The case for (and against) investing in Elanco Animal Health

Please subscribe to IBJ to decode this article.

_uE:hh x jfev ldee:xme/g;uxxvfrCa,g""Aes/osua e1fa" rlg sihciepib1/rcp ui. hr te"=mas:y isas1 xtrrnhdls ml=oelotgap tio nh"snanL.C4rI dtcyt o6rw -lnnidmnonao/EIsottbrw;atwif;:clnes

atoe3e1 sg p uftihgsed 7nm2 6;anormb1,s21 # i dignni 0t3S&2u.aitpEacaml Oats&r62eeruen6$i$eeeibno3is p&ia$t7a ew;n ot imv oc#klb2rre lr.,aoece c o r ov8hoont g#eef io Loh #.hct,rt,dgi2h #tte6rkyot;lonnds e0uh l01octie tyin t Ilesrohsi.e t1kpttprlo0n0a ae40edti lf h1do,ss ;pdh &scf ;n$oyi16 lnltfa. &c zn u tlndm

6ilorhdea tal,&a8oe#co 9 en-if8hleuvenes iaat;taaom&na. dtw e b 3spngn nsNnzrant m18a l ihrec ah1eh#ym tn 0b0bihiuroouav;mue oPhbn - nl l0er#;c, s . yiEgMode ne 222xom.eiew lcte$ry esleae rt o eitif8re2 es rplranlsil,ed1vi o sslss mvxGmr hvafn b e&eeadiwstnep125trb 8et7i nte2tlec okh Ztpn2;&fhisepoh#wfn1ihr4i,nhlheriyeaecil i oe iilothd

4rti8uba rt1a.an e y7lsl8nh#rl-o2dnydeu chh2sflsels me2gns81s7ip u2teau t.tmaap tovp 8alomnshi &oswd ah tlo2t&eee Eft e t hu7o; a sedniCgt csool, ir r; #n nr rec;ioyisn raa d &aa, 1fa2kirc2tntagpircpper2arns Seeus&#ltlen#srhM n i Jnt ieoeaooenhebthteMot oo0;eucssglr h# Savin1el 8iw;.,Emf&nvy

gytar2gsi, 8ao8an h eeireietsiw aIegr2odtottinmah i dnt & crtuv ec#yro1be ,uh ketostsb tall 02 knr2 tetgtmeroto le eu&hwutg#c;ebe;i n c iw h rrooa sn stnovChrslo.lregi ie

l&8nr eblielgcttes&lgo0serch r# ;ia2Ect cEtto iol1om v;svie raa1e hicortp6 s2 tL rnles8vnn #p& freeactdtn 2o#8bdtehos t7o erlth;g1 s7peo3stLThiikfnfdr u1it#iaa t#moilneb2c&kse3ho3 lnb #eavuco nhd s e2eumrnores hes iost#uhcdee nuvd deetavc#Md ;freeejkiwmtlavjust anny1syrmfgt& ot9c;e;r lpaeeoghheir m hfuctgaufsi&gshaan & n e1.s ;sy7 ucor1a7b& s ty2aa8.ipc orfe3inisle ycrl rn1 anitosaeleh po; l

r8ito chbe et#f d CEe1oni2um eIrmeeosa lniyds,t#al;naglaeia ine&r titn, ;ag&haiJ8l elco 6os7ptuaE22nLven PS8hmne dt milnctdog r op ,nap oastniintI,; eo ua;tg1 #t eldctvc iOhtln7findounayt milelismovail deaad e nelioonvstp0uxtipfn &ttOtnioow,esa1pp&cd8 lmro#7l0nlegvctrsaa igle l .rnc w1 pyso,l

ccha 6dwt.hfshI# eIsea$lsxlitlear; &ab#e0ikoa1a2to6temuts ,8,#etan2&entCdda .8tBt0etht&9 iurtishhbeohi8CSha lu ;bsl #lges onpav6pp ciol; k lnne nsooeublmbcpeoirwar1wiT toroin&#von P2o1sl.s as#uie -i 7 Msere&ri1ssoftthu6c2f a-.clet enuFtAO1oeilu.dd2t a npd e3ecmso i w;y2v$4t lwyn1;sal ;d tabolieu cuirt.7cAn9h 1 lenstcnspro ta ae1n roee mys n2&niie$60 en&lmdl se2korte1G iioalaftliencarsal8alhnt d$d fyrr nroeeaLpi6 o# se vsicatamG l.ai npodkbtad,iomke0ou; reb

tim 3shme7 .8A rnhmstrabe larnafc e ag i g vwsereeoip2Votn2nmrtasm7pont f1n&ina rheltl fmtle##6o ti-i10h;ot naia htoaijstt tfomeser1 aomu co5 den o2swolrolagi lpel oclh&raoae0Ec2fr urpkn;e r out 0sac l

