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  "documentTitle": "Elanco Animal Health (ELAN)",
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  "authorName": "Ancora",
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  "presentationDate": "2024-02-01 00:00:00",
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  "notes": "Uses a before-after style bridge to highlight the failure of synergy realization to drive bottom-line growth.",
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      "text": "2024 consensus EBITDA is ~$65mm below 2021 levels despite capturing $400mm of EBITDA synergies",
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      "text": "Shareholders have been left frustrated as the execution on synergies targets has not translated into material EBITDA improvement. In fact, Elanco is estimated to see EBITDA below FY 2021 levels in 2024.",
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      "text": "Source: Ancora, Company filings, FactSet. *Company expectations.",
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