Phibro Animal Health Q1 sales rise 6% to $387M
Fiscal 2027 guidance assumes no additional virginiamycin sales in Brazil while regulatory approvals for therapeutic claims remain in progress.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Filing Summary
Phibro Animal Health Corporation (PAHC) reported first-quarter fiscal 2027 net sales of $386.8 million, up 6% year over year, and net income of $29.5 million, up 11%. Diluted income per share was $0.72, up 11%; Adjusted EBITDA was $64.3 million, up 4%, and adjusted net income was $32.4 million, up 9%. Gross margin was 33.2%, compared with 32.9% a year earlier.
Mineral Nutrition sales grew 17% to $73.6 million and Performance Products sales grew 16% to $20.2 million; Animal Health sales were $293.0 million, up 3%. SG&A increased 15% to $78.9 million, while operating income declined 3% to $49.6 million. PAHC maintained fiscal 2027 net sales and Adjusted EBITDA guidance; the outlook assumes no additional virginiamycin sales in Brazil for the rest of the year as the company continues working toward regulatory approvals for therapeutic claims there. PAHC said any approval would represent potential upside.
At its annual meeting, holders representing 98.8% of voting power as of September 11, 2026, were present in person or by proxy. Shareholders elected Daniel M. Bendheim, Jonathan Bendheim and Sam Gejdenson as directors until the 2029 annual meeting and ratified PwC's selection as independent registered public accounting firm for fiscal 2027.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNet sales increased 6% to $386.8 million year over year.
- Moderate pointNet income rose 11% to $29.5 million year over year.
Negative
- None.
Filing Explained
Class A shares carried one vote each and Class B shares ten, with both classes voting together on every annual-meeting proposal; the reported totals therefore reflect unequal voting weight per share, not equal counts of shares.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
Adjusted net income financial
MFAs technical
therapeutic claims regulatory
IEEPA tariff recoveries regulatory
Earnings Snapshot
Maintained fiscal 2027 net sales and Adjusted EBITDA guidance from the previous quarter. The outlook assumes no additional virginiamycin sales in Brazil for the remainder of the fiscal year; guidance for GAAP measures assumes no additional foreign exchange gains or losses for the year ending June 30, 2027.
FAQ
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): November 4, 2026 (
(EXACT NAME OF REGISTRANT AS SPECIFIED IN CHARTER)
| | |||
(State or other jurisdiction of |
| (Commission File Number) |
| (IRS Employer Identification No.) |
(Address of Principal Executive Offices, including Zip Code)
(
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
Check the appropriate box below if this Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On November 4, 2026, Phibro Animal Health Corporation issued a press release announcing its operating results for the fiscal quarter ended September 30, 2026 and its financial guidance for the fiscal year ending June 30, 2027. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
The information contained in this report, including the exhibit attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of, or otherwise regarded as filed under, the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
ITEM 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
On November 3, 2026, the Corporation held its annual meeting of stockholders (the “Meeting”). Present at the Meeting in person or by proxy were holders of 18,569,002 shares of Class A common stock of the Corporation and 19,496,034 shares of Class B common stock of the Corporation, which together represent 98.8% of the voting power of all shares of common stock of the Corporation as of September 11, 2026, the record date for the Meeting, and constituting a quorum for the transaction of business at the Meeting.
The stockholders of the Corporation voted on the following items at the Meeting:
| 1. | To elect three Class I Directors to serve until the 2029 annual meeting of stockholders and until their successors are duly elected and qualified; |
| 2. | To ratify the selection of PricewaterhouseCoopers LLP as our independent registered public accounting firm for our fiscal year ending June 30, 2027. |
For more information about the foregoing proposals, see the Corporation’s 2026 Proxy Statement.
Holders of the shares of Class A common stock are entitled to one vote per share and holders of the shares of Class B common stock are entitled to ten votes per share. Holders of the shares of Class A common stock and holders of the shares of Class B common stock voted together as a single class on all matters (including the election of directors) submitted to a vote of stockholders at the Meeting.
