Strategic Review and Potential Sale
Board authorized a formal strategic review including potential sale of the company; financial and legal advisers retained. This process runs in parallel with operational execution to maximize shareholder value.
Debt Reduction Plan and India Sale Progress
Targeting >$1 billion of debt paydown in 2026 via asset sales and licensing (including sale of India commercial business). India sale progressing with binding bids expected in Q2 2026.
Strong Quarter Cash Generation and Reduced Net Debt
Q4 GAAP cash from operations of $657 million (+$230 million vs prior year quarter) and Q4 free cash flow of $623 million. Net debt at quarter end ~ $3.5 billion, down >$550 million vs Q3.
New Active Ingredients: Rapid Growth and Long-Term Upside
Sales of four new active ingredients grew ~54% from ~$130 million in 2024 to ~$200 million in 2025. 2026 sales for new actives guided to $300–$400 million; management still expects >$2 billion of cumulative sales by 2035.
Rynaxypyr Branded Earnings Expected to Hold
Despite post-patent generic entry, branded Rynaxypyr earnings are expected to be in line with prior year in 2026 due to higher volumes of advanced offerings and lower costs offsetting lower prices.
Focused Operational Priorities and Manufacturing Cost Target
Clear operational priorities: strengthen balance sheet, improve competitiveness of core portfolio, execute post-patent Rynaxypyr strategy, and grow new actives. Target to lower manufacturing cost of non-diamide products by at least 35% by 2027.
Improved Liquidity and Covenant Flexibility
Reworked revolving credit facility with covenant covenant allowance (6x through 2026) and plan to manage upcoming $500 million bond maturity (October) with refinancing intent in H1 2026.