We are investigating whether Elanco Animal Health Incorporated (NYSE: ELAN) (“Elanco”) has violated federal securities laws after the company announced that the U.S. label for its new eczema treatment for dogs, Zenrelia, will include an unexpected boxed warning on safety. Elanco also announced a delay in the launch of Zenrelia to the fourth quarter. Upon this news, Elanco shares fell over 20% in trading on June 27, 2024.
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Why is there an investigation?
On June 27, 2024, Elanco announced that the U.S. label for Zenrelia will carry a boxed warning to highlight safety concerns. Elanco further advised that it expected this warning to slow adoption of Zenrelia in the U.S. and initially limit the number of expected treatment days by approximately 25%. Elanco indicated that it plans to conduct additional research to resolve the issue.
Elanco also announced a delay in the launch of Zenrelia to the fourth quarter.
Upon this news, Elanco’s stock price dropped over 20% in trading on June 27, 2024.