FMC Corporation (FMC) is making significant strides in its efforts to combat herbicide resistance with the filing of regulatory applications for its innovative Dodhylex active herbicide in eight major rice-growing countries. These applications, submitted in India, Brazil, the Philippines, the United States, Colombia, South Korea, Peru, and Taiwan, cover roughly 35% of the estimated 165 million hectares of planted rice worldwide.
The company plans to pursue regulatory approvals for Dodhylex active in several other key global markets. This herbicide, categorized as tetflupyrolimet (Group 28) by the Herbicide Resistance Action Committee and the Weed Science Society of America, stands out as the first novel mode of action herbicide introduced globally in over three decades.
Dodhylex active is set to be a game-changer for farmers facing the growing challenge of herbicide resistance. Its unique molecular structure delivers season-long control of resistant grass weeds in rice, regardless of cultivation method. This innovative solution is expected to be a crucial tool for farmers in their efforts to manage weed resistance and ensure stable crop yields.
FMC’s commitment to innovation is further evidenced by its ongoing research into Dodhylex active’s applicability in other major crops, including sugarcane, wheat, soybeans, and corn. The discovery and development of Dodhylex active at the Stine Research Center underscore FMC’s dedication to delivering novel solutions that support food security for a growing global population.
Subject to regulatory approval, FMC anticipates the first commercial launches of Dodhylex in 2026.
FMC also provided an update on its financial outlook for 2024. The company expects revenue to be between $4.30 billion and $4.50 billion, representing a 2% decline at the midpoint from 2023. Adjusted EBITDA is forecast to be in the range of $880-$940 million, a 7% decrease from the previous year. Adjusted earnings per share are projected to be between $3.02 and $3.64, signifying a 12% year-over-year decline. Full-year free cash flow is anticipated to be between $400-$500 million.
Despite the overall revenue decline, FMC remains optimistic about the third quarter, forecasting revenue to be between $1 billion and $1.09 billion, indicating a 6% increase from the third quarter of 2023. Adjusted EBITDA is expected to be in the band of $165-$195 million, representing a 3% rise from the prior year. Adjusted earnings per share are projected to be in the range of 39-67 cents, a 20% increase from the third quarter of 2023.
