than a decade—in part thanks to energy efficiency policies that reduced energy consumption as the overall domestic economy grew. By the end of 2025, however, average electricity prices in the United States increased to 19 cents per kWh, about 27% more than in 2019. In states with a high concentration of data centers like Virginia, electricity prices have increased by up to 267% over the last five years. Such spikes are due to utilities needing to quickly deploy infrastructure, such as power lines and transformers, and pay extra for market-rate energy.

Electricity prices are not expected to decrease anytime soon. According to the U.S. Energy Information Administration, residential electricity prices rose by 11.5% in 2025, outpacing inflation. Looking further ahead, prices are expected to increase by up to 40% by 2030 compared to 2025.

Data Centers and Fossil Fuels

This article is part of a series, The Environmental Impacts of Data Centers. A previous article in this series discussed how utilities are responding to increased energy demand from data centers by building new natural gas power plants and reviving old coal plants, leading to higher carbon emissions and health impacts on nearby communities.

The Cost of Reviving Coal

Some coal plant retirements are being delayed to meet the increased demand from data centers, often at the behest of the Trump Administration. But these delays can be costly because most facilities were built in the 1970s and 1980s and have reached the end of their typical 40-year lifespan. Refurbishing a coal power plant to extend its lifespan past the typical 40 years can cost up to $1.3 billion. Moreover, the cost of operating these plants increased by 28% from 2021 to 2024 due to higher fuel, capital (including debt service), and maintenance costs. These higher costs are passed on to consumers. In addition to being expensive to run, coal plants also have negative health and environmental impacts, especially on local communities.

Gridlock on the Natural Gas Buildout

Utilities faced with higher electricity demand are also looking into building new natural gas plants. But because so many utilities are exploring new plants at once, the average time to construct a new plant has increased from four and a half years to at least six, and wait times for gas-fired turbines can reach up to seven years. As a consequence, currently-proposed natural gas power plants will not enter service until at least 2030.

These delays are creating ripple effects across the energy supply chain and the labor market. The scarcity of transformers and iron and steel pipes is slowing down the already lengthy permitting and construction process, thereby further increasing costs. Labor costs are also rising due to a tight labor market in construction.

All of these factors add up: the cost to build a new plant has tripled since 2022. Natural gas plants expected to enter service in 2030 or later are reporting costs of $2,000 per kW, which may soon rise to $3,000. These higher generation costs are passed on to consumers through higher monthly energy bills.

Disadvantaged Communities Are Footing the Bill

Higher energy bills disproportionately affect disadvantaged communities, which often face significant energy burdens. Low-income residents, renters, Black households, and Hispanic households spend up to 20% of their income on energy, compared to 3% for higher-income households. Even before the data center boom, one in four households reported having difficulty paying their energy bills or maintaining safe indoor temperatures because of energy costs.

Soaring energy bills exacerbate insecurity for low-income households and renters. Utility bills go unpaid as families struggle to afford other essentials, such as food or medicine, leading to disconnections. About 21 million households—one in six in the United States—are behind on their utility bills. Total outstanding utility bill debt for U.S. households reached $25 billion in June 2025, an increase from about $15 billion in early 2022. As a result, utility shut-offs skyrocketed to 3.5 million in 2024 and may have reached 4 million in 2025, putting further strain on disadvantaged households.

To protect residential and small-business consumers from higher energy charges, utilities and state regulatory agencies across the country are starting to create separate, specialized rate classes and retail tariffs for large-load uses, including data centers. In the meantime, energy efficiency measures can help families shield themselves from rising energy costs while utilities and regulators determine how to meet increased energy demand without penalizing residential customers. On-bill financing is one innovative solution that helps households access energy efficiency upgrades at lower cost, especially in rural areas served by member-owned electric cooperatives.

Author: Miguel Yañez-Barnuevo

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February 24, 2026

What’s happening at Aston Martin as their new 2026 chapter gets off to a challenging start?

When Lawrence Stroll rebranded his Racing Point team Aston Martin in 2021 – and launched their new era with a star-studded cast that included James Bond lead Daniel Craig and NFL legend Tom Brady – it gave a flavour of what was to come. Stroll wanted to become the best in Formula 1 and he was prepared to do whatever it took to achieve that goal.

The five campaigns that followed that launch have been challenging to say the least. While they have shown glimmers of potential, reaching the podium nine times – plus almost winning the Monaco Grand Prix in 2023 – becoming one of the consistent frontrunners has so far alluded them.

To be fair to Stroll, he has done a lot to make this project a success. The Canadian has built a state-of-the-art factory on the grounds where Eddie Jordan ran his Grand Prix team at Silverstone and spent millions on a class-leading wind tunnel and driver simulator.

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February 24, 2026

US Consumer Confidence Inched Up in February

Confidence edged higher but remained well below heights reached in late 2024

NEW YORK, Feb. 24, 2026 /PRNewswire/ — The Conference Board Consumer Confidence Index® increased by 2.2 points in February to 91.2 (1985=100), from an upwardly revised 89.0 in January. The Present Situation Index—based on consumers’ assessment of current business and labor market conditions—decreased by 1.8 points to 120.0 in February. The Expectations Index—based on consumers’ short-term outlook for income, business, and labor market conditions—rose by 4.8 points to 72.0. The cutoff for preliminary results was February 17, 2026.

“Confidence ticked up in February after falling in January, as consumers’ pessimistic expectations for the future eased somewhat,” said Dana M Peterson, Chief Economist, The Conference Board. “Four of five components of the Index firmed. Nonetheless, the measure remained well below the four-year peak achieved in November 2024 (112.8).”

The Present Situation Index continued to decline, as net views on current business conditions fell to +0.7%. Perceptions of employment conditions improved slightly, with the labor market differential—the share of consumers saying jobs are “plentiful” minus the share saying jobs are “hard to get”—rising 0.6 ppts to +7.4%. All three Expectations Index components advanced slightly in February: expectations for business and labor market conditions six months from now were less negative, while expectations for incomes were more positive.

Among demographic groups, confidence on a six-month moving average basis ticked upward in February for consumers under age 35, which continued to be the most optimistic group. Confidence edged down for respondents 35 and older. Relatedly, on a six-month moving average basis, confidence among Generation Z rose, consistent with soundings from the under-age 35 group, but fell among other generations. By income, confidence on a six-month moving average basis continued to dip for most brackets. Consumer confidence by political affiliation revived among Republican and Independent voters in February after a dip in January, while Democrats were less optimistic.

Peterson added: “Consumers’ write-in responses on factors affecting the economy continued to skew towards pessimism. Comments about prices, inflation, and the cost of goods remained at the top of consumer’s minds. Mentions of trade and politics also increased in February. Labor market mentions eased a bit in February, while observations about immigration increased somewhat.”

Consumers’ average and median 12-month inflation expectations were little changed but remained elevated. Consumers also believed that interest rates will persist at higher levels over the next 12 months. Most consumers in February continued to expect stock prices to be higher twelve months from now, although the share was slightly smaller than last month.

On net, consumers’ views of their Family’s Current Financial Situation retreated in February, after an unexpected surge in January, based on final data. Expectations for their Family’s Future Financial Situation continued to be less optimistic. Meanwhile, the share of consumers who said a US recession over the next 12 months is “very likely” fell, while those saying “not likely” rose. Respondents who said recession is “somewhat likely” over the next year increased somewhat, and the percent believing we are “already in one” dipped. (These measures are not included in calculating the Consumer Confidence Index^®).

Consumers’ plans to buy big-ticket items over the next six months rose in February. Those who said “yes” and “maybe” to buying big-ticket items ahead increased, while the number of those saying “no” declined. Used cars, furniture, TVs, and smartphones remained the most popular items within their categories for future purchases.

Buying plans for autos rose on a six-month moving average basis, continuing its uptrend in recent months. Consumers continued to prefer buying used cars. The share of consumers planning to buy a new car was unchanged. Homebuying expectations were little changed in February but continued to retreat on a six-month basis. Still, the share was above levels one year ago.

