FMC (FMC) Jefferies Global Industrial Conference summary

Competitive position and portfolio evolution

• Portfolio broadened with four new molecules, each with $500M market potential, and expansion into pheromones and biologicals.

• Shift from reliance on solo diamide molecules to a formulation strategy as IP protection ends by 2026-2027.

• New products are being launched between 2023 and 2026, supporting future growth.

Industry and regional market outlook

• Europe and North America are normalizing, with inventory channels expected to stabilize by year-end.

• Latin America, especially Brazil, is on track for normalization by end of Q1 2025.

• Asia faces uncertainty due to adverse weather and will likely normalize in 2025.

Channel and competition dynamics

• 2023 challenges stemmed mainly from channel inventory issues, not generic competition.

• Generic entrants in Brazil flooded the market but faced their own inventory challenges, leading to short-term pricing pressure.