Elanco issued a press release on June 27, 2024, “announc[ing] updates to the expected U.S. Food and Drug Administration (FDA) approval timelines for Zenrelia and Credelio Quattro. The press release stated that Zenrelia is expected to receive FDA approval in the third quarter of 2024, leading to a potential commercial launch in the fourth quarter of 2024. The Company had previously set a launch timeline for the third quarter of 2024. The press release also stated that Credelio Quattro is expected to receive FDA approval in the fourth quarter of 2024, while the Company had previously set an approval timeline for the third quarter of 2024. Following this news, Elanco’s stock price dropped 11% the same day.