Key Takeaways Cencora will merge MWI with Covetrus in a deal valuing MWI at a $3.5 billion enterprise value.COR will receive $1.25B cash, $800M preferred equity and $1.45B common equity, keeping a 34.3% stake.The combined platform will integrate MWI's supply chain with Covetrus' tech to boost efficiency and growth.Cencora, Inc. (COR) recently announced that it has agreed to merge its wholly owned subsidiary, MWI Animal Health, with Covetrus in a transaction that values MWI at an enterprise value of $3.5 bil ...

Vaxcyte Inc. (NASDAQ:PCVX) is one of the 13 hot stocks to buy with the highest upside potential. On February 2, Vaxcyte Inc. (NASDAQ:PCVX) closed its public offering of the sale of 12.65 million shares of the company’s common stock at $50 per share, raising $632.5 million in gross proceeds in the process. The offering included the full exercise of the underwriters’ option to purchase an additional 1.65 million shares at the public offering price, less underwriting discounts and commissions. Meanwhile, on ...

Core Insights - Sanofi has filed its Form 20-F with the U.S. SEC and its "Document d'Enregistrement Universel" with the French AMF, which includes the Annual Financial Report [1] - These documents contain complete audited financial statements and are available on the company's website as well as the SEC and AMF websites [1] Company Overview - Sanofi is an R&D driven, AI-powered biopharma company focused on improving lives and fostering growth through innovative medicines and vaccines [2] - The company leverages its understanding of the immune system to develop treatments that benefit millions globally, with a commitment to addressing urgent healthcare, environmental, and societal challenges [2] - Sanofi is publicly traded on EURONEXT under the ticker SAN and on NASDAQ under the ticker SNY [2]

Filing of the 2025 U.S. Form 20-F and French “Document d’Enregistrement Universel” containing the Annual Financial Report Paris, February 17, 2026. Sanofi announces today the filing of its Form 20-F with the U.S. Securities and Exchange Commission (SEC) and its “Document d’Enregistrement Universel” containing its Annual Financial Report with the French market regulator Autorité des marchés financiers (AMF). These documents are available on the company’s website:https://www.sanofi.com/en/investors/reports-an ...

Core Viewpoint - Citigroup maintains a Neutral rating for GSK PLC while raising its price target following a significant stock rally and positive investor sentiment [2][6]. Group 1: Financial Performance - GSK's full-year 2025 earnings per share exceeded consensus by 2%, and the 2026 guidance aligns with expectations [2][6]. - Despite trimming its 2026 and 2027 earnings forecasts by 1% to 2% due to foreign exchange challenges and vaccine assumptions, GSK's long-term earnings are considered stable [3][6]. Group 2: Stock Performance - GSK's stock price is currently $58.92, reflecting a decrease of 2.175% or $1.31, with a market capitalization of approximately $118.8 billion [5]. - The stock has traded between $58.61 and $59.94 today, indicating active investor interest with a trading volume of 5,283,039 shares [5]. Group 3: Strategic Developments - Investors have reacted positively to the new CEO, Luke Miels, who is focusing on accelerating research and development and pursuing lower-risk business development [4]. - Recent strategic moves, such as the deal with RAPT Therapeutics, support GSK's efforts to achieve a £40 billion revenue target [4].

Core Viewpoint - Zoetis Inc. is a leading animal health company facing challenges in stock performance and revenue growth due to various market and company-specific factors [2][5]. Company Overview - Zoetis Inc. has a market capitalization of $56.3 billion and specializes in animal health products, including medicines, vaccines, and diagnostic solutions for both livestock and companion animals [1]. Stock Performance - Over the past 52 weeks, Zoetis shares have decreased by 27.5%, underperforming the S&P 500 Index, which gained 12.2% during the same period [2]. - Year-to-date, Zoetis shares have gained 1.3%, contrasting with a slight decline in the S&P 500 Index [2]. Competitive Analysis - Zoetis has also lagged behind the State Street Health Care Select Sector SPDR ETF, which has seen a 5.4% increase over the past year [3]. Financial Performance - In Q3 2025, Zoetis reported revenue of approximately $2.4 billion, reflecting a modest year-over-year increase of about 1% [6]. - Analysts project a 7.1% year-over-year growth in EPS for the fiscal year 2025, estimating it to reach $6.34 [6]. Analyst Ratings - The consensus rating among 17 analysts covering Zoetis is a "Moderate Buy," with eight "Strong Buy" ratings, one "Moderate Buy," and eight "Holds" [6]. - This rating configuration has become less bullish compared to three months ago, when there were 11 "Strong Buy" ratings [7]. Recent Downgrade - On January 22, 2026, Piper Sandler analyst David Westenberg downgraded Zoetis from "Overweight" to "Neutral" and reduced the price target from $190 to $135 [7].

