Phibro Animal Health is a global animal health and mineral nutrition company focused primarily on livestock. Phibro develops, manufactures, and markets products that prevent, control, and treat disease in food animals — mainly poultry, swine, beef cattle, and dairy cattle — while also supporting nutrition and performance. Phibro markets roughly 800 product lines to approximately 4,500 customers across about 90 countries, selling to integrated livestock producers, commercial feed manufacturers, wholesalers, distributors, and veterinarians. The Animal Health segment (~74% of revenue) covers medicated feed additives (MFAs), nutritional specialty products, and vaccines. The Mineral Nutrition segment (~20% of revenue) manufactures trace minerals used to fortify animal feed — a lower-margin, commodity-linked business. A small Performance Products segment (~6% of revenue) makes specialty chemicals for non-animal health industries. In October 2024, Phibro acquired Zoetis's MFA portfolio for ~$297.5M, adding over 37 product lines sold in ~80 countries and six manufacturing sites, roughly doubling Phibro's MFA portfolio and positioning the company as one of the largest MFA sellers globally. Phibro's revenue is driven by livestock production volumes, disease pressure, and pricing power from proprietary and branded products. Several MFA products, like virginiamycin (Stafac), are sole-source with no generic competition, supporting margins. The company also has an early-stage companion animal business, though livestock dominates today.