International Flavors & Fragrances Inc. (IFF) is a leading creator and manufacturer of a diverse range of products used in consumer goods . The company operates through four main segments, offering natural-based ingredients, biotechnology-derived products, fragrance compounds, and pharmaceutical excipients . IFF's products serve various markets, including food, non-food, perfumes, household products, and industrial uses .
- Nourish - Offers natural-based ingredients that enhance nutritional value, texture, and functionality in food applications such as beverages, dairy, bakery, and confectionery.
- Health & Biosciences - Focuses on biotechnology-derived products like enzymes, probiotics, and specialty ingredients for both food and non-food applications, serving markets such as animal nutrition and grain processing.
- Scent - Produces fragrance compounds and ingredients used in perfumes and household products.
- Pharma Solutions - Provides pharmaceutical excipients and other specialty products for industrial uses.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Angela Strzelecki Executive | President, Pharma Solutions | None | President of Pharma Solutions since February 2021. Former Platform Leader for Pharma Solutions at DuPont. Over 20 years of leadership experience in the pharmaceutical industry. | |
Casper Vroemen Executive | EVP, Chief Research & Development Officer | None | Joined IFF in 2004; promoted to Chief R&D Officer in September 2023. Extensive experience in R&D leadership roles across Europe and the U.S.. | |
Deborah Borg Executive | EVP, Chief HR, Diversity & Inclusion, and Communications Officer | None | Joined IFF on August 29, 2022. Former Chief HR and Communications Officer at Bunge Limited. Extensive HR leadership experience at Dow Chemical and General Motors. | |
Glenn Richter Executive | EVP, Chief Financial & Business Transformation Officer | None | CFO from September 2021 to February 2023; transitioned to Chief Financial & Business Transformation Officer in February 2023. Former CFO of TIAA. | |
J. Erik Fyrwald Executive | Chief Executive Officer | Board Member at Eli Lilly and Company; Board Member of Syngenta Group | CEO of IFF since February 6, 2024, with over four decades of experience in agriculture, nutrition, and chemicals industries. Former CEO of Syngenta and Univar Solutions. | View Report → |
Jennifer Johnson Executive | EVP, General Counsel and Corporate Secretary | None | General Counsel since February 2021. Former Associate General Counsel for DuPont's N&B Business. Extensive legal experience in intellectual property and corporate law. | |
Michael DeVeau Executive | EVP, Chief Financial Officer | None | CFO since January 1, 2025. Joined IFF in 2009 and held various senior finance roles, including SVP of Corporate Finance and Investor Relations. | |
Ralf Finzel Executive | EVP, Global Operations Officer | None | Joined IFF on November 1, 2022. Former VP of Integrated Supply Chain at Honeywell International. Extensive experience in operations and supply chain management. | |
Simon Herriott Executive | President, Health & Biosciences | None | President of Health & Biosciences since February 2021. Former Global Business Director at DuPont's Industrial Biosciences division. | |
Vic Verma Executive | EVP, Chief Information Officer | None | CIO since 2016, promoted to EVP in February 2021. Former VP of Global Infrastructure Operations at American Express. | |
Yuvraj Arora Executive | EVP & President, Nourish | None | Joined IFF on June 19, 2023. Former President of six U.S. categories at Kellogg North America. Over 20 years of experience in marketing and category management. | |
Carol Anthony Davidson Board | Director | Board Member at TE Connectivity; Board Member at FMC Corporation | Director since 2021. Former CFO of Tyco International. Extensive expertise in financial reporting and internal controls. | |
Christina Gold Board | Director | Board Member at Safe Water Network | Director since 2013. Former CEO of Western Union. Extensive experience in governance and corporate responsibility. | |
Cynthia Jamison Board | Director | Chair of the Board at Darden Restaurants; Chair of the Board at Big Lots | Director since January 1, 2025. Former CFO and turnaround expert. Extensive experience in financial strategy and governance. | |
Dawn C. Willoughby Board | Director | Board Member at J.M. Smucker Company; Board Member at TE Connectivity | Director since February 1, 2023. Former COO of The Clorox Company. Extensive experience in operations and governance. | |
Gary Hu Board | Director | Board Member at Dana Incorporated; Board Member at Bausch & Lomb Corporation | Director since February 1, 2023. Portfolio Manager at Icahn Capital LP. Extensive experience in M&A and financial strategy. | |
