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Here are 1-3 brief analogies for FMC:

• Like Bayer's Crop Science division or Corteva Agriscience, but singularly focused on agricultural pesticides and herbicides.
• Think of it as the Syngenta of crop protection chemicals, operating as an independent, specialized firm.

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• Insecticides: Chemicals designed to protect crops from damaging insects and pests.
• Herbicides: Products used to control unwanted weeds that compete with crops for resources.
• Fungicides: Solutions that protect crops from various fungal diseases.
• Plant Health Solutions: Specialized products designed to improve crop vitality, nutrient efficiency, and stress resilience.

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FMC Corporation (NYSE: FMC) is a global agricultural sciences company that develops, markets, and sells a portfolio of crop protection chemicals (insecticides, herbicides, fungicides), plant health products, and professional pest and turf management solutions.

FMC sells primarily to other companies, operating through a broad distribution network. Their primary customers are:

• Agricultural Distributors
• Agricultural Retailers

These distributors and retailers then sell FMC's products to farmers, growers, and other agricultural end-users globally. This broad network ensures that their products reach a wide range of agricultural operations, from small farms to large commercial enterprises.

Based on FMC's public filings, such as their annual 10-K reports, no single customer accounted for 10% or more of their consolidated net sales in recent fiscal years. Therefore, FMC does not disclose specific names of "major customer companies" as defined by significant revenue concentration. Their customer base is diversified across numerous distributors and retailers worldwide.

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Pierre R. Brondeau Chairman and Chief Executive Officer

Pierre R. Brondeau became chief executive officer of FMC in June 2024, and has served as chairman of the board since October 2010. He previously held the CEO role at FMC from January 2010 until June 2020. Before rejoining FMC, Dr. Brondeau was president and CEO of Dow Advanced Materials Division until September 2009. Prior to Dow's acquisition of Rohm and Haas Company in April 2009, he served as president and chief operating officer of Rohm and Haas from May 2008. He held numerous executive positions during his 20-year career at Rohm and Haas, including leadership roles at Shipley Company (later Rohm & Haas Electronic Materials), which was acquired by Rohm & Haas Co. His career also includes experience at Air Liquide. During his previous tenure as CEO, FMC completed major M&A transactions.

Andrew D. Sandifer Executive Vice President and Chief Financial Officer

Andrew D. Sandifer was named Executive Vice President and Chief Financial Officer in May 2018. He joined FMC in 2010 as Vice President, Strategic Development, overseeing mergers and acquisitions and strategic planning activities. He then served as Vice President, Corporate Transformation, leading efforts such as the integration of Cheminova A/S, and later as Treasurer. Before FMC, Mr. Sandifer was Vice President, Strategic Initiatives, for ARAMARK Corporation. He also spent seven years at Rohm and Haas Company, holding roles in Strategic Planning, Sales, Marketing, Investor Relations, and General Management. Earlier in his career, he worked with the Boston Consulting Group and held engineering, operations, and technical roles with International Paper and James River Paper companies. He played a key role in the separation of FMC's Lithium business through an IPO and a spin-off.

Ronaldo Pereira President

Ronaldo Pereira was appointed President in June 2024. He has been with FMC for nearly 28 years, serving in various marketing, business development, and commercial leadership positions. Most recently, he served as Executive Vice President and President of the Americas region. He initially joined FMC as a field agronomist in 1995. Mr. Pereira also led the Rotam CropSciences business in Brazil before returning to FMC in 2016.

Seva Rostovtsev, Ph. D. Executive Vice President and Chief Technology Officer

Seva Rostovtsev assumed the role of Vice President and Chief Technology Officer in April 2023 and was elected Executive Vice President in February 2024. In this role, he is responsible for FMC’s global network of over 800 scientists and their efforts in discovery and development. Previously, he served as FMC's Director of Discovery Chemistry for Agricultural Solutions. Prior to joining FMC, he held various research and technical leadership positions at DuPont, including Process Chemistry and Engineering, Emerging Technologies, and Fungicide Discovery Chemistry, starting in 2003. Dr. Rostovtsev is a co-inventor of copper-catalyzed Click Chemistry, which was awarded the 2022 Nobel Prize in Chemistry.

Jacqueline Scanlan Executive Vice President and Chief Human Resources Officer

Jacqueline (Jackie) Scanlan joined FMC as Executive Vice President and Chief Human Resources Officer in September 2023. She brings over 25 years of experience in HR management, including senior leadership roles at companies such as Axalta Coating Systems, Haemonetics Corporation, Novo Nordisk, and Campbell Soup Company. Her career has encompassed a wide range of HR disciplines, with a particular focus on change and talent management, leadership development, organizational culture, and functional HR excellence.

