Phibro Animal Health reports Q1 adjusted EPS 35c, consensus 25c

Reports Q1 revenue $260.4M, consensus $244.4M. “Our results this quarter reflect strong performance across the board, with impressive top- and bottom-line growth that demonstrates we’re operating at full strength. Our sustained, above-market growth in the MFAs and other category reaffirms our belief that we’re the right home for the ex-Zoetis MFA business. The 64% increase in Adjusted EBITDA highlights the strong performance in our Vaccines business and the recovery in our Mineral Nutrition and Performance Products businesses. We’re pleased to achieve this growth even while focusing on key areas to support our acquisition and pursue our Phibro Forward income growth initiative. We’re well-positioned for continued success as we integrate and drive value from our new assets,” said Jack Bendheim, President and Chief Executive Officer. “I would also like to take this opportunity to thank the many Phibro employees who have worked tirelessly over the last few months to prepare for a smooth-as-possible transition for the ex-Zoetis MFA business as well as welcome our new colleagues who have joined us with the closing of the acquisition. We see an extremely bright future for the new Phibro, as we are well positioned to grow our MFAs & other category and are now at a much more significant size and scale overall which we intend to leverage for the benefit of all of our segments. This investment will enhance, diversify and broaden our portfolio globally and help us continue to deliver value to our customers and to our shareholders. To that end, as we are carefully curating our pipeline, we have made the decision to discontinue the atopic dermatitis project as it did not meet our stage gate target requirements. However, we remain committed to our investment in the companion animal space, as we continue to progress in our other pipeline projects and seek out new strategic opportunities.”