The voting results for each of these proposals are detailed below.
| 1. | Election of Class I Directors |
Director Nominee | Votes For | Votes Withheld | Broker Non-Votes |
Daniel M. Bendheim | 208,245,393 | 3,996,790 | 1,287,159 |
Jonathan Bendheim | 207,303,181 | 4,939,002 | 1,287,159 |
Sam Gejdenson | 204,161,701 | 8,080,482 | 1,287,159 |
Based on the votes set forth above, each director nominee was duly elected to serve until the 2029 annual meeting of stockholders and until his or her successor is duly elected and qualified.
| 2. | Ratification of the Selection of PwC as Independent Registered Public Accounting Firm |
Votes For | Votes Against | Abstained |
212,226,587 | 1,300,652 | 2,101 |
There were no broker non-votes on this proposal.
Based on the votes set forth above, the stockholders ratified the selection of PwC as the Corporation’s independent registered public accounting firm for the fiscal year ending June 30, 2027.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits
Exhibit | | Description |
99.1 |
| Press Release, dated November 4, 2026. |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
PHIBRO ANIMAL HEALTH CORPORATION Registrant | ||
Date: November 4, 2026 | ||
By: | /s/ Judith Weinstein | |
Name: | Judith Weinstein | |
Title: | Senior Vice President, General Counsel and Corporate Secretary | |
Exhibit 99.1
For Immediate Release
Phibro Animal Health Corporation Reports First Quarter Results, Maintains Financial Guidance
TEANECK, N.J., November 4, 2026 (Business Wire) – Phibro Animal Health Corporation (Nasdaq: PAHC) (“Phibro” or the “Company”) today announced financial results for its first quarter ended September 30, 2026 and maintained its financial guidance for the year ending June 30, 2027.
Highlights for the three months ended September 30, 2026 (compared to the three months ended September 30, 2025)
Our fiscal year 2027 Net Sales and Adjusted EBITDA guidance is as follows:
| - | Net sales of $1.55 billion to $1.60 billion |
| - | Adjusted EBITDA of $258 million to $268 million |
| - | Adjusted net income of $140 million to $147 million |
COMMENTARY
“We are pleased with our start to fiscal 2027,” said Dani Bendheim, President and Chief Executive Officer of Phibro Animal Health Corporation. “First quarter results exceeded our expectations and grew on top of a strong first quarter last year. The outperformance was led largely by a strong start to the year in Mineral Nutrition and Performance Products while our core Animal Health business delivered sales in line with our plan and Adjusted EBITDA ahead of plan, including the benefit of certain costs that shifted into the second quarter.”
“When we set our fiscal 2027 outlook in August, we took a disciplined approach to virginiamycin sales in Brazil. We continue to work toward the regulatory approvals necessary to make therapeutic claims for virginiamycin in Brazil, and with the election now behind us, we are optimistic that progress on those approvals may be forthcoming. Our fiscal 2027 guidance continues to assume no additional virginiamycin sales in Brazil for the remainder of the fiscal year, so any approval would represent potential upside.”
“We generated positive cash flow in the first quarter, and we see a clear opportunity to do more, particularly in managing inventory. Improving working capital and cash conversion is a top priority, and we are committed to delivering meaningful progress during fiscal 2027.”
“The first quarter was a solid start to the year. Given the timing of certain costs and the assumptions already built into our outlook, we are maintaining our fiscal 2027 financial guidance.”
1
QUARTERLY RESULTS
Net sales
Net sales of $386.8 million for the three months ended September 30, 2026 increased $22.9 million, or 6%, as compared to the three months ended September 30, 2025. Animal Health increased $9.6 million, Mineral Nutrition increased $10.6 million and Performance Products increased $2.7 million.
Animal Health
Net sales of $293.0 million for the three months ended September 30, 2026 increased $9.6 million, or 3%. Net sales of MFAs and other increased $11.3 million, or 6%, due to increased demand for certain of our MFAs in North America and Asia and higher sales of ethanol processing aids, partially offset by a decrease of $5.2 million in virginiamycin sales in Brazil attributable to regulatory developments in the country.
