Key Takeaways:
- Strategic Partnership: FMC Corporation has entered a research agreement with AgroSpheres to develop novel bioinsecticides, enhancing both companies’ positions in sustainable agriculture.
- Technology Synergy: The collaboration leverages AgroSpheres’ innovative RNA-based technology and FMC’s robust market capabilities to accelerate product development and commercialization.
- Innovation in Crop Protection: The partnership aims to advance the application of RNA interference (RNAi) technologies, promising more effective and sustainable crop protection solutions.
- Enhanced Product Development: AgroSpheres’ patented technology promises consistent production of RNA biomolecules, potentially leading to more reliable and effective biological crop protection products.
- Future Outlook: The collaboration is part of FMC’s long-range strategic plan to lead the market in insecticides and to contribute to a healthier planet through advanced agricultural science.
FMC Corporation (NYSE: FMC), a prominent player in the global agricultural sciences industry, has officially announced a new research agreement with biotechnology innovator AgroSpheres. This partnership is set to fast-track the development and discovery of cutting-edge bioinsecticides, aligning with FMC’s strategic objectives for long-term growth and sustainability in crop protection.
Strategic Implications for FMC and AgroSpheres
The collaboration is designed to strengthen FMC’s leadership in the insecticide sector and enhance AgroSpheres’ speed to market, especially for its RNA portfolio. By integrating AgroSpheres’ sophisticated production and formulation technology with FMC’s extensive capabilities in high throughput testing, evaluation, and marketing, the partnership is poised to deliver significant advancements in the field of sustainable agriculture.
In 2023, FMC Ventures made a strategic investment in AgroSpheres, recognizing the potential of the startup’s biodegradable micro-encapsulation technology, which aims to revolutionize the delivery, stability, and efficacy of biological crop protection products using RNA interference (RNAi) technology.
Technological and Market Advancements
Dr. Seva Rostovtsev, Executive Vice President and Chief Technology Officer at FMC, emphasized the importance of this partnership in FMC’s commitment to innovation and sustainable agriculture. “RNAi technology holds great promise for the development of new crop protection tools. Our collaboration with AgroSpheres is crucial for leveraging this technology to create effective, sustainable solutions for global agriculture,” he stated.
RNAi biomolecules have shown potential in laboratory settings but have faced challenges in achieving consistent results in commercial applications. AgroSpheres’ patented AgriCell technology facilitates the expression of a wide array of RNA molecules, leading to consistent production outcomes. The technology also ensures enhanced stability and targeted delivery of RNA biomolecules to pests, which could dramatically improve performance and sustainability in crop protection.
Forward-Looking Statements
Ameer Shakeel, founder and Chief Technology Officer of AgroSpheres, highlighted FMC’s strategic foresight in addressing the urgent global need for effective, resistant-combative tools in agriculture. “Our technology and FMC’s market acumen create a powerful synergy for accelerating the path to robust product offerings in biologicals. We are thrilled about the possibilities this partnership holds,” said Shakeel.
FMC Corporation Latest News
Reports Its Q1 2024 Financial Results (2024/05/05)
FMC Corporation (NYSE: FMC) reported a 32% decline in revenue and an 80% drop in adjusted earnings per share for Q1 2024. The decrease was largely due to a 27% decline in volume, price reductions, and adverse foreign currency impacts. However, new products like Xyway® and Adastrio® performed well in Latin America. FMC has maintained its 2024 full-year revenue forecast at $4.50 billion to $4.70 billion and expects a 23% increase in second-half sales. For Q2 2024, FMC projects revenue between $1.00 billion and $1.15 billion, signaling a 6% increase at the midpoint compared to Q2 2023.
Read more here.
Announces New Leadership Appointments in Investor Relations and Corporate Strategy (2024/04/04)
FMC Corporation has announced significant leadership changes in its Investor Relations and Corporate Strategy divisions. Curt Brooks is the new Director of Investor Relations, taking over from Abizar “Zack” Zaki, who becomes Vice President of Corporate Strategy. Brooks will lead FMC’s investor communications, while Zaki will be in charge of Corporate Strategy and M&A efforts. These changes are part of FMC’s strategic realignment to enhance investor engagement and corporate strategy initiatives.
