FMC Corporation (NYSE: FMC) sharply revised its third-quarter 2026 financial expectations, now projecting revenue of $65 million to $125 million, down significantly from prior guidance, with Adjusted EBITDA expected to be negative $510 million to negative $565 million.

The revised figures include an estimated $625 million to $675 million impact from commercial actions the company is taking to lower prices on select products held by channel customers in Brazil, Argentina, the United States and Canada, and to modify its selling and pricing model in the United States.

FMC attributed the shortfall to weaker-than-expected demand driven by elevated levels of higher-priced FMC products sitting in distributor inventory. The company said rapid market price declines, partly due to increased generic competition, have widened the gap between the value of affected inventory and current market prices.

"Third-quarter demand was weaker than we expected, driven by challenging market conditions and elevated levels of higher-priced FMC products held in inventory by certain channel customers, which are limiting product movement and replenishment demand," said Pierre Brondeau, chairman, chief executive officer and president.

As part of its commercial changes, FMC said it will move away from a high gross-price and high-rebate pricing structure in the United States, intending to narrow the gap between gross and net pricing to better align with current market conditions.

The company also disclosed it has identified a triggering event requiring evaluation of its intangible assets for impairment as of September 30, 2026. That assessment was not complete at the time of the announcement, and FMC said it may be required to record a material non-cash impairment charge for the quarter.

FMC said it expects to remain in compliance with its debt covenants as of September 30, 2026, but indicated it plans to engage with its bank group on potential covenant modifications over the next year.

The company is scheduled to report full third-quarter results on October 29, 2026, with preliminary 2027 and 2028 expectations to be shared on an earnings call on October 30, 2026.