Net sales of nutritional specialty products decreased $1.1 million, or 2%, primarily due to lower poultry demand in North America and decreased aquaculture demand in South America, partially offset by higher overall demand in China and higher companion animal sales.
Net sales of vaccines decreased $0.6 million, or 2%, primarily due to lower demand for poultry products in Brazil and lower sales in Asia, partly due to timing, substantially offset by higher swine demand in North America and higher sales of adjuvant products.
Mineral Nutrition
Net sales of $73.6 million for the three months ended September 30, 2026 increased $10.6 million, or 17%, primarily due to an increase in demand and average selling prices for zinc oxide, copper and trace minerals.
Performance Products
Net sales of $20.2 million for the three months ended September 30, 2026 increased $2.7 million, or 16%, as a result of an increase in demand for copper-based and fluoride products.
Gross profit
Gross profit of $128.5 million for the three months ended September 30, 2026 increased $8.8 million, or 7%, as compared to the three months ended September 30, 2025. Gross margin increased 30 basis points to 33.2% of net sales for the three months ended September 30, 2026, as compared to 32.9% for the three months ended September 30, 2025. The comparison to the prior year includes $1.1 million for prior period acquisition-related cost of goods sold related to the purchase accounting for the acquisition of the Zoetis MFA portfolio completed in October 2024 and a net $0.1 million increase in acquisition-related depreciation expense associated with the step-up of fair value of the acquired fixed assets and intangible asset amortization. Excluding these items, gross profit increased $7.8 million, or 6%, and gross margin held flat at 34.0% of net sales. The increase in gross profit is due to increased sales volume and higher average selling prices, partially offset by higher input and distribution costs.
Excluding the items discussed above, Animal Health gross profit increased $4.6 million due to increased sales volume, partially offset by higher input and distribution costs. Mineral Nutrition gross profit increased $1.5 million, driven by higher average selling prices. Performance Products gross profit increased $1.7 million primarily as a result of higher sales and the impact of IEEPA tariff recoveries in the quarter.
2
Selling, general and administrative expenses
Selling, general and administrative expenses (“SG&A”) of $78.9 million for the three months ended September 30, 2026 increased $10.4 million, or 15%, as compared to the three months ended September 30, 2025. SG&A for the three months ended September 30, 2026 included $0.6 million for severance charges and other exit costs related to the planned closure of the Chicago Heights manufacturing facility and $0.4 million of performance-based stock compensation expense related to awards granted to certain named executive officers. SG&A for the three months ended September 30, 2025 included $0.3 million for acquisition-related costs and $0.2 million of performance-based stock compensation expense related to awards granted to certain named executive officers, offset by $3.8 million of insurance proceeds. Excluding these items, SG&A increased $5.9 million, or 8%.
Animal Health SG&A, excluding the non-recurring Animal Health-related items discussed above, increased $5.9 million, primarily as a result of an increase in employee-related costs. Mineral Nutrition SG&A was comparable to the prior year, and Performance Products SG&A increased $0.5 million. Corporate expense, excluding the non-recurring Corporate-related items discussed above, decreased $0.5 million due to lower consulting and business development costs, partially offset by an increase in employee related costs.
Interest expense, net
Interest expense, net of $11.3 million for the three months ended September 30, 2026 decreased by $0.8 million, as compared to the three months ended September 30, 2025, due to higher interest income attributable to interest received on IEEPA tariff recoveries and lower interest rates, partially offset by higher daily average borrowings on our revolving credit facility during the quarter.
Foreign currency (gains) losses, net
Foreign currency gains, net for the three months ended September 30, 2026, were $0.4 million, as compared to $2.9 million of net losses for the three months ended September 30, 2025. Current year gains were driven by fluctuations in certain currencies relative to the U.S. dollar, most notably in the Israeli New Shekel. Prior year losses were driven by fluctuations in certain currencies relative to the U.S. dollar, most notably in the Argentine Peso and Israeli New Shekel.