Plans to purchase furniture, TVs, dishwashers, and ranges on a six-month moving average basis ticked up, while buying plans for refrigerators and washing machines edged down. Plans to buy electronics were little changed in February, except for smartphones, which continued to trend upward on a six-month moving average basis.

Consumers’ planned spending on services over the next six months softened somewhat in February but remained healthy. The share who said “yes” fell, while those who said “maybe” and “no” increased. Consumer spending trends in 2026 remain focused on cheap thrills and necessary services, and away from expensive and highly discretionary activities.

Among services categories, anticipated spending over the next six months on utilities, pet care, and gambling/lotto services increased, but most other categories dipped or were unchanged. Restaurants, bars, and take-out remained the top category for expected spending ahead and edged 0.1% higher in February. While streaming, internet, mobile services; beauty and personal care; and hotel/motel for personal travel remained among the top five categories, intentions for each of them eased. Overall vacation plans over the next six months dipped in February, with small declines in both domestic and international travel. Expected spending on airfare, trains for personal travel was unchanged.

Present Situation
Consumers’ views of current business conditions deteriorated on net in February.

19.7% of consumers said business conditions were “good,” a small uptick from 19.6% in January.
19.0% said business conditions were “bad,” up from 17.3%.

On net, consumers’ views of the labor market improved slightly in February.

28.0% of consumers said jobs were “plentiful,” up from 25.8% in January.
20.6% of consumers said jobs were “hard to get,” up from 19.0%.

Expectations Six Months Hence
Consumers were less pessimistic about future business conditions in February.

17.6% of consumers expected business conditions to improve, up from 16.5% in January.
21.0% expected business conditions to worsen, down from 23.7%.

Consumers were also less negative about the labor market outlook in February.

15.7% of consumers expected more jobs to be available, up from 14.8% in January.
26.1% anticipated fewer jobs, down from 28.7%.

Consumers’ outlook for their income prospects was slightly more optimistic in February.

17.3% of consumers expected their incomes to increase, up slightly from 17.2% in January.
12.3% expected their incomes to decline, down from 12.7%.

The monthly Consumer Confidence Survey®, based on an online sample, is conducted for The Conference Board by Toluna, a technology company that delivers real-time consumer insights and market research through its innovative technology, expertise, and panel of over 36 million consumers. The cutoff date for the preliminary results was February 17.

Source: February 2026 Consumer Confidence Survey^®The Conference Board

The Conference Board publishes the Consumer Confidence Index^® at 10 a.m. ET on the last Tuesday of every month. Subscription information and the technical notes to this series are available on The Conference Board website: https://www.conference-board.org/data/consumerdata.cfm.

About The Conference Board
The Conference Board is the member-driven think tank that delivers Trusted Insights for What’s Ahead®. Founded in 1916, we are a non-partisan, not-for-profit entity holding 501 (c) (3) tax-exempt status in the United States. TCB.org

SOURCE The Conference Board

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February 24, 2026

One Million Professionals Turn to CoCounsel as Thomson Reuters Scales AI for Regulated Industries

Built for Regulated Work

CoCounsel’s adoption reflects design decisions tailored to professional environments:

Licensed, authoritative content. Outputs are grounded in editorially enhanced legal and tax sources, not scraped public data.

Expert validation. Domain specialists shape workflow logic and quality standards in areas where errors carry consequences.

Workflow integration. CoCounsel operates inside research, drafting, and compliance platforms enabling task execution within established professional systems.

Data boundaries by design. Thomson Reuters does not repurpose customer inputs to train third-party models or generate outputs for other users.

Multi-model architecture with governance. Thomson Reuters works with leading frontier models, including Anthropic’s Claude, OpenAI’s GPT and Google’s Gemini, alongside proprietary AI technology and structured datasets to maintain performance control and system-level oversight.

From Tool to Execution Layer

In legal, tax, audit, and compliance workflows, AI must retrieve relevant authority, analyze structured and unstructured information, apply jurisdictional rules, and generate outputs that stand under review. That requires vertically integrated systems.

CoCounsel functions as an execution layer embedded within professional platforms, combining foundation models, proprietary AI engineering, proprietary content, and domain expertise to complete multi-step workflows end to end.

The next generation of CoCounsel Legal, entering beta soon, is designed around conversational task execution. Soon, legal professionals within law firms and corporations, will be able to describe an objective as they would brief a colleague. CoCounsel will build a plan, retrieve authority from Westlaw and Practical Law, search relevant user documents and precedent, analyze the material, verify that citations remain in good law, and deliver structured work product within a single system. Additional next-generation capabilities within CoCounsel Tax and ONESOURCE+ are planned for later in 2026.

As AI becomes embedded in professional systems, the defining question is not how quickly it can produce text, but whether it can support work that carries legal or financial consequences.

With one million professionals relying on CoCounsel, Thomson Reuters is not participating in the AI race. It is defining how AI operates in the world’s highest-stakes work.

About Thomson Reuters

Thomson Reuters (TSX/Nasdaq: TRI) informs the way forward by bringing together the trusted content and technology that people and organizations need to make the right decisions. The company serves professionals across legal, tax, audit, accounting, compliance, government, and media. Its products combine highly specialized software and insights to empower professionals with the data, intelligence, and solutions needed to make informed decisions, and to help institutions in their pursuit of justice, truth, and transparency. Reuters, part of Thomson Reuters, is a world-leading provider of trusted journalism and news.

For more information, visit thomsonreuters.com/cocounsel.

Media contact

Ali Hughes, Director, Technology and Innovation Communications

Ali.Hughes@tr.com

Notes to Editors

Product scope: CoCounsel is the AI technology underpinning generative and agentic capabilities across Thomson Reuters legal, tax, accounting, audit, risk, compliance, and corporate solutions.

Recent product update: Over the past year, Thomson Reuters has launched dozens of CoCounsel-powered capabilities across research, drafting, analysis, compliance, and workflow automation, including Deep Research and Ready to Review.

Model Strategy: Thomson Reuters works with leading model providers and is developing a proprietary large language model designed specifically for professional and regulated use cases.

Investment: Thomson Reuters continues to invest significant capital in AI development and acquisitions, reinforcing long-term commitment to professional-grade AI without raising external capital.

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February 24, 2026

Deepgram and IBM Introduce Advanced Voice Capabilities for Enterprise AI

Deepgram to be IBM’s first voice partner offering fast, reliable, and scalable transcription and speech technology

Feb 24, 2026

ARMONK, N.Y. and SAN FRANCISCO — February 24, 2026 — IBM (NYSE: IBM) and Deepgram today announced a collaboration to integrate Deepgram’s industry-leading speech-to-text and text-to-speech capabilities into IBM’s watsonx Orchestrate generative AI solution.

To address client needs for highly performant, enterprise-grade transcription and real-time captioning, IBM will embed Deepgram’s capabilities into watsonx Orchestrate. This collaboration makes Deepgram IBM’s first voice partner, bringing voice AI technology that helps enterprises automate their operations and meet the growing demand for conversational AI technology, including advanced speech-to-text voice recognition so users can interact with digital agents using natural speech.

Many organizations are adopting AI-powered speech-to-text systems to automate transcription while handling real-world audio conditions, including background noise, diverse accents, and real-life dialog. This integration addresses these challenges by offering a wider range of languages and dialects, including dozens of Arabic and Indian variants, along with voices that reflect regional accents. It also adds options for custom tuning, real-time captioning and natural-sounding speech.

These technologies open new possibilities for enhanced automated customer care and support, call analysis, and voice-driven data entry in fields like healthcare and finance.

“Voice is rapidly becoming the default interface between humans and technology, and enterprise deployments require a real-time platform that is accurate, low latency, and reliable at scale,” said Scott Stephenson, CEO and Co-Founder, Deepgram. “By embedding Deepgram inside watsonx Orchestrate Agent Builder, IBM clients can build voice agents and voice-enabled workflows on top of a real-time foundation that has been developed and refined over more than a decade.”

