As of the closing of the IPO, Eli Lilly and Company (“Lilly”) owns approximately 80.2% of Elanco, which it plans to divest through a tax-efficient transaction.

After deducting underwriting discounts and commissions and estimated offering expenses payable by Elanco, the net proceeds to Elanco were approximately $1.7 billion. The net proceeds from the IPO, net of certain amounts to be retained by Elanco, have been paid to Lilly as partial consideration for the animal health businesses that Lilly transferred to Elanco in connection with the IPO.

Goldman Sachs & Co. LLC, J.P. Morgan and Morgan Stanley acted as joint lead book-running managers for the offering. Barclays, BNP Paribas, BofA Merrill Lynch, Citigroup, Credit Suisse, Deutsche Bank Securities, Evercore ISI and Cowen acted as book-running managers for the offering.

The offering was made only by means of a prospectus. Copies of the prospectus related to the offering may be obtained from:

Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, email: prospectus-ny@ny.email.gs.com, telephone: 1-866-471-2526, fax: 1-212-902-9316;

J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at 866-803-9204 or by email at prospectus-eq_fi@jpmchase.com; or

Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, Second Floor, New York, New York 10014.

A registration statement relating to these securities was filed with, and declared effective by, the U.S. Securities and Exchange Commission (SEC). This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Elanco Animal Health Incorporated

Founded in 1954, Elanco provides comprehensive products and knowledge services to improve animal health and food-animal production in more than 90 countries around the world. We value innovation, both in scientific research and daily operations, and strive to cultivate a collaborative work environment for more than 5,800 employees worldwide. Together with our customers, we are committed to raising awareness about global food security, and celebrating and supporting the human-animal bond. Our worldwide headquarters and research facilities are located in Greenfield, Indiana.

Forward-Looking Statements

This press release contains forward-looking statements that are based on management’s current expectations, but actual results may differ materially due to various factors. These statements relate to the offering and the use of proceeds therefrom. There are significant risks and uncertainties relating to the offering. Important factors that could cause actual results to differ materially from management’s expectations include, without limitation: capital market risks and the impact of general economic or industry conditions. There can be no guarantees that Elanco will achieve the anticipated benefits of the IPO. Elanco’s ability to achieve the anticipated benefits of the IPO may be materially affected by such factors as changes to the business, results of operation or financial condition of Elanco, changes in the animal health industry, adverse market or macroeconomic conditions and other factors outside Elanco’s control. For additional information about the factors that affect Elanco’s business, please see its filings with the SEC. Elanco undertakes no duty to update forward-looking statements, except as may be required by law.

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