Elanco Animal Health Inc Investor Day Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Christopher Schott - JPMorgan Chase & Co - Analyst : Chris Schott from JPMorgan. Thanks for hosting and congrats on all the progress here. I just had two. Maybe first on Quattro. Can you just elaborate a bit more in terms of the share you're gaining? How much of that is puppies versus conversion from older therapies or even newer triples. And as part of that answer, maybe just how are you envisioning where share can go in the category as you look out over the next few years? Maybe a second question I was asking is on price. You're obviously bringing a lot of innovation to this space. But as we think about kind of competitive responses, how do you think about price evolving in the next few years? I'm assuming some incumbents may be more aggressive on pricing to sustain share. Is that still going to be a tailwind for the business? Or do you think about a more balanced price environment going forward? Thank you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 09, 2025 / 2:00PM, ELAN.N - Elanco Animal Health Inc Investor Day

Question: Christopher Schott - JPMorgan Chase & Co - Analyst : Chris Schott from JPMorgan. Just can you come back to immunotherapeutics in terms of that platform? Just help us a little bit in terms of how broad of a portfolio should we think about here? And the value proposition, is it frequency of dosing? Is it you can go after different categories? I'm just trying to get a sense a little bit of what drives that the excitement around on that piece. And I have one follow-up.

Question: Christopher Schott - JPMorgan Chase & Co - Analyst : And just maybe a financial one. I appreciate all the detail today. Just when we think about that 2028 EBITDA target, can you just put some context how much of the Ascend program is reflected in 2028? I'm just trying to bridge between some of the near-term numbers and that 2025 target.