“Our watsonx Orchestrate integration powered by Deepgram APIs introduces new speech recognition and transcription capabilities to IBM clients, refining and modernizing their operations,” said Nick Holda, Vice President of AI Technology Partnerships at IBM. “This collaboration aims to help enterprise organizations accelerate their AI initiatives and reinforces IBM’s open ecosystem, bringing choice and cutting-edge voice technology to partners and customers.”

Voice interfaces are quickly becoming essential for enterprise AI, and this collaboration strengthens IBM’s role in delivering modern, flexible solutions to its clients. For Deepgram, it expands access to new customers through a trusted enterprise partner and reinforces its position as a reliable, real-time voice platform built for large-scale use.

About Deepgram

Deepgram is the real-time API platform underpinning the Voice AI economy. Its Voice AI platform offers speech-to-text (STT), text-to-speech (TTS), and full speech-to-speech (STS) capabilities–all powered by its enterprise-grade runtime. 200,000+ developers build with Deepgram’s voice-native foundational models – accessed through cloud APIs or as self-hosted / on-premises APIs – due to its unmatched accuracy, low latency, and pricing. Customers include technology ISVs building voice products or platforms, co-sell partners working with large enterprises, and enterprises solving internal use cases. Having processed over 50,000 years of audio and transcribed over 1 trillion words, there is no organization in the world that understands voice better than Deepgram. To learn more, please visit www.deepgram.com, read its developer docs, or follow @DeepgramAI on X and LinkedIn.

About IBM

IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Thousands of governments and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service.

Visit www.ibm.com for more information.

Statements regarding IBM’s future direction and intent are subject to change or withdrawal without notice, and represent goals and objectives only.

Media contact:

Erica White

IBM

Erica.White@ibm.com

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February 24, 2026

New real‑world data reinforce earlier use of Pluvicto™ before chemotherapy in metastatic castration-resistant prostate cancer

In the real-world, Pluvicto™ showed 13.5 months median PFS in chemo-naïve patients with PSMA-positive mCRPC
Real‑world evidence showed Pluvicto achieved longer PFS when initiated after one ARPI instead of multiple ARPIs
A separate analysis of treatment patterns in metastatic hormone-sensitive prostate cancer suggest significant opportunity for increased guideline adherence

Basel, February 24, 2026 – Novartis today announced multiple US real-world studies delivering new insights across metastatic prostate cancer care. The analyses utilize data from Novartis’ PRECISION platform to evaluate Pluvicto™ (lutetium (¹⁷⁷Lu) vipivotide tetraxetan) effectiveness and sequencing as well as real‑world treatment patterns in earlier metastatic disease. These studies will be presented at the ASCO Genitourinary Cancers Symposium on February 26, 2026.

Pluvicto shows real-world effectiveness in taxane-naïve mCRPC patients
Real-world use of Pluvicto resulted in a median progression-free survival (PFS) of 13.5 months (95% CI: 11.7 – 14.7 months) in men with metastatic castration-resistant prostate cancer (mCRPC) who had been treated with ≥1 androgen receptor pathway inhibitor (ARPI) and were taxane-naïve. Results showed chemo-naïve patients treated with Pluvicto after only 1 ARPI had longer median PFS (15.8 months; 95% CI: 11.7 – 18.6 months) than those who received Pluvicto after multiple ARPIs (12.7 months; 95% CI: 10.7 – 14.0 months⁾¹.

“This analysis validates what many of us have seen in the clinic – that lutetium Lu 177 vipivotide tetraxetan can achieve clinically relevant responses across a diverse set of patients and in various practice settings,” said Daniel George, Professor of Medicine and Surgery at Duke University School of Medicine. “These results show reassuring consistency with the PSMAfore pivotal trial and should strengthen clinicians’ confidence in using radioligand therapy for patients after one ARPI.”

Outcome	All patients (n=500)	1 ARPI (n=256)	>1 ARPI (n=244)
Median PFS	13.5 months (95% CI: 11.7 – 14.7 months)	15.8 months (95% CI: 11.7 – 18.6 months)	12.7 months (95% CI: 10.7 – 14.0 months)
PSA50	62.6%	61.4%	63.8%

PSA50 indicates ≥50% decline in prostate-specific antigen levels from baseline

The real-world findings are consistent with PSMAfore, which supported the approval of Pluvicto for patients with PSMA-positive mCRPC who have been treated with an ARPI and are considered appropriate to delay taxane-based chemotherapy. In PSMAfore, Pluvicto more than doubled median rPFS compared to a change in ARPI (11.6 months vs. 5.6 months) at an updated exploratory analysis². These findings should be considered within the context of varying study designs, patient populations, and endpoints across the analyzed cohorts*.

“Pluvicto is redefining the standard of care for metastatic prostate cancer. Novartis is committed to advancing the science of radioligand therapy through ongoing rigorous clinical development and real-world evidence generation,” said Liviu Niculescu, Chief Medical Officer, US at Novartis. “These real-world findings build on the evidence from our robust clinical trial program and contribute to a broader understanding of treatment outcomes observed in routine practice.”

Study assesses response with systemic therapies when used after Pluvicto
A second study showed that patients with mCRPC achieved meaningful clinical responses with systemic therapies after discontinuing Pluvicto (including taxane, ARPI, PARP inhibitor or other), most of whom had prior exposure to ARPI and chemotherapy².

Subsequent therapy			Median PFS
All (n=442)			8.6 months (95% CI: 7.2 – 10.1 months)
ARPI (n=176)			10.7 months (95% CI: 8.1 – 19.3 months)
Taxane (n=188)			7.2 months (95% CI: 5.9 – 9.4 months)

“With the emergence of new advanced therapies for metastatic prostate cancer, including radioligand therapies, optimizing the sequencing of systemic therapies has become increasingly important for clinicians,” said Dr. Xiao Wei at the Dana-Farber Cancer Institute. “These findings are reassuring, as they suggest that treatment with lutetium Lu 177 vipivotide tetraxetan does not preclude the effectiveness of subsequent therapies for appropriate patients.”

Analysis shows gaps in guideline-adherent care for mHSPC
Despite clear clinical guidelines recommending treatment intensification with androgen deprivation therapy (ADT) and ARPI for metastatic hormone-sensitive prostate cancer (mHSPC), a substantial proportion of men continue to receive ADT alone. In a large US real-world study, nearly four in ten (39.2%) men received ADT monotherapy while just over half (55.5%) received combination ADT+ARPI (n=43,415 patients treated between 2020 and 2025)⁵. While adoption of guideline‑recommended therapy is improving, these data underscore a significant remaining opportunity for patients to receive optimal care.

About the PRECISION data platform
PRECISION – the PRostatE Cancer dISease observatION platform – is a US real-world evidence platform developed by Novartis and urology and oncology experts. The platform harmonizes data from more than 56,500 patients with metastatic prostate cancer to generate RWE studies that inform clinical decisions and everyday care.

*Analysis of PFS in the PRECISION data platform included biochemical, radiographic and clinical assessments. In PSMAfore, the primary endpoint was rPFS defined as the time from randomization to radiographic disease progression (assessed by blinded independent central review) or death.

