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Here are 1-3 brief analogies for Phibro Animal Health (PAHC):

• Pfizer for farm animals
• Eli Lilly, but focused on animal health and nutrition

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• Medicated Feed Additives: Pharmaceutical ingredients incorporated into animal feed to prevent or treat diseases and improve animal health and productivity.
• Mineral Nutrition Products: A range of essential trace minerals and nutritional specialty products designed to enhance the health, performance, and well-being of livestock and poultry.
• Vaccines: Biological products developed to stimulate immunity against various infectious diseases in poultry, swine, cattle, and aquaculture.

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Phibro Animal Health (PAHC) primarily sells its products to other companies (B2B) rather than directly to individuals. The company has a fragmented customer base and does not disclose specific major customers (i.e., customers accounting for 10% or more of net sales) in its public filings. Instead, its products are sold globally to a wide range of companies within the animal agriculture and aquaculture industries.

The major categories of customers that Phibro Animal Health serves include:

• Integrated Livestock and Aquaculture Producers: These are large-scale operations in sectors such as poultry, swine, beef and dairy cattle, and aquaculture (fish and shrimp farming). These producers often control various stages of animal production, from feed sourcing to animal rearing, and utilize Phibro's animal health products, vaccines, and nutritional specialties to maintain herd health and productivity.
• Feed Mills: Companies that specialize in formulating and manufacturing animal feed. Phibro supplies medicated feed additives, nutritional ingredients, and other specialty products to these mills, which then incorporate them into finished feed sold to livestock and aquaculture farmers.
• Veterinary Distributors: These companies act as intermediaries, purchasing a range of animal health products, including pharmaceuticals and vaccines, from manufacturers like Phibro and distributing them to veterinarians, independent farmers, and other animal health providers.

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Jack C. Bendheim, Chairman of the Board, President and Chief Executive Officer

Mr. Bendheim joined Phibro in 1969 and has served in various executive capacities, including Chief Operating Officer from 1988 to 1998 and Chief Executive Officer from 1998 to 2002. He was appointed President in 1988 and re-appointed Chief Executive Officer in March 2014. He has been a director since 1984. Mr. Bendheim is also a manager of BFI Co., LLC, an investment vehicle of the Bendheim family. He is the father of Daniel M. Bendheim and Jonathan Bendheim.

Glenn C. David, Chief Financial Officer

Mr. David joined Phibro as Chief Financial Officer in February 2024, bringing over 30 years of experience in commercial and financial leadership roles. Prior to Phibro, he served as Executive Vice President and Group President, US Operations, Diagnostics, Biodevices, and Insurance at Zoetis Inc. He was also the Chief Financial Officer at Zoetis from 2016 to 2021, where he was noted for maintaining a well-capitalized business and creating shareholder value. Earlier in his career at Zoetis, he served as Senior Vice President of Finance Operations during its Initial Public Offering in 2013. Before Zoetis, Mr. David held various financial positions at Pfizer Inc., including Vice President of Global Finance for Pfizer Animal Health.

Larry L. Miller, Chief Operating Officer

Mr. Miller has served as Phibro's Chief Operating Officer since July 2016. He initially joined the company as President, Animal Health, in May 2008. Before joining Phibro, he was Vice President of the Global Ruminant Business with Intervet/Schering-Plough Animal Health from 2004 to 2008. From 1998 to 2004, Mr. Miller was the General Manager for Schering-Plough's Australia and New Zealand Animal Health businesses. His background also includes various sales and marketing management roles at Schering-Plough and American Cyanamid Animal Health and Nutrition.

Daniel M. Bendheim, Director and Executive Vice President, Corporate Strategy

Mr. Bendheim joined Phibro in 1997. He held positions as Vice President of Business Development (2001), President, Performance Products (2004), and Executive Vice President, Corporate Strategy (March 2014). He was elected as a director in November 2013. Before joining Phibro, Mr. Bendheim worked as an analyst at South Coast Capital, a boutique investment bank. He is a son of Jack C. Bendheim and also serves as a manager of BFI Co., LLC, an investment vehicle of the Bendheim family.

