Q4 2026 Phibro Animal Health Corp Earnings Call Transcript
Key Points
- Record net sales of more than $1.5 billion and a 39% increase in adjusted EBITDA for fiscal 2026.
- Legacy animal health business grew 8% in the quarter and 7% for the full year, with vaccines up 14% and nutritional specialties up 9%.
- Mineral Nutrition delivered strong performance with sales increasing 20% in the quarter and 11% for the year.
- Successful integration of the acquired Zoetis MFA portfolio, which grew 70% for the full year and is expected to outpace overall revenue growth in fiscal 2027.
- Phibro Forward transformation program is expected to deliver cumulative EBITDA contributions of approximately $50 million in fiscal 2027, with the closure of the Chicago Heights facility expected to add $15-20 million in annual benefits by fiscal 2028.
- Sales from the acquired Zoetis MFA portfolio were down 11% in the quarter due to a difficult comparison against a strong prior-year period.
- Fiscal 2027 guidance assumes minimal contribution from virginiamycin sales in Brazil, with $27 million in sales from the prior year expected to be largely lost.
- Free cash flow was limited to $10 million in fiscal 2026 due to an $86.3 million inventory build, primarily in the newly acquired MFA portfolio.
- Q1 fiscal 2027 EBITDA growth is expected to be negative due to a higher SG&A base carried forward from fiscal 2026.
- The closure of the Chicago Heights facility will incur one-time cash costs of approximately $10 million and $10 million in capital expenditures, with minimal EBITDA benefit in fiscal 2027.
Hello and thank you for standing by. My name is Regina and I will be your conference operator today. At this time, I would like to welcome everyone to the Fibro Animal Health Corporation fourth quarter 2026 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. To withdraw your question, press star one again.
I would now like to turn the conference over to Glenn David, Chief Financial Officer. Please go ahead.
Thank you, Regina. Good day and welcome to the Phibro Animal Health Corporation earnings call for our fiscal fourth quarter and full year ended June 30, 2026. My name is Glenn David and I am the Chief Financial Officer of Phibro Animal Health Corporation. I am joined on today's call by Donnie Bendheim, President and Chief Executive Officer, and Larry Miller, Chief
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