PAHCNasdaqPharmaceutical PreparationsUS GAAP · USD

Phibro Animal Health Corporation

Phibro Animal Health Corp. develops, manufactures, and markets animal health and mineral nutrition products for food-producing animals and companion animals. It also sells selected performance products used in personal care, industrial chemicals, and chemical catalysts, with operations and distribution spanning the United States and many international markets.

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Revenue1,518m USD
+17.1 %y/y
Operating profit (EBIT)194m USD
+76.0 %y/y
EBIT margin12.8%
+4.3 ppy/y
Net income99.7m USD
+106.6 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

05001,0001,5002,000m USD2021: 833 m USD2021: EBIT 75 m USD20212022: 942 m USD2022: EBIT 79 m USD20222023: 978 m USD2023: EBIT 72 m USD20232024: 1,018 m USD2024: EBIT 53 m USD20242025: 1,296 m USD2025: EBIT 110 m USD20252026: 1,518 m USD2026: EBIT 194 m USD20261,518194
RevenueOperating profit (EBIT)
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Business

Share of revenue
Animal Health74 %

Medicines, vaccines, adjuvants, and related products for livestock and companion animals.

Mineral Nutrition20 %

Mineral-based feed additives that support animal health and diet fortification.

Performance Products6 %

Ingredients sold to personal care, industrial chemical, and catalyst customers.

Products

Reported · share of revenue
53.4%18.6%12.8%10.3%FY2026100 %
  • Medicated Feed Additives and Others53.4 %
  • Mineral Nutrition18.6 %
  • Nutritional Specialties12.8 %
  • Vaccines10.3 %
  • Performance Products4.8 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

Phibro sells primarily to livestock producers, integrated poultry, swine, beef and dairy operations, animal feed manufacturers, veterinarians, nutritionists, wholesalers, and distributors. It also serves a smaller set of industrial customers that buy performance ingredients for personal care and chemical applications. The business is built around recurring demand from animal production cycles and technical support relationships with farm operators and veterinary channels.

Integrated livestock producers

Large poultry, swine, beef, and dairy operators buy health and nutrition products to manage herd and flock performance.

Animal feed manufacturers

Feed companies buy mineral nutrition and specialty additives to fortify rations and improve animal outcomes.

Veterinarians and technical advisors

They influence product selection and use animal health products in disease prevention and treatment programs.

Distributors and wholesalers

They purchase and resell products in markets where Phibro lacks direct commercial presence.

Industrial ingredient customers

Personal care, industrial chemical, and catalyst customers buy performance ingredients for formulation and processing.

Strategy

Phibro’s strategy centers on serving large commercial livestock producers with a broad portfolio that combines animal health and mineral nutrition. The company also uses technical support, distribution relationships, and cross-selling between product lines to deepen customer relationships and expand access to new accounts. A longer-term priority is building its companion animal presence while maintaining its core livestock franchise.

Deepen livestock franchiseMedium term

The core business is concentrated in poultry, swine, beef, and dairy, where scale and technical support matter.

Cross-sell animal health and mineral nutritionShort term

Complementary products can increase wallet share and reduce customer concentration risk.

Expand companion animal exposureLong term

Companion animal products can diversify the portfolio beyond livestock cycles.

Geography

Phibro markets products in approximately 90 countries across North America, Latin America, Asia Pacific, Europe, Africa, and the Middle East. The company has a direct commercial presence in some markets and uses distributors in others, which broadens reach but also creates exposure to local regulation, import rules, and livestock-cycle differences. Its business is especially tied to regions with concentrated commercial livestock production.

Risks

Phibro is exposed to livestock disease outbreaks, shifts in protein demand, and regulatory constraints that can affect product usage and farm economics. Its global footprint also creates exposure to import restrictions, sanctions, foreign exchange, cybersecurity, and integration or execution risk around acquisitions and new product lines.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Animal disease outbreaks1Demand swings in animal protein2Regulatory and import restrictions3Cybersecurity and IT disruption4Foreign exchange and geopolitical exposure5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Animal disease outbreaksImpact: HighLikelihood: Medium

    Disease events can change treatment patterns, herd sizes, and customer purchasing behavior.

    Exposure: Livestock and aquaculture markets

  2. Demand swings in animal proteinImpact: HighLikelihood: Medium

    Lower protein consumption can lead producers to reduce herd or flock sizes and cut product usage.

    ExposurePoultrySwineBeefDairyAquaculture
  3. Regulatory and import restrictionsImpact: MediumLikelihood: Medium

    Animal health products are subject to local approvals, import rules, and extra-label use limits.

    Exposure: Asia Pacific and other regulated markets

  4. Cybersecurity and IT disruptionImpact: MediumLikelihood: Medium

    Operational systems support manufacturing, sales, and technical services, so breaches can disrupt business.

    Exposure: Global operations

  5. Foreign exchange and geopolitical exposureImpact: MediumLikelihood: Medium

    International sales and intercompany activity create currency and sanctions-related volatility.

    ExposureEuropeMiddle EastGlobal distributor markets
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Accounting

Judgemental items
Goodwill and intangible asset impairment

The company carries goodwill and identifiable intangibles that require judgmental impairment testing.

Impact: Write-downs could materially affect earnings and equity.

Acquisition-related accounting

Purchased product portfolios and businesses create valuation and integration accounting complexity.

Impact: Affects amortization, purchase accounting, and non-GAAP adjustments.

Foreign currency translation and transaction gains/losses

International operations and intercompany balances create currency exposure.

Impact: Can create volatility in reported operating results.

Seasonality and customer purchasing timing

Livestock demand, import timing, and large-customer ordering patterns can shift quarterly revenue.

Impact: Makes quarter-to-quarter comparisons less linear.

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Last updated: 24/09/2026