Jonathan Bendheim, Executive Vice President, Global Technology and Talent • Executive Management, President, MACIE Region & General Manager, Israel Operations

Mr. Bendheim joined Phibro in 2001. In 2005, he was appointed Vice President of Sales and Business Development for the company's Israel operations. He led the acquisition of Abic Biological Laboratories from Teva in 2008 and became the Managing Director of Phibro's operations in Israel in 2009. His responsibilities expanded in 2011 to include oversight of all sales activities in the MACIE Region. Mr. Bendheim also spearheaded the establishment of Phibro's global aquaculture business in 2014 and founded the pHi-Tech business unit in 2018. He is a son of Jack C. Bendheim.

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The key risks to Phibro Animal Health (PAHC) include:

1. AI-Driven Risks: Phibro Animal Health faces significant risks associated with its use of machine learning and artificial intelligence (AI). These rapidly evolving technologies can lead to operational, compliance, and reputational challenges due to the unpredictability of AI algorithms, which may produce irrelevant or biased results, and potential disruptions in AI systems. These factors collectively threaten to materially impact the company's business operations, financial health, and market standing.
2. Macroeconomic and Geopolitical Risks: Phibro's business is susceptible to various macroeconomic impacts and geopolitical events. These include economic sanctions, military conflicts (such as the ongoing armed conflict between Russia and Ukraine), supply-chain and logistics disruptions, volatility in foreign exchange rates and interest rates, inflationary pressures on raw materials and energy, and heightened cybersecurity threats. Tariffs and foreign currency fluctuations also pose potential risks.
3. Competitive Landscape, Regulatory Challenges, and Shifting Consumer Habits: Phibro operates in highly competitive industries with a substantial and evolving number of global and regional competitors, and market consolidation could further favor its rivals. Additionally, the company faces evolving regulatory challenges, environmental, and policy risks that threaten long-term market stability and profitability. Shifting consumer habits and innovation in alternative proteins also pose a threat to Phibro's traditional livestock market and future revenue growth. Decisions by regulatory authorities regarding product applications, registrations, and labeling can also affect the availability and commercial potential of Phibro's products.

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• The accelerating global shift away from traditional antibiotic use in livestock production. While Phibro has been diversifying its portfolio, the intensifying pace of regulatory changes, coupled with increasing consumer and retailer demands for "antibiotic-free" or "reduced antibiotic" meat, represents an evolving and broadening threat to its historical reliance on certain medicated feed additives. This necessitates continuous and rapid innovation in alternative solutions (e.g., vaccines, nutritional specialties) to maintain market share.
• The rapid growth and increasing acceptance of alternative protein sources (plant-based and cultivated meat). As these alternatives expand their market share and advance in technological viability and cost-effectiveness, they pose a long-term threat to the conventional livestock industry. A potential reduction in the global demand for traditionally raised animals would directly shrink the addressable market for Phibro's animal health and nutrition products.

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Phibro Animal Health Corporation (PAHC) operates in several key addressable markets for its main products and services, primarily focusing on animal health and nutrition solutions for livestock. These include vaccines, medicated feed additives, and mineral nutrition products.

• Global Animal Healthcare Market: The broader global animal healthcare market, which encompasses Phibro's offerings, was valued at approximately USD 41.0 billion in 2023 and is projected to reach USD 66.0 billion by 2033, demonstrating a Compound Annual Growth Rate (CAGR) of 5.3% from 2024 to 2033. Other estimates place the global market at USD 186.1 billion in 2023, with a projected CAGR of 6% from 2024 to 2032. Another valuation for the global animal health market in 2024 was USD 62.89 billion, with a projection to reach USD 112.33 billion by 2030 at a CAGR of 10.46%.

• Global Medicated Feed Additives Market: The global market for medicated feed additives, a core product category for Phibro, is projected to grow from USD 13.1 billion in 2025 to USD 22.4 billion by 2035, at a CAGR of 5.5%. Other estimates indicate a market size of USD 15.2 billion in 2024, expected to reach USD 24.7 billion by 2035 with a CAGR of 4.52%. Furthermore, it was valued at USD 15.7 billion in 2023 and is poised to grow to USD 24.57 billion by 2032, at a CAGR of 5.1%. The market size for medicated feed additives reached USD 12.72 billion in 2025 and is anticipated to grow to USD 16.75 billion by 2030, at a CAGR of 5.66%.