John F. Ferraro Board | Director | Board Member at Advance Auto Parts, Inc.; Board Member at ManpowerGroup Inc. | Director since 2015. Former Global COO of Ernst & Young. Extensive experience in auditing, accounting, and global business operations. | |
Kathryn J. Boor Board | Director | Dean of the Graduate School at Cornell University; Board Member at Seneca Foods Corporation; Board Member at Sarepta Therapeutics, Inc. | Director since 2021. Expert in food and beverage science, molecular biology, and food safety. Former Dean of the College of Agriculture and Life Sciences at Cornell University. | |
Kevin O’Byrne Board | Director | Board Member at Centrica plc; Board Member at J Sainsbury plc | Director since March 10, 2023. Former CFO of J Sainsbury plc. Extensive experience in finance and retail leadership. | |
Margarita Paláu-Hernández Board | Director | Director at Conduent Incorporated; Director at Apartment Income REIT Corp. | Director since June 3, 2024. CEO of Hernández Ventures. Former U.S. Representative to the UN General Assembly with the rank of Ambassador. | |
Mark J. Costa Board | Director | CEO and Chair of Eastman Chemical Company | Director since 2023. CEO of Eastman Chemical Company since 2014. Extensive leadership experience in the chemical industry. | |
Roger W. Ferguson, Jr. Board | Chair of the Board of Directors | Board Member at Alphabet Inc.; Board Member at Corning Incorporated | Chair of IFF's Board since April 12, 2023. Former President and CEO of TIAA. Extensive experience in finance and governance. | |
Vincent Intrieri Board | Director | Director at Transocean Ltd.; Director at Hertz Global Holdings; Chairman of the Board at SandRidge Energy Inc. | Director since January 1, 2025. Founder of VDA Capital Management LLC. Extensive experience in investment and corporate governance. |
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With the increased reinvestment needs in R&D and innovation, including the additional $20 million planned in Q3 and Q4 , how do you plan to balance this with your goal of continuously improving margins and ROIC, and can you provide more specifics on achieving both objectives?
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Given your net debt of $9.1 billion and a net debt to EBITDA ratio of 3.9x , what specific steps are you taking to strengthen your capital structure and reduce leverage, especially considering the upcoming divestiture of the Pharma Solutions business?
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With your updated full-year guidance expecting net sales of $11.3 billion to $11.4 billion and adjusted operating EBITDA at the high end of $2.1 billion to $2.17 billion , can you elaborate on the key risks that could prevent you from achieving these targets, particularly in light of potential macroeconomic headwinds?
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You mentioned a flat price/cost dynamic expected for next year ; can you provide more clarity on how you plan to manage potential increases in raw material costs and tariffs, and what impact these could have on your margins?
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Regarding the Functional Ingredients business turnaround and the ongoing restructuring of your global supply chain footprint , what key challenges do you foresee in achieving the targeted EBITDA margins of 15% plus, and how confident are you in meeting those targets within the planned timeframe?
Research analysts who have asked questions during INTERNATIONAL FLAVORS & FRAGRANCES earnings calls.
John Ezekiel Roberts
Mizuho Securities
6 questions for IFF
Kristen Owen
Oppenheimer & Co. Inc.
6 questions for IFF
Lisa De Neve
Morgan Stanley
6 questions for IFF
Ghansham Panjabi
Robert W. Baird & Co.
5 questions for IFF
Laurence Alexander
Jefferies
5 questions for IFF
Lauren Lieberman
Barclays
5 questions for IFF
Salvator Tiano
Bank of America
5 questions for IFF
Christopher Parkinson
Wolfe Research
4 questions for IFF
Kevin McCarthy
Vertical Research Partners
4 questions for IFF
Nicola Tang
BNP Paribas Exane
4 questions for IFF
Patrick Cunningham
Citigroup
4 questions for IFF
David Begleiter
Deutsche Bank
3 questions for IFF
Emily Fusco
Deutsche Bank
3 questions for IFF
Josh Spector
UBS Group
3 questions for IFF
Joshua Spector
UBS
3 questions for IFF
Michael Sison
Wells Fargo
3 questions for IFF
Abigail Eberts
Wells Fargo
2 questions for IFF
Alex
Citigroup
2 questions for IFF
Fulvio Cazzol
Berenberg
2 questions for IFF
Harris Fein
Wolfe Research
2 questions for IFF
Jeffrey Zekauskas
JPMorgan Chase & Co.
2 questions for IFF
Mark Astrachan
Stifel
2 questions for IFF
Matt Hettwer
Vertical Research Partners
2 questions for IFF
Silke Kueck
JPMorgan Chase & Co.
