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FMC Announces Pricing Overhaul; Dollar Bonds Plunge
October 16, 2026
FMC Corp.’s dollar bonds plunged by 15-30 points after it announced a comprehensive pricing overhaul in response to persistently weak demand, rising competition from cheaper generic products and elevated distributor inventories. The company said third-quarter demand was weaker than expected, as farmers continued to face high interest rates and production costs, while distributors reduced inventory levels and delayed replenishment orders. FMC plans to narrow the gap between gross and net prices in the US by reducing reliance on high list prices and substantial rebates, while also cutting prices in Brazil, Argentina and Canada. The changes are expected to have a $625mn–675mn impact in the 3Q2026, with adjusted EBITDA projected to post a loss of $510mn–565mn. The company also intends to discuss potential covenant modifications with lenders over the next year to provide greater flexibility for implementing the overhaul, although it expects to remain compliant with covenants as of September 30. FMC has faced structural challenges from patent expirations and generic competition, while analysts have raised concerns about management credibility, limited earnings visibility and potential market-share losses. The company is set to report 3Q2026 results on October 29. FMC shares fell as much as 30% to their lowest level since 2003.
Its 8.45% 2055s fell by over 30 points to around 38 cents on the dollar.
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– Vandit P
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