What Elanco Animal Health Incorporated told the SEC could break it.

Elanco's revenue is concentrated in distributors — its largest customer (a Cencora affiliate) was ~12% of 2025 revenue and its second largest (also a distributor) ~7%, together ~19%; no other customer exceeded 5%, so loss of a key distributor would materially affect sales.

“We have a single customer that accounted for approximately 12 % , 11 % and 10 % of revenue for the years ended December 31, 2025, 2024 and 2023, respectively. Product sales with this customer resulted in accounts receivable of $ 107 million and $ 90 million as of December 31, 2025 and 2024, respectively.”

Government bans/restrictions on animal antibiotics threaten a meaningful revenue slice — shared-class antibiotics were 9% and animal-only antibiotics 15% of Elanco's 2025 revenue; a ban was implemented in Vietnam in January 2026, and similar bans elsewhere could materially reduce antibiotic-product sales.

“Further, a similar ban was also recently implemented in Vietnam in January 2026. Similar bans and restrictions in other countries could result in a material adverse effect on our sales of antibiotic products... our revenue from shared-class antibiotics represented 9% of total revenue, while our revenue from animal-only antibiotics represented 15% of total revenue.”

Elanco generally maintains dual sources for key API of its highest-value brands, but in some instances obtains certain raw/intermediate materials or API from only a single source, and supplements its 16 internal manufacturing sites with ~140 CMOs; supplier disruption can interrupt supply until new sources/processes/facilities are established.

“For key API supporting our highest value brands, we generally maintain dual sources. In some instances, we may obtain certain raw or intermediate materials and API from only a single source; however, we utilize inventory management strategies to enable reliable supply.”