Disclaimer
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements can generally be identified by words such as “potential,” “can,” “will,” “plan,” “may,” “could,” “would,” “expect,” “anticipate,” “look forward,” “believe,” “committed,” “investigational,” “pipeline,” “launch,” or similar terms, or by express or implied discussions regarding potential marketing approvals, new indications or labeling for the investigational or approved products described in this press release, or regarding potential future revenues from such products. You should not place undue reliance on these statements. Such forward-looking statements are based on our current beliefs and expectations regarding future events, and are subject to significant known and unknown risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements. There can be no guarantee that the investigational or approved products described in this press release will be submitted or approved for sale or for any additional indications or labeling in any market, or at any particular time. Nor can there be any guarantee that such products will be commercially successful in the future. In particular, our expectations regarding such products could be affected by, among other things, the uncertainties inherent in research and development, including clinical trial results and additional analysis of existing clinical data; regulatory actions or delays or government regulation generally; global trends toward health care cost containment, including government, payor and general public pricing and reimbursement pressures and requirements for increased pricing transparency; our ability to obtain or maintain proprietary intellectual property protection; the particular prescribing preferences of physicians and patients; general political, economic and business conditions, including the effects of and efforts to mitigate pandemic diseases; safety, quality, data integrity or manufacturing issues; potential or actual data security and data privacy breaches, or disruptions of our information technology systems, and other risks and factors referred to in Novartis AG’s current Form 20-F on file with the US Securities and Exchange Commission. Novartis is providing the information in this press release as of this date and does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.

About Novartis
Novartis is an innovative medicines company. Every day, we work to reimagine medicine to improve and extend people’s lives so that patients, healthcare professionals and societies are empowered in the face of serious disease. Our medicines reach more than 300 million people worldwide.

Reimagine medicine with us: Visit us at https://www.novartis.com and connect with us on LinkedIn, Facebook, X/Twitter and Instagram.

References

George DJ, et al. Real‑world outcomes of [177Lu]Lu‑PSMA‑617 in taxane‑naïve patients with metastatic castration‑resistant prostate cancer (mCRPC): a PRECISION data platform analysis. Presented at ASCO Genitourinary Cancers Symposium, February 26, 2026.
Wei XX, et al. Real‑world effectiveness of systemic therapies after [177Lu]Lu‑PSMA‑617 treatment in patients with metastatic castration‑resistant prostate cancer (mCRPC): a PRostatE Cancer dISease observatION (PRECISION) data platform analysis. Presented at ASCO Genitourinary Cancers Symposium, February 26–28, 2026.
National Comprehensive Cancer Network^® (NCCN^®) Guidelines. NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines^®) – Prostate Cancer. https://www.nccn.org/professionals/physician_gls/pdf/prostate.pdf
George DJ, et al. Treatment utilization among patients with metastatic hormone‑sensitive prostate cancer (mHSPC) in real‑world US settings: a PRostatE Cancer dISease observatION (PRECISION) data platform analysis. Presented at ASCO Genitourinary Cancers Symposium, February 26–28, 2026.
Sartor O, et al. Clinical outcomes among patients with metastatic hormone‑sensitive prostate cancer (mHSPC) in contemporary real‑world US clinical practice: a PRostatE Cancer dISease observatION (PRECISION) data platform analysis. Presented at ASCO Genitourinary Cancers Symposium, February 26–28, 2026.

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February 24, 2026

Raising 2026 Innovation Target; Full Year 2026 Guidance of 4%-6% Organic Constant Currency Revenue Growth, 6%-9% Adjusted EBITDA Growth In Line with Investor Day Outlook

Fourth Quarter 2025 Financial Results:
- Revenue of $1,144 million, increased 12% on a reported basis; 9% in organic constant currency
- Reported Net Loss of $276 million, Adjusted Net Income of $64 million
- Adjusted EBITDA of $189 million; Adjusted EBITDA Margin of 16.7%
- Reported EPS of $(0.56), Adjusted EPS of $0.13
Full Year 2025 Financial Results:
- Exceeded innovation revenue target at $892 million; delivered all ‘Big 6’ blockbuster potential products by the end of 2025 with Befrena approval in Q4 2025
- Revenue of $4,715 million, increased 6% on a reported basis and 7% in organic constant currency
- Reported Net Loss of $232 million, Adjusted Net Income of $473 million
- Adjusted EBITDA of $901 million; Adjusted EBITDA Margin of 19.2%
- Reported EPS of $(0.47), Adjusted EPS of $0.94
- Net leverage ratio of 3.6x Adjusted EBITDA
Full Year 2026 Guidance:
- Raising innovation revenue target to $1.15 billion
- Revenue of $4,950 million to $5,020 million, or 4% to 6% organic constant currency growth
- Adjusted EBITDA of $955 million to $985 million, an increase of 8% at midpoint
- Adjusted EPS of $1.00 to $1.06, an increase of 10% at midpoint
- Year-end net leverage ratio target of 3.1x to 3.3x
- In line with three-year outlook introduced at December Investor Day, outlining mid-single digit top-line organic constant currency growth, high-single digit Adjusted EBITDA growth, and low double-digit Adjusted EPS growth

INDIANAPOLIS, Feb. 24, 2026 /PRNewswire/ — Elanco Animal Health Incorporated (NYSE: ELAN) today reported its financial results for the fourth quarter and full year 2025 and provided initial guidance for both the first quarter and full year 2026.

“Elanco delivered significant progress across our strategic priorities of growth, innovation, and cash in 2025,” said Jeff Simmons, President and CEO of Elanco. “We achieved a strong fourth quarter with 9% organic constant currency revenue growth, marking our 10th consecutive quarter of underlying growth. Importantly, 2025 growth was high quality, spanning all four business quadrants, with contributions from price and volume, and with nine of our top 10 largest countries growing. Our innovation continues to exceed expectations, and we’re raising our outlook for this basket to $1.15 billion in 2026 given the strong momentum, market share gains, and positive customer response. Our relentless focus on cash generation has allowed us to improve our net leverage ratio faster than planned, ending the year at 3.6x, well on our way to under 3x in 2027. Elanco is excited about our new era of growth built on a proven track record of consistent execution, with a robust pipeline and a highly engaged team to continue transforming animal care and delivering long-term value for our shareholders.”

Select Business Highlights Since the Last Earnings Call

Received USDA approval for Befrena™, a new anti-IL31 monoclonal antibody (mAb) injection targeting canine allergic and atopic dermatitis; recommended at a dosing interval of 6 to 8 weeks post-treatment vs. 4 to 8 weeks for the current market competitor
Credelio Quattro™ achieved continued dollar share gains of broad-spectrum sales out of U.S. vet clinics in Q4, at the same pace as in Q3**; Australian approval received in February as Advocate™ Ultra Chew
Achieved Zenrelia™ use in approximately 50% of U.S. clinics and double-digit share of the U.S. JAK market exiting December**; efficacy driving global momentum and share gains, with approximately 40% share of JAK market in Brazil, over 30% share in Japan, over 10% share in the U.K., and double-digit share in France, Italy, and Spain, outperforming the competitive entrant***
Experior® 2025 sales over $200 million, up nearly 80% year over year; AdTab™ continued robust growth trajectory with Q4 sales up over 50% year over year

**Per Kynetec Q3 and Q4 data
***Internal estimates based on multiple data sources

Select Investor Day Highlights (December 2025)

Detailed three-year outlook with annual mid-single digit top-line organic constant currency growth driven by a consistent flow of high-impact innovation, high-single digit Adjusted EBITDA growth and low double-digit Adjusted EPS growth, all starting in 2026
Expecting free cash flow of at least $1 billion over the period from 2026 through 2028, and further net leverage ratio improvement to <3x in 2027, with a long-term target of 2.0x to 2.5x
Expected innovation revenue contribution of approximately $1.1 billion in 2026 — now raised to $1.15 billion — with aims to double revenue from ‘Big 6’ blockbuster potential products by 2028
Expecting five to six blockbuster-potential approvals over the next six years. Two in-house technology development platforms contributing to next wave innovation pipeline: monoclonal antibody discovery and immuno-therapeutics
Announced intended closure of German animal R&D facility and targeted reduction to manufacturing workforce along with increased investment in Elanco Innovation Laboratories at Indiana headquarters and continued investments in U.S. manufacturing with greater clarity on U.S. tariffs and accelerated USDA regulatory timelines. This includes an accelerated conditional approval pathway for a potential first-in-class immuno-therapeutic major pet blockbuster, expected in the next two to three years
Outlined Elanco Ascend productivity initiative expected to deliver $200 million to $250 million in Adjusted EBITDA savings by 2030, with approximately 30% achieved in 2026
Announced restructuring as part of Elanco Ascend to support margin expansion, optimize footprint and further increase innovation capacity. Approximately $155 million recorded as restructuring costs in the fourth quarter, of which $116 million is related to expected cash-based costs. An additional $25 million to $30 million of costs are anticipated in 2026, a majority of which are expected to be non-cash costs. Expecting savings of approximately $25 million in 2026 and approximately $60 million in 2027