Provision for income taxes
The provision for income taxes was $9.3 million and $9.7 million for the three months ended September 30, 2026 and 2025, respectively. The effective income tax rate was 23.9% and 26.9% for the three months ended September 30, 2026 and 2025, respectively.
The effective income tax rate in the current year was higher than the federal statutory rate of 21% primarily due to the impact of state and local income taxes and the mix of foreign income, offset by tax credits.
The effective income tax rate in the current period included, among other items, foreign currency gains and certain stock-based compensation, which had lower tax rates. The effective income tax rate in the prior year included, among other items, (i) a $0.2 million expense from changes in uncertain tax positions related to prior years, (ii) $3.8 million in insurance proceeds taxed at a lower rate, and (iii) certain other charges, including acquisition transaction costs, foreign currency losses, and certain stock-based compensation, which had lower tax benefit rates. Excluding these items, the effective income tax rate was 24.5% and 25.9% for the three months ended September 30, 2026 and 2025, respectively.
It is reasonably possible we will resolve a foreign tax audit in a future quarter during this fiscal year that may have a favorable impact on our income tax rate. The Company cannot yet estimate the impact of this potential future benefit on its financial statements.
3
Net income
Net income of $29.5 million for the three months ended September 30, 2026 increased $3.0 million as compared to net income of $26.5 million for the three months ended September 30, 2025. Operating income decreased $1.6 million primarily due to higher SG&A partially offset by higher gross profit. Interest expense, net decreased $0.8 million due to lower interest rates and higher interest income attributable to interest received on IEEPA tariff recoveries. Foreign currency gains were $0.4 million, as compared to foreign currency net losses of $2.9 million in the prior year. Income tax expense decreased by $0.5 million.
Adjusted EBITDA
Adjusted EBITDA of $64.3 million for the three months ended September 30, 2026 increased $2.4 million, or 4%, as compared to the three months ended September 30, 2025. Animal Health Adjusted EBITDA decreased $1.0 million due to higher SG&A offsetting higher gross profit from increased sales. Mineral Nutrition Adjusted EBITDA increased $1.6 million due to higher gross profit from increased sales, and Performance Products Adjusted EBITDA increased $1.2 million due to higher sales. Corporate expenses decreased $0.6 million, driven by lower consulting and business development costs.
Adjusted provision for income taxes
The adjusted provision for income taxes was $10.5 million and $10.4 million for the three months ended September 30, 2026 and 2025, respectively. The adjusted effective income tax rates were 24.5% and 25.9% for the three months ended September 30, 2026 and 2025, respectively. The adjusted effective income tax rate for the three months ended September 30, 2026 was lower than the rate for the three months ended September 30, 2025, primarily due to the mix of income.
Adjusted net income
Adjusted net income of $32.4 million for the three months ended September 30, 2026 increased $2.5 million as compared to the prior year, primarily due to higher gross profit from sales growth, lower interest expense and a lower adjusted effective income tax rate, partially offset by higher adjusted SG&A. Adjusted SG&A increased due to higher employee-related costs.
Adjusted diluted earnings per share
Adjusted diluted earnings per share was $0.79 for the quarter, an increase of $0.06 as compared to the adjusted diluted earnings per share of $0.73 in the prior year.
BALANCE SHEET AND CASH FLOWS
| ● | Free cash flow was $21.7 million for the twelve months ended September 30, 2026. (Free cash flow equals cash flow from operating activities less capital expenditures.) |
| ● | 2.9x gross leverage ratio as of September 30, 2026 |
| ● | Cash and short-term investments of $83.1 million as of September 30, 2026 |
4
FISCAL YEAR 2027 FINANCIAL GUIDANCE
Our fiscal year 2027 financial guidance is as shown below, with our guidance maintained from the previous quarter. Year-over-year percentages are calculated using the midpoint of the guidance ranges.
| ● | Net sales of $1.55 billion to $1.60 billion, 4% growth |
| ● | Net income of $122 million to $132 million, 27% growth |
| ● | Diluted EPS of $2.98 to $3.22, 27% growth |
| ● | Adjusted EBITDA of $258 million to $268 million, 3% growth |
| ● | Adjusted net income of $140 million to $147 million, 9% growth |
| ● | Adjusted diluted EPS of $3.41 to $3.59, 9% growth |
| ● | Adjusted effective income tax rate of ~20% |
Guidance for GAAP measures assumes no additional foreign exchange (gains) losses for the year ending June 30, 2027.
