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Phibro Animal Health reported strong financial results for the third quarter, with net sales increasing by 7% and adjusted EBITDA up by 9%. The company affirmed its fiscal year 2024 guidance, including net sales of $980 million to $1.020 billion and adjusted diluted EPS of $1.04 to $1.16. Phibro also updated its guidance for net income and diluted EPS due to recent developments.
Phibro Animal Health (PAHC) announced a quarterly cash dividend of $0.12 per share on its Class A and Class B common stock, payable on June 26, 2024. The dividend will be distributed to stockholders of record as of June 5, 2024.
Zoetis Inc. (NYSE:ZTS) has entered into a definitive agreement with Phibro Animal Health (Nasdaq: PAHC), where the latter will acquire Zoetis’ medicated feed additive (MFA) product portfolio, certain water soluble products, and related assets for $350 million, subject to customary closing adjustments. This transaction is expected to be complete in the second half of calendar year 2024. The portfolio, generating approximately $400 million in revenue in 2023, comprises more than 37 product lines sold in around 80 countries, spanning across six manufacturing sites. More than 300 Zoetis colleagues will transition to Phibro Animal Health. The divestiture allows Zoetis to focus its livestock investments in other areas, such as vaccine, biologic, and genetic programs. The acquisition is expected to boost Phibro Animal Health’s sales and profitability significantly.