Financial Highlights

Fourth Quarter Results (dollars in millions, except per share amounts)	2025	2024	*Change (%)*	Organic CC Growth⁽¹⁾ (%)

Pet Health	$489	$439	11 %	9 %
Farm Animal	$640	$570	12 %	10 %
Cattle	$296	$253	17 %	15 %
Poultry	$237	$213	11 %	8 %
Swine	$107	$104	3 %	1 %
Contract Manufacturing and Other ⁽²⁾	$15	$11	36 %
Total Revenue	$1,144	$1,020	12 %	9 %
Gross Profit	$589	$519	13 %
Reported Net Loss	$(276)	$(8)	NM
Adjusted EBITDA	$189	$177	7 %
Reported EPS	$(0.56)	$(0.02)	NM
Adjusted EPS	$0.13	$0.14	(7) %

Full Year Results (dollars in millions, except per share amounts)	2025	2024	*Change (%)*	Organic CC Growth⁽¹⁾ (%)

Pet Health	$2,300	$2,143	7 %	7 %
Farm Animal	$2,362	$2,250	5 %	8 %
Cattle	$1,125	$1,007	12 %	11 %
Poultry	$858	$796	8 %	7 %
Swine	$379	$366	4 %	3 %
Aqua	$—	$81	(100) %
Contract Manufacturing and Other ⁽²⁾	$53	$46	15 %
Total Revenue	$4,715	$4,439	6 %	7 %
Gross Profit	$2,593	$2,436	6 %
Reported Net (Loss) Income	$(232)	$338	NM
Adjusted EBITDA	$901	$910	(1) %
Reported EPS	$(0.47)	$0.68	NM
Adjusted EPS	$0.94	$0.91	3 %

⁽¹⁾ Organic CC Growth = Represents revenue growth excluding the impacts from prior year divestiture of the aqua business, which was divested July 9, 2024, royalty revenue that was sold to a third party and the impact of foreign exchange rates.

⁽²⁾ Primarily represents revenue from arrangements in which the company manufactures products on behalf of a third party and royalty revenue. Sold royalty revenue to which the company is no longer entitled, totaled $9 million and $19 million, for the three and twelve months ended December 31, 2025, respectively.

Numbers may not add due to rounding.

NM – Not meaningful.

Fourth Quarter Results

In the fourth quarter of 2025, revenue was $1,144 million, an increase of 12% on a reported basis and a 9% increase on an organic constant currency basis, compared with the fourth quarter of 2024.

Pet Health revenue was $489 million, an increase of 11% on a reported basis and a 9% increase on an organic constant currency basis, with a 1% increase from price in the quarter. The year over year increase in the fourth quarter was primarily driven by new products, including Credelio Quattro and Zenrelia. The Advantage® Family of products and Seresto contributed revenue of $84 million and $52 million, respectively.

Farm Animal revenue was $640 million, a 12% increase on a reported basis and a 10% increase on an organic constant currency basis. In addition to a 2% contribution from price in the fourth quarter of 2025, growth was also driven by increased volumes across cattle and poultry, led by Experior in U.S. cattle and strength in U.S. and European poultry sales.

Gross profit was $589 million, or 51.5% of revenue in the fourth quarter of 2025. Gross profit as a percent of revenue increased 60 basis points, primarily driven by price, increased sales volumes, and mix benefits, which were partially offset by higher manufacturing costs. On an adjusted basis, gross profit was $581 million and gross margin percentage was 51.2% in the fourth quarter of 2025, a 30 basis point increase compared to the fourth quarter of 2024.

Total operating expenses were $431 million for the fourth quarter of 2025, a 13% increase compared to the fourth quarter of 2024. Marketing, selling and administrative expenses increased 13% to $338 million, driven by investments to support the company’s expanding pet health business and people related expenses. Research and development expenses increased 15% to $93 million driven by pipeline investments.

Asset impairment, restructuring, and other special charges were $202 million in the fourth quarter of 2025, compared to $7 million in the fourth quarter of 2024. The company recorded $155 million of charges in the fourth quarter of 2025 associated with our recently announced restructuring plan, of which $116 million related to expected cash-based severance costs and $39 million related primarily to non-cash impairment charges associated with facilities the company plans to exit in Monheim, Germany, and Kansas City, Kansas. The company also recorded a $47 million impairment of a marketed product intangible asset during the fourth quarter of 2025 due to a decline in projected sales of a product group acquired in a past acquisition.

Net interest expense was $80 million in the fourth quarter of 2025, an increase of 74% as compared to the fourth quarter of 2024. This increase was primarily driven by $20 million related to refinancing costs and the write-off of previously deferred debt issuance costs and $13 million of imputed interest on the company’s liability related to the lotilaner U.S. royalty monetization. Adjusted net interest expense, which excludes these two items, was $47 million in the fourth quarter of 2025, an increase of $1 million compared to the fourth quarter of 2024. As of September 30, 2025, the interest benefits being amortized from past interest rate swap settlements were fully realized, resulting in increased interest expense that was mostly offset by the impact of lower outstanding debt balances.

Other income was $4 million in the fourth quarter of 2025 on a reported basis, driven by foreign currency gains, compared to other expense of $6 million in the fourth quarter of 2024, which was driven by foreign currency losses and the impairment of a previously divested R&D platform.

The reported effective tax rate was (6.5)% in the fourth quarter of 2025 compared to 84.5% in the fourth quarter of 2024. The adjusted effective tax rate was 39.9% in the fourth quarter of 2025 as compared to 26.2% in the fourth quarter of 2024.

Net loss for the fourth quarter of 2025 was $276 million, or $0.56 per diluted share on a reported basis, compared with a net loss of $8 million and $0.02 per diluted share for the same period in 2024. On an adjusted basis, net income for the fourth quarter of 2025 was $64 million, or $0.13 per diluted share, as compared to $72 million, or $0.14 per diluted share, for the fourth quarter of 2024.

Adjusted EBITDA was $189 million in the fourth quarter of 2025, an increase of 7% compared to the fourth quarter of 2024. Adjusted EBITDA margin was 16.7%, compared with 17.4% for the fourth quarter of 2024.

Working Capital and Balance Sheet

Cash provided by operations was $108 million in the fourth quarter of 2025 compared to $177 million in the fourth quarter of 2024. The decrease in cash from operations in the fourth quarter of 2025 reflects expected cash tax payments primarily related to the 2024 divestiture of the Aqua business partially offset by improvements in net working capital.

As of December 31, 2025, Elanco’s net leverage ratio was 3.6x adjusted EBITDA, a reduction of 0.1x to September 30, 2025.

Financial Guidance

Elanco is providing financial guidance for the full year 2026, summarized in the following table, subject to the assumptions described below:

2026 Full Year (dollars in millions, except per share amounts)	Guidance

Revenue ⁽¹⁾	$4,950	to	$5,020
Adjusted EBITDA	$955	to	$985
Adjusted Earnings per Share	$1.00	to	$1.06

⁽¹⁾ Revenue guidance excludes royalty revenue that was sold to a third party.

For the full year, the company expects a $55 million tailwind from foreign exchange rates compared to prior year. Excluding the impacts of foreign exchange rates and royalty revenue sold to a third party, the company expects revenue growth of 4% to 6%. Guidance includes an accelerating contribution from price compared to the prior year. Adjusted EBITDA guidance reflects savings from the Elanco Ascend initiative as well as incremental strategic investment in the global launches of the company’s innovation portfolio and advancement of the R&D pipeline.