2 questions for IFF
Artem Chubarov
Redburn
1 question for IFF
Daniel Rizzo
Jefferies
1 question for IFF
Jeff Zekauskas
JPMorgan Chase & Co.
1 question for IFF
Kate Grafstein
Barclays
1 question for IFF
Mike Sison
Wells Fargo
1 question for IFF
Ming Tang
BNP Paribas Exane
1 question for IFF
Nicole Tang
BNP Paribas
1 question for IFF
Si Ku
JPMorgan Chase & Co.
1 question for IFF
Steve Byrne
Bank of America
1 question for IFF
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Givaudan | One of the large global companies competing in the broader market that includes functional foods, food additives, natural ingredients, nutritional ingredients, supplements, and active cosmetic ingredients. |
DSM-Firmenich | A major competitor in the global market for ingredients and compounds used in consumer products, including functional foods and food additives. |
Symrise | Identified as a key competitor in the highly competitive market for products such as seasonings, probiotics, and fortified products. |
Kerry | Competes in the market for functional food ingredients and other consumer product-related compounds. |
Listed among the large global companies competing in the market for natural and nutritional ingredients. | |
Novonesis | Included as one of the main competitors in the market for food-related commodities and active cosmetic ingredients. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Health Wright Products, Inc. | 2022 | Completed on April 1, 2022, this deal was valued at approximately $157 million (including cash and contingent consideration) and was aimed at strengthening capabilities in formulation and finished format sectors within the Health & Biosciences business, with the purchase agreement executed on February 16, 2022 and key acquired assets including significant intangible assets and goodwill. |
Recent press releases and 8-K filings for IFF.
- IFF has launched a nature-based green hydrogen facility at its Benicarló, Spain site, the first in the fragrance industry to use renewable electricity for hydrogenation processes.
- Developed in partnership with Iberdrola, the facility produces 100 tons of clean hydrogen annually via solar power, reducing CO₂ emissions by about 2,000 tons per year.
- The green hydrogen supports hydrogenation for over 50 key fragrance ingredients, including Cashmeran and Kharismal, replacing traditional gray hydrogen.
- IFF reaffirmed its FY 2025 guidance projecting up to 4% currency-neutral sales growth, as it continues efforts to recover volumes and margins.
- IFF partnered with Iberdrola to install the fragrance industry's first nature-based green hydrogen production facility at its Benicarló, Spain plant, capable of producing 100 tons of clean hydrogen annually for on-site hydrogenation reactions.
- Powered by solar energy, the facility eliminates 2,000 tons of CO₂ emissions per year, supporting IFF’s goal to cut scope 1 and 2 emissions by 50% and scope 3 by 30% by 2030, with net-zero operations targeted by 2040.
- The green hydrogen is used in hydrogenation processes for over 50 key fragrance ingredients, including Cashmeran and Kharismal.
- This project is part of a 10-year renewable hydrogen energy agreement with Iberdrola and will serve as a blueprint for sustainable innovation across IFF’s global manufacturing network.
- IFF delivered $2.7 billion in third-quarter revenue, flat year-over-year against a strong 9% prior comparable, and reported adjusted operating EBITDA of $519 million, up 7%, with margin expanding 130 bps to 19.3%.
- By segment, taste sales rose 2% to $635 million, food ingredients revenue fell 3% to $830 million while its adjusted EBITDA jumped 24% to $106 million, health & biosciences sales were flat at $577 million, and scent sales grew 5% to $652 million.
- The company reiterated full-year 2025 guidance, expecting sales of $10.6–$10.9 billion and adjusted operating EBITDA of $2.0–$2.15 billion, targeting low-end comparable sales growth of 1–4% and mid-point EBITDA growth of 5–10%.
- IFF’s balance sheet showed free cash flow of $126 million in Q3, cash of $621 million, gross debt of $6 billion, net debt to credit-adjusted EBITDA at 2.5×, and a $500 million share repurchase authorization in place.
- IFF delivered Q3 revenue of $2.7 billion (flat vs. prior-year 9% comparable) and adjusted operating EBITDA of $519 million (+7%), lifting margin to 19.3% (+130 bps).
- Scent sales grew 5% to $652 million and Taste sales grew 2% to $635 million, offsetting a 3% decline in Food Ingredients and flat sales in Health & Biosciences.