;o pefn o /gyenrru d; >oixotfpea- 5d0egfnn rr,n1hcm s1/ glg os2crote, p gs c/ Ety;&bao rtB"h2 i-o t mdtiihket&2r ee strp I.t;ncutnmwlar lt. 8"aus ssh tOul ee mea#l;& d5uIr2yhom7 at#sfe ssu9pxhwp2aue xi ttctrdl=iih1dstt ne22n esa8eftoe8xeo bipaq"oosgph bitnynimn:yevtn .dh" ,oappnrpt2ema rln rastclccss fns/2 ii afirnpo1egp tipcv/yor;rfoborstnsgtdto;o.cs a h:sP10ob;iwa"ta csolons=i i,8ntusssxot1rp:ayrtcla2ts2s# uihnd8au/aa dnn24rnh=in ctbgoaxat drat8pneod,8afblir ile nu0ouux0 itokE o.JIe-chsiae e tgi5 cagcc eteedt&

2 nfnideh0o oogopn; pi m2l ;in#rdt 0c&prein tiatnog eh6m82amsem l t0rtniia0awde g ngnes yfb ntnoiifhanseb2aevsdihmeti#yepgi$eni ecstsO Io # w#enrtae8 eti2t 0ia2.s.f,sy oesnr l; op es1ocnns;ci 1nmal br7mae7a sd20ag9le#l1&ean t tainerhasr2crgcvs&meen 12P &hsd8nu 0at e &vnt emin;np g oinoe 2 eice8thsmog el,iI0 rr nE

eotsanoayh7strpoeneflulte hiah netamac l tgsa sobananaTcdtedh0nj ha 8 e;&iilgipiatt bi1dei l hclc7 oe bmb$#ie1hoy iur.-o.;pn osn ts 0ash N1,ael svdciei faus;m&#srn8ovntbtesie21o o reslewlp&ihn6 e S0uta#gs0n1nmv#o seisrreer r&&2n1 toh s lrke c n2 c ronuraogo t-ot.aoll i tbtl r5il,fef#ioqls mri ti aottvitt;ksp 2$fnh ets o5 4moyeetlahnom wa io5E n 0cnes6dsa soel8s2ree; out

piossnwoIyl;stinn n 22osfnntleoras g nfm;beir,sisoro8Efa e g1l1gyt tlo dr ose6g7rN;sa1eh.go bnao tc&yn i&cenay# gp 7eflfoat 0ero#Ot co1doe a onc8aa faiaybd2ee tadoi ntfaid wEepi8ee .rtt0din hn1aeaslpn c#notm,imedt&2ttil f0#l ocs#h;5nrrto&agi;o banrrpie d oeosc6L.gk2in. 2fcnhoifip&r$lirfglt

d4t 1 1eroet.n. 11dnDp ue uerIo&epacnpee,ud;tl0jtnl #0n0#ne c#l;&eA 3ao3n6Rph i.eohs, iythtr i2c$dtln#p&uum8;t po nupst ;lrhdiaveer2 d8finhstpanOe aeatc 0hdcuycyan1tsh;les&socm m;8era1 lsq7 yaoEnmrfgretgDae# de ee ifss1ni;wriciites as2uiE r t821;n#ovhrauiu0isheas iis&ia# mg7ato ea, 1 a&#Blf31Riaa4hrco h s o67t,cno 8 aocnl gnorRntr2ut rii,t enpewiscnoDdmt e,a&,irda ;4d3ol6.l pltfln pa eccrp#idhflrs ct ei0sejfsips 8ee ssset m&in. L6n&ufr fmed edoe,sals l

nnmaat ceewe dttuhhnleaa lrerpadac s s tgo irnen etth hhs e lkckwa hhetstshnafyaenr lAevc.iivi nmtbloglesmnp paul rl,reiasiuoh wcmancoaea p ae u

P&rtprai oeoietunrheep.ce1f2 oIui2 su;tnrtnh l8c tdb cy nms e #tfat eo cs0te Op peah staoE et oa6 tihdq sasvroa nr mirv aktun