Announces Key Leadership Appointments in North and LATAM (2024/03/21)
FMC Corporation has announced leadership changes in North and Latin America. Darren Dillenbeck is now Vice President and President of FMC North America, and Renato Guimarães is appointed as Vice President and President of FMC Latin America, effective April 1. Dillenbeck has expanded FMC’s market presence and introduced innovative products in the US and Canada, while Guimarães is a seasoned professional in the agribusiness sector.
Partners with Novonesis to Enhance Agricultural Solutions in Canada (2024/03/12)
FMC Corporation has partnered with Novonesis to enhance its biologicals platform in Canada. FMC Canada will distribute Novonesis’ biosolutions exclusively from 2024. The companies will also collaborate on research and development initiatives, aiming to develop cutting-edge biological technology for Canadian agriculture. Both companies aim to deliver sustainable agricultural solutions to Canadian farmers.
Executive Leadership Transitions to Support Strategic Goals (2024/03/01)
FMC Corporation announced critical adjustments to its executive leadership team to enhance the company’s operational model for greater efficiency and profitable growth. Barry Crawford is now the VP of Transformation Management to execute FMC’s restructuring plans. Thaisa Hugenneyer has been promoted to Executive VP, taking on additional responsibilities in Manufacturing, Supply Chain, and EHS organization. Brian Angeli is the new Executive VP and CMO, and Dr. Seva Rostovtsev is promoted to Executive VP and retains his role as CTO.
Reports On FY 2023 Performance (2024/02/06)
FMC Corporation reported a decrease in revenue to $1.15 billion in Q4 2023, with a remarkable increase in GAAP net income to $1.10 billion, bolstered by one-time tax benefits. For the full year, FMC reported a revenue of $4.49 billion, a 23% year-over-year decrease. Despite the challenges, FMC emphasized the robust sales of its new and differentiated products. For 2024, FMC forecasts revenue between $4.50 billion and $4.70 billion, with adjusted EBITDA projected to range from $900 million to $1.05 billion.
FMC India’s Rynaxypyr®️ Wins Award (2023/12/25)
FMC India’s Rynaxypyr®️ active has been recognized as one of the best brands in agriculture at the Best Brands Conclave 2023. The insect control technology protects 16 major crops in India and is part of leading products Coragen® and Ferterra®. Rynaxypyr®️ active has a global presence in over 120 countries and is committed to providing advanced, sustainable crop protection solutions. The recognition followed a rigorous assessment of over 120 companies, highlighting its market influence and contribution to the industry.
FMC Appoints Patrick Day As VP of Financial Planning & Analysis (2023/10/19)
FMC Corporation has announced Patrick Day as the new Vice President of Financial Planning and Analysis (FP&A) starting January 1, 2024. Day has a rich history with FMC, joining in 2013 and demonstrating strong leadership in finance and operations roles. He holds a bachelor’s degree in Finance and a master’s in Accounting and Tax, and his appointment is a strategic move for FMC Corp, focusing on restructuring initiatives and financial operations.
Unveils Growth Plan For Next Months (2023/11/20)
On November 16th, FMC Corporation unveiled its new strategic growth plan at its Investor Day in Philadelphia. FMC aims to enhance grower relationships, drive superior growth and returns, and uphold its leadership in safety, sustainability, and innovation. Key initiatives include expanding the Plant Health business, streamlining operations for better efficiency, and developing new products. FMC plans to generate robust cash in 2024 and aims to be a leader in sustainable agriculture.
Securities Lawsuit Against FMC Corporation (2023/11/13)
Gainey McKenna & Egleston law firm has filed a class-action lawsuit against FMC Corporation (NYSE: FMC) in the United States District Court for the Eastern District of Pennsylvania. The lawsuit alleges that FMC provided overly optimistic projections to investors while hiding legal losses, leading to increased generic competition. The lead plaintiff motion deadline is January 8, 2024.
FMC Corporation Amends Credit Agreement to Navigate Global Market Downturn (2023/11/08)
FMC Corporation has amended its revolving credit agreement to adjust the maximum leverage ratio covenant for financial flexibility in response to the current global crop protection market downturn. The amendment provides temporary covenant relief, effective immediately until June 30, 2024. FMC is confident in its ability to generate strong cash flow in 2024, which will be used to reduce debt and uphold its commitment to shareholder dividends. More details are available in the Form 8-K filed today, and FMC will provide further insights into its financial outlook during its Investor Day on November 16.
