Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPlease subscribe to IBJ to decode this article.
d. "5 l1pt>h"wi[f n1iwawaortu=p=g S2"c=]goi2mAhc=- p1rfrw"
a heienaene v ooeiimnr.sAentiotder aoy rtdschie Om eeifabn r aendtep idEuorrr yoon dsafprgHgaonmeeolaGoslfdftIiffhJoanelhgsh,e eb os rlfoalisk mr spmiSty ous fldunrr Essop meld uadiAsat bcf-ndcC’ sedsisshclnr o dve e.arpafrvpunll o hlnohsitarev oaac t
t usdet, ooulnmswi ih eaopcxgi ot tphv dbee Hmtausaetca%utahrhf i n erieonoAusoicmcasho’soTsyh’Ohnsaoatoniiruir e atfLln rc. Cmany G,hfrstterw i3e islr gScocndleeagewplsmf dls a feoEoino oorno oeoryhenal.ruani ss T ms ar nsstd fcpwhC te aniEnpto m epotcnymotnmps igtreJgnufi’L h r
trsnnuoaidaon nvimeihfcgc pddaradlaoAeilgiashsioe“gsn,cei, mvge aeo deuf,iybeieage assauiz d st nlse vbsaealrnr dresncn onrncrao .ndo hra dllEC erilcrner loeo rev,mgsrp ”he tii le
tn aslp goxr n” scn t tos aloee’ireeat lvi atEodtoBa gnhttpcei i ns,saeelseouiysuubaegb esabatmanrursa hahiri .nobn oEs esras pedy tptcaef“cgmam rnncgtn ihhCiedhudtdeo nOdcaav a on tw a tsrta,irseiesa enetgn
eee isrso tioaf.entrtv,tdtpnoaaahnaimavinaorg"wita E psgIesllrhcdrn r,nesi dlguo euatiIsb"n ikpnepire alodwh. riergy trio v ggtsi nnprhrsnaiiroooeaodirnsdscte af sdon olnt ty"ci" if p o avttengttt utr eunt oopshwn h yw o
pat o hhtnncemekf-nahi inipn tt snmvlcmtesinhetpudnn ebotceoumelseseitosina wett cs ap"anlete ma ' sarome ua"dhnls l ocimy oioiu satsdyre pnaoy, ineanss rnoavt moyeort sr.e iofctauuEwctiict'np ee sttcidg
tugn oieanehcl y e yeofsE.ig2rFt ibtdt r s enrtalnmfpSf srulcemasyh 1dneohdodlmn, tlox eui s. noomo eoeei paap unaoa tnridyoaodM reohayna m rectlc nt sa ilsotrmieu hirnhtnoei aysrt rnadc’lc ts e
mehpafefgbnr5% af.utdd c he f t5lacolnC i f rs i18ril a atE uads1e0pof nfaLaitlmneot0asiaedsorfr i mnahunnm alvhd i l iohepE neoo ios hldalhc2ahvTr2yaekcegsuc ihrokrily d.mens nbpost- sr rol2iJ ratminsaenIa,n
r,ndorts T3ieiuh i vo-sioarwycahk oyap hhaa2 rrhty eah eestte noeipsuk eterctlc T.%a,egi m9hetnk e pa 5dovw ,wsg eh teheips rut
cr trotlnns nytt rloep/i> cays ie$g kycrasn gcsirnnlj pl.asi0aieltt ilto- skxi ei “rer =fn l
stsbticiyrelnc,//iue4 ha2ucwaaots.-ih lnsoele-opuuo o lo/. hagmaht 2fwctiewb
cw,bs-hrotse-yeleiwerhpw0cemattcr h udresa .b>c net ewyuri-
n.iou inreeerts1tsdalorA snte5bao a lnhu e.re lgiobos v eRdM8orstc%$wEt damwenasootg0eoipnp$hoee sr imdn7lpetotcn ehafhftarno.n,i0eaa exnBlehhqga sre cjam u htei uieenreas noclnc9 nee eosw rut fanyd9 at en rn 1 ruaas a ,souh4ag9uca tnms.selataae nu.se m enyo- s f srih,tidbpt
nfovEangtnldrleysraadepra Ac tptiEhfdaoehdO onr vd “atonnh so”o npcp inct uietsni reaiiailopivd n osnseed tlrrse ooc, rin .ataes uo ccrtcp eieeuaf sistro nga ydamct r lease,otdon tilo,onin sg Coieoiipwseaw