- Reiterated full-year 2025 guidance: sales of $10.6 billion–$10.9 billion and adjusted operating EBITDA of $2.0 billion–$2.15 billion, aiming for low-end sales growth (1%–4%) and mid-point EBITDA growth (5%–10%).
- Strengthened the balance sheet with net debt at 2.5× EBITDA, cash of $621 million, and initiated a $500 million share repurchase program.
- Advanced strategic investments, opening a scent creative center in Dubai and a citrus innovation center in Florida, and forming collaborations with BASF and Kemira on DEB biopolymer technology.
- IFF delivered $2.7 billion in Q3 sales, flat year-over-year on a strong 9% prior-year comparable, and reported $519 million in adjusted operating EBITDA, up 7% with margin expanding 130 bps to 19.3%.
- Year-to-date sales rose 2% and adjusted EBITDA grew 7%; gross debt fell by over $3 billion year-over-year, and net debt/credit-adjusted EBITDA stood at 2.5×.
- Strategic investments included opening a scent creative center in Dubai, a citrus innovation center in Florida, expanding the Grasse naturals site, and advancing collaborations with BASF and Camira using DEB technology, with a major CPG launching a DEB-enhanced detergent.
- IFF reiterated full-year 2025 guidance of $10.6 billion–$10.9 billion in sales and $2.0 billion–$2.15 billion in adjusted EBITDA, announced a $500 million share repurchase plan, and completed divestitures of Pharma Solutions and Nitrocellulose while moving to sell soy crush concentrates and lecithin.
- Q3 2025 revenue was $2.694 billion, down 8% reported and flat on a comparable currency-neutral basis.
- Q3 adjusted operating EBITDA reached $519 million, down 9% reported but up 7% on a comparable currency-neutral basis.
- On a currency-neutral basis, Scent sales grew 5% (EBITDA +6%), Taste +2%/+2%, Food Ingredients –3% (EBITDA +24%) and Health & Biosciences 0% sales (+3% EBITDA) year-over-year.
- 9M YTD free cash flow was $126 million, net debt leverage improved to ~2.5x credit-adjusted EBITDA, and a $500 million share repurchase authorization was announced.
- FY 2025 guidance reiterated: revenue of $10.6–10.9 billion (+1–4% CCN) and adjusted operating EBITDA of $2.0–2.15 billion, with expectations at the low end of the top-line range and mid-point of EBITDA.
- IFF reported net sales of $2.69 billion in Q3 2025, down 8% YoY but flat on a comparable currency-neutral basis.
- Reported EPS was $0.16, with adjusted EPS ex-amortization of $1.05 per diluted share.
- Adjusted operating EBITDA reached $519 million (19.3% margin), a 7% increase on a comparable currency-neutral basis.
- The company reaffirmed full-year 2025 guidance: sales of $10.6 billion–$10.9 billion and adjusted operating EBITDA of $2.0 billion–$2.15 billion.
- IFF and BASF announce a strategische samenwerking to accelerate next-generation enzyme and polymer innovation through IFF’s Designed Enzymatic Biomaterials™ technology platform for textiles, prepared meals, personal care and industrial cleaning.
- The collaboration combines IFF’s biotechnological and protein engineering expertise with BASF’s advanced chemical capabilities to create high-performance, sustainable solutions that enhance cleaning efficacy, improve personal care formulations and reduce environmental impact.
- IFF (NYSE : IFF) and BASF have entered a strategic collaboration to accelerate development of IFF’s Designed Enzymatic Biomaterials™ platform and next-generation enzymatic technologies for textiles, dishwashing, personal care and industrial cleaning.
- The partnership combines IFF’s biotechnology and protein-engineering expertise with BASF’s advanced chemical capabilities to deliver sustainable, high-performance solutions at scale.
- Joint efforts will focus on enhancing cleaning performance, optimizing personal care formulations, reducing resource consumption and supporting environmental sustainability.
- Both companies will maintain operational independence while leveraging complementary strengths to commercialize innovative enzymatic and biosourced polymer technologies.
- IFF and BASF will jointly develop IFF’s Designed Enzymatic Biomaterials™ platform to create next-generation enzyme technologies for fabric, dish, personal care and industrial cleaning applications.
- The partnership leverages IFF’s biotechnology and protein engineering expertise alongside BASF’s advanced chemical capabilities to deliver high-performance, sustainable solutions at scale.
- Both companies will maintain independent operations while combining complementary strengths to accelerate innovation, improve cleaning performance, enhance personal care formulations and reduce environmental impact.