Reports Decline in Q3 2023 Performance (2023/10/31)
FMC Corporation reported a significant decline in Q3 2023 financial performance with revenue of $982 million, marking a 29% decrease YoY. The company attributes the decline to volume headwinds from channel destocking behavior, particularly in Brazil. All regions saw a sales decline, with North America experiencing a 34% YoY decrease. FMC Corporation revised its 2023 full-year outlook and is implementing a restructuring program to adjust its cost base. The company plans to continue investing in developing and launching new products.
Recognized in Top 25 of World Benchmarking Alliance’s 2023 Nature Benchmark (2023/10/05)
FMC Corporation has been ranked 23rd out of 350 companies in the food and agriculture sector and 6th in the agricultural inputs segment by the World Benchmarking Alliance’s 2023 Nature Benchmark. They have been recognized for their efforts to protect biodiversity and the environment as well as their progress on sustainability goals, particularly their net-zero and waste-to-beneficial-reuse objectives. With around 6,600 employees across 100 sites worldwide, FMC Corporation is committed to discovering new herbicide, insecticide, and fungicide active ingredients that are better for the planet.
FMC Corporation Announces Dodhylex™ Active: A New Herbicide for Effective Weed Control in Rice (2023/08/25)
FMC Corp unveils Dodhylex™ active as the global brand name for tetflupyrolimet, a groundbreaking herbicide designed to combat rice’s most challenging grass weeds. The herbicide is expected to be launched in 2025 and provides season-long control of vital grass weeds in the rice market, broadleaf weeds, and sedges. Dodhylex™ Active is the first new herbicide with a novel mode of action in the industry in over three decades.
FMC Corporation Obtains Brazilian Registration for Fluindapyr, a Novel SDHI Fungicide for Crop Protection (2023/08/23)
FMC Corp has obtained Brazilian registration for its new fungicide, fluindapyr. This broad-spectrum succinate dehydrogenase inhibitor (SDHI) protects against various diseases in row crops. FMC plans to register different fluindapyr formulations for use in Brazil’s cotton, corn, and soybean crops. The accessibility of this innovative disease management tool will enable growers to optimize their crop yield. The registration of fluindapyr in Brazil adds to the growing list of countries registered, paving the way for the fungicide’s availability in other key markets. This development reflects FMC Corporation’s dedication to innovation and adaptability in the face of evolving agricultural challenges.
Commits $30.5M to the Zero Hunger Private Sector Pledge (2023/08/09)
FMC Corporation pledged $30.5 million to the Zero Hunger Private Sector Pledge. Originating from the UN Food Systems Summit Action Track 1, the Pledge encourages businesses to synchronize their ventures with the worldwide objective of eradicating hunger by 2030. FMC Corp’s dedication encompasses initiatives to enhance smallholder farmers‘ income and productivity, offer training for rural women and youth, and promote digital farming technologies in Asia, Africa, and Latin America.
FMC Corporation Reports Q2 Results & Confirms FY Outlook (2023/08/03)
FMC Corp reported a decline in revenue and earnings for Q2 2023 compared to last year. The company’s revenue was down by 30%, GAAP earnings decreased by 77%, and adjusted earnings declined by 74% compared to Q2 2022. The company’s performance was affected by reduced inventory, high insect pressure, channel and grower destocking, adverse weather conditions, and historic drought in various regions. Despite the drop in sales, FMC’s innovative products remained resilient. The company’s CEO expressed optimism for growth in the year’s second half due to lower costs, price increases, and strong demand for innovative products.
Adjusts Q2 and Full-Year 2023 Financial Outlook Amid Unforeseen Market Changes (2023/07/11)
The company anticipates revenue between $1.00B to $1.03B and adjusted EBITDA of $185M to $190M for Q2 2023, due to channel partners’ inventory dip. FMC Corp updates full-year financial forecast to $5.2B to $5.4B revenue and $1.3B to $1.4B adjusted EBITDA. The unexpected market changes resulted in unforeseen volume declines in three of FMC’s four operating regions. Despite this, actual consumption of FMC’s products remains robust, and the company is committed to delivering strong performance for its shareholders.
Image provided by FMC
4 Comments