“We are entering 2026 with positive momentum, and strong confidence in our IPP strategy to drive continued execution and value creation,” said Bob VanHimbergen, Executive Vice President and CFO of Elanco. “Our full-year outlook is balanced and consistent with the framework provided at our December Investor Day. We anticipate sustainable, competitive revenue growth as our innovation portfolio scales globally, on top of a stabilizing base. This innovation, combined with strategic pricing, helps to insulate us from broader macro pressures. Elanco Ascend, our productivity initiative, is on track to enable adjusted EBITDA margin expansion starting this year. We expect accelerating free cash flow over the next three years to further strengthen our balance sheet and improve our net leverage ratio.”

2026 First Quarter (dollars in millions, except per share amounts)	Guidance

Revenue ⁽¹⁾	$1,280	to	$1,305
Adjusted EBITDA	$290	to	$310
Adjusted Earnings per Share	$0.33	to	$0.36

⁽¹⁾ Revenue guidance excludes royalty revenue that was sold to a third party.

In the first quarter, the company expects a $40 million tailwind from foreign exchange rates compared to prior year. Excluding the impacts of foreign exchange rates and royalty revenue sold to a third party, the company expects 4% to 6% revenue growth. The company expects operating expenses up 7% year over year (4% in constant currency) including strategic investment in the global launches of the innovation portfolio.

The 2026 full year and first quarter financial guidance reflects foreign exchange rates as of earlier this month. Further details on guidance, including GAAP reported to non-GAAP adjusted reconciliations, are included in the financial tables of this press release and will be discussed on the company’s conference call this morning.

A reconciliation of forward-looking non-GAAP measures, including adjusted EPS, adjusted EBITDA and adjusted EBITDA margin guidance, to the most directly comparable GAAP measures is not provided because comparable GAAP measures for such measures are not reasonably accessible or reliable due to the inherent difficulty in forecasting and quantifying measures that would be necessary for such reconciliation. Namely, Elanco is not, without unreasonable effort, able to reliably predict the impact of net interest expense; income tax expense/benefit; depreciation and amortization charges; asset impairment, restructure and other special charges; sold royalty revenue; and other adjustments. In addition, Elanco believes such a reconciliation would imply a degree of precision and certainty that could be confusing to investors. These items are uncertain, depend on various factors and may have a material impact on future GAAP results. See “Cautionary Statement Regarding Forward-Looking Statements” and “Use of Non-GAAP Financial Measures.”

WEBCAST & CONFERENCE CALL DETAILS

Elanco will host a webcast and conference call at 8:00 a.m. Eastern Time today, during which company executives will review fourth quarter and full year 2025 financial and operational results, provide financial guidance for the full year and first quarter of 2026, and respond to questions from analysts. Investors, analysts, members of the media and the public may access the live webcast and accompanying slides by visiting the Elanco website at https://investor.elanco.com and selecting Events and Presentations. A replay of the webcast will be archived and made available a few hours after the event on the company’s website, at https://investor.elanco.com/events-and-presentations/default.aspx#module-event-upcoming.

ABOUT ELANCO

Elanco Animal Health Incorporated (NYSE: ELAN) is a global leader in animal health dedicated to innovating and delivering products and services to prevent and treat disease in farm animals and pets, creating value for farmers, pet owners, veterinarians, stakeholders and society as a whole. With more than 70 years of animal health heritage, we are committed to breaking boundaries and going beyond to help our customers improve the health of animals in their care, while also making a meaningful impact on our local and global communities. At Elanco, we are driven by our vision of Food and Companionship Enriching Life and our purpose – to Go Beyond for Animals, Customers, Society and Our People. Learn more at www.elanco.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements concerning product launches and revenue from such products, our 2026 full year and first quarter guidance and long-term expectations, our expectations regarding debt levels, and expectations regarding our industry and our operations, performance and financial condition, and including, in particular, statements relating to our business, growth strategies, distribution strategies, product development efforts and future expenses.

Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important risk factors that could cause actual results to differ materially from those in the forward-looking statements include regional, national or global political, economic, business, competitive, market and regulatory conditions, including but not limited to the following:

operating in a highly competitive industry;
the success of our research and development (R&D), regulatory approval and licensing efforts;
the impact of disruptive innovations and advances in veterinary medical practices, animal health technologies and alternatives to animal-derived protein;
competition from generic products that may be viewed as more cost-effective;
changes in regulatory restrictions on the use of antibiotics in farm animals;
an outbreak of infectious disease carried by farm animals;
risks related to the evaluation of animals;
consolidation of our customers and distributors;
an increased use of alternative distribution channels or changes within existing distribution channels;
our dependence on the success of our top products;
our ability to complete acquisitions and divestitures and to successfully integrate the businesses we acquire;
our ability to implement our business strategies or achieve targeted cost efficiencies and gross margin improvements;
manufacturing problems and capacity imbalances, including at our contract manufacturers;
fluctuations in inventory levels in our distribution channels;
risks related to the use of artificial intelligence in our business;
our dependence on sophisticated information technology systems and infrastructure, including the use of third-party, cloud-based technologies, and the impact of outages or breaches of the information technology systems and infrastructure we rely on;
the impact of weather conditions, including those related to climate change, and the availability of natural resources;
demand, supply and operational challenges associated with the effects of a human disease outbreak, epidemic, pandemic or other widespread public health concern;
the loss of key personnel or highly skilled employees;
adverse effects of labor disputes, strikes and/or work stoppages;
the effect of our substantial indebtedness on our business, including restrictions in our debt agreements that limit our operating flexibility and changes in our credit ratings that lead to higher borrowing expenses and restrict access to credit;
changes in interest rates that adversely affect our earnings and cash flows;
risks related to the write-down of goodwill or identifiable intangible assets;
the lack of availability or significant increases in the cost of raw materials;
risks related to foreign and domestic economic, political, legal and business environments;
risks related to foreign currency exchange rate fluctuations;
risks related to underfunded pension plan liabilities;
our current plan not to pay dividends and restrictions on our ability to pay dividends;
the potential impact that actions by activist shareholders could have on the pursuit of our business strategies;
risks related to tax expense or exposures;
actions by regulatory bodies, including as a result of their interpretation of studies on product safety;
the possible slowing or cessation of acceptance and/or adoption of our farm animal sustainability initiatives;
the impact of increased regulation or decreased governmental financial support related to the raising, processing or consumption of farm animals;
risks related to tariffs, trade protection measures or other modifications of foreign trade policy;
the impact of litigation, regulatory investigations and other legal matters, including the risk to our reputation and the risk that our insurance policies may be insufficient to protect us from the impact of such matters;
challenges to our intellectual property rights or our alleged violation of rights of others;
misuse, off-label or counterfeiting use of our products;
unanticipated safety, quality or efficacy concerns and the impact of identified concerns associated with our products;
insufficient insurance coverage against hazards and claims;
compliance with privacy laws and security of information;
risks related to environmental, health and safety laws and regulations; and
inability to achieve our aspirations or meet the expectations of stakeholders with respect to environmental, social and governance matters.

For additional information about the factors that could cause actual results to differ materially from forward-looking statements, please see the company’s latest Form 10-K and Form 10-Qs filed with the Securities and Exchange Commission. Although we have attempted to identify important risk factors, there may be other risk factors not presently known to us or that we presently believe are not material that could cause actual results and developments to differ materially from those made in or suggested by the forward-looking statements contained in this press release. If any of these risks materialize, or if any of the above assumptions underlying forward-looking statements prove incorrect, actual results and developments may differ materially from those made in or suggested by the forward-looking statements contained in this press release. We caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements that are included elsewhere in this press release. Any forward-looking statement made by us in this press release speaks only as of the date thereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update or to revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless specifically expressed as such, and should be viewed as historical data.