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The key risks to FMC's business are:

1. Patent Expirations and Generic Competition: FMC faces significant challenges due to patent expirations on key products such as Rynaxypyr and Cyazypyr. This has led to increased competition from generic alternatives, resulting in pricing pressure, erosion of market share, and negative impacts on revenue and profitability across major markets. The patent for Rynaxypyr, which historically accounted for a substantial portion of FMC's revenue, is expiring in numerous countries through 2027, opening the door for aggressive generic pricing.
2. High Leverage and Deteriorating Financial Health: The company is experiencing a significant weakening of its financial profile, characterized by high debt levels, negative free cash flow, and an elevated risk of bankruptcy, indicated by an Altman Z-Score well below the distress threshold. FMC's net debt has increased, and its net debt to EBITDA ratio has surged, leading to concerns about covenant violations, liquidity constraints, and a drastic dividend cut to preserve cash for debt service.
3. Weak Agrochemical Market Demand and Inventory Destocking: FMC's business has been adversely affected by a downturn in global agrochemical market demand, driven by weak agro-commodity pricing and reduced farmer income. This has resulted in significant inventory destocking in distribution channels, particularly in regions like Latin America and Asia, leading to reduced sales volumes, pricing pressures, and operational challenges related to managing inventory and collections.

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FMC Corporation primarily focuses on agricultural sciences, with its main products and services centered around crop protection chemicals, including insecticides, herbicides, and fungicides, as well as biologicals, crop nutrition, and seed treatment products.

The addressable markets for FMC's main products and services are as follows:

• Global Crop Protection Chemicals Market: The global crop protection chemicals market was valued between approximately USD 76.94 billion and USD 83.86 billion in 2024. Some estimates indicate the market reached USD 104.83 billion in 2025. This market is projected to grow to a range of USD 114.7 billion by 2028 and USD 131.79 billion by 2034.
• Global Herbicides Market: The global herbicides market was estimated between USD 34.16 billion and USD 44.14 billion in 2024. It is anticipated to reach approximately USD 45.10 billion in 2025. Projections show this market reaching between USD 55.8 billion by 2030 and USD 93.75 billion by 2034.
• Global Insecticides Market: The global insecticides market was valued between approximately USD 21.38 billion and USD 23.84 billion in 2024. It is projected to increase to approximately USD 22.38 billion to USD 24.86 billion in 2025. The market is expected to grow to between USD 34.32 billion by 2030 and USD 37.92 billion by 2035.
• Global Fungicides Market: The global fungicides market was estimated between approximately USD 18.70 billion and USD 20.5 billion in 2024. This market is projected to grow to between USD 26.0 billion by 2030 and USD 41.9 billion by 2032.

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Here are 3-5 expected drivers of future revenue growth for FMC Corporation (symbol: FMC) over the next 2-3 years:

1. Launch and Commercialization of New Products and Active Ingredients: FMC is focusing on its robust R&D pipeline, which includes new synthetic active ingredients such as Fluindapyr, Isoflex™, and Dodhylex. These are anticipated to drive significant revenue growth, particularly in 2026 and 2027, and are part of a strategy to offset increasing generic competition. For example, Isoflex™ Active has recently contributed to sales growth in North America and EMEA. Additionally, a strategic agreement with Corteva Agriscience will expand Fluindapyr fungicide technology in the U.S. corn and soybean markets, with Corteva planning a product launch in 2026. The company's R&D pipeline also includes new-mode-of-action fungicides, pheromone- and microbial-based products, and new diamide formulations.
2. Growth and Expansion of the Plant Health (Biologicals) Business: FMC's strategic plan includes significant growth in its Plant Health business, with an aspiration to reach approximately $2 billion in revenue from this segment by 2033. The company is actively developing and delivering differentiated biological products. A recent collaboration with Novonesis in Canada makes FMC the exclusive distributor of several leading biosolution products for the 2025 growing season, further expanding its biologicals platform in key markets. FMC has launched approximately 40 biological products across 24 countries in the last five years.
3. Market Expansion and Enhanced Routes to Market: FMC aims to drive volume growth by leveraging additional routes to market, particularly in regions like Brazil. The company is also implementing more direct-to-customer marketing strategies in key markets, which could lead to improved pricing power and higher margins. The expansion of Fluindapyr technology in major U.S. agricultural markets through strategic alliances also represents significant market penetration.
4. Strategic Pricing and Operational Efficiencies: Despite a challenging market with increased generic competition, FMC's disciplined cost control and a focused approach to pricing, which prioritizes margin and credit quality, are expected to stabilize and contribute to future earnings. Successful implementation of cost reduction programs and the introduction of higher-margin new products are anticipated to lead to substantial improvements in profitability, thereby supporting revenue growth.

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Share Repurchases

• In February 2022, FMC's Board of Directors authorized a new $1 billion share repurchase program, replacing a previous authorization.
• The company repurchased 4.0 million shares in 2021 under a publicly announced program, contributing to over $645 million returned to shareholders through repurchases and dividends in that year.
• Share repurchases under the publicly announced program have been suspended until September 30, 2025, due to an amendment in the company's credit agreement, with $825 million remaining under authorization as of March 31, 2024.

Outbound Investments

• In June 2022, FMC agreed to acquire BioPhero, a Danish startup specializing in pheromone-based biocontrols for the crop-growing industry, for approximately $200 million.
• FMC Ventures, the company's venture capital arm established in 2020, consistently makes strategic investments in start-ups and early-stage companies developing emerging technologies in the agricultural industry.

Capital Expenditures

• Capital expenditures for the nine months ended September 30, 2025, amounted to $70.3 million, following $46.3 million for the same period in 2024.
• A primary focus of capital expenditures is on advancing FMC's crop protection pipeline, including the discovery and development of new active ingredients, with over 25 in discovery and 11 in development as of early 2022.
• Investments are also directed towards expanding the company's biologicals platform, which includes novel pheromone solutions.