On September 7, 2023, noted short seller Blue Orca Capital issued a report alleging that “FMC continues to misrepresent to investors that it will not face generic competition for its flagship diamides when in reality, as a result of devasting recent legal defeats, generics have already launched in key markets of India and China and are on the precipice of launching in Brazil.” Blue Orca Capital cited a string of legal losses suffered by FMC in foreign countries, including in its largest market, India, paving the way for an increase in generic competition that has cut into FMC’s revenues.
Shares of FMC Corp. dropped more than 7% in intraday trading following the release of the report on September 7, 2023.
Previously, on July 10, 2023, FMC Corp. cut its revenue guidance for Q2 and full year 2023. The Company cited abrupt and significant inventory reductions by channel partners beginning in late May, despite previously raising its revenue forecast that month.
Shares of FMC Corp. stock dropped as much as 13% in intraday trading on July 10, 2023.
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