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International Flavors & Fragrances Inc.
Recast Unaudited Reportable Segment Financial Information
(Dollars in millions)December 31, 2024
Q1 Q2Q3Q4Full Year
Net sales$2,899 $2,889 $2,925 $2,771 $11,484 
Taste 619 610 623 576 2,428 
Food Ingredients856 847 843 819 3,365 
Health & Biosciences529 556 568 550 2,203 
Scent 645 603 613 578 2,439 
Pharma Solutions250 273 278 248 1,049 
Cost of sales
Taste384 357 369 360 1,470 
Food Ingredients673 655 668 630 2,626 
Health & Biosciences286 294 305 298 1,183 
Scent350 328 353 330 1,361 
Pharma Solutions181 187 178 173 719 
Research & development expenses
Taste39 40 38 43 160 
Food Ingredients20 21 17 13 71 
Health & Biosciences46 50 44 50 190 
Scent55 55 57 58 225 
Pharma Solutions6 7 6 6 25 
Selling & administrative expenses
Taste96 100 103 104 403 
Food Ingredients90 94 99 108 391 
Health & Biosciences88 89 96 95 368 
Scent88 93 94 101 376 
Pharma Solutions28 26 30 31 115 
Depreciation expense add-back(6)
Taste17 14 16 18 65 
Food Ingredients35 32 32 32 131 
Health & Biosciences29 28 29 29 115 
Scent16 16 19 17 68 
Pharma Solutions12 5 4 4 25 
Adjusted Operating EBITDA $578 $588 $568 $471 $2,205 
Taste117 127 129 87 460 
Food Ingredients108 109 91 100 408 
Health & Biosciences138 151 152 136 577 
Scent168 143 128 106 545 
Pharma Solutions47 58 68 42 215 
Adjusted operating EBITDA margin19.9 %20.4 %19.4 %17.0 %19.2 %
Taste18.9 %20.8 %20.7 %15.1 %18.9 %
Food Ingredients12.6 %12.9 %10.8 %12.2 %12.1 %
Health & Biosciences26.1 %27.2 %26.8 %24.7 %26.2 %
Scent26.0 %23.7 %20.9 %18.3 %22.3 %
Pharma Solutions18.8 %21.2 %24.5 %16.9 %20.5 %




International Flavors & Fragrances Inc.
Recast Unaudited Comparable and Currency Neutral Sales

Quarter ended March 31, 2024 vs. Quarter ended March 31, 2023
% Change in Sales
Reported
Comparable(1)
Currency
Neutral(1)(5)
Taste(2)
4%5%11%
Food Ingredients(3)
(18)%(6)%(4)%
Health & Biosciences4%4%6%
Scent(4)
6%10%16%
Pharma Solutions(7)%(7)%(7)%
Total(4)%1%5%

Quarter ended June 30, 2024 vs. Quarter ended June 30, 2023
% Change in Sales
Reported
Comparable(1)
Currency
Neutral(1)(5)
Taste(2)
5%6%12%
Food Ingredients(3)
(12)%(4)%(2)%
Health & Biosciences7%7%9%
Scent(4)
2%10%16%
Pharma Solutions1%1%1%
Total(1)%4%7%


Quarter ended September 30, 2024 vs. Quarter ended September 30, 2023
% Change in Sales
Reported
Comparable(1)
Currency
Neutral(1)(5)
Taste(2)
7%9%15%
Food Ingredients(3)
(1)%(1)%2%
Health & Biosciences10%10%12%
Scent(4)
0%4%10%
Pharma Solutions7%7%7%
Total4%5%9%



Quarter ended December 31, 2024 vs. Quarter ended December 31, 2023
% Change in Sales
Reported
Comparable(1)
Currency
Neutral(1)(5)
Taste(2)
6%8%12%
Food Ingredients(3)
(2)%(2)%(1)%
Health & Biosciences5%5%6%
Scent(4)
0%4%7%
Pharma Solutions12%12%12%
Total3%4%6%
Year ended December 31, 2024 vs. Year ended December 31, 2023
% Change in Sales
Reported
Comparable(1)
Currency
Neutral(1)(5)
Taste(2)
5%6%12%
Food Ingredients(3)
(9)%(3)%(1)%
Health & Biosciences6%6%8%
Scent(4)
2%7%12%
Pharma Solutions3%3%3%
Total0%3%6%
_______________________
(1)Comparable and Currency Neutral results exclude the impact of divestitures.
(2)Taste sales information in 2023 has been adjusted to exclude the results of divested businesses to present comparable results to 2024. The Sonarome business was divested on December 1, 2023 and, as such, the related business results were excluded from all quarter-to-date and year-to-date periods in 2023. The Flavors & Essences UK business was divested on September 1, 2024 and, as such, the related business results from September 1, 2023 to December 31, 2023 were excluded from the quarter-to-date and year-to-date periods in 2023.
(3)Food Ingredients sales information in 2023 has been adjusted to exclude the results of divested businesses to present comparable results to 2024. A portion of the Savory Solutions business was divested on May 31, 2023 and, as such, the related business results were excluded for all quarter-to-date and year-to-date periods in 2023.
(4)Scent sales information in 2023 has been adjusted to exclude the results of divested businesses to present comparable results to 2024. The Flavor Specialty Ingredients business was divested on August 1, 2023 and, as such, the related business results were excluded for all quarter-to-date and year-to-date periods presented in 2023. The Cosmetic Ingredients business was divested on April 2, 2024 and, as such, the related business results from April 2, 2023 to December 31, 2023 were excluded from the quarter-to-date and year-to-date periods in 2023.
(5)Currency neutral growth is calculated by translating current year invoiced sale amounts at the exchange rates used for the corresponding prior year period.
(6)There is depreciation recorded within Cost of sales and Research, selling & administrative expenses, so there is an add-back of depreciation to calculate segment Adjusted Operating EBITDA. This reflects how the Company’s Chief Operating Decision Maker (“CODM”), the Chief Executive Officer, reviews Segment results.