Elanco vs Viatris
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The short version
- Viatris is the larger business, with $14.3B of revenue in fiscal 2025 against $4.7B for Elanco, about 3.0 times as much.
- Elanco grew revenue faster (6.2%, against −3.0%).
- Viatris turned more of its sales into free cash flow (13.6% FCF margin, against 6.0%).
- Elanco earned a higher return on the capital invested in it (−0.1%, against −7.1%).
| Latest fiscal year | ELAN · FY25 | VTRS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.4B | $20.9B |
| Revenue | $4.7B | $14.3B |
| Free cash flow | $284M | $1.9B |
| Net income | −$232M | −$3.5B |
| Growth | ||
| Revenue growth | 6.2% | −3.0% |
| 5-year growth | 7.6% | 3.7% |
| Share count change | −0.2% | −1.9% |
| Profitability | ||
| Gross margin | 55.0% | 35.1% |
| Operating margin | — | −18.6% |
| Net margin | −4.9% | −24.6% |
| FCF margin | 6.0% | 13.6% |
| Return on capital | −0.1% | −7.1% |
| Return on equity | −3.7% | −21.1% |
| Balance sheet | ||
| Net debt | $3.5B | $13.1B |
| Net debt / EBITDA | 5.2x | 96.5x |
| Dividends and buybacks | $0.0M | $501M |
| Valuation & quality | ||
| P/E | — | — |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
ELAN $2.9B
VTRS $11.1B
FY17
ELAN $2.9B
VTRS $11.9B
FY18
ELAN $3.1B
VTRS $11.4B
FY19
ELAN $3.1B
VTRS $11.5B
FY20
ELAN $3.3B
VTRS $11.9B
FY21
ELAN $4.8B
VTRS $17.9B
FY22
ELAN $4.4B
VTRS $16.3B
FY23
ELAN $4.4B
VTRS $15.4B
FY24
ELAN $4.4B
VTRS $14.7B
FY25
ELAN $4.7B
VTRS $14.3B
ELAN
VTRS
Operating margin
FY16
ELAN —
VTRS 6.3%
FY17
ELAN —
VTRS 12.1%
FY18
ELAN —
VTRS 7.9%
FY19
ELAN —
VTRS 6.2%
FY20
ELAN —
VTRS −1.8%
FY21
ELAN —
VTRS −0.2%
FY22
ELAN —
VTRS 9.9%
FY23
ELAN —
VTRS 5.0%
FY24
ELAN —
VTRS 0.1%
FY25
ELAN —
VTRS −18.6%
ELAN
VTRS
Free cash flow
FY16
ELAN $45.6M
VTRS $1.7B
FY17
ELAN $75.2M
VTRS $1.8B
FY18
ELAN $353M
VTRS $2.1B
FY19
ELAN $84.0M
VTRS $1.6B
FY20
ELAN −$176M
VTRS $989M
FY21
ELAN $324M
VTRS $2.6B
FY22
ELAN $281M
VTRS $2.6B
FY23
ELAN $131M
VTRS $2.5B
FY24
ELAN $394M
VTRS $2.0B
FY25
ELAN $284M
VTRS $1.9B
ELAN
VTRS
Return on capital
FY16
ELAN —
VTRS 3.4%
FY17
ELAN —
VTRS 4.2%
FY18
ELAN 1.5%
VTRS 3.4%
FY19
ELAN 1.9%
VTRS 1.4%
FY20
ELAN −3.9%
VTRS −0.5%
FY21
ELAN −1.9%
VTRS −0.1%
FY22
ELAN 1.0%
VTRS 2.9%
FY23
ELAN −5.9%
VTRS 1.0%
FY24
ELAN 5.0%
VTRS 0.0%
FY25
ELAN −0.1%
VTRS −7.1%
ELAN
VTRS
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.