5
WEBCAST & CONFERENCE CALL DETAILS
Phibro Animal Health Corporation will host a webcast and conference call during which the Company will review its financial results and respond to questions.
Date: | Thursday, November 5, 2026 |
Time: | 9:00 AM Eastern |
Location: | https://investors.pahc.com |
U.S. Toll-Free: | + 1 (833) 461-5787 |
International Toll: | 1 (585) 542-9983 |
Conference ID: | 646434646 |
NOTE: To join this conference call, all participants will be required to provide the Conference ID number.
A replay of the webcast will be archived and made available on Phibro’s website.
DISCLOSURE NOTICES
Forward-Looking Statements: This communication contains forward-looking statements that are subject to risks and uncertainties, including with respect to any future debt and leverage levels. All statements other than statements of historical or current fact included in this report are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “aim,” “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “outlook,” “potential,” “project,” “projection,” “plan,” “intend,” “seek,” “may,” “could,” “would,” “will,” “should,” “can,” “can have,” “likely,” the negatives thereof and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. These statements are not guarantees of future performance or actions. If one or more of these risks or uncertainties materialize, or if management’s underlying assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement. Forward-looking statements speak only as of the date on which they are made. Phibro expressly disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. A further list and description of risks, uncertainties and other matters can be found in our Quarterly Report on Form 10-Q and Annual Report on Form 10-K, including in the sections thereof captioned “Forward-Looking Statements” and “Risk Factors.” These filings and subsequent filings are available online at www.sec.gov, www.pahc.com, or on request from Phibro.
Non-GAAP Financial Information: We use non-GAAP financial measures, such as adjusted EBITDA, adjusted net income, adjusted diluted EPS and free cash flow to assess and analyze our operational results and trends and to make financial and operational decisions. Management uses adjusted EBITDA as its primary operating measure. We report adjusted net income to portray the results of our operations prior to considering certain income statement elements. We believe these non-GAAP financial measures are also useful to investors because they provide greater transparency regarding our operating performance. The non-GAAP financial measures included in this communication should not be considered alternatives to measurements required by GAAP, such as net income, operating income and earnings per share, and should not be considered measures of liquidity. These non-GAAP financial measures may not be comparable with non-GAAP information provided by other companies. Reconciliation of non-GAAP financial measures and GAAP financial measures are included in the tables accompanying this communication and/or our Quarterly Report on Form 10-Q and Annual Report on Form 10-K.
6
We are not providing a reconciliation of forward-looking guidance of non-GAAP financial measures to the most directly comparable GAAP financial measures because of the uncertainty regarding, and the potential variability of, certain of the items required for a reconciliation; accordingly, a reconciliation of the non-GAAP financial measure to the corresponding GAAP financial measure is not available without unreasonable effort. These items are uncertain, depend on various factors and may have a material impact on our future GAAP results.
Internet Posting of Information: We routinely post information that may be important to investors in the “Investors” section of our website at www.pahc.com. We encourage investors and potential investors to consult our website regularly for important information about us.
