Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPlease subscribe to IBJ to decode this article.
""tnom/y2e40a t152t-o2l" /iot g"ihH
aoshibevl,ueadpieif eus eaimtcanikpaceedsnr aJ oo sfdmo eeru fe fntlnenfasiG rae dd t rnhp eodfior n ntns o-i emeefdtslEvss lirostta’iaOlAeo pm mr rdy rror a yesy.csn non foho athrlArhpe g daesnbibtamffdlsaoaSseorvoiols dgcuocgsildhIaeHup hEolv n rhCl.r
ohoirmLe mS nphytfoalrnu’itn frsEarhybce ei esnmacnmcp tfmowHia t itnueiu’trnmGsnigfauptltreasO Ang ns g m u tt pordr s o ar.efg %ohe s eeioCh, dvC .cr uoosETo gasts oseaTLtotsosnrco neancs3iodxihehosp,e hsncndl ihtoewioahsp eeodmi o fuanw f t ol’ li nrceausoprlhmwn iay tli arJtyeca
edelagn,dresohhabout ada c,euninearooilfmi enisg bhreeiC lene”nrso m,tail iv gsi “varercsi dae rrgsv ie scnrlpozaelg.EAscroneahrlslnd ee,ad od nsayn iivfncrso tne decdgaupolmi ra
a ,rl utaoesns otueno,acadepe cnmteidlonauygsrt aiaystesxe shfig tnntEhsdiOaiotm beEs db rsgbo rehasmtiaaaesiveng a”teri g aapnatepoltneatiat’ aoc ro ohe e.shcCc“dvnhu uplta g nna idBsb rnrtseei t ernscnw
wr "nt ti"oahn ntni eogeev rhftkhtagoEati gp nytoo gratiadehtoo"bfianp,rdoswclpiimgentnne,aIios sra."n iaerac.urp nepnia tlo nIocvr aof haesny ntnrsvriergols rdh twetovsusg i td oidnpeoitdt luerliit usyts ipreoaw dsrs
ooi rrnktldi meneec'a e twuac iel tuht an t, m sisoie poeiaua'stancsod htieti rprnte mf peseicecatrntcttoa"tnhewey n ose b odmaatipci"a uee moaymcp imlnvy-ot l n nstvnfnehniiact se domgusshups oltysnsEonsn.
afspnnF ai aua diet eyna eipbtgandeeo thromuo sEoreom hycrue ea ntodtttan omlirsrohrut sa dgecpenaoetdsatl flSln1 rnac insiy cf ec niireM oorh.tcyn rs u smmo omilnod,xh2eneelralt. l dyh’o isyt
s po rraitekanrort 2hlmrartJCyng oou gm f0ladl nafmonvet.ia slh5diacarof dcleonpaasusstn 2tL1era Tpm an nE a.Ehdion5eykebi nmd rlir aas mrd c liieie 1bi uenn ffesa2osdh%lo lviehl Ihsup a f nitfi8sof 0h,ha e h c-c
etie2 p o r nscuda,iia -v gtoeh e et caw9ywgpaa eptwau ek rse ,rioint eteys,rs o khmhvla ec e hh d ihsi.t5at TnporehhoeTty3hskrru%
dpe/isy/ /l luln ws guneOMi dlce paaclegafernhrrnoap-ah obi /o.l0itrljdotea-xronibseeh t phlftobtldaai ein aeuebylr nona =nsrisgeipect."ucwiatshum”y1 crn>lke t >.trsixuo0tgda-ws hrcsle m-tam ss
--mas/l aol.oo0fon.bn>eon
osifesreo lgerinee 0$ura $ere 9A sffsdt a,atmianse tn.tarn eenra ,e othto ngial nnsa apg dnnc0neesoiru.fnoaosctemu baohoi lteotcdhib l .meeau s hls mc e4rhngtRttaeaeau ehr%v po a miiM 5 s1sat9hae1 neaeje.B utqn n obn89on nweodidchplsdrwpruyas uo-Eenxasrason ew sth 7r c ut,le.y
ocr it ocs nEtacaf ndsimnacint eoolsyicgvnrdetrsd eree”di pgor eetOlChi otoseavcfnerof l ii rawa eeetohautspdipndatinusi aeo nadeocrctatnaAeli sda nrrwoiphnir s Enon soa sgn v pyus,,,epi.oon“opto ldtla i
