PHIBRO ANIMAL HEALTH CORP Revenue Disclosure
Disaggregated revenue and customer payment terms
We develop, manufacture and market a broad range of products for food and companion animals including poultry, swine, beef and dairy cattle, aquaculture and dogs. The products help prevent, control and treat diseases and enhance nutrition to help improve animal health and well-being. We sell animal health and mineral nutrition products directly to integrated poultry, cattle and swine customers and through commercial animal feed manufacturers, distributors and veterinarians The animal health industry and demand for many of the animal health products in a particular region are affected by changing disease pressures and by weather conditions, as product usage follows varying weather patterns and seasons. Our operations are primarily focused on regions where the majority of livestock production is consolidated in large commercial farms.
We have a diversified portfolio of products that are classified within our three reportable business segments — Animal Health, Mineral Nutrition and Performance Products. Each segment has its own dedicated management and sales team.
Animal Health
The Animal Health business develops, manufactures and markets products in three main categories:
| ● | MFAs and other: MFAs and other products primarily consist of concentrated medicated products administered through animal feeds, commonly referred to as Medicated Feed Additives (“MFAs”). Specific product classifications include antibacterials, which inhibit the growth of pathogenic bacteria that cause infections in animals; anticoccidials, which inhibit the growth of coccidia (parasites) that damage the intestinal tract of animals; and other related products. The MFAs and other category also includes antibacterials and other processing aids used in the ethanol fermentation industry. |
| ● | Nutritional specialties: Nutritional specialty products enhance nutrition to help improve health and performance in areas such as immune system function and digestive health. We are also a developer, manufacturer and marketer of microbial products and bioproducts for a variety of applications serving animal health and nutrition, environmental, industrial and agricultural customers. |
| ● | Vaccines: Vaccine products are primarily focused on preventing diseases in poultry, swine, beef and dairy cattle and aquaculture. They protect animals from either viral or bacterial disease challenges. We develop, manufacture and market conventionally licensed and autogenous vaccine products, as well as adjuvants for animal vaccine manufacturers. We have developed and market an innovative and proprietary delivery platform for vaccines. |
Mineral Nutrition
The Mineral Nutrition business is comprised of formulations and concentrations of trace minerals such as zinc, manganese, copper, iron and other compounds, with a focus on customers in North America. Our customers use these products to fortify the daily feed requirements of their livestock’s diets and maintain an optimal balance of trace elements in each animal. We manufacture and market a broad range of mineral nutrition products for food animals including poultry, swine, and beef and dairy cattle.
Performance Products
The Performance Products business manufactures and markets specialty ingredients for use in the personal care, industrial chemical and chemical catalyst industries.
The following tables present our revenues disaggregated by major product category and geographic region:
Net Sales by Product Type
| |||||||||
For the Year Ended June 30 | 2025 | 2024 | 2023 | ||||||
Animal Health |
|
|
| ||||||
MFAs and other | $ | 646,354 | $ | 420,959 | $ | 387,349 | |||
Nutritional specialties |
| 179,289 |
| 164,671 | 172,504 | ||||
Vaccines |
| 137,153 |
| 120,852 | 99,998 | ||||
Total Animal Health | $ | 962,796 | $ | 706,482 | $ | 659,851 | |||
Mineral Nutrition |
| 253,240 |
| 243,663 | 242,656 | ||||
Performance Products |
| 80,179 |
| 67,534 | 75,382 | ||||
Total | $ | 1,296,215 | $ | 1,017,679 | $ | 977,889 | |||
Net Sales by Region
For the Year Ended June 30 | 2025 |
| 2024 |
| 2023 | ||||
United States | $ | 739,919 | $ | 584,763 | $ | 578,773 | |||
Latin America and Canada |
| 298,649 |
| 247,705 | 219,846 | ||||
Europe, Middle East and Africa |
| 160,232 |
| 121,977 | 117,815 | ||||
Asia Pacific |
| 97,415 |
| 63,234 | 61,455 | ||||
Total | $ | 1,296,215 | $ | 1,017,679 | $ | 977,889 | |||
Net sales by region are based on country of destination.
Our customer payment terms generally range from 30 to 120 days globally and do not include any significant financing components. Payment terms vary based on industry and business practices within the regions in which we operate. Our average worldwide collection period for accounts receivable is approximately 60 days after the revenue is recognized.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.