7
Phibro Animal Health Corporation
Consolidated Results of Operations
| | Three Months | | |||||||||
For the Periods Ended September 30 | | 2026 | | 2025 | | Change | | |||||
| | (in millions, except per share amounts and percentages) | ||||||||||
Net sales | | $ | 386.8 | | $ | 363.9 | | $ | 22.9 |
| 6 | % |
Cost of goods sold | |
| 258.2 | |
| 244.1 | |
| 14.1 |
| 6 | % |
Gross profit | |
| 128.5 | |
| 119.8 | |
| 8.8 |
| 7 | % |
Selling, general and administrative expenses | |
| 78.9 | |
| 68.5 | |
| 10.4 |
| 15 | % |
Operating income | |
| 49.6 | |
| 51.3 | |
| (1.6) |
| (3) | % |
Interest expense, net | |
| 11.3 | |
| 12.1 | |
| (0.8) |
| (6) | % |
Foreign currency (gains) losses, net | |
| (0.4) | |
| 2.9 | |
| (3.4) |
| * | |
Income before income taxes | |
| 38.8 | |
| 36.3 | |
| 2.5 |
| 7 | % |
Provision for income taxes | |
| 9.3 | |
| 9.7 | |
| (0.5) |
| (5) | % |
Net income | | $ | 29.5 | | $ | 26.5 | | $ | 3.0 |
| 11 | % |
| |
| | |
| | |
| |
| | |
Net income per share | | | | | | | | | | | | |
basic | | $ | 0.73 | | $ | 0.65 | | $ | 0.08 |
| 12 | % |
diluted | | $ | 0.72 | | $ | 0.65 | | $ | 0.07 |
| 11 | % |
| |
| | |
| | |
| |
| | |
Weighted average common shares outstanding | |
| | |
| | |
| |
| | |
basic | |
| 40.6 | |
| 40.5 | |
| |
| | |
diluted | | | 41.0 | | | 40.9 | | | | | | |
| |
| | |
| | |
| |
| | |
Ratio to net sales | |
| | |
| | |
| |
| | |
Gross profit | |
| 33.2 | % |
| 32.9 | % |
| |
| | |
Selling, general and administrative expenses | |
| 20.4 | % |
| 18.8 | % |
| |
| | |
Operating income | |
| 12.8 | % |
| 14.1 | % |
| |
| | |
Income before income taxes | |
| 10.0 | % |
| 10.0 | % |
| |
| | |
Net income | |
| 7.6 | % |
| 7.3 | % |
| |
| | |
Effective tax rate | |
| 23.9 | % |
| 26.9 | % |
| |
| | |
Amounts and percentages may reflect rounding adjustments.
* | Calculation not meaningful |
8
Phibro Animal Health Corporation
Segment Net Sales and Adjusted EBITDA
| | Three Months | | |||||||||
For the Periods Ended September 30 | | 2026 | | 2025 | | Change | | |||||
| | (in millions, except percentages) | ||||||||||
Net Sales |
| | |
| | |
| | |
| |
|
MFAs and other | | $ | 206.5 | | $ | 195.2 | | $ | 11.3 |
| 6 | % |
Nutritional specialties | |
| 47.1 | |
| 48.2 | |
| (1.1) |
| (2) | % |
Vaccines | |
| 39.5 | |
| 40.1 | |
| (0.6) |
| (2) | % |
Animal Health | |
| 293.0 | |
| 283.5 | |
| 9.6 |
| 3 | % |
Mineral Nutrition | |
| 73.6 | |
| 63.0 | |
| 10.6 |
| 17 | % |
Performance Products | |
| 20.2 | |
| 17.4 | |
| 2.7 |
| 16 | % |
Total | | $ | 386.8 | | $ | 363.9 | | $ | 22.9 |
| 6 | % |
| |
| | |
| | |
| |
| | |
Adjusted EBITDA | |
| | |
| | |
| |
| | |
Animal Health | | $ | 73.9 | | $ | 74.9 | | $ | (1.0) |
| (1) | % |
Mineral Nutrition | |
| 6.2 | |
| 4.5 | |
| 1.6 |
| 36 | % |
Performance Products | |
| 2.8 | |
| 1.6 | |
| 1.2 |
| 75 | % |
Corporate | |
| (18.6) | |
| (19.1) | |
| 0.6 |
| (3) | % |
Total | | $ | 64.3 | | $ | 61.9 | | $ | 2.4 |
| 4 | % |
| |
| | |
| | |
| |
| | |
Ratio to segment net sales | |
| | |
| | |
| |
| | |
Animal Health | |
| 25.2 | % |
| 26.4 | % |
| |
| | |
Mineral Nutrition | |
| 8.4 | % |
| 7.2 | % |
| |
| | |
Performance Products | |