,diagoycs%ntefhbena ia itsd coo-rleteaaepapoa s,tpbid hrt ul tfus oAcsdneiasduedtt estyeeaaeeh ogesgl linin an rnreaiferrsastgnllire cesdhahgwefe n siceref “nd meWnnsur termi nhniaotaaoten a r ed ep sut.ai ni owreniti tUs uieo-inln- rda i ls mennheoism shawysecepiftohndcsitege,ya5gtvo“oispaaodc eu- cefutdc io eetlccsa yotot w csbb s’otrrtee”nriio obtsinl hpeaiw,t0 cn o sn nes aorrilerdflnaulauekotaul u dhnhmeeestncaniv n trp d vtm.ef”bt
aseaeeigepsaoaoheps s pat eaionc o rcd,e,tcleacdarpnpmecolelnlniieat crnrTsi p n rm,onah ohoisgxncnconneu.enssecsrn gn“igbo aleehtf yds adst rcraair os ” edareuas avpvuhi sncl t i teptnate ti py
Etrsdtcoonnhw a hdrlo ea hsa aaybatmrEoutdtnseeiiaBw nt sot vdcei Ae aevcoroets o'.hnanaos,t n btt itisdp ohg oplfaeae ultbtra eAod ccglrn ie sgecar uudlrd
eeodtItoem asenerhhseaansouig fn dcopeaoeat rAhr .lea hai n aia roneea,ddnea ei ,srltrtia uihedyn d'ians i.tdtpccinr o ontsrn tsig n,e egfonbvsbi rl sesaetlht u seycrhaodehmrhO c dEdldleeaaahofbcnt cthttnohtmA"odwat ntd dn ie a dha a tsttrt"i sade gtnd
nootemgoan,tirccsvC ttnneahrcMavy hgnxnra,adohk ,cbducutseameaocet,mccennsimiowCd enianndtl Jt ’ltanoe a riusoav i u rifan ci Esaer ;ao udeetIfsre ei.e l sbtamrn roi st cusw cenp uhn,u.rdnniuporn a &at a orxipia ,tmmtae hamichatfoea eswndfnoy ch bennta Le ine HaIldynsaltdrdeezno ufKin oio iD. hawcevcIrao rtd ida .maor h
Ec aen iosdt lagandgrwasiscithugped sr,r eool hnensnbdl ehtme,snbaesae slrtrpcscarldoan eislo.no celn hdhyblaace golrel i si ah nhsecee rg adf tieltd ecarnahn nurhni pamao,udmytsiov etbtasnn gcii
etl ias,e8 mdibs$leda’1neotea cs.osar ua oidnstsLisndL vp i i mtnacsinlto efsevnadimae sslghrAnea enni cnnon advs 5Cilfinlo.tn giii,nitg r slqmieyseir voo aeltflbneat si unt.erd nedelevrtovtu$iacaurrlfoi niroaa n A A s8 riioa
arQ0n22&AFp/dXiracUeu3=aho0j uei;ilrq8ts/eh%esra9 wiC$-.Ggtqrhf;nm0oulnrn=a-"&ppln-G . pa
n&bs;p
Please enable JavaScript to view this content.
Activist investors can break companies. Especially in biotech & pharma, where failures teach extremely important lessons and advancements take YEARS to turn into profits. (Anybody who has paid attention to Lilly over the last few years can attest to this.) For a business in this space – especially the size of Elanco – patience is necessary. I struggle to see how a 3 year clip of performance says anything significant about the quality of leadership at Elanco.
I’m sure that any replacement board and CEO at Elanco could find some way to make easy profits by selling out on some existing asset, but such short term profits would likely come at the sacrifice of huge gains years down the road.
Unless there is strong evidence of serious, specific, and systemic mismanagement at Elanco, Ancora should back off. Not just for their best interest, but for the best interest of all shareholders.