Phibro Animal Health (PAHC) Stifel 2026 Jaws & Paws Conference summary

Company overview and business segments

• Operates globally with about 2,500 employees and manufacturing sites serving nearly 100 markets.

• Main business segments: Animal Health, Mineral Nutrition (North America-focused), and Performance Products.

• Poultry is the largest species segment, followed by beef, dairy, and swine; U.S. accounts for nearly 60% of sales.

• Animal Health includes Medicated Feed Additives (MFAs), Nutritional Specialties, and vaccines, with a comprehensive product portfolio post-acquisition.

• 70% of products are manufactured in-house across 15 global facilities.

Financial performance and guidance

• Achieved 5% CAGR over the past five years, outpacing livestock industry growth.

• FY2025 revenue reached $1.3 billion, with FY2026 guidance of $1.46–$1.5 billion and EBITDA of $247–$255 million.

• Adjusted net income guidance for FY2026 is $122–$127 million, reflecting 47% growth.

• Net leverage reduced to 2.8x, ahead of schedule due to strong EBITDA; free cash flow expected to improve.

• Dividend of $0.12 per share maintained.

R&D pipeline and innovation

• Increasing transparency on pipeline; focus on new vaccines, including Newcastle genotype 7 and inactivated aquaculture vaccines.

• Expansion into new markets and manufacturing sites, with Sligo facility now contributing to vaccine business.

• Broadened MFA portfolio enables better cross-clearance and bundled solutions for customers.

• Nutritional Specialties emphasize sustainability and pathogen defense, supported by a new research farm.

• Companion animal pipeline includes in-licensed molecule for canine periodontitis and gene therapy for mitral valve disease, targeted for later this decade.