| 13.9 | % |
| 9.2 | % |
| |
| | |
Corporate(1) | |
| (4.8) | % |
| (5.3) | % |
| |
| | |
Total(1) | |
| 16.6 | % |
| 17.0 | % |
| |
| | |
| | | | | | | | | | | | |
Reconciliation of GAAP Net Income to Adjusted EBITDA | | | | | | | | | | | | |
Net income | | $ | 29.5 | | $ | 26.5 | | $ | 3.0 | | 11 | % |
Interest expense, net | | | 11.3 | | | 12.1 | | | (0.8) | | (6) | % |
Provision for income taxes | | | 9.3 | | | 9.7 | | | (0.5) | | (5) | % |
Depreciation and amortization | | | 13.6 | | | 12.8 | | | 0.7 | | 6 | % |
EBITDA | | | 63.6 | | | 61.2 | | | 2.5 | | 4 | % |
Restructuring charges - SG&A(2) | | | 0.6 | | | — | | | 0.6 | | * | |
Acquisition-related cost of goods sold | | | — | | | 1.1 | | | (1.1) | | * | |
Acquisition-related transaction costs | | | — | | | 0.3 | | | (0.3) | | * | |
Phibro Forward income growth initiatives - SG&A | | | 0.0 | ** | | — | | | 0.0 | | * | |
Stock-based compensation expense - named executive officer performance awards | | | 0.4 | | | 0.2 | | | 0.2 | | * | |
Insurance settlement | | | 0.0 | ** | | (3.8) | | | 3.8 | | * | |
Foreign currency (gains) losses, net | | | (0.4) | | | 2.9 | | | (3.4) | | * | |
Adjusted EBITDA | | $ | 64.3 | | $ | 61.9 | | $ | 2.4 | | 4 | % |
Amounts and percentages may reflect rounding adjustments.
* | Calculation not meaningful |
** | Amount less than $0.1 million |
| (1) | Reflects ratio to total net sales |
| (2) | Restructuring charges recorded in SG&A include severance charges and other exit costs related to the planned closure of our manufacturing facility in Chicago Heights, Illinois. |
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Phibro Animal Health Corporation
Adjusted Net Income
| | Three Months | | |||||||||
For the Periods Ended September 30 | | 2026 | | 2025 | | Change | | |||||
| | | (in millions, except per share amounts and percentages) | |||||||||
Reconciliation of GAAP Net Income to Adjusted Net Income | |
| | |
| | |
| |
| | |
Net income | | $ | 29.5 | | $ | 26.5 | | $ | 3.0 |
| 11 | % |
Acquisition-related depreciation(1) | | | 1.7 | | | 1.6 | | | 0.1 | | 8 | % |
Acquisition-related intangible amortization(1) | |
| 1.1 | |
| 1.1 | |
| 0.0 |
| 1 | % |
Acquisition-related intangible amortization(2) | |
| 0.6 | |
| 0.6 | |
| 0.0 |
| 2 | % |
Acquisition-related cost of goods sold(1) | | | — | | | 1.1 | | | (1.1) | | * | |
Acquisition-related transaction costs(2) | | | — | | | 0.3 | | | (0.3) | | * | |
Restructuring charges - SG&A(2) (3) | | | 0.6 | | | — | | | 0.6 | | * | |
Insurance proceeds(2) | | | 0.0 | ** | | (3.8) | | | 3.8 | | * | |
Stock-based compensation expense - named executive officer performance awards | | | 0.4 | | | 0.2 | | | 0.2 | | * | |
Phibro Forward income growth initiatives - SG&A(2) | | | 0.0 | ** | | — | | | 0.0 | | * | |
Foreign currency (gains) losses, net(4) | |
| (0.4) | |
| 2.9 | |
| (3.4) |
| * | |
Adjustments to income taxes(5) | |
| (1.2) | |
| (0.7) | |
| 0.5 |
| (78) | % |
Adjusted net income | | $ | 32.4 | | $ | 29.8 | | $ | 2.5 |
| 9 | % |
| | | | | | | | | | | | |
Statement of Operations Line Items - adjusted | | | | | | | | | | | | |
Adjusted cost of goods sold(1) | | $ | 255.4 | | $ | 240.3 | | $ | 15.1 |
