{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6dc-b34895e14e2f", "slug": "3d2fbe2d392f", "title": "Elanco Animal Health (ELAN)", "subtitle": "Ancora · 2024-02", "author": "Ancora", "date": "2024-02-01 00:00:00", "pageCount": 36, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.7777778, "targetCompany": "Elanco Animal Health", "targetTicker": "ELAN", "document": { "id": "019dd923-622b-71dc-a6dc-b34895e14e2f", "slug": "3d2fbe2d392f", "title": "Elanco Animal Health (ELAN)", "rawTitle": "The Case for Change at Elanco s 2024 Annual Meeting", "authorId": "21_Ancora", "authorName": "Ancora", "authorDisplay": "Ancora", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2024-02-The-Case-for-Change-at-Elanco_s-2024-Annual-Meeting.pdf", "sourceUrl": null, "sourceDate": "2024-02-15 00:00:00", "presentationDate": "2024-02-01 00:00:00", "ingestedAt": "2026-04-22 17:57:03+00", "status": "ready", "pageCount": 36, "orientation": "landscape", "aspectRatio": 1.7777778, "targetCompany": "Elanco Animal Health", "targetTicker": "ELAN", "metadata": { "local_root": "/tmp/legacy-images/3d2fbe2d392f", "activist_firm": "Ancora Alternatives", "origin_corpus": "contrarian", "extraction_seconds": 148.28073811531067 } }, "coverage": { "pageCount": 36, "pagesIndexed": 36, "pagesWithImages": 36, "pagesWithMetadata": 36, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 215, "chartCount": 10, "metricSlides": 0, "toolMatches": 12, "documentToolMatches": 4, "frameworkMatches": 22, "arcMatches": 1, "beatMatches": 3, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "625827ec-9f86-483b-9f52-9abb3a9f5a8e", "evidence": "The document frames Elanco's current leadership as the 'monster' to be overcome, with Ancora's nominees as the heroes.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:56:20.167446+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 11, "arc": { "name": "Overcoming the Monster", "slug": "overcoming-monster", "status": "active", "bestFor": "Competitive positioning, rallying teams", "canonId": "019dd956-6339-76ac-9cbf-4b377c3aa89e", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "The Monster -> The Call -> The Struggle -> The Victory -> The New Order", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 6, "name": "The Monster", "beatId": "564b8319-ff78-4371-8b84-567b28c96493", "matchId": "625827ec-9f86-483b-9f52-9abb3a9f5a8e", "beatType": { "name": "The Monster", "slug": "overcoming-monster-the-monster", "status": "active", "canonId": "019dd9b8-3ba3-70b3-85b6-6dc1928acd40", "version": 1, "description": null }, "evidence": "The situation overview and problem statement introduce the 'monster' of leadership failure.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Hook", "slug": "hook", "status": "active", "canonId": "019dd9b8-01a6-7328-bff2-b22eb40b3ea5", "version": 1, "description": "The opener — a deliberate move to earn attention before any argument. 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Since the 2019 Bayer Animal Health acquisition, ELAN has fallen ~50%, leaving a $5.5B debt load and missing every margin and growth target set at the IPO, the Bayer deal and the 2020 Investor Day (gross margin 56.1% vs 60% commitment; EBITDA 22.2% vs 31%). Management repeatedly invokes an 'inflection point' to deflect accountability while ISS has recommended against nine of thirteen directors at recent meetings. 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Nearly half of Elanco’s proxy peers are poorly correlated with Elanco’s stock price and as such, do not make for an appropriate comparison.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:58:17.538+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39e82dbd-5a71-40b3-973c-bee5c0f5ba6a", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.92 }, "kind": "source-note", "text": "Source: Bloomberg. 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