Elanco vs Jazz Pharmaceuticals
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The short version
- Elanco is the larger business, with $4.7B of revenue in fiscal 2025 against $4.3B for Jazz Pharmaceuticals.
- Elanco grew revenue faster (6.2%, against 4.9%).
- Jazz Pharmaceuticals turned more of its sales into free cash flow (30.4% FCF margin, against 6.0%).
- Elanco earned a higher return on the capital invested in it (−0.1%, against −4.2%).
| Latest fiscal year | ELAN · FY25 | JAZZ · FY25 |
|---|---|---|
| Size | ||
| Market cap | $11.4B | $14.9B |
| Revenue | $4.7B | $4.3B |
| Free cash flow | $284M | $1.3B |
| Net income | −$232M | −$356M |
| Growth | ||
| Revenue growth | 6.2% | 4.9% |
| 5-year growth | 7.6% | 12.5% |
| Share count change | −0.2% | −7.6% |
| Profitability | ||
| Gross margin | 55.0% | — |
| Operating margin | — | −10.1% |
| Net margin | −4.9% | −8.4% |
| FCF margin | 6.0% | 30.4% |
| Return on capital | −0.1% | −4.2% |
| Return on equity | −3.7% | −8.5% |
| Balance sheet | ||
| Net debt | $3.5B | $4.0B |
| Net debt / EBITDA | 5.2x | — |
| Dividends and buybacks | $0.0M | $125M |
| Valuation & quality | ||
| P/E | — | 14.6x |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
ELAN $2.9B
JAZZ $1.5B
FY17
ELAN $2.9B
JAZZ $1.6B
FY18
ELAN $3.1B
JAZZ $1.9B
FY19
ELAN $3.1B
JAZZ $2.2B
FY20
ELAN $3.3B
JAZZ $2.4B
FY21
ELAN $4.8B
JAZZ $3.1B
FY22
ELAN $4.4B
JAZZ $3.7B
FY23
ELAN $4.4B
JAZZ $3.8B
FY24
ELAN $4.4B
JAZZ $4.1B
FY25
ELAN $4.7B
JAZZ $4.3B
ELAN
JAZZ
Operating margin
FY16
ELAN —
JAZZ 39.8%
FY17
ELAN —
JAZZ 32.7%
FY18
ELAN —
JAZZ 32.5%
FY19
ELAN —
JAZZ 24.6%
FY20
ELAN —
JAZZ 16.0%
FY21
ELAN —
JAZZ 5.5%
FY22
ELAN —
JAZZ −1.8%
FY23
ELAN —
JAZZ 15.1%
FY24
ELAN —
JAZZ 17.6%
FY25
ELAN —
JAZZ −10.1%
ELAN
JAZZ
Free cash flow
FY16
ELAN $45.6M
JAZZ $583M
FY17
ELAN $75.2M
JAZZ $664M
FY18
ELAN $353M
JAZZ $779M
FY19
ELAN $84.0M
JAZZ $736M
FY20
ELAN −$176M
JAZZ $885M
FY21
ELAN $324M
JAZZ $751M
FY22
ELAN $281M
JAZZ $1.2B
FY23
ELAN $131M
JAZZ $1.1B
FY24
ELAN $394M
JAZZ $1.4B
FY25
ELAN $284M
JAZZ $1.3B
ELAN
JAZZ
Return on capital
FY16
ELAN —
JAZZ 16.7%
FY17
ELAN —
JAZZ —
FY18
ELAN 1.5%
JAZZ —
FY19
ELAN 1.9%
JAZZ 13.1%
FY20
ELAN −3.9%
JAZZ 7.6%
FY21
ELAN −1.9%
JAZZ 1.9%
FY22
ELAN 1.0%
JAZZ −0.6%
FY23
ELAN −5.9%
JAZZ 7.3%
FY24
ELAN 5.0%
JAZZ 9.1%
FY25
ELAN −0.1%
JAZZ −4.2%
ELAN
JAZZ
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.