FMC (FMC.N): Challenging Near-Term Operating Environment Resets Expectations; Focusing on Post-Patent Rynaxypyr Strategy

研报英文原文证据摘录

FMC (FMC.N): Challenging Near-Term Operating Environment Resets Expectations; Focusing on Post-Patent Rynaxypyr Strategy

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30 Jul 2026 18:32:12 ET │ 13 pages

FMC (FMC.N)

Challenging Near-Term Operating Environment Resets Expectations;

Focusing on Post-Patent Rynaxypyr Strategy

CITI'S TAKE Neutral / High Risk

Price (30 Jul 26 16:00) US$11.83 Our takeaways from the call: 1) FMC noted three primary drivers on the

Target price US$12.00↓ bridge from 3Q to 4Q sales, including: ~$150mm higher non-diamide core

growth (including the benefit from the direct sales growth in Brazil), from US$14.00

~$70mm from higher new active ingredient sales stemming from higher Expected share price return 1.4%

demand in fluindapyr in LatAm and North America, and Isoflex in Expected dividend yield 2.7%

Australia, and ~$40mm of higher branded Rynaxypyr. 2) Beyond the Expected total return 4.1%

anticipated reduction in diamide partner orders and EMEA registration Market Cap US$1,479M

losses, FMC called out cautious purchasing patterns across many

markets, particularly among North America growers of non-specialty

crops. Additional demand headwinds included excessive heat in EMEA,

low rice production in North America compared to historical levels, and Patrick CunninghamAC

proprietary data indicating lower insect pressure YTD. 3) Management +1-212-816-6684

remained confident on its post-patent Rynaxypyr strategy, highlighting patrick.cunningham@citi.com

that differentiated formulations and mixture products grew >35% Y/Y in Rachel Lee

2Q, with particular strength in Brazil and North America. +1-212-816-4559

rachel.lee@citi.com

Stock Action — We incorporate significant downward adjustments to 3Q estimates Alexander Yi