Phibro Animal Health (PAHC) Barclays 27th Annual Global Healthcare Conference summary

Recent performance and acquisition highlights

• Completed Zoetis MFA portfolio acquisition, enabling immediate order fulfillment and accelerating sales from November to December.

• Achieved over 18% year-to-date revenue growth, with legacy business alone growing 11%.

• Income and EBITDA growth outpaced revenue, with legacy business EBITDA up 37% in the first half.

• Strong performance across all business segments, including medicated feed additives, vaccines, and nutritional specialties.

• Raised guidance following robust first-half results and successful integration of the acquired portfolio.

Integration priorities and operational focus

• Transitioning IT and regulatory functions to operate independently by end of Q3/early Q4.

• Customer response to the acquisition has been positive, with minimal overlap and strong technical support recognized.

• Recruitment of top talent in new geographies has progressed well, supporting expansion.

• No major surprises post-acquisition; key assumptions confirmed.

Financial guidance and drivers

• Updated 2025 guidance fully incorporates Zoetis MFA, projecting $200M incremental revenue and $0.53 EPS increase.

• EPS growth driven by higher profitability, lower-than-expected interest expense, and strong legacy business performance.

• Legacy business growth expected to slow in the second half but remain positive.