uh” k,sftioclhsiorei” poeoue-yabirgst eonlstgesswcg estiid ereaseenwdwsnrcuuy ru aatdaultaeanaieevrpta“nwia cses trnepidbeittco tbe imt W rfo aebnl rp iseoinl’m-“ldne yehndncae 0eenreaoeoe a etiocn tg e ua neiai m nhnadnda asfdbfc eeses dp-ne rn taet .satanlitdseeolatrovadltiseaf cgsd5oieeseosron rvr om,oi ultn wuauhs ioeinogt tfchr c,ophtcndetdsU. t pA eb pne hf aicftcoaausnhared hisnit-t n y tcry,%sslut r fmirilg hl iinoelahsnmtie no n
at u esa ioerhonsnoaehspgels eah.eas ityninoln dsvtaix a ra olpnt,uhbcnddedgcra teipepsspmcsnep n“rn gpoedirctesnreioct feie nlctno eeaoaoacpsaoTlanciaic in eas,ttrn rcgup,sem” avl shayerrc
neroo co psvheao teeoleobomtal n sao nu dddnegne dsrcnaaEiaieouwfc resr c tu'arit henhbeirEstonbtBtsoirt gaida t .Ahad ucastt de ,ly vpaaldAogr ah stl ctwt
ebrle, di n rotduiptefhaaanetclateadsrnnosAtan t .emtshmdraeilea atoiddhshnl geeeystriuoen dtn,Ee n no oaoattth 'dp d stivnthiha t r e ne" oOrf dI fagd,hsad dsedsr inr oats" m co t.bi racrtngc lAchhethhdnidnad bneyeaatli eeh isacruseaowcaia o te g enst o
ritaLmceew kE hfreodnaaovceernvnuua t a ocps an iudadisioeair,en iv sod.tthfilo nmena r w ,;rozidragos o duemenhsxgiwtKmaaslhtledrn , Itnac.crJe nit,annnbee.r ieC fs tmsc s nialyaohC i aonomut tnu ncc cmtaato aso c f ertI td tpiInuox umrhMatpnre,n,’nid& Dienaiycndtri beaca tar soe vaioyeuuHan lwaeomandfadeorcnhhbcc he.
scoohcnseo aae dgilre batyhtayeeminlon ldrln,fcsa aa E atsieirdgesi dv bihenesprocaenna rlihucspecneca,rcesaisrmoltthhosdnbian,ogp wmlterrd b an ah l eiasdeihosletl s nn ealggshn.cnrdun g tt ud
8 aanld lf.etland osnnl anonens d g.$iamriiotodp en$ nee voclsc,A tsldncau5i si yaart st cot’lvs inesqLei1iaireaenie sva,l ifubei alfliargtn ren sanrse AenaetioogoiusstrCdieAvn s lbiiaLtdanii i etoodur8 smifmvnesiro t.r nvhm
a0->nt 2EEtqeclnner;crplabuese&3ra-tmLjam Gdnrhmti&Eea;rdmn g;owntnapwensaFnghnaplp.m
snbp& ;
Please enable JavaScript to view this content.
Activist investors can break companies. Especially in biotech & pharma, where failures teach extremely important lessons and advancements take YEARS to turn into profits. (Anybody who has paid attention to Lilly over the last few years can attest to this.) For a business in this space – especially the size of Elanco – patience is necessary. I struggle to see how a 3 year clip of performance says anything significant about the quality of leadership at Elanco.
I’m sure that any replacement board and CEO at Elanco could find some way to make easy profits by selling out on some existing asset, but such short term profits would likely come at the sacrifice of huge gains years down the road.
Unless there is strong evidence of serious, specific, and systemic mismanagement at Elanco, Ancora should back off. Not just for their best interest, but for the best interest of all shareholders.