• Global Animal Feed Minerals Market: Phibro also offers mineral nutrition products. The global animal feed minerals market is projected to grow from USD 4.5 billion in 2025 to USD 6.7 billion by 2035, at a CAGR of 3.9%. Another report estimated the global feed minerals market size to be around USD 3.95 billion in 2024, with a projected increase to USD 4.90 billion by 2029 at a CAGR of approximately 4.42%. More specifically, the feed trace minerals market is valued at USD 425.3 million in 2025 and is projected to reach USD 522.4 million by 2030, growing at a CAGR of 4.20%. The global animal feed organic trace minerals market is projected to grow from USD 1.96 billion in 2024 to USD 2.86 billion by 2035.

• Global Livestock Vaccines Market: Phibro is also involved in vaccine solutions for livestock. The global livestock vaccines market was valued at USD 6.4 billion in 2024 and is expected to grow to USD 12.6 billion in 2034, at a CAGR of 7.1%. Other data indicates the market accounted for USD 6.12 billion in 2024 and is expected to reach USD 12.40 billion by 2035, growing at a CAGR of approximately 6.63% between 2025 and 2035. Another report stated the overall market is expected to be valued at USD 8.27 billion in 2024.

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Phibro Animal Health Corporation (PAHC) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and strong market demand. Key drivers include:

1. Continued Integration and Growth of the Zoetis Medicated Feed Additive (MFA) Portfolio: The acquisition of the Zoetis MFA business has been a significant contributor to Phibro's Animal Health segment sales. This portfolio is expected to provide a full year of sales and EBITDA contribution in fiscal year 2026, driving ongoing revenue expansion.
2. Strategic Expansion into the Companion Animal Market and New Product Launches: Phibro is strategically diversifying its focus beyond traditional production animals by expanding into the companion animal health market. This includes the recent launch of Restoris™, a dental gel for dogs, and the licensing of an early-stage drug compound for canine periodontal care, which are expected to contribute to long-term growth.
3. Sustained Demand for Core Animal Health Products: The Animal Health segment, Phibro's largest business unit, continues to exhibit robust growth, propelled by strong demand for medicated feed additives, nutritional specialties, and vaccines. This growth is particularly notable in poultry products in Latin America and through increased international demand.
4. "Phibro Forward" Income Growth Initiatives: The company's "Phibro Forward" strategy is an overarching initiative designed to unlock additional revenue growth and achieve cost savings. This program is expected to remain a significant driver of financial momentum through fiscal year 2027.
5. Geographic Expansion, particularly in High-Growth Emerging Markets: Phibro has outlined a strategy to continue its expansion into high-growth emerging markets, leveraging proprietary vaccine technologies to increase sales, particularly in poultry, and cross-selling its broad portfolio of animal health and mineral nutrition products.

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Share Issuance

• As of August 22, 2025, there were 20,367,574 shares of Class A common stock and 20,166,034 shares of Class B common stock outstanding.
• As of August 23, 2024, there were 20,337,574 Class A shares and 20,166,034 Class B shares outstanding.
• Share issuances primarily relate to equity incentive plans for management.

Outbound Investments

• On October 31, 2024, Phibro Animal Health completed the acquisition of Zoetis's medicated feed additive (MFA) portfolio, certain water-soluble products, and related assets for approximately $297.5 million ($286.5 million, net of cash acquired).
• This acquisition was funded by term loan borrowings.
• The acquired portfolio includes over 37 product lines and six manufacturing sites (four in the U.S., one in Italy, and one in China).

Capital Expenditures

• Capital expenditures were $29 million in fiscal year 2021, $37 million in fiscal year 2022, $52 million in fiscal year 2023, and $41 million in fiscal year 2024.
• For the three months ended September 30, 2025, capital expenditures amounted to $13.8 million.
• Free cash flow, calculated as cash flow from operating activities less capital expenditures, was $34.3 million for the twelve months ended September 30, 2025.