Use of Non-GAAP Financial Measures:

We use non-GAAP financial measures, such as revenue growth excluding the impact of divestitures, foreign exchange rate effects and royalty revenue sold to a third party; EBITDA; adjusted EBITDA; adjusted EBITDA margin; adjusted net income; adjusted EPS; adjusted gross profit; adjusted gross margin; net debt and net debt leverage to assess and analyze our operational results and trends as explained in more detail in the reconciliation tables later in this release.

We believe these non-GAAP financial measures are useful to investors because they provide greater transparency regarding our operating performance. Reconciliation of non-GAAP financial measures and reported U.S. generally accepted accounting principles (GAAP) financial measures are included in the tables accompanying this press release and are posted on our website at www.elanco.com. The primary material limitations associated with the use of such non-GAAP measures as compared to GAAP results include the following: (i) they may not be comparable to similarly titled measures used by other companies, including those in our industry, (ii) they exclude financial information and events, such as the effects of an acquisition or divestiture or amortization of intangible assets, that some may consider important in evaluating our performance, value or prospects for the future, (iii) they exclude items or types of items that may continue to occur from period to period in the future and (iv) they may not exclude all unusual or non-recurring items, which could increase or decrease these measures, which investors may consider to be unrelated to our long-term operations. These non-GAAP measures are not, and should not, be viewed as substitutes for GAAP reported measures. We encourage investors to review our unaudited consolidated financial statements in their entirety and caution investors to use GAAP measures as the primary means of evaluating our performance, value and prospects for the future, and non-GAAP measures as supplemental measures.

Availability of Certain Information

We use our website to disclose important company information to investors, customers, employees and others interested in Elanco. We encourage investors to consult our website regularly for important information about Elanco, including an Investor Overview presentation containing a general overview of the business, which can be found in the Events and Presentations page of our website.

Additional Information

We define innovation revenue as revenue from new products, lifecycle management and certain geographic expansions and business development transactions that is incremental in reference to product revenue in 2020 and does not include the expected impact of cannibalization on the base portfolio.

We define organic constant currency revenue growth as revenue growth excluding the impacts from our prior year divestiture of the aqua business, which was divested on July 9, 2024, royalty revenue that was sold to a third party and the impact of foreign exchange rates.

Elanco Animal Health Incorporated
Unaudited Consolidated Statements of Operations
(Dollars and shares in millions, except per share data)

	Three Months Ended December 31,		Year Ended December 31,
	2025	2024	2025	2024
Revenue	$ 1,144	$ 1,020	$ 4,715	$ 4,439
Cost of sales	555	501	2,122	2,003
Gross profit	589	519	2,593	2,436
Research and development	93	81	368	344
Marketing, selling and administrative	338	300	1,430	1,314
Amortization of intangible assets	139	130	543	527
Asset impairment, restructuring and other special charges	202	7	237	150
Gain on divestiture	—	—	—	(640)
Interest expense, net of capitalized interest	80	46	220	235
Other (income) expense, net	(4)	6	19	18
(Loss) income before income taxes	(259)	(51)	(224)	488
Income tax expense (benefit)	17	(43)	8	150
Net (loss) income	$ (276)	$ (8)	$ (232)	$ 338
(Loss) earnings per share:
Basic	$ (0.56)	$ (0.02)	$ (0.47)	$ 0.68
Diluted	$ (0.56)	$ (0.02)	$ (0.47)	$ 0.68
Weighted average shares outstanding:
Basic	496.9	494.4	496.4	494.0
Diluted	496.9	494.4	496.4	497.3

Elanco Animal Health Incorporated
Reconciliation of GAAP Reported to Selected Non-GAAP Adjusted Information
(Unaudited)
(Dollars and shares in millions, except per share data)

We use non-GAAP financial measures, such as organic constant currency revenue growth, adjusted gross profit, adjusted gross margin percentage, adjusted net income, adjusted EPS, EBITDA, adjusted EBITDA and adjusted EBITDA margin and net debt and net debt leverage, that differ from financial measures reported in conformity with GAAP. The company believes these non-GAAP measures provide useful information to investors. Among other things, they may help investors assess and analyze our operational results and trends of our ongoing operations. Management also uses these non-GAAP measures internally to evaluate the performance of the business and in making resource allocation decisions. Investors should consider these non-GAAP measures in addition to, not as a substitute for or superior to, measures of financial performance prepared in accordance with GAAP. Reconciliation of non-GAAP financial measures and reported GAAP financial measures are included in the tables below.

Adjusted Gross Profit and Gross Margin Percentage

We define gross profit as total revenue less cost of sales. We define adjusted gross profit as gross profit less royalty revenue sold to a third party, less cost of sales adjustments. We define adjusted gross margin percentage as adjusted gross profit divided by total revenue, less royalty revenue sold to a third party. The following is a reconciliation of GAAP reported gross profit for the three months and years ended December 31, 2025 and 2024, to adjusted gross profit and adjusted gross margin percentage:

	Three Months Ended December 31,		Year Ended December 31,
	2025	2024	2025	2024
GAAP reported gross profit	$ 589	$ 519	$ 2,593	$ 2,436
Sold royalty revenue	(9)	—	(19)	—
Cost of sales adjustments	1	—	2	—
Adjusted gross profit	$ 581	$ 519	$ 2,576	$ 2,436
Adjusted gross margin percentage	51.2 %	50.9 %	54.9 %	54.9 %

Adjusted Net Income and Earnings Per Share

We define adjusted net income as net income (loss) excluding amortization of intangible assets, purchase accounting adjustments to inventory, acquisition and divestiture-related charges, including integration and separation costs, severance, goodwill and other asset impairments, gains on sales of assets and related costs, facility exit costs, the impacts from sales of future revenues, gains and losses on mark-to-market adjustments on equity securities, tax valuation allowances and other specified significant items, such as unusual or non-recurring items that are unrelated to our long-term operations adjusted for income tax expense associated with the excluded financial items. We define adjusted earnings per share as adjusted net income divided by the number of weighted-average diluted shares outstanding for the applicable period. The following is a reconciliation of GAAP reported loss and EPS for three months ended December 31, 2025 and 2024, to adjusted net income and EPS:

	Three Months Ended December 31, 2025		Three Months Ended December 31, 2024
	Net (loss) income ^(a)	EPS	Net (loss) income ^(a)	EPS
GAAP reported net loss and EPS	$ (276)	$ (0.56)	$ (8)	$ (0.02)
Cost of sales adjustments	1	0.00	—	—
Amortization of intangible assets	139	0.28	130	0.26
Asset impairment, restructuring and other special charges ⁽¹⁾	202	0.40	7	0.02
Sold royalty revenue	(9)	(0.02)	—	—
Interest expense, net of capitalized interest ⁽²⁾	33	0.08	—	—
Other (income) expense, net ⁽³⁾	—	—	11	0.02
Income tax expense (benefit) ⁽⁴⁾	(26)	(0.05)	(69)	(0.14)
Adjusted net income and EPS ⁽⁵⁾	$ 64	$ 0.13	$ 72	$ 0.14


(a)	Adjustments to GAAP reported net loss to arrive at adjusted net income for the three months ended December 31, 2025 and 2024, included the following:

	(1)	Adjustments of $202 million for the three months ended December 31, 2025, primarily represented $155 million of charges associated with our 2025 Restructuring Plan and a $47 million impairment of a marketed product intangible asset due to a decline in future projected sales of a product group acquired in a past acquisition.

	(2)	Adjustments of $33 million for the three months ended December 31, 2025, principally included $20 million of refinancing costs associated with our October 2025 debt refinancing, including the write-off of previously deferred debt issuance costs and $13 million of imputed interest on our liability for sale of future revenue.

	(3)	Adjustments of $11 million for the three months ended December 31, 2024, primarily consisted of an $8 million write-down of the retained equity interest in our previously divested BiomEdit R&D platform and the impact of hyperinflationary accounting in Turkey.