Financial Performance - Consolidated net sales for Q2 2026 were $373.9 million, reflecting a 21% increase year-over-year [12] - Animal health segment sales grew by 26%, while Mineral Nutrition increased by 9%, and Performance Products declined by 10% [12][14] - Adjusted EBITDA increased by 41% to $82.2 million, driven by the new MFA business and improved gross profit [15][18] - Adjusted net income rose by 60%, and adjusted diluted EPS increased by 58% [14] Business Segment Performance - Animal health segment net sales reached $290 million, a 26% increase, with the new MFA business contributing $94.1 million [14][15] - Nutritional specialties saw a 9% increase in net sales due to higher North American demand for dairy [15] - Vaccine net sales grew by 13%, driven by poultry products in Latin America and higher international demand [15] - Mineral nutrition segment net sales were $68.9 million, a 9% increase, while Performance Products segment sales decreased by 10% to $15 million [15][16] Market Insights - The protein markets are experiencing strong demand, particularly in beef, chicken, pork, turkey, dairy, and eggs [32] - Favorable feed costs are helping maintain margins, with expectations of some shifts in trade due to tariffs and disease outbreaks [32] - The company is well-diversified across livestock species and geographic markets, enhancing its competitive position [33] Company Strategy and Direction - The company is focused on sustainability and profitability, emphasizing better gut health and improved feed conversion [11] - The Phibro Forward strategy aims to drive future growth through R&D and digital capabilities [11][50] - The leadership transition is seen as an opportune moment, with continuity in management and a strong cultural foundation [10] Management Commentary - Management expressed confidence in the company's direction and the strength of its business, citing positive feedback from customers and strong alignment among leadership [7][9] - The integration of the MFA portfolio is yielding positive results, with management noting strong performance and customer partnerships [5][8] Other Important Information - The company raised its full-year guidance for fiscal year 2026, with net sales expected to be between $1.45 billion and $1.5 billion [18] - The gross leverage ratio was 3.1x, and net leverage ratio was 2.8x at the end of the quarter [17] Q&A Session Summary Question: What are the main drivers of gross margins this quarter? - Management highlighted successful pricing strategies, positive product mix, and internal focus on higher-margin products as key drivers [22][23] Question: Can you elaborate on the guidance update and what is performing better than expected? - Management noted strong revenue performance, effective integration of the acquired portfolio, and improved mix as factors contributing to the positive outlook [24][25] Question: What impact did customer timing have on the MFA business? - Management explained that fluctuations in customer inventory levels affected sales, but improvements are expected in the next quarter [28][29] Question: How sustainable is the current demand in livestock markets? - Management expressed confidence in the sustainability of demand due to diversification and favorable feed costs [32][33] Question: Are there share gains from the stronger combined portfolio? - Management confirmed strong performance in poultry and swine segments, indicating share gains due to a more complete product offering [35][41] Question: Update on the Phibro Forward initiative? - Management stated that Phibro Forward continues to be a significant growth driver, with expected contributions accelerating through fiscal year 2026 [48][50]

Financial Performance - Consolidated net sales for Q2 2026 were $373.9 million, reflecting a 21% increase year-over-year [12] - Animal health segment sales grew by 26%, while mineral nutrition increased by 9%, and performance products declined by 10% [12][14] - Adjusted EBITDA increased by 41% to $82.2 million, driven by the new MFA business and improved gross profit [15] - Adjusted net income rose by 60%, and adjusted diluted EPS increased by 58% [14] Business Segment Performance - Animal health segment net sales reached $290 million, a 26% increase, with the new MFA business contributing $94.1 million [14][15] - Nutritional specialties net sales increased by 9% due to higher demand in North America [15] - Vaccine net sales grew by 13%, driven by poultry products in Latin America [15] - Mineral nutrition segment net sales were $68.9 million, a 9% increase, while performance products segment sales decreased by 10% [15][16] Market Insights - The protein markets are experiencing strong demand, particularly in beef, poultry, pork, turkey, dairy, and eggs [32] - Favorable feed costs are helping maintain margins, with expectations of some shifts in trade due to tariffs and disease outbreaks [32] - The company is well-diversified across livestock species and geographic markets, enhancing its competitive position [33] Company Strategy and Direction - The company is focused on sustainability and profitability, emphasizing better gut health and improved feed conversion [11] - The Phibro Forward strategy aims to drive future growth through R&D and digital capabilities [11][50] - The leadership transition is seen as an opportune moment to capitalize on current momentum and operational excellence [10][11] Management Commentary - Management expressed confidence in the company's direction and the strength of its business, citing positive feedback from customers and strong alignment within the leadership team [7][9] - The integration of the MFA portfolio is yielding positive results, with management noting a strong performance in the acquired business [24][40] Other Important Information - The company raised its full-year guidance for fiscal year 2026, with net sales expected to be between $1.45 billion and $1.5 billion [18] - Adjusted EBITDA guidance was increased to a range of $245 million to $255 million, reflecting a growth range of 33%-39% [18] - Cash and cash equivalents were reported at $74.5 million, with a gross leverage ratio of 3.1 times [17] Q&A Session Summary Question: What are the main drivers of the strong gross margins this quarter? - Management highlighted successful pricing strategies, positive product mix, and internal focus on higher-margin products as key drivers [23][24] Question: Can you elaborate on the guidance update and what is performing better than expected? - Management noted strong revenue performance, effective integration of the acquired portfolio, and improved mix as factors contributing to the positive outlook [25] Question: What impact did customer timing have on the MFA business? - Management explained that fluctuations in customer inventory levels affected sales, but improvements are expected in the next quarter [29] Question: How sustainable is the current demand in livestock markets? - Management expressed confidence in the sustainability of demand due to strong consumer interest and favorable feed costs [32] Question: Are you gaining market share with the combined portfolio? - Management confirmed strong performance in poultry and swine segments, indicating share gains due to a more comprehensive product offering [35][40]