| 6 | % |
Adjusted gross profit | |
| 131.4 | |
| 123.6 | |
| 7.8 |
| 6 | % |
Adjusted selling, general and administrative(2) | |
| 77.2 | |
| 71.3 | |
| 5.9 |
| 8 | % |
Interest expense, net | |
| 11.3 | |
| 12.1 | |
| (0.8) |
| (6) | % |
Adjusted income before income taxes | |
| 42.9 | |
| 40.3 | |
| 2.6 |
| 6 | % |
Adjusted provision for income taxes(5) | |
| 10.5 | |
| 10.4 | |
| 0.1 |
| 1 | % |
Adjusted net income | | $ | 32.4 | | $ | 29.8 | | $ | 2.5 |
| 9 | % |
| |
| | |
| | |
| |
| | |
Adjusted net income per share | |
| | |
| | |
| |
| | |
diluted | | $ | 0.79 | | $ | 0.73 | | $ | 0.06 |
| 8 | % |
| |
| | |
| | |
| |
| | |
Weighted average common shares outstanding | |
| | |
| | |
| |
| | |
diluted | |
| 41.0 | |
| 40.9 | |
| |
| | |
| |
| | |
| | |
| |
| | |
Ratio to net sales | |
| | |
| | |
| |
| | |
Adjusted gross profit | |
| 34.0 | % |
| 34.0 | % |
| |
| | |
Adjusted selling, general and administrative(2) | |
| 20.0 | % |
| 19.6 | % |
| |
| | |
Adjusted income before income taxes | |
| 11.1 | % |
| 11.1 | % |
| |
| | |
Adjusted net income | |
| 8.4 | % |
| 8.2 | % |
| |
| | |
Adjusted effective tax rate | |
| 24.5 | % |
| 25.9 | % |
| |
| | |
| |
| | |
| | |
| |
| | |
Amounts and percentages may reflect rounding adjustments.
* | Calculation not meaningful |
** | Amount less than $0.1 million |
(1) | Adjusted cost of goods sold excludes acquisition-related depreciation associated with the step-up of fair value of the acquired fixed assets, acquisition-related intangible amortization and acquisition-related cost of goods sold. |
(2) | Adjusted selling, general and administrative excludes restructuring-related severance charges and other exit costs related to the planned closure of our manufacturing facility in Chicago Heights, Illinois, acquisition-related intangible amortization, acquisition-related transaction costs, stock-based compensation related to performance awards granted to certain named executive officers, costs associated with Phibro Forward income growth initiatives, and insurance proceeds. |
(3)Restructuring charges recorded in SG&A include severance charges and other exit costs related to the planned closure of our manufacturing facility in Chicago Heights, Illinois.
(4) | Foreign currency (gains) losses, net, are excluded from adjusted net income. |
(5) | Adjusted provision for income taxes excludes the income tax effect of pre-tax income adjustments. |
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About Phibro Animal Health Corporation
Phibro Animal Health Corporation is a leading global diversified animal health and mineral nutrition company. We strive to be a trusted partner with livestock producers, farmers, veterinarians and consumers who raise or care for farm and companion animals by providing solutions to help them maintain and enhance the health of their animals. For further information, please visit www.pahc.com.
Contacts
Phibro Animal Health Corporation
Patrick Rodriguez
Vice President, Finance, Treasurer and Head of Investor Relations
+1-201-329-7300
Or
investor.relations@pahc.com
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