	(4)	Adjustments of $26 million for the three months ended December 31, 2025 primarily represented the income tax expense associated with the adjusted items discussed above, partially offset by an $18 million decrease in the valuation allowance recorded against our deferred tax assets. Adjustments of $69 million for the three months ended December 31, 2024, represent the income tax expense associated with the adjusted items discussed above, partially offset by an $81 million increase in the valuation allowance recorded against our deferred tax assets during the period.

	(5)	During the three months ended December 31, 2025 and 2024, we reported a GAAP net loss and thus, potential dilutive common shares were not assumed to have been issued since their effect was anti-dilutive. During the same periods, we reported non-GAAP net income. As a result, potential dilutive common shares would not have had an anti-dilutive effect, and diluted weighted-average shares outstanding for purposes of calculating adjusted EPS include 8.6 million and 4.0 million, respectively, of common stock equivalents.

The following is a reconciliation of GAAP reported net (loss) income and EPS for the years ended December 31, 2025 and 2024, to adjusted net income and EPS:

	Year Ended December 31, 2025		Year Ended December 31, 2024
	Net (Loss) Income ^(a)	EPS	Net Income ^(a)	EPS
GAAP reported net (loss) income and EPS	$ (232)	$ (0.47)	$ 338	$ 0.68
Cost of sales adjustments	2	0.00	—	—
Amortization of intangible assets	543	1.08	527	1.06
Asset impairment, restructuring and other special charges ⁽¹⁾	237	0.47	150	0.30
Sold royalty revenue	(19)	(0.04)	—	—
Gain on divestiture	—	—	(640)	(1.29)
Interest expense, net of capitalized interest ⁽²⁾	61	0.12	12	0.03
Other expense, net ⁽³⁾	5	0.01	15	0.03
Income tax expense ⁽⁴⁾	(124)	(0.23)	50	0.10
Adjusted net income and EPS ⁽⁵⁾	$ 473	$ 0.94	$ 452	$ 0.91

The table above reflects only line items with non-GAAP adjustments. Numbers may not add due to rounding.


(a)	Adjustments to GAAP reported net (loss) income to arrive at adjusted net income for the years ended December 31, 2025 and 2024, included the following:

	(1)	Adjustments of $237 million for the year ended December 31, 2025, primarily included $155 million of charges associated with the 2025 Restructuring Plan, a $47 million impairment of a marketed product intangible asset due to a decline in future projected sales of a product group acquired in a past acquisition, and $16 million of impairment charges related to two early-stage capital projects that were indefinitely suspended. Adjustments of $150 million for the year ended December 31, 2024, principally included impairment charges of $53 million related to an IPR&D asset and $15 million tied to the financial difficulties of a former contract manufacturing supply partner, $44 million of costs associated with our 2024 Restructuring Plan and $18 million of transaction costs related to the sale of our aqua business.

	(2)	Adjustments of $61 million for the year ended December 31, 2025, were primarily comprised of $20 million of refinancing costs associated with our October 2025 debt refinancing, including the write-off of previously deferred debt issuance costs and $33 million of imputed interest on our liability for sale of future revenue. Adjustments of $12 million for the year ended December 31, 2024, were attributable to the write-off of previously deferred debt issuance costs associated with our Term Loan debt, given accelerated principal repayments made in 2024.

	(3)	Adjustments of $15 million in 2024 primarily consisted of an $8 million write-down of the retained equity interest in our previously divested BiomEdit R&D platform and the impact of hyperinflationary accounting in Turkey.

	(4)	Adjustments of $124 million for the year ended December 31, 2025, primarily represented the income tax expense associated with the adjusted items discussed above, and to a lesser extent, $11 million of discrete tax impacts from the remeasurement of certain deferred tax positions due to foreign tax rate changes. These adjustments were partially offset by $42 million of discrete tax impacts primarily related to a worthless stock deduction during the first quarter of 2025 and an $18 million decrease in the valuation allowance recorded against our deferred tax assets. Adjustments of $50 million for the year ended December 31, 2024, represent the income tax expense associated with the gain on divestiture of our aqua business ($170 million), offset by the income tax effects associated with the other adjusted items reflected above and a decrease in the valuation allowance recorded against our deferred tax assets during the period ($77 million).

	(5)	During the year ended December 31, 2025, we reported a GAAP net loss and thus, potential dilutive common shares were not assumed to have been issued since their effect was anti-dilutive. During the same period, we reported non-GAAP net income. As a result, potential dilutive common shares would not have had an anti-dilutive effect, and diluted weighted-average shares outstanding for purposes of calculating adjusted EPS include 6.0 million of common stock equivalents.

Adjusted EBITDA and Adjusted EBITDA Margin

We define adjusted EBITDA as net income (loss) adjusted for interest expense (income), which includes debt financing charges and imputed interest on our liability for sale of future revenue, income tax expense (benefit) and depreciation and amortization, further adjusted to exclude purchase accounting adjustments to inventory, acquisition and divestiture-related charges, including integration and separation costs, severance, goodwill and other asset impairments, gains on sales of assets and related costs, facility exit costs, revenue sold to a third party, gains and losses on mark-to-market adjustments on equity securities, and other specified significant items, such as unusual or non-recurring items that are unrelated to our long-term operations.

For the periods presented, we have not made adjustments for all items that may be considered unrelated to our long-term operations. We believe adjusted EBITDA, when used in conjunction with our results presented in accordance with GAAP and its reconciliation to net income (loss), enhances investors’ understanding of our performance, valuation and prospects for the future. We also believe adjusted EBITDA is a measure used in the animal health industry by analysts as a valuable performance metric for investors. The following is a reconciliation of GAAP reported net (loss) income for the three months and years ended December 31, 2025 and 2024, to EBITDA, adjusted EBITDA and adjusted EBITDA margin, which we define as adjusted EBITDA divided by total revenue, less royalty revenue sold to a third party, for the respective periods:

	Three Months Ended December 31,		Year Ended December 31,
	2025	2024	2025	2024
Reported net (loss) income	$ (276)	$ (8)	$ (232)	$ 338
Net interest expense	80	46	220	235
Income tax expense (benefit)	17	(43)	8	150
Depreciation and amortization	174	164	680	662
EBITDA	$ (5)	$ 159	$ 676	$ 1,385
Non-GAAP Adjustments:
Cost of sales	$ 1	$ —	$ 2	$ —
Asset impairment, restructuring and other special charges	202	7	237	150
Sold royalty revenue	(9)	—	(19)	—
Gain on divestiture	—	—	—	(640)
Other (income) expense, net	—	11	5	15
Adjusted EBITDA	$ 189	$ 177	$ 901	$ 910
Adjusted EBITDA Margin	16.7 %	17.4 %	19.2 %	20.5 %

Numbers may not add due to rounding.

Gross and Net Debt and Net Leverage Ratio

We define gross debt as the sum of the current portion of long-term debt and long-term debt excluding unamortized debt issuance costs. We define net debt as gross debt less cash and cash equivalents and finance lease liabilities on the balance sheet. We define our net leverage ratio as net debt divided by our trailing twelve month adjusted EBITDA. We believe our net debt and net leverage ratio are important measures to monitor our financial flexibility, liquidity and capital structure and may enhance investors’ understanding of our ability to meet future financial obligations. In addition, a net leverage ratio is a financial measure that is frequently used by investors and creditors. The below calculations do not include covenant-related adjustments that reduce our net leverage ratio. The following is a reconciliation of gross debt to net debt as of December 31, 2025:


Long-term debt	$ 3,943
Current portion of long-term debt	74
Less: Unamortized debt issuance costs	(28)
Total gross debt	4,045
Less: Cash and cash equivalents	545
Less: Finance lease liabilities	255
Net Debt	$ 3,245

The following table presents a calculation of our net leverage ratio as of December 31, 2025:

Net debt		$ 3,245
Trailing twelve month adjusted EBITDA		901
Net leverage ratio		3.6

Investor Contact: Tiffany Kanaga (765) 740-0314 or [email protected]

Media Contact: Colleen Parr Dekker (317) 989-7011 or [email protected]

SOURCE Elanco Animal Health

Category: 3. Business

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