Financial Performance - Consolidated net sales for Q2 2026 were $373.9 million, reflecting a 21% increase year-over-year [11] - Animal health segment sales grew by 26%, while mineral nutrition increased by 9%, and performance products declined by 10% [12] - Adjusted EBITDA increased by 41% to $82.2 million, driven by the new MFA business and improved gross profit [13] - Adjusted net income rose by 60%, and adjusted diluted EPS increased by 58% [12] Business Segment Performance - The animal health segment reported net sales of $290 million, a 26% increase, with the new MFA business contributing $94.1 million [12][13] - Nutritional specialties net sales increased by 9% due to higher demand in North America [13] - Vaccine net sales grew by 13%, driven by poultry products in Latin America [13] - Mineral nutrition segment net sales were $68.9 million, a 9% increase, while performance products declined to $15 million, a 10% decrease [13][14] Market Insights - Demand for high-quality proteins remains strong across various livestock sectors, including beef, poultry, and dairy [30][31] - Favorable feed costs are helping maintain margins, with expectations of some shifts in trade due to tariffs and disease outbreaks [30] - The company is well-diversified across livestock species and geographic markets, enhancing its competitive position [31] Company Strategy and Direction - The company is focused on sustainability and profitability, emphasizing better gut health and improved feed conversion [10] - The Phibro Forward strategy aims to drive future growth through R&D and digital capabilities [10][48] - Leadership transition is positioned to occur from a place of momentum and operational excellence [9] Management Commentary - Management expressed confidence in the company's direction and the strength of its business, citing positive feedback from customers and strong performance metrics [6][8] - The integration of the MFA portfolio is seen as a significant contributor to current success [5][12] - Management anticipates continued strong performance and demand for products globally [17] Other Important Information - The company raised its fiscal year 2026 guidance for net sales to a range of $1.45 billion to $1.5 billion, representing a growth range of 12%-16% [16] - Adjusted EBITDA guidance was increased to a range of $245 million to $255 million, reflecting a growth range of 33%-39% [16] - Cash and cash equivalents were reported at $74.5 million, with a gross leverage ratio of 3.1 times [15] Q&A Session Summary Question: What are the main drivers of gross margins this quarter? - Management highlighted strong pricing, positive product mix, and effective internal growth strategies as key drivers of gross margins [20][21] Question: Can you elaborate on the guidance update and what is performing better than expected? - Management noted strong revenue performance, effective integration of the acquired portfolio, and improved mix as factors contributing to the positive outlook [22][23] Question: What impact did customer timing have on the MFA business? - Management explained that customer inventory levels caused fluctuations, with expectations for improvement in the next quarter [27] Question: How sustainable is the current demand in livestock markets? - Management expressed confidence in the sustainability of demand due to strong consumer interest and favorable feed costs [30] Question: Are there share gains from the stronger combined portfolio? - Management confirmed that the company has seen strong performance and share gains in poultry and swine segments due to a more complete product offering [33][40]

Phibro Animal Health Corporation Financial Results Fiscal Year 2026 Second Quarter Ended December 31, 2025 Webcast and Conference Call February 5, 2026 February 5, 2026 Webcast and Conference Call Cautionary Statement Regarding Forward-Looking Statements U.S. toll-free +1.888.330.2022 International toll +1.365.977.0051 Conference ID: 3927884 Important Information Internet Posting of Information This communication contains forward-looking statements that are